Frequently Asked Questions

  1. What is Bitcoin ?

    “Bitcoin” definition according to the Oxford English Dictionary.

    [mass noun]

    • a digital currency in which transactions can be performed without the need for a central bank:bitcoin has become a hot commodity among speculators
    •  [count noun] a unit of bitcoin:bitcoins can be used for online transactions between individuals
  2. How Do I Change Between Rand/Sterling/Dollar?

    After logging into your account, under your username you will see the balances of your wallet. By clicking on the Rand/Sterling/Dollar value, you will change to your preferred currency market for trading.

    Change Currency

  3. What fees are there ?

    Deposit and Withdrawal Fees

    • There are NO Deposit or Withdrawal fees for Bitcoin or Litecoin transactions.
    • There are NO Deposit or Withdrawal fees for Naira transactions.
    • FIAT (ZAR) carry a R10 withdrawal fee, per withdrawal.

    Trading Fees

    We have highly competitive trading fees. High volume traders get in touch to have your fees reviewed.

    • Individual Traders

      Trading commission between 0.8% – 1.5% per trade. So if you deposit R100.00 and you place a buy order, the maximum amount you will be able to BUY bitcoin for is R99.00 assuming you pay 1% commission.

    • High Volume Traders 

      Trading commission between 0.5% – 0.8% per trade. So if you deposit R100.00 and you place a buy order, the maximum amount you will be able to BUY bitcoin for is R99.50 assuming you pay 0.5% commission.

     

  4. Why only bitcoin and litecoin on iceCUBED ?

    The growing ecosystem around Litecoin would indicate the necessary network maturity to be reliably traded.

    Further, we recognise the high entry cost for South Africans to Bitcoin mining. Litecoin in our trading platform allows South Africans to mine and contribute to the overall ecosystem.

  5. What is iceCUBED ?

    iceCUBED X is a secure exchange platform where you can buy and sell Bitcoin and Litecoin in South African Rand and Nigerian Naira. We are an open order book bitcoin and litecoin exchange with real orders from real customers. We do not perform any manual or automated trading and have no affiliations with any other business entity. We are a South African Company registered with CIPC in South Africa as a PTY and we part of the ‘Internet Currency Evolution Cubed’ group, head quartered in the Isle of Man.

  6. Who is behind iceCUBED ?

    The team behind iceCUBED can be found here

  7. How do I open an account with iceCUBED ?

    It’s quick and free, with no obligations.

    Jut click here and fill-out the the form. Click the ‘sign-up’ button.

    Then, check your email (and junk mail folder) for the confirmation email. Follow the link.

    That’s it! Very simple.

    (You are now free to log-in to your iceCUBED account and deposit Rand, Bitcoin and Litecoin. Deposit instructions are below.

    Please remember, while you can now deposit into your account, to withdraw funds from your account you need to be ID verified.

    Read these instruction, complete with pictures, on ID Verification process).

  8. How do I make a deposit into my iceCUBED account ?

    You can deposit Bitcoin, Litecoin and Rand.

    To deposit Bitcoin:

    • Log in to your account and click on the ‘Account’ tab in the blue menu bar. Then click on the ‘deposit’ tab underneath.
    • Click on the Bitcoin logo. You will see a long string of numbers and letters. This is your Bitcoin deposit address. Send the Bitcoins to this address. After 6 confirmations you will see the balance updated (top right hand corner, next to your name). This usually takes around 10-20 minutes.

    To deposit Litecoin:

    • Click on the ‘Account’ tab in the blue menu bar. Then click on the ‘deposit’ tab underneath.
    • Click on the Litecoin logo. You will see a long string of characters. This is your Litecoin deposit address. Send the Litecoins to this address. After 6 confirmations you will see the balance updated (top right hand corner, next to your name). This usually takes around 5-10 minutes.

    To deposit Rand:

    • Click on the ‘Account’ tab in the blue menu bar.
    • Then click on the ‘deposit’ tab underneath.
    • You will see our bank account details.
    • Transfer funds to this account. It is very important to include your Account Number in the transaction description. Your account number can be found by clicking ‘Profile’ in the menu.
    • Funds usually take 1-3 days to be received into your trading account, depending on the bank you are using. (PLEASE DO NOT MAKE A CASH DEPOSIT IN BRANCH, AS YOUR MONEY WILL BE RETURNED VIA CHEQUE AND A R150.00 ADMIN. CHARGE WILL BE APPLIED).
  9. How long does it take to deposit funds into my iceCUBED account ?

    Incoming deposits of Rand from your bank are processed at least 3 times per day.

    Funds can be received into your trading account as quickly as a few hours. Or, they can take 1-3 days to be received. This depends on the bank you are using and really is beyond our direct control.

    Incoming Bitcoin and Litecoin deposits will appear in your trading account after 6 network confirmations. This depends on the speed of the Bitcoin and Litecoin networks at the time.

  10. How do I make a withdrawal from my iceCUBED account ?

    Click on the ‘Account’ tab in the blue menu bar, then click on the ‘withdraw’ tab underneath.

    To withdraw Bitcoin or Litecoin:

    • Click on either the Bitcoin or Litecoin logo.
    • Fill in the form that appears and click the ‘withdraw’ button.

    To withdraw Rand:

    • Scroll to the ‘Withdraw using bank transfer’ section.
    • Click on the “withdraw using EFT” button.
  11. How long does it take to withdraw funds from my iceCUBED account ?

    Rand Withdrawal Time:

    Withdrawals of Rand from your iceCUBED account into your bank account are processed in batch runs. These are scheduled randomly 3 times per day. (business hours).

    It may take up to 3 business days to reflect on your statement. This depends on your bank.

    Bitcoin and Litecoin Withdrawal Time:

    Bitcoin and Litecoin withdrawals from your iceCUBED account are authorised manually, in batch runs, at least 3 times per day. (business hours). This occurs more often when we have 2+ authorised admin. staff on hand. 

    We do not process your Bitcoin / Litecoin withdrawals immediately. There is a very good reason for this. Unlike some other exchanges, we run a 100% cold storage policy. This means all your coins are stored offline, in special vaults, away from online security threats. This is the safest storage method. Any exchange that does instant withdrawal can’t have all your coins in cold storage. So they are not following best practice. We always follow best security practice.

    As a result, we can’t process withdrawals immediately. We must retrieve the coins from Deep Cold Storage each time. So, we process withdrawal requests in batch runs, throughout the day. You can read full details of our security system here. When we say “trade with confidence”, we mean it.

  12. How do I buy Bitcoin or Litecoin ?

    Log-in to your account and click the ‘Trading’ tab on the menu. Then click on the ‘Buy’ tab underneath.

    From there you will fill-out the order form: select the ‘Instrument’ (bitcoin or litecoin) and the ‘Volume’ (quantity) you want to buy.

    Then enter the ‘Price’ you would like to pay for each coin. The last sale price on the exchange is there by default, but you can enter any price you want.

    Click ‘BUY’. Your order will be queued, ready to fill. You can see it in the ‘Open Orders’ tab.

  13. How do I sell Bitcoin or Litecoin ?

    Log-in to your account and click the ‘Trading’ tab on the menu. Then click on the ‘Sell’ tab underneath.

    From there you will fill-out the order form: select the ‘Instrument’ (bitcoin or litecoin) and the ‘Volume’ (quantity) you want to sell.

    Then enter the ‘Price’ you would like to sell at. The last sale price on the exchange is there by default, but you can enter any price you want.

    Click ‘SELL’. Your order will be queued, ready to fill. You can see it in the ‘Open Orders’ tab.

  14. What is a limit order (to buy or sell) and how does it work ?

    A limit order is an order to buy or sell Bitcoins/Litecoins for a specific price or better within the predetermined time limit. When you place a BID order (buy), it will only be executed at the limit price or lower, alternatively when you place a ASK order (sell), it will only be executed at the limit price or higher.

    The limit order will only be executed in the event that it matches an opposite order from another trader. Limit orders may therefore only be partially filled and are not guaranteed to execute partially or execute at all. Whilst limit orders do not guarantee execution, they do ensure you won’t pay more than the agreed price. If a limit order has been filled or partially filled and the time limit has elapsed, it will be settled.

  15. Why do I need to verify my identity ?

    The Financial Intelligence Centre Act 38 of 2001 requires all financial institutions (banks, exchanges, building societies, etc) to complete KYC (Know Your Client) procedures to verify the identity of their clients. These measures are intended to prevent money laundering.

    In order to support and voluntarily comply with these regulations, we have to ask you to provide your personal details (names, ID number, date of birth, residential address) and proof documentation (scan of ID book, proof of residence etc). We check these details against an independent source (Credit Data).

  16. How do I verify my identity ?

    Full instructions, with pictures are here.

  17. What is 2-factor authentication ?

    For full information on 2-factor authentication and how to set it up, we highly recommend you click here.

    Basically, this is a way to add extra security to your account. When activated you log in with your email, password and a unique number, provided by an app on your phone. The app on your phone is directly linked to your account. The app provides a unique 6-digit number. This number is different each time you log in.

  18. How do I set up 2-factor authentication on iceCUBED?

    For full instructions on how to set-up 2-factor authentications please click here.

  19. How do I use 2-factor authentication on iceCUBED ?

    Full instructions on how to set-up and use 2-factor authentication are here. We highly recommend you read that link.

    Basically, each time you want to log in, open the application on your phone. It will show you a 6-digit pin. Enter that, along with your email and password.
     

  20. Does iceCUBED have an API ?

    Yes, we have an open Market Data API and a Trading API (for registered traders only). Click Here for more information.

  21. What are our terms and conditions ?

    Our terms and conditions can be found by clicking here.