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iCE3X

4 from 46 votes
South Africa

Fees

Taker fee

0.5%

Maker fee

0.5%

Withdrawal fee

0.50%

Funding methods

Wire transfer

Credit card

Other crypto

US investors permitted


iCE3X Review

A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of iCE3X consists of four parts: general information, fees, deposit methods and security.

General Information

iCE3X (also known as iceCUBED exchange or iceCUBED bitcoin exchange) is a cryptocurrency exchange from South Africa. To our knowledge, iCE3X are US-investor friendly meaning that they do not prohibit US-investors from trading. US-investors should as always still do their own independent assessment of any problems arising from their residency or citizenship.

iCE3X also states that the platform is designed to fit the screens of all popular devices such as tablets, smart phones and regular computers. You can test it by resizing your browser window. This can of course be an advantage if you prefer to do your trading on anything other than desktop. Also, the exchange promises that it is carefully developed to look “sharp” with new generation HiDPI /Retina devices.

Finally, the trading platform does also allow certain bot systems (unfortunately not ProfitTrailer, which we think is one of the best). All of the trading information and coins are also 100% user to user done, without any interaction from iCE3X.

iCE3X Fees

iCE3X Trading fees

This trading platform doesn’t charge different fees between takers and makers. Their fee model is instead something called a “flat fee model”. The flat trading fee is 0.50%.

0.50% is roughly twice the global industry average. The global industry average is arguably around 0.25%. Any prospective investor should consider whether this exchange has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.

Many exchanges also have volume based discounts on their trading fees, meaning that if you trade above a certain volume each month/year, you receive trading fee discounts. iCE3X has this as well. If your monthly trading volume exceeds 1 BTC, your trading fees will be 0.35% flat. If your monthly trading volume exceeds 100 BTC, you trading fees will be 0.25% flat.

iCE3X Withdrawal fees

iCE3X has a percentage based withdrawal fee. This means that they charge you a percentage of the withdrawn amount when you want to withdraw. Their percentage charged is 0.50%. They also have minimum withdrawal amounts, but these vary from cryptocurrency to cryptocurrency. For Bitcoin, the minimum withdrawal amount is 0.0006 BTC.

This is an unusual withdrawal fee model, but it is not unheard of. Most exchanges have a fixed withdrawal fee, regardless of the size of the withdrawn amount. In addition to this exchange, only the following have percentage based withdrawal fees (from lowest to highest): SouthXchange (0.04%), FatBTC (0.05%), Digax (0.10%), ExcambioRex (0.10%), Gocio (0.10%), BitINKA (0.15%), RippleFox (0.20%), OOOBTC (0.50%), BCEX (0.50%), DOBI Trade (0.50%), LEOxChange (1.00%), Trustdex (1.00%) and FreiExchange (2.00%).

With the fee model that this exchange has, when you withdraw small amounts, it is beneficial to you. If you withdraw 0.01 BTC, the withdrawal fee becomes 0.00005 BTC (extremely low). However, if you withdraw 10 BTC, the withdrawal fee becomes 0.05 BTC (extremely high). Each investor should consider whether this withdrawal fee model would be appropriate for them based on their own individual circumstances.

Deposit Methods

Here, you can deposit through both wire transfer if you are from South Africa or Nigeria. This can be helpful particularly for newer crypto investors.

iCE3X Security

You can measure security at a cryptocurrency exchange in many different ways. For instance, this exchange takes pride in having:

  • a fully implemented two-factor authentication system in place;
  • checks and balances in place that flag suspicious transaction (internal staff when checks such suspicious transactions manually); and
  • regular updates every few months which includes security upgrades.
Moreover, iCE3X also regularly informs their customers about the security benefits of keeping their crypto assets in their own wallets. The rationale being that if you hold your crypto assets somewhere where you are not the sole holder of the private keys, the relevant assets are not really yours.
iCE3X’s security score, however, is D+ when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is not a stellar grade, but it is worth keeping in mind that a majority of all cryptocurrency exchanges in our Cryptocurrency Exchange List only receives an F.
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The exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):

  1. Changelly
  2. Crex24
  3. Cryptopia
  4. Bitsane
  5. Paxful
  6. GetBTC
  7. Bittylicious
  8. Coinmate
  9. Bitquick
  10. Coinbase
ICE3X compared with other cryptocurrency exchanges