ICE FX Video Review
Investor Protection & Regulations
“ICE FX is regulated by the LFSA in Malaysia. Investors are protected through KYC verification processes, account segregation and industry- standard security practices.”
ICE FX is registered is incorporated in the Federal Territory of Labuan, Malaysia. The registration number is LL 12180. It is licensed and authorized by the Labuan Financial Services Authority (LFSA).
Click here for details.
In compliance with the regulatory provisions, the broker keeps clients’ funds in bank accounts which are separate from those holding the broker’s operational funds. The brand asserts that trader funds are only used for trading and investing. The broker’s banker is the “Standard Bank of South Africa Ltd”, which is a reputable bank that has been in operation for over 150 years and has branches around the world.
All clients are verified using ‘Know Your Customer’ (KYC) procedures. This involves uploading of the client’s international passport as well as a utility bill (proof of address). This process eliminates money launderers and prevents inflow of illicit money into the system. Every prospective client is properly identified and the verification of documents can take up to three days.
The website and trading platform is protected using a Secured Socket Layer (SSL) provided by CloudFlare Inc. The SSL encrypts all data during transmission over the internet. Clients’ funds and identities are adequately protected from hackers and unauthorized parties.
“ICE FX offers about 62 currency pairs, 3 commodities, 15 cryptocurrencies, 11 indices and 4 spot metals for trading on its platforms.”
Here is a number of the assets available for trading on the ICE FX platform:
Number of instruments
*The above list was taken from
www.ICE FX.com and is correct at the time of writing. The list is subject to change without prior notice.
“The STP and ECN accounts are the main account types offered by ICE FX. $30 is the minimum opening balance for both accounts. The STP-MA and ECN-MA are accounts for management of investors’ funds and it requires a deposit of $1,000. Demo accounts are available for each account type.”
Two major categories of accounts are provided by ICE FX. They are: the STP and the ECN account. All other accounts are derivatives of these. The types of account are:
STP account: The minimum opening balance is $30. The maximum leverage obtainable is 1:300. 62 currency pairs, 4 spot metals, 11 indices, 3 commodities and 3 crypto assets can be traded with this account.
STP-MA: This is a type of STP account designed for the management of investors’ funds. Only 62 currencies and 4 spot metals can be traded with this account. The minimum deposit is $1,000 and the maximum leverage is 1:100
STP-Demo: This is a demo account which simulates the STP account without any risk to the trader. Leverage is 1:100 and the orders are executed instantly. The account is preloaded with a virtual fund of $10,000.
ECN Account: 42 currency pairs, 2 spot metal, 11 indices and 11 crypto assets can be traded on this account. The minimum account opening balance is $30.
ECN-MA: The minimum opening balance is $1,000. The maximum leverage is 1:00. This account is designed for the management of investors’ funds. It can only trade 42 currency pairs and 2 metals.
ECN-Demo: This is the demo account designed for traders to simulate the ECN account in a risk free environment. It comes with a virtual balance of $10.000.
To open a new account, click the “Open an account” button found on the top right hand side of the menu bar which appears on every page of the website. Fill the form.
Verify your email address and phone number and the account is automatically created. Download and install the MT4 trading platform.
Choose the appropriate ICE FX server and login. Deposit funds into the account and trading can commence. A demo account can only be created from the MT4 trading terminal.
ICE FX does not accept clients from the USA and the European Union.
Deposit & Withdrawals Options
“Credit/debit cards, Bank Wire Transfer, ePayments, Skrill, Neteller and WebMoney are the acceptable payment options. There are charges for both credit card and ewallet deposits. Bank transfer payments are free for deposit and withdrawals”
Third party payments are not accepted in compliance with anti-money laundering rules. ICE FX does not accept cash or cheque deposits. The broker reserves the right to know the source of funds and to completely verify a client before approving a withdrawal request.
Credit/Debit Card: The major credit/debit cards are accepted. A deposit fee of 3% is charged. The minimum transaction amount is $10 while the maximum is $10,000. Card deposits are instantly processed while withdrawals take up to 5 business days. There are no withdrawal charges. Withdrawals to a credit/debit card cannot exceed the amount deposited via the same card. Profits can be withdrawn through other means.
Bank Wire Transfers: The minimum transaction amount is $1,000 and it takes 5-7 working days for a complete transaction. There are no deposit or withdrawal charges and there is no maximum transaction amount.
Electronic payment gateways: The acceptable methods are ePayments, Skrill, Neteller and Webmoney. Deposits are instantly processed but withdrawals take up to 3 working days. The minimum transaction amount is $10 while there is no maximum except for Webmoney that is capped at a withdrawal amount of $10,000. The deposit charges are as follows: ePayments 0%, Skrill 3%, Neteller 2.5% and WebMoney 1.8%. The withdrawal charges are: ePayments 0%, Skrill 1%, Neteller 1% and WebMoney 1.8%
ICE FX credits the investor’s account as soon as funds are received from any of the channels above. There are no reported cases of stolen, misappropriated or unaccounted funds.
Web & Desktop Trading Platforms
“The MT4 trading platform is the only trading platform provided by ICE FX broker.”
The only trading platform provided by ICE FX is the MT4. This is the most popular trading platform and also regarded as the industry standard for forex trading. ICE FX provides the desktop version of the MT4. It can be downloaded and installed on the Windows and MAC Operating Systems via a link on the broker website.
The MT4 is a powerful trading platform with sophisticated features to cater for the needs of all categories of traders. It is available in over 35 languages. It has tools for placing different order types, monitoring the market prices, news and charts. It also has tools that automate forex trading using Expert Advisors (EAs).
The main features of the platform include:
Electronic Advisors (EA’s) which is a way to automate your trading through either coding your own robots, or uploading ready made ones from the My5QL website.
You can trade directly from the charts themselves or you can trade from the list or symbol view panel on the left of the platform.
You can access resources directly from the platform which include trading alerts, articles and account history.
The platform allows for trade signals and copy trading too.
Mobile Trading Platforms
“The MT4 is available as a mobile app for the iOS and android devices. The app has features that allow the trader to monitor the markets, place order and perform some analysis.”
The mobile trading platform provided by ICE FX is the MT4 mobile apps. It is available for android and iPhone devices. The apps are downloadable from their respective stores. With the MT4 mobile app, ICE FX clients can trade from anywhere in the world.
Here are some of the features of the ICE FX MT4 mobile app:
Live market quotes of all the tradable assets.
Real-time Charts can be viewed on different timeframes.
Access to tools for technical analysis.
Advanced dealing options using risk management strategies such as SL, TP, etc
Account management features including multiple accounts and history.
“ICE FX provides MAM and PAMM managed accounts. The brand has its own forum where ideas are exchanged. It also provides VPS services and a risk management system for its clients.”
ICE FX provides the Multi-Account Manager (MAM) and Percentage Allocation Management Module (PAMM) accounts. These are accounts managed on behalf of investors by expert managers. Investment accounts can be opened with funds as low as $100. Investors can allocate funds to managers of choice. A minimum of $10 can be allocated to as many managers. ICE FX system is completely transparent as investors can see all trading details. The equity of managed accounts is updated every five minutes. A manager cannot hide any trading method used, equity or falsify trading results. The managers are provided with cutting edge tools to maximize profits and manage risks. There is a rating system for managers. These ratings done by investors distinguish expert fund managers from rookies. Investors can easily focus on professionals while the expert managers make more money from commissions.
ICE FX has its own forum. This is an interactive platform where clients, managers, traders, investors and ICE FX staff share information and ideas. Only registered ICE FX clients gain full access to post articles, comments and questions on the forum. Guests can only read the articles and comments but cannot post comment. The forum is active but there are not many posts and articles.
Virtual Private Server (VPS) is a remote computer which ensures smooth running of the trading systems, EAs, etc. ICE FX provides the VPS free of charge to traders with account balances of more than $10,000. There are up to 4 servers with different configurations and the charges vary according to server specifications and trader capital. However, the price ranges from $10 to $89 per month.
Risk Management System: ICE FX developed an automatic risk management system to help traders limit their losses. It is recommended for traders to enable this feature when they are calm. The parameters that can be set are:
Maximum loss per week.
Maximum loss per day
When the risk management parameters are set and the functionality is enabled in trading accounts, the server closes the open trades once each of the set parameters are reached.
Commissions & Spreads
“ICE FX charge for its services from the spread and also from commissions. The typical spread for the benchmark EUR/USD are 0.8 pips”
Fees charged by ICE FX depend on the account type and the asset traded.
some of the minimum spreads on selected popular tradable assets.
*The above list was taken from
http://www.ice-fx.com/ and is correct at the time of writing. The list is subject to change without prior notice.
Bonus & Promotions
“ICE FX organizes the “Genesis”, “Genesis prime” as well as “Fast and furious” contests. The broker also pays part of the charges incurred by clients while depositing and withdrawing funds from their broker trading accounts.”
Genesis and Genesis Prime Contests: These are traders’ contests designed to discover effective fund managers. The competition consists of 4 rounds of 13 weeks each. ICE FX funds the accounts and lets the contending managers, who applied for the contest, manage the accounts and make profits. At the end of each round, contestants receive awards according to their performance. At the end of the competition (after one year), the winner of the Genesis contest receives $50,000 in MA1 account while Genesis Prime winner receives $100,000 in MA1 account. These are company funds which will be invested for the winners to manage and receive bonuses and commissions.
Fast and Furious: This is a promo for ICE FX partners who refer new traders to the brokerage firm. Within a promo period of 13 weeks, any partner who attracts $50,000 or more worth of deposits, will receive the maximum referral income. He will be automatically upgraded to the status of a “PRO partner.” PRO partners receive increased referral bonuses; get preferential treatment and better partnership conditions.
Compensation of Commission: ICE FX compensates traders for bank charges incurred while transacting with the broker. For example, card deposits for Visa and MasterCard is charged at 5% but ICE FX pays 2% compensation leaving the client to 3% of the transaction amount as deposit charges. Also WebMoney charges at total of 4.3%, but ICE FX pays 2.5% while the client only pays 1.8% of the transaction amount as deposit charges.
“The customer support desk is available 24/5 on phone, email, web cha and Skype. The support assistants are knowledgeable and courteous.”
The customer support desk is available 24 hours Mon-Fri and Sat/Sun from 9:00 to 0:00 EET. The support team is multilingual, efficient and professional. The following support channels are available:
Instant Web Chat: The chat support assistants are always alert to initiate a chat in case the website visitor will need assistance.
Email:support@ICE FX.com. There are several other email addresses for the different departments.
Phone Support: +7 499 348 97 89. Russian toll free line is 8 804 333 7845.
Call Back: Drop your phone number and the support team will call back.
Skype: support@ICE FX.com
Emails are replied within a day. The support assistants are smart, knowledgeable and courteous. When a chat was initiated, it took about 45 seconds to get a response in Russian. But, in less than 2 minutes, an English speaking support representative took over the chat.
“ICE FX provides the economic calendar for its clients. There is also news and research directly on the platform”
Economic Calendar: This is a calendar of financial events that will likely impact the forex and CFD markets. ICE FX provides the economic calendar with detailed explanations. The economic calendar is provided courtesy of the FX Street; a leading source forex news, analysis and charts.
“ICE FX does not provide any training for its clients.”
There are no training articles, videos or education centre provided by ICE FX. Traders and fund managers are expected to have received their trainings and garnered experience from somewhere else before coming to ICE FX broker.
“ICE FX brokerage services are best for expert traders who are fund managers. It is also good for investors and independent traders who already know how to trade and make profits.”
ICE FX states that it is constantly looking for managers to manage investors’ funds. This is the reason for the constant contests and promotions. The broker also encourages its partners to bring in new investors to invest in managed accounts. ICE FX does not provide any training to teach a new trader. There are no market news, analysis or tools to enhance trader experience. New traders who wish to learn how to trade will definitely have to look elsewhere.
ICE FX is best suited for intermediate-level traders who want to strictly trade for profit, and also for expert traders and investment managers who want to deploy their skills in the fund management space. The broker may also be a port of call for passive investors who wish to invest their funds and allow a manager to do the trading on their behalf. Traders who can create their own trading strategies and use the MT4 platform effectively will also find the services of this broker satisfactory.
Here are some of the “Frequently Asked Questions” about ICE FX:
Where is ICE FX based?
ICE FX broker is based in Malaysia.
How does ICE FX make money?
ICE FX makes money from spreads and commissions.
How do I deposit in ICE FX account?
The payment options accepted are: Bank Transfers, Credit/Debit Cards like Mastercard, visa card. E-payment gateways like Skrill, Neteller, ePayments and Webmoney.
What is the min. deposit for ICE FX?
The minimum deposit is $30.
What is the maximum leverage in ICE FX?
Maximum leverage is 1:300.
How do I open an account with ICE FX?
Click the “Open an account” button found on the top right hand side of the website.
Does ICE FX use MetaTrader?
Yes, the MT4 is the only platform available to all clients.
ICE FX is a forex and CFD broker that operates from Malaysia. The broker is regulated by the LFSA and they abide by the regulatory stipulations. Over 90 tradable assets are available for trading on the MT4 platform provided.
Managed accounts are heavily promoted by this broker as it is constantly looking for managers who will be successful in trading with investors’ deposits. Investors who will deposit into managed accounts are also needed.
Unfortunately, ICE FX does not provide technical analysis, market news or any form of training. ICE FX needs to work on this if it is to compete for those clients who want to migrate from EU/UK trading restrictions and become an international FX broker of repute.
Here are some of the pros and cons of trading with ICE FX:
ICE FX is locally regulated in Malaysia. It’s a pro if your based in the country.
ICE FX provides a low barrier of entry for trading clients.
Trading contests provide an avenue to test strategies and trading skill against the rest of the pack.
ICE FX also provides opportunities for skilled traders to be employed as in-house account managers.
ICE FX does not offer trading education for its clients.
When compared with other FX brokers in the industry, market research facilities are limited with ICE FX.