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iC3EX Exchange [2020 Review] - Fees, Bitvoucha and Limitations
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iCE3X Exchange Review And Guide

iCE3X (iceCUBED exchange) is a South African based trading platform that allows you to trade cryptocurrency with the Rand or Naira.

In this article, we review iCE3X and provide a guide on how to use the platform. This review includes the origin of iCE3X, a platform overview, exchange fees, verification requirements, and frequently asked questions.

Quick iCE3X review

iCE3X is a very popular cryptocurrency exchange, especially in South Africa. The exchange offers Advanced order, three different trading interfaces, and realtime charts.

What’s more, iceCUBED exchange users can receive demo tokens, individual trading fee discount plans, volume-based fee discounts, and a lucrative affiliate system.

Finally, ICE3X has a quick and less demanding verification system that allows you to buy and withdraw funds with only your mobile number.

BNA Score: 8.4/10

Here is a more detailed review of iCE3X:

iCE3X Origin

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iCE3x has a registered office in Klerksdorp, South Africa, which was also home to the 1st stock exchange in South Africa over 130 years ago. The platform’s verification team and some support staff work here. 

There is also an office in Johannesburg where the majority of the team is located. iCE3X was started by Gareth Grobler as a proof of concept. Grobler has been involved with the creation of other exchanges in the past.

He is currently a managing partner of merkeleon.com, which is a software company that builds exchange and processing software based out of Austria, with offices in Minsk and London. 

Eugene Etsebeth is another high-level team member who was South African Reserve Bank lead for cryptocurrencies before joining iceCUBED exchange as the Chief Operating Officer.

iCE3X Platform Overview

The iCE3X platform currently supports two FIAT currencies and twelve cryptocurrencies. Further, the exchange serves several users in two main countries.

FAIT currencies supported by iCE3X:

  • Nigerian Naira (NGN)
  • South African Rand (ZAR)

Cryptocurrencies supported by iCE3X:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Dash
  • Litecoin (LTC)
  • Cardano (ADA)
  • Binance Coin (BNB)
  • Dogecoin (DOGE)
  • Monero (XMR)
  • ZCash (ZEC)
  • Neo
  • Ripple (XRP)

Supported Countries: South Africa, Nigeria, and the United Kingdom.

Payment methods accepted:

  • Bank transfer

iCE3X Features and Services

Trading Platform

The iCE3X trading platform comes with three distinct interfaces that include a quick buy, classic, or trade view options.

The quick buy feature allows you to buy cryptocurrencies directly with the Rand or Naira in a simplistic environment that doesn’t require any prior knowledge about trading.

You can select from a range of predetermined amounts in Naira or Rand when purchasing cryptocurrency using the quick buy interface. Also, you can enter your preferred amount to purchase.

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On the other hand, the trade and classic view take the form of regular exchange interfaces. Using any of these options means you will need to have a fair idea of how to navigate a trading platform.

The classic mode comes with general trading controls and is less overwhelming. However, the trade mode is a more advanced interface with several tools.

Advanced order types supported on iceCUBED exchange include market, limit, stop loss, and trailing stops. 

iCE3X manages to combine both advanced trading options and a beginner-friendly option in one platform.

Bull/Bear Trading Demo

Trading has gained a lot of popularity recently due to the further development of the digital economy. Despite its lucrative nature, it is a high-risk venture.

New users who walk straight into trading may lead to loss of funds or bad performance. iCE3X provides a demo environment that allows you to learn how to trade through the bull/bear demo pair.

With the bull/bear demo environment, you can learn how to trade cryptocurrencies without having to spend real funds.

Affiliate Program

Several cryptocurrency exchanges have affiliate programs. An affiliate program refers to a campaign by a product or service that rewards you for referring new users.

iCE3X gives you up to 25 percent in affiliate rewards. All affiliate payments are instant and can be transferred from your wallet immediately. 

To become an iceCUBED exchange affiliate, visit your dashboard and navigate to the affiliate section to find your affiliate link or code.

bitVoucha

The bitVoucha feature on iceCUBED exchange allows you to send cryptocurrency to other users on the platform without having to pay for fees.

It works by creating an online voucher that can be redeemed on the platform. Verified users can issue and redeem a bitVoucha in the Vouchers area in the Account section.

iCE3X Exchange Fees

iCE3X offers a dynamic fee structure for traders on their platform based on trade volumes and individual preferences. 

Trade commission on iceCUBED exchange ranges from 0 to 0.5 percent. Your trading fee is based on how much cryptocurrency you have traded in the past.

Here is the trade fee structure:

  • 0 to 0.99 BTC – 0.5 percent 
  • 1 to 99 BTC – 0.35 percent
  • 100 BTC + -0.25 percent

iCECUBED exchange charges no fees for deposits but takes 0.33 percent for FIAT withdrawals and 0.5 percent for cryptocurrency withdrawals. 

iCE3X Verification and Withdrawal Limits

Most cryptocurrency platforms, including iCE3X, require you to verify your identity per regulations of various states.

Unlike most cryptocurrency exchanges that require detailed verification even to enable small amounts of deposits and withdrawals, iceCUBED exchange allows you trade by verifying via your mobile number.

Here are the verification levels on iCECUBED exchange:

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  • Individual Level 1 – SMS verification: Up to 0.014 BTC worth of withdrawals monthly.
  • Individual Level 2 – ID verification: unlimited withdrawals

Customer Service

iCE3X has a reliable customer service team. The team can be reached via the help page on the exchange website.

You can also reach them via Twitter or Telegram. For instance, during my review, I mistakenly sent my bitcoin on the exchange to a bitcoin SV address.

I sent a message to a team member and had my transaction canceled before it was too late.

Frequently Asked Questions About iCE3X

Can iCE3X be trusted?

iCE3X is one of the oldest cryptocurrency exchanges in South Africa. The iCE3X team is transparent and is led by well-known bitcoin community members in South Africa.

As at the time of writing, there have been no controversies recorded about iCECUBED exchange. It is also the preferred choice for several South African traders.

Is iCE3X Safe?

iCECUBED exchange has not recorded any hacks. Users can safeguard their funds through two-factor authentication (2FA) to add an additional security layer.

How do I use iCE3X?

You should follow these steps to use iCE3X:

  1. Register at iCE3X.com
  2. Complete identity verification.
  3. Deposit funds (Rand or cryptocurrency)
  4. Buy or sell cryptocurrencies

What is the minimum amount for buying bitcoin in South Africa or Nigeria with iCE3X?

You can buy bitcoin on iCE3X using the quick buy feature starting from 500 Rand (ZAR) or 15000 Naira (NGN). 

Where is ICE3X based? 

iCE3X has offices in Klerksdorp and Johannesburg, South Africa.

Conclusion

iCE3X is an excellent exchange option for readers in South Africa and Nigeria. It allows new users to learn how to trade and buy through its quick buy and demo environment.

What’s more, the dynamic trading fee option allows you to pay less while you trade more.

iCE3X

8.4

Exchange Fees

8.4/10

Authority

9.6/10

Ease of Use

8.0/10

Deposit Methods

7.6/10

Pros

  • Demo Trading Accounts
  • Lucrative Affiliate Program
  • Volume-based fee discounts

Cons

  • No Mobile App
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Elisha (GHCryptoGuy)

Elisha has been spreading cryptocurrency since 2016 and is working to bring in more adoption and people from Africa. He is with us at BlockNewsAfrica as our Chief Editor. Elisha has contributed to other cryptocurrency and financial sites including bitcoingarden.org, bitcoinafrica.io, financemagnets.com and many more.

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