Ice3x Exchange Review
Ice3x – Is It Good?
Ice3x (also known as iceCUBED) is a centralized South African cryptocurrency exchange. The team behind it is looking to make the best crypto trading platform in the region, focusing on bringing Bitcoin, Litecoin and Ethereum to South Africans and exchanging crypto for South African Rands or Nairas and viceversa.
So how good is Ice3x? Is Ice3x trustworthy? How do you know if it’s for you? And, most importantly, how does it stack up against other platforms?
What Does Ice3x exchange provide?
Established in 2013, Ice3x is definitely not a new scam exchange looking to keep your Bitcoins. The biggest feature of Ice3x is its focus on its South African and Nigerian clients. They provide a very straight-forward service: Trade your BTC, LTC and ETH into your traditional currency.
For them, they offer incredible security. They claim to keep all of their funds are kept in cold storage, processing Bitcoin withdrawals manually at least three times a day. This is a very rare thing due to the man-effort implications but it’s definitely one of the best ways to guarantee invulnerability against hacker attempts.
The design is quite simple and streamlined, being friendly to most beginners. They also offer an Android and iOs app despite their website working amazingly well on mobile. Ice3x boasts about having great customer support and we couldn’t find a lot of complaints towards them.
A great feature is their “Bitcoin School”. In it they teach new users how to store their crypto, how bitcoin works and why it’s valuable. Seeing how they’re catering to Nigeria, the African country with the largest economy and a growing population of young people interested in technology, this free education is definitely a step towards the right direction.
Ice3x is strongly focused on its African clients, giving support only to South Africa, Nigeria and the United Kingdom.
Ice3x Rates and Buying Limits
To get the best bang for your buck you always need to examine your platform’s fees. In the case of Ice3x, the fee is definitely high compared to the industry standard:
Ice3x fee: 0.5%
Although it is a bit larger than usual, Ice3x does offer lower fees for a trading volume in excess of 1 BTC (0.35%) and in excess of 100 BTC (0.25%). Having a dynamic withdrawal fee is great for small amounts but not great for large traders who may not want to pay 0.05 BTC when withdrawing 10 BTC.
The fee may be higher than average due to its expensive way of handling withdrawals and the fact that Ice3x doesn’t charge fees between takers and makers.
- Security: With all of their funds in cold storage, 2FA and their manual processing of withdrawals, their security is quite impressive.
- Nigeria support: Ice3x is one of the very few cryptocurrency exchanges that lets you trade Bitcoin for Nairas.
- Great for beginners: With a simple and intuitive design and great customer support, beginners can trade comfortably.
- Lack of worldwide support: Despite being a great exchange, they’re yet to add more countries to its website.
- High fees: Percentage-based fees are only great for small amounts of Bitcoin. Larger traders may want to look elsewhere for smaller fees.
Go to Ice3x
Is Ice3x Good For Bitcoin?
Although it won’t be accessible to most of the population, it is not supposed to. Ice3x is an attempt to bring cryptocurrencies to a small part of the population. This type of laser-focused target tends to be quite effective when trying to reach people that wouldn’t normally use cryptocurrency.
Large traders may be discouraged by their 0.5% fee but if you’re a beginner in Nigeria or South Africa or if you’ve been having a hard time finding exchanges that will give you Rands or Nairas for your crypto, Ice3x may be the exchange you’ve been looking for.