Sending Ether to iceCUBED exchange

When sending Ether to your ethereum address allocated to your account on iCE3X cryptocurrency exchange. Keep in mind that you should send it from a private ether wallet. NOT from a smart contract.

Please heed the warning on the ETH deposit page

Do not send Ether to or via smart contracts where you will require the private keys to claim token share. Withdraw the ETH to your own private wallet first and then send it on to the final destination address.

ETH deposit warning

missing ethereumRight now we are unable to recover Ether sent to your iceCUBED account directly from a smart contract. We may support this in the future, in the meantime please deposit only from a standard Ethereum wallet.

When you deposit ethereum to the address allocated to your account it goes directly into our deep cold storage wallet account. The software we use scans the ethereum blockchain for transactions going to the addresses created for user accounts.

Depending on how a smart contract is created, it is often the case that a transaction from a smart contract is not a typical transaction. And this might not even show up as a transaction at all. If the transaction is not detected by the software, funds are not allocated to your account.

The software needs to see the transaction on the blockchain, and then allocate it accordingly. If a smart contract is used, and no transaction is visible by the software, it leaves no audit trail. If there is a large re-org that invalidates some deposits, it is impossible to reconcile deposits.

What are “Smart Contracts”?

Ethereum is a smart contract platform primarily. Contracts are executable programs that are stored on the Ethereum blockchain. Miners execute smart contracts and this requires a payment of ether to fund the processing of the contract. One or more parties can fund or create a smart contract which will execute based on the inputs it receives. Smart contracts might require more fees when sending than sending to a wallet. Therefore it is possible your transaction will be stuck if it runs out of gas to execute when you send from an exchange.

Can I send Ether directly from iceCUBED to an ICO / Smart Contract?

No, do not do this! ICO’s are usually smart contracts that receive ETH and send out tokens to the same originating address the transaction was made from. If you send from iCE3X exchange to an ICO. Later on they send tokens in return, you WILL lose those tokens as we do not support the token.

If you would like to participate in an ICO, withdraw your ETH to your own wallet FIRST, then send the ETH to the ICO that you want to participate in (Be your own Bank and take charge of controlling your own assets).

What happens if I make a mistake and send Ether to the wrong address?

Unfortunately if you send to the incorrect address it will probably be lost forever. Addresses on the Ethereum network do not have built-in verification like bitcoin to detect if an address is valid or not, so it is possible to lose your Ether if you enter the address details incorrectly.

What wallet should I use to send and receive Ether from?

You can use a free wallet such as MyEtherWallet if you do not want to spend money. If you have cryptocurrency of any significant value, a hardware wallet is recommended, such as a Trezor, or Ledger Nano S wallet.

If you want to send Ether from another exchange to iceCUBED and are not sure if the exchange uses a wallet or smart contract, dont take any chances, withdraw to your own wallet first, and then deposit from there to iceCUBED.

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.

 

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