ICE3X is a South African bitcoin exchange that has quietly expanded across Africa over the past few years. Find out everything you need to know about ICE3X today in our review.
What Is ICE3X?
ICE3X is a bitcoin exchange based in South Africa. The exchange offers particularly strong liquidity in the BTC/ZAR pair, but also BTC/GBP and BTC/NGN trading, both of which have good volume.
The exchange is active in South Africa, Nigeria, and the United Kingdom. In addition to bitcoin trading, ICE3X allows users to trade in Ripple and Litecoin.
One of the unique things about ICE3X is that they run a 100% cold storage policy. That means all coins are stored offline, in special vaults, away from security threats. Like most major exchanges, ICE3X also subjects customers to verification requirements, including Know Your Customer, so proof of ID/residence is required.
ICE3X Payment Methods
ICE3X accepts all of the following deposit options:
- South African Rand (ZAR): Bank transfer (EFT)
- Nigerian Naira (NGN): Bank transfer
- British Pound (GBP): Bank transfer
- Bitcoin Wallets
- Litecoin Wallets
Linked bank account (like the South Africa, Nigerian, or UK account methods mentioned above)
- Bitcoin Wallet
- Litecoin Wallet
ICE3X doesn’t charge any deposit fees. Withdrawals with bitcoin and Litecoin are free.
- Deposit Fees: Zero
- Withdrawals (ZAR): R10
- Withdrawals (Bitcoin/Litecoin): Free
- Trading Fees: 1% of trade value for individuals, 0.8% for traders
ICE3X advertises all of the following features:
- 100% multi-signature cold storage policy
- Quick and easy deposits via ETF
- Mobile friendly design
- Full order book exchange
- Strong customer support
ICE3X is based in South Africa. The exchange is known colloquially online as the “Ice Cubed Exchange”, although the company is officially registered as “Internet Currency Evolution Cubed”.
The company is led by Tristan Winters, Gareth Grobler, Johan Gouws, and Michael Parsons.
The goal of ICE3X, according to the official website, is “To provide internet currency solutions for real world problems, using block chain technology to remove market barriers and creating new methods of transacting online.”
The exchange, understandably, is particularly popular throughout South Africa and Nigeria.
ICE3X is a South African bitcoin exchange with a unique fee structure: it doesn’t charge high fees on deposits or withdrawals (deposits are free), but it charges relatively high fees on trades. However, ICE3X is one of the few exchanges where you can access good liquidity in the ZAR and NGN over bitcoin pairs – so the fees are still less than you would pay to transfer your African fiats into digital currencies.