ICE-FX: A Next-Generation Forex and CFD Broker
ICE-FX stands out with its strategy focused on openness and transparency. The company claims to provide favorable investment conditions, promising clients freedom and protection. To verify the accuracy of the data, we will analyze the official website ice-fx.com and customer opinions. Based on this information, we will review the broker’s activities and assess whether it is worth trusting this company and opening an account.
Registration and Licensing
ICE-FX’s history began in 2015 with the registration of ICE-FX Markets Limited on Labuan Island, Malaysia, known as one of the low-tax centers. Despite many clients questioning offshore company registrations, ICE-FX decided to obtain a license for its brokerage activities.
Having a license is always important for a broker, but the authority and influence of the regulator also matter. Out of over 1000 brokerage firms in the market, only 42 brokers have a regulator’s certificate. Licensing a broker in Malaysia requires paying a 3% tax on net profit and does not require financial reporting.
While ICE-FX holds a license, in practice, it is merely a formality obliging the broker to pay taxes. It does not guarantee client protection.
It is important to note that unlike many offshore companies, ICE-FX was indeed established in 2015, as indicated on the ice-fx.com website.
Transparency Principle
Customers often complain about hidden information and distortion of facts about investment products by brokers. Therefore, ICE-FX strives for maximum openness and transparency. The following measures are taken:
- Public display of managed account Equity changes online, removing the possibility of hiding information;
- Access to managed account statistics;
- Password requirement to access the “Indices” section;
- Mandatory linking of managed accounts with an “A” rating to independent monitoring;
- Public access to managers’ trades on MT4;
- Providing data on managers’ closed trades.
These measures eliminate the possibility of manipulating statistical data of managed accounts.
ICE-FX openly acknowledges clients’ position hedging and provides full information about it. Clients with Elite status can verify the broker’s funds, while for other traders, this option is available within the “Absolute Transparency” promotion.
Review of Trading Account Types
ICE-FX offers various types of trading accounts, starting with educational ones:
- STP-demo and ECN-demo;
The CENT account is suitable for those who do not want to risk large sums. For more serious trading, the following accounts are offered:
- STP – with liquidity aggregator Soft-FX;
- STP-UC – modification with investor capital management;
- ECN – with liquidity aggregator AMTS Solutions;
- ECN-UC – modification with investor capital management.
The number of available assets varies depending on the account type. Technical support is available via email, online chat, and a dedicated hotline for Russia.
ICE-FX Promotions and Contests
ICE-FX regularly conducts bonus promotions. Clients may be reimbursed for expenses related to transferring funds from other brokers. Additionally, there are Genesis contests with prize pools ranging from 50 to 100,000 USD.
Financial Aspects
Fees for account deposits and profit withdrawals are one of the reasons for negative feedback about ICE-FX. The minimum amount for a bank transfer is 500 USD. Withdrawal times vary depending on the method.
Customer Reviews
Reviews about ICE-FX on trading forums vary. There are both negative comments and positive feedback on trading conditions and profit withdrawals. Some clients consider cooperating with the broker a source of passive income.
In Conclusion
Forex and CFD broker ICE-FX offers a variety of trading accounts and instruments. However, it is important to consider the broker’s offshore registration, questionable license, and transaction fees. If you have experience working with ICE-FX, please leave your review.
Author: Sasha Chaika
Also read: Forex.com — broker review and trader feedback.
My time trading with ICE-FX has been quite disappointing. While the website appears slick and professional, the trading conditions and services offered leave much to be desired. Execution speeds were slow, which often led to negative slippage, ultimately negatively impacting my profits. Also, the customer service was unresponsive and unhelpful, often taking days to reply to my queries. Despite the initial allure of low fees and attractive spreads, I found the hidden charges excessive and opaque. Furthermore, my review of other traders’ reviews seems to confirm my bad experience. Many other users reported similar issues regarding poor service and hidden charges. Thus, I do not recommend ICE-FX for those seeking a reliable, transparent trading experience.