Overall ICE FX charges a percentage commission on all accounts – between 0.0025% and 0.25% on the STP account. Swap fees are also charged for holding trades overnight. ICE FX does charge deposit and withdrawal fees. ICE FX has an overall rating of 6/10.
ICE FX at a glance
| Broker’s Name | ICE FX |
| 📍 Headquartered | Malaysia |
| 📅 Year Founded | 2015 |
| ⚖️ Regulating Authorities | Only FSA |
| 🌐 Countries not accepted for trade | Malaysia, US |
| ☪️ Islamic account (swap-free) | Not indicated |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Not indicated |
| 📊 Managed Accounts | Not indicated |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $50/R800 |
| 💳 Deposit Options | Bank Wire, CoinGate, Neteller, Skrill, WebMoney |
| 💳 Withdrawal Options | Bank Wire, CoinGate, Neteller, Skrill, WebMoney |
| 💻 Platform Types | MT4 |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad. |
| 📈 Tradable assets offered | Currencies, Cryptocurrencies (Bitcoin, Litecoin, Ethereum), CFD (Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities) |
| 👨💼 Languages supported on Website | English, Russian |
| 👥 Customer Support Languages | English, Russian, Spanish |
| 📆 Customer Service Hours | 24 hour per day, 5 days per week |
| 👉 Open account | 👉 Click Here |
ICE FX Review – 16 Key Point Quick Overview Revealed (2022):
ICE FX Overview- ICE FX Safety and Security
- ICE FX Pros and cons
- ICE FX Leverage
- ICE FX Accounts
- ICE FX Market instruments
- ICE FX Fees
- ICE FX Deposit and withdrawal
- ICE FX Trading platforms
- How to open an account with ICE FX
- ICE FX Customer support
- ICE FX Education
- ICE FX Research
- Conclusion
- Disclaimer
- Frequently asked questions
ICE FX Overview
According to research in South Africa ICE FX is a CFD forex broker and investment company in Malaysia that was founded in 2015. The broker is managed by ICE FX Markets Limited, is registered in Malaysia with a local license and has been operating in the financial market for about 5 years.
The company has obtained a license for brokerage activity in the Republic of Vanuatu and provides standard trading platform called MetaTrader 4.
ICE FX Safety and Security
One of the best benchmarks to measure the safety of a broker like ICE FX, is to establish which regulating authorities are watchdogs over its actions.
ICE FX is not regulated by any reputable financial authority. It is only regulated by the International Business and Financial Centre (Labuan IBFC), a federal territory of Malaysia. The broker was also previously licensed by the Vanuatu Financial Services Commission.
It also gives the impression of being a Russian broker, with its website in Russian. Unregulated brokers are not reliable since no authority is overseeing their activity, and they are not obliged to keep client money in segregated accounts or to report transactions.
Security of funds is a huge problem with unregulated brokers, and Ice FX is withholding vital information to users, such as banking information.
ICE FX Pros and cons
| ✔️ Pros | ❌ Cons |
| MT4 available | Offshore and unregulated broker |
| STP/ECN execution | Commission fees apply |
| Competitive spreads | |
ICE FX Leverage
Leverage is a facility that enables you to get a much larger exposure to the market you are trading than the amount you deposited to open the trade. Leveraged products, such as forex trading, magnify your potential profit – but also increase your potential loss.
Leverage amount is expressed as a ratio, for instance 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate 500:1.
Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as the percentage of position size (e.g. 5% or 1%), and you have to have funds in your trading account to ensure sufficient margin.
For example, on a 1% margin a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal or more than 100% to be able to open new trades, otherwise your trading account will be fully hedged.
ICE FX allows a maximum leverage ratio depending on the account type traders use.
STP Account leverage is 1:1 to 1:300
STP-MA Account leverage is 1:1 to 1:300
Cent Account leverage is 1:1 To 1:500
Leverage can be selected when opening up an account and increases or decreases depending on the volume of open trades.
ICE FX Accounts
A forex account at ICE FX is a trading account that you will hold and that will work similarly to your bank account, but with the difference that it is primarily issued with the purpose of trading on currencies.
Forex Islamic accounts are also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, which is against Islamic faith.
Often, the number and type of accounts that a trader can open with a broker company differs depending on the country in which it operates and the regulation authorities under whose jurisdiction it falls.
ICE FX offers the following types of accounts:
STP Account
The STP account requires a minimum deposit of $30 and leverage up to 1:300 may be used. The base currency must be in USD, commission is between 0.0025% and 0.25% and it uses market execution. Tradable assets include 62 currency pairs, 5 spot metals, 11 indices, 3 commodities, and 15 cryptocurrencies. The account also comes with risk management and a demonstration of position hedging.
STP-MA Account
The deposit required to open this account is $500 and the account must be held in USD. Leverage is between 1:1 and 1:100 with commission of 0.004% to 0.006%. The account offers 62 currency pairs, 5 metals, 11 indices, and 2 commodities to trade. It also uses market execution and has risk management and a demonstration of position hedging.
Cent Account
The Cent account can be opened with a minimum deposit of $1 and a maximum deposit of $100. Leverage between 1:1 and 1:500 is allowed with a minimum trade size of 0.01 lots. It offers 62 currencies, 5 metals, 11 indices, 3 commodities and 15 cryptos for trade. The account must be in USD and there is a commission of 0.0025% to 0.25%.
ICE FX Market instruments
The most popular market instruments available from most brokers for trading include:
Forex
Forex trading describes the currency exchange market which refers to the global, decentralised marketplace where individuals, companies and financial institutions exchange currencies for one another at floating rates.
Commodities
Commodity markets offer many investment opportunities for traders. Soft commodities have been traded for centuries and plays a major role in portfolio diversification and risk management. Investing in contract-based tradable goods is a reliable way to mitigate risk during times of economic uncertainty.
Indices
Equity, or stock indices, are actual stock market indexes which measure the value of a specific section of a stock market. They can represent a specific stock market or a specific set of the largest companies of a nation.
Precious metals
The trading of gold and other precious metals, along with crude oil, copper or petroleum, are hard commodities that play a major role in the commodities market and are contract-based tradable goods.
Energy
The typical feature of energy prices is high volatility due to the influence of political and environmental factors, supply and demand, extreme weather conditions and global economic growth.
Cryptocurrencies
Bitcoin (BTC) is the digital currency with the largest market capitalisation.
Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability
Ripple (RPL) is popular among big banks with the Ripple network a next generation real-time gross settlement system.
Ethereum (ETH) is the second largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.
Bitcoin Cash (BCH) was created by the Bitcoin hard fork in 2017 as a new version of the blockchain with different rules.
ICE FX offers the following of the above:
Forex pairs, Metals, Indices, Commodities – Brent Crude Oil, WIT Crude Oil, Natural Gas and Cryptocurrencies.
ICE FX Fees
Cost depends on different factors, like spread and margins, and ICE FX clients may also experience different fee structures according to their country or place of residence. The spread of a currency pair is the difference between the bid and the ask rate. A pip represents the smallest increment that an exchange rate can move.
Margin is the amount of money required in your account in order to open a position. Margin is calculated based on the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your trading account.
ICE FX charges a percentage commission on all accounts – between 0.0025% and 0.25% on the STP and Cent accounts and between 0.004% and 0.006% on the STP-MA account. Swap charges are also charged for holding trades overnight.
All account types apparently have the same spreads and are variable so that when the markets are volatile, spreads will often be higher. Different instruments and assets have different starting spreads.
ICE FX Deposit and withdrawal
Accounts usually requires a certain minimum initial deposit, which can be paid in several ways. Withdrawals can usually be done with the same ways, but sometimes differ.
ICE FX allows different payment methods, each coming with their own minimum deposit amounts and charges. The minimum deposit possible by the different deposit methods available is $50, with which you can open either a Cent account or an STP account.
ICE FX charges deposit and withdrawal fees, and when using Bank Wire Transfer you should check to see if the bank add any fees of its own too. Payment methods include VISA/MasterCard, ePayments, SKRILL, bank transfers to the company’s account, WebMoney (via EPayments), SWIFT (via EPayments/via SKRILL).
Depending on the method you use, it may take any time between 1 to 5 business days to receive withdrawn funds.
ICE FX Trading platforms
The forex trading platform provided by ICE FX to its clients is in essence the software to carry out their trades. Some brokers provide only one, others quite a few platforms. A multi-asset trading platform is one that allows clients to trade forex as well as other asset classes. The decision about which platform to choose will usually depend on what a client would like to trade.
ICE FX provides MetaTrader 4 as trading platform and it is available in PC and application (Android and iOS) formats. MetaTrader 4’s functionality and trading opportunities, along with its intuitive interface make it suitable for traders of all skill levels.
How to open an account with ICE FX
Similarly to a bank, to register a forex trading account with ICE FX for the first time, you will be required to go through a basic “know your customer” process, which will allow ICE FX to ascertain that your submitted details and ensure the safety of your funds and account details.
ICE FX Customer support
Potential traders need to make sure the broker company they chose will offer sufficient support whenever they need it. In the case of ICE FX customers can reach the support team by means of online chat, Skype, email or phone. The support department is open 24 hours a day from Monday to Friday.
ICE FX Education
Before starting to trade, potential clients of ICE FX should avail themselves of all possible information and trading skills needed to be successful in the world of forex and commodity trading.
The webpage that offers live information including quotes, spreads and swaps. There is also a VPS on offer, you can get this for free as long as you are a VIP client or have a high enough balance. Demo accounts are available, without the need to deposit your own real money.
ICE FX Research
To be able to trade with confidence, traders should do as much as possible research about this kind of speculative trading before commencing, but also preceding every daring deal to ensure that they don’t lose money unnecessarily and trade as profitable as possible.
With ICE FX they have access to research options like an economic calendar with upcoming news events and explanations of how and which currencies they may affect. There is also a VPS on offer, which you can get for free as long as you are a VIP client or have a high enough balance.
Conclusion
ICE FX is an unregulated broker. ICE FX provides a lot of information on its website, but the menus can be hard to navigate. The accounts page is informative on trading conditions like spreads and trading costs.
The costs seem reasonable many deposit and withdrawal methods are available, but the fees charged, even after a commission rebate, still make it expensive to deposit or withdraw money. A lot of tradable instruments can make ICE FXC appealing broker to try, was it not for the costly deposits and withdrawals and the fact that it is an unregulated broker.
Disclaimer
ICE FX warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with ICE FX, potential traders are advised to carefully consider their investment objectives, financial situation, needs and level of experience before investing money they cannot afford to lose.
ICE FX warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable, hence ICE FX cannot guarantee a maximum loss that a trader may suffer, according to research in South Africa.
Frequently asked questions
TRADING ENVIRONMENT
How many instruments can I trade with ICE FX?
You can trade several different instruments with ICE FX, which include the following:
- Currencies: (40+)
- Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
- CFD: (10+) Gold, Silver, Other Precious Metals, Stock Indexes, Oil, Other Commodities
Which platforms are supported by ICE FX?
ICE FX provides the MT4 trading platform.
Does ICE FX offer leverage?
Yes, ICE FX offers a maximum leverage of up to 1: 500
What spreads can I expect with ICE FX?
ICE FX charges a commission on all accounts, as a percentage rather than a fixed pip.
Does ICE FX charge commission?
ICE FX charges a commission on all accounts.
Is ICE FX regulated and by whom?
ICE FX is only regulated by the FSA.
Is ICE FX a recommended forex trading broker for experts and beginners?
ICE FX offers a trading environment for most types of traders.
What is the overall rating out of 10 for ICE FX?
6/10
ACCOUNTS
What is the difference between a demo and live trading account?
A demo account as is offered by broker companies like ICE FX is usually funded with virtual money and gives a prospective customer the opportunity to experiment with the company’s trading platforms and its features.
Does ICE FX offer a demo account?
Yes
How long is the demo account valid?
Not indicated.
Which live trading accounts does ICE FX offer?
- STP Account
- STP-MA Account
- Cent Account
What are the available deposit currencies for a live trading account?
USD
DEPOSITS AND WITHDRAWALS
What is the minimum deposit required to open an account with ICE FX?
$ 50
How do you make a deposit and withdraw money with ICE FX?
ICE FX offers the following deposit and withdrawal methods:
- Bank Wire,
- Neteller,
- Payeer,
- Skrill,
- WebMoney
Does ICE FX charge withdrawal fees?
Yes.
How long does it take to make a withdrawal?
It may take any time between 1 to 5 business days to receive withdrawn funds.
Featured SA Shares Writer and Forex Analyst.
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