IceFX broker review (2022) Review
Broker Ice FX is a young but actively developing dealing firm, which first became known in 2015. According to official data, it is part of the financial group Ice Markets Limited, which is registered in Vanuatu. It is also worth noting that the brokerage company is an offshore resident in Labuan, but positions itself as a high-level intermediary with the proper level of reliability and safety.
ICE-FX Markets Limited is registered in the federal territory of Labuan, Malaysia (registration number LL12180, license number MB/15/0007) and is supervised by Labuan Financial Services Authority (Labuan FSA), a little known local regulator.
Spreads on the main trading instruments – from 0.8 to 1.1 pips for the main currency pairs and from 1.3 to 3 pips for crosses. If you compare with other well-known companies where the spreads are up to 12 points in 4 signs, with ICE-FX they are minimal.
Execution of orders is instant. Deals are closed quickly enough that scalping can be used. The broker charges a commission from $3 to $6 per lot to open a position.
It is possible to trade currency pairs, metals and cryptocurrencies. The company offers both standard STP and ECN accounts with a leverage up to 1:300, and cent accounts with a leverage of 1:500.
There is an opportunity to open PAMM accounts. In the personal cabinet you can view the results of managers. For easier analysis of the results of accounts the company has divided them into 7 groups according to the rating.
At the Ice FX broker’s website, users can use the Meta Trader 4 trading and information terminal. The terminal is convenient and easy to learn for beginner traders, while it is also suitable for professionals.
The following advantages of MetaTrader 4 are worth noting:
- availability of a mobile application for portable devices;
- Regular publication of economic news online;
- the ability to use robotic programs, strategies and trading advisors;
- a wide range of timeframes for graphical display of quotes.
Demo is a free account that only encourages real activity on the world market. It requires no investment and allows you to make safe transactions online. This tariff is similar to paid accounts in many respects, but differs in some trading conditions and absence of pledge. The trader is not recommended to take the received profit too seriously and compare it to the real results of professional activity. Demo tariff can be used only for mastering the working terminal, testing and comparing new strategies.
In order to create a demo account do the following steps:
- Select “New Demo Account” and click “Next”.
- Fill in the required fields, check the “I agree to receive news by mail” box and click “Next”.
- Information on your account will be displayed. You have to save the necessary information and press “Done”.
Fund Deposit and Withdrawal
The forex broker has few deposit and withdrawal systems. The commissions are rather high.
- Bank wire transfer from $500. When withdrawing, the commission is 0.4% (not more than $50).
- Visa/Mastercard. When depositing – the commission – 3%, when withdrawing – no commission (but there are limits on deposit and withdrawal for one transaction – $1500).
- Commission for deposit and withdrawal – 1.8% (in our opinion, very high), the maximum withdrawal is $10,000.
- Deposits and withdrawals via Skrill and NETELLER are not available to customers from European Economic Area countries. For all other customers the deposit fee with Skrill is 3%, NETELLER – 2.5%, for the withdrawal – 1% for each of them.
- Rauer and Perfect Money. 1% for deposit and up to 2% for withdrawal.
Pros and cons of Ice FX
After reviewing the trading conditions of the broker and the features of the functioning of its platform, a number of advantages can be noted:
- simple and convenient trading terminal;
- display of all account balances in online mode;
- access to the data of closed trades;
In addition, the company has some disadvantages, or to be more precise, possible pitfalls that any trader may encounter when trading Forex with Ice FX:
- no educational material for beginners;
- guarantees that the player will only make profitable trades;
Pros / Cons