1. Home
2. Best Day Trading Platforms and Brokers in 2024

ICE FX Review 2024

Written By

Tobias Robinson

Written By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Fact Checked By

William Berg

Fact Checked By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Updated

Jun 28, 2024

Visit

Available in United States

Overall Rating

2 / 5

ICE FX is #15 in our CFD broker rankings.

No Customer Reviews Yet

Read Review

Compare

Customer Reviews

Minimum Deposit $30

Trading Platforms MT4

Instruments CFDs, Forex, Cryptos

Regulators Labuan FSA

Account Currencies USD

Payment Options Skrill, Neteller, Debit Card, Credit Card, Wire Transfer, Visa, Mastercard, Bitcoin Payments

Pros

• Access to the MT4 desktop, web and mobile platform with powerful analysis and customizable charting
• Low fees with tight spreads from 0 pips, commissions between 0.0025% and 0.25%
• Tier-based loyalty scheme with access to a free VPS and interest rate payments on uninvested balances

Cons

• No education for beginners
• Offshore regulation from the Labuan Financial Services Authority (Labuan FSA) raises safety concerns
• Very slim product portfolio with only 75 instruments and no stocks

ICE FX is an offshore multi-asset online broker offering 60+ trading instruments on the MetaTrader 4 platform. The service offers direct-to-market execution. Our review will cover the latest trade info, MT4 data services, average FX rates available, minimum deposit requirements, and more.

ICE FX Headlines

ICE FX Markets Ltd was established in 2015 and is registered as a financial service in Malaysia and regulated by the Labuan Financial Services Authority (Labuan FSA). In addition to its trading opportunities, the broker offers a functional investment platform with professional manager directives. Services are global, though there are some restricted countries, including the United States.

Trading Platform

ICE FX clients gain access to the MetaTrader 4 (MT4) trading platform. Retail traders can download MetaTrader 4 to desktop devices or it can be used directly via all major web browsers. The terminal is well-established in the industry, with positive reviews highlighting its simple navigation and user-friendly interface. Features include:

• Historical data
• Live news streams
• 39 graphical objects
• Customisable charts
• 4 pending order types
• View full trading history
• One-click order execution
• Super forex flash MT4 scalper
• 50+ built-in technical indicators
• User-friendly, multilingual interface

Note, the broker does not currently offer MetaTrader 5 (MT5) trading platform.

Assets

ICE FX offers clients trading opportunities in the below forex and CFD markets:

• Spot Metals – XAU/USD and XAG/USD
• Commodities – 2 CFD contracts, WTI and BRN
• Cryptocurrencies – 5 CFD contracts including BTC/USD
• Forex – 36 major, minor and exotic currency pairs, including EUR/GBP

The broker offers market execution and partial execution types.

An investment platform is also supported via an ICE FX managed account. Traders can select a professional trading agent to invest funds in relevant assets. Loss limits can also be added by the investor to protect capital.

Fees

The broker charges a commission on all account types. This varies between 0.0025% and 0.25% on the STP account and 0.004% and 0.006% on the STP-MA account. Although small, these should be carefully considered as they can eat away at profits. The broker does charge swap rates for positions held overnight, as standard in the industry.

Spreads offered by the broker vary with the instrument traded. As ICE FX works on an STP model, spreads are quoted directly from liquidity providers. Average spreads on major forex pairs, including EUR/GBP and GBP/JPY average 1.5 pips. Gold and silver precious metals average 2.5 pips.

Leverage

ICE FX leverage rates are floating and vary by account type and instrument. Rates go up to 1:300 under the STP account. There are no regulatory caps as the broker is not compliant with ESMA trading regulations.

• Forex Majors: 1:50 – 1:300
• CFD Cryptocurrency: 1:2 – 1:4
• CFD Commodities: 1:20 – 1:100
• Forex Minors & Exotics: 1:50 – 1:150

Mobile Apps

The MT4 integrated trading application is available for free download to iOS and Android (APK) devices. Access the desktop client’s full range of trading features, analytical tools and customisable charts and graphs while on the go. Features include:

• Offline mode
• Open or close trades
• Access analytical articles
• Track quotes in real-time
• Live streaming economic news
• Deposit and withdraw to your trading account

Payment Methods

Deposits

ICE FX minimum deposit requirements are relatively low, sitting at just $30 for a trading account and $10 for an investment account. The broker only accepts USD deposits. Funding accounts is free and the broker provides full compensation of any commissions on deposits. Payment methods include:

• Skrill: minimum $50 per transaction, instant
• Neteller: minimum $50 per transaction, instant
• Credit/Debit Cards: including Visa and Mastercard, instant
• Bank Wire Transfer: minimum $500 per transaction, 3-7 working days
• Cryptocurrency: Bitcoin and Ethereum, minimum $50 per transaction, instant

Note, Skrill and Neteller are not available to customers in the European Economic Area (EEA).

Withdrawals

Funds must be withdrawn back to the original payment method, though those with privilege status may be able to access exceptions and make withdrawals to a payment method of choice. The broker does not charge a fee for any withdrawals. Withdrawal methods include:

• Skrill: minimum $10 per transaction, up to 3 working days
• Neteller: minimum $10 per transaction, up to 3 working days
• Bank Wire Transfer: minimum $500 per transaction, 3-7 working days
• Cryptocurrency: BTC and ETH, minimum $40 per transaction, up to 3 working days

Demo Account

A free demo account is available via the broker’s website on the MT4 trading platform. These accounts are a good, risk-free way to practise trading, navigate platform features and test strategies. Quotes are received directly from the liquidity aggregator as per the live accounts, so traders can experience real market conditions. Clients must complete an online registration form.

Deals & Promotions

ICE FX broker offers various bonus and incentive programmes. This includes a mitigation bonus, a reward for transferring funds from other brokerages. This is offered at 6% of the transfer as a rebate, a refund of any applicable transfer fees, and up to 30% additional referral commission for customers that also transfer from other companies. Keep an eye on company news for the latest incentives. Always read the terms and conditions of live deals and promotions.

Privileged statuses are offered to ICE FX clients that contribute large deposits. This includes access to a free VPS server, accumulated interest up to 2% pa on deposits and compensation of deposit commissions. Premium client status is applied once the account balance is $50,000 or more.

Regulation & Licensing

ICE FX is regulated by the Labuan Financial Services Authority (Labuan FSA). Traders should be aware that the FSA is not regarded as a top-tier regulator and might not offer the same levels of protection as other established financial bodies. Under this authorisation, the broker is not obliged to keep client funds segregated or provide negative balance protection in the case of business insolvency. Always be wary of offshore brokers and action additional research before opening a live account.

Additional Features

ICE FX company news info posts are accessible on the broker’s website. The latest information includes details of new deposit methods, changes to trading conditions, contracts and specifications and working schedules. Our review was disappointed to see ICE FX Markets offers limited educational content, which is particularly poor for inexperienced traders.

There is no specific page for tutorials or tips, this information is found across various pages and is not particularly user-friendly. It would be good to see the implementation of e-books, webinars, exchange data services or technical indicator analysis. We did come across a step-by-step guide of how to trade with ICE FX, which was useful and included how to download the MT4 trading terminal.

Account Types

ICE FX offers two live trading account types; STP and STP-MA. Both accounts offer no dealing desk execution, access to all trading instruments and USD base currency only. Details of the live accounts include:

STP

Uses the best possible prices via a liquidity aggregator.

• Market execution
• 50% stop out level
• $30 minimum deposit
• Eastern European time zone
• Floating leverage: 1:1 to 1:300
• No maximum number of orders
• Commission: 0.0025% to 0.25%
• Demonstration of position hedging
• Risk management strategies available

STP-MA

A modified STP account intended for the additional management of investors’ funds.

• Market execution
• 50% stop out level
• $300 minimum deposit
• Eastern European time zone
• Floating leverage: 1:1 to 1:100
• No maximum number of orders
• Commission: 0.004% to 0.006%
• Demonstration of position hedging
• Risk management strategies available

Investment Account

Select a professional manager to invest funds in relevant assets.

• Leverage: 1:1 to 1:100
• $10 minimum deposit
• 1 to 12 month investment period
• Data update refresh every 5 minutes

It is quick and easy to open a live ICE FX account. Customers must complete an online registration form. You may be required to provide identification verification documents such as proof of residency under the know-your-customer (KYC) compliance.

Trading Hours

The brokerage follows 24-hour trading department office hours, available Monday to Friday and 24/5 trading hours. However, these timings may vary by instrument.

Customer Support

ICE FX offers the below customer services contact details:

• Skype
• Email: support@ice-fx.com
• Live Chat: 24/5 plus limited weekend hours
• Telephone: +44 20 8089 7867, daily 08:00 – 22:00 EET

Safety & Security

Client accounts are password protected. The MT4 trading terminal offers secure login features, industry-standard data privacy and integrated dual-factor authentication. This includes 128-bit encryption and 2FA protocols. Our review has found limited additional security measures in place for clients. It would be good to see details posted on account verification and personal detail privacy.

A third-party monitoring system can be connected to view trading activities of all managed accounts. The external auditing should give traders reassurance and full transparency of all activities.

ICE FX Verdict

ICE FX offers a decent selection of trading instruments on the MetaTrader 4 platform. Accounts are accessible with a small deposit across several payment methods, ideal for new traders. We would flag that the limited regulatory processes being implemented are a concern and advise to carefully consider client protection, including segregated funds, negative balance protection and data privacy before opening an account.

FAQs

What Trading Instruments Does ICE FX Offer?

ICE FX Markets Ltd offers 60+ trading instruments. Asset classes include forex, commodities, cryptocurrency and spot metals. Note, there are currently no futures or options trading opportunities.

Is ICE FX Regulated?

ICE FX is overseen by the Labuan Financial Services Authority (Labuan FSA). This is an offshore license and may not offer the same levels of client protection as regulation offered by agencies like the Financial Conduct Authority (FCA), London, UK.

What Trading Platform Does ICE FX Offer?

ICE FX offers the globally recognised MetaTrader 4 (MT4) trading terminal. This is a popular platform with a good range of functionality, as well as an easy-to-use interface.

What Are The Minimum Deposit Requirements To Open An ICE FX Account?

New clients are required to deposit just $30 to open a live STP account. This is relatively low and ideal for an inexperienced trader. This increases to $300 for an STP-MA account.

What Trading Account Types Does ICE FX Offer?

ICE FX offers two real account types with STP execution, the STP Account and STP-MA Account. Minimum deposit requirements start from $30 under the STP Account. Applicable commissions and leverage rates vary.

Top 3 Alternatives to ICE FX

Compare ICE FX with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

ICE FX Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by ICE FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

ICE FX vs Other Brokers

Compare ICE FX with any other broker by selecting the other broker below.

The most popular ICE FX comparisons:

1. ICE FX vs Saxo Bank