ICE FX Broker Review

Item: ICE FX
Rating: 1.56

ICE FX Review 4

Latest All(4) Positive(1) Neutral(1) Exposure(2)

Positive

Had a little problem with a deposit. I contacted the live chat and someone directly answered and helped me. So I'm very satisfied with the support.

lomox

2023-05-26

Neutral

Unrepentant scammers. I would advise you to stay far away from them. Their only interest is coming up with new ways of milking you for all you are worth.

感情路难走

04-03

Exposure

ICE FX doesn’t allow the withdrawal but continues asking for a certification fee

At first, you can withdraw small amount of money. But the customer service told me that I had to pay taxes cuz my profit exceeded NT$ 400,000. 5% tax was required. After that, the customer service said I had to pay 10% of my asset for money laundering. All right. And after all these, I was asked to pay 30% of my asset cuz my verification had failed. I asked the financial administrator in Singapore and they said this broker hasn’t been regulated by them.

FX4077824129

2021-05-12

Exposure

The logo of this broker is the first picture. Installation package: http://ice-global.top/ICE-Global.apk. At first, I could withdraw a small amount of money but then I should pay 10% tax to withdraw.

+1

FX3369428065

2021-04-08

Ice FX 2025 Review: Everything You Need to Know

　　Ice FX has garnered mixed reviews in the forex trading community, with users expressing a range of experiences that highlight both advantages and disadvantages. The broker offers a variety of trading instruments, including forex, CFDs, and cryptocurrencies, primarily through the popular MetaTrader 4 (MT4) platform. However, concerns surrounding its regulatory status and customer service persist.

　　Note: It is essential to consider that Ice FX operates under different entities in various jurisdictions, which may influence the level of service and regulatory oversight. This review aims to provide a fair and accurate assessment based on available information.

Ratings Overview

Category	Rating (out of 10)
Account Conditions	6
Tools and Resources	5
Customer Service and Support	4
Trading Setup (Experience)	5
Trustworthiness	4
User Experience	5

　　We rate brokers based on user experiences, regulatory compliance, and the breadth of services offered.

Broker Overview

　　Founded in 2015, Ice FX is a forex and CFD broker registered in Malaysia, specifically under the Labuan Financial Services Authority (FSA). The broker primarily offers trading through the MetaTrader 4 platform, which is favored for its user-friendly interface and extensive analytical tools. Traders can access a variety of asset classes, including over 40 currency pairs, several cryptocurrencies, and various CFDs on commodities and indices. However, the regulatory oversight provided by the Labuan FSA is often viewed as less stringent compared to major authorities like the FCA or ASIC.

Detailed Information

　　Regulated Regions: Ice FX is primarily regulated by the Labuan Financial Services Authority (FSA) in Malaysia. It has also claimed past licensing from the Vanuatu Financial Services Commission, which has a reputation for being a less rigorous regulatory body.
　　Deposit/Withdrawal Methods: The broker supports multiple deposit and withdrawal methods, including bank wire transfers, e-wallets (Neteller, Skrill, Webmoney), and cryptocurrencies (Bitcoin, Litecoin).
　　Minimum Deposit: The minimum deposit required to open an account is $30, which is relatively low compared to many competitors.
　　Bonuses/Promotions: Ice FX offers a unique 100% deposit bonus for new clients, which can be an attractive incentive. However, specific terms and conditions apply, including a required trading volume before withdrawals can be made.
　　Asset Classes: The broker facilitates trading in various asset classes, including:
　　Forex: 40+ currency pairs
　　Cryptocurrencies: Bitcoin, Litecoin, Ethereum, among others
　　CFDs: Gold, silver, and various indices
　　Costs: Ice FX charges a commission on trades, which varies based on the account type. For instance, the commission on STP accounts ranges from 0.0025% to 0.25%. Spreads are variable, and the average spread for major pairs like EUR/USD is around 0.9 pips.
　　Leverage: The maximum leverage offered is up to 1:500, which can amplify both potential profits and losses, making it crucial for traders to exercise caution.
　　Trading Platforms: Ice FX exclusively uses the MetaTrader 4 platform, which is available on desktop and mobile devices. While MT4 is widely respected, some users have expressed disappointment over the absence of MT5.
　　Restricted Regions: Ice FX does not provide services to residents of several countries, including the United States, Canada, and various others that may have legal restrictions.
　　Customer Support Languages: The broker offers customer support in multiple languages, including English, Russian, and Spanish, but reviews indicate that response times can be slow and inconsistent.

Ratings Breakdown

　　Account Conditions (6/10): The low minimum deposit and various account types (including STP and cent accounts) are positives. However, the lack of Islamic accounts and limited educational resources detract from the overall rating.
　　Tools and Resources (5/10): While the broker provides the MT4 platform, the educational content is scattered and not easily accessible, making it challenging for new traders to find relevant information.
　　Customer Service and Support (4/10): Mixed reviews regarding customer support highlight issues with response times and effectiveness, which can be a significant drawback for traders needing assistance.
　　Trading Setup (5/10): The trading conditions, including variable spreads and commission structures, are competitive. However, the overall trading experience is marred by reports of platform glitches and withdrawal issues.
　　Trustworthiness (4/10): Being regulated by a less reputable authority raises concerns about the safety and security of funds. Negative user feedback further complicates trustworthiness.
　　User Experience (5/10): Overall user experience is average, with many users reporting difficulties in accessing timely support and issues with the trading platform.

Detailed Breakdown

　　Account Conditions: Ice FX offers a variety of account types, including STP and cent accounts, with competitive minimum deposit requirements. However, the absence of Islamic accounts may limit options for some traders.
　　Tools and Resources: The MT4 platform is a strong point, but the lack of comprehensive educational resources and market analysis tools is a drawback, especially for novice traders.
　　Customer Service and Support: Customer support has received mixed reviews, with some users reporting long response times and ineffective assistance. The availability of support in multiple languages is a plus, but the effectiveness remains questionable.
　　Trading Setup: The trading environment is generally favorable, with competitive spreads and leverage options. However, reports of platform glitches and withdrawal issues have negatively impacted the trading experience.
　　Trustworthiness: The regulatory landscape surrounding Ice FX is concerning, with oversight from the Labuan FSA being less stringent than that of major financial authorities. User reviews often highlight issues with fund withdrawals and customer support.
　　User Experience: The overall user experience is marred by inconsistent customer service and reports of technical issues. While the broker offers a range of trading instruments, the execution and reliability of the platform have been questioned.

　　In conclusion, Ice FX presents a mixed bag for traders. While it offers a range of trading instruments and competitive conditions, concerns about regulatory oversight, customer support, and user experiences should be carefully considered before opening an account. As always, potential traders are advised to conduct thorough research and consider their individual trading needs and risk tolerance.