Bitcoin in South Africa – iCE3X

iCE3X  is South Africa’s only local, full-service, Bitcoin and Litecoin exchange. The platform boasts fast domestic bank transfers and low fees. Taking a similar approach to larger global exchanges, iCE3X wants to build depth and liquidity locally. As a result, there is currently no deposit or withdrawal fees.

The company is locally owned and operated, with a local support team. Head of the company, Gareth Grobler, reveals a sense of pride and desire in promoting Bitcoin in South Africa specifically. The market demands exchanges focus on accountability and transparency.bitcoin-2

In response, iCE3X is careful to point to their 100% multi-signature cold storage policy. As no coins are kept online, the measure keeps things very secure. With no vulnerable ‘hot-wallet’, users can’t get immediate withdrawals. Gareth admits it has required extra explaining to users. But, once they understand, they are very appreciative.

Users are currently using their account wallets to store Litecoins, and avoid lengthy delays with downloading the local-qt wallet’s growing blockchain.

iCE3X has teamed up with third-party accounting firm Profinan Services recently. The company now subjects itself to regular and transparent audits of FIAT as well as reserves of Bitcoin in South Africa by a local auditor. This was implemented after high demand from users, in the wake of the Mt. Gox disaster.

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