ICE FX Review: Are Traders Raising Red Flags Over Withdrawal Fees & Regulation Status?

Does ICE FX ask you to pay taxes for fund withdrawal access? Were you made to pay a hefty fee on a verification failure? Does the broker deliberately cancel your profitable trades? Have you failed to receive assistance from the ICE FX customer support team on your fund deposit and withdrawal queries? These issues have become common for its traders. Many of them have highlighted these issues online. In this ICE FX review article, we have investigated some of their complaints. Read on as we dive deep.

ICE FX Operation Details - Market Access, Trading Platforms & Account Types

ICE FX is recently rebranded to ICE Markets as per the information on its official website. It offers brokerage services across a wide range of instruments - forex, stocks, cryptocurrency, IPO and IDO. The website claims rapid changes in the brokers operation over the years. This included integrated liquidity from crypto exchanges, MT4 cryptocurrency trading, crypto MAM investment management, cryptocurrency deposits without conversion, and MT5-led investment management, etc. It offers three forex accounts - STP-Demo, STP and STP-MA, with all of them presenting 44 currency pairs for trading.

Top Forex Trading Complaints Against ICE FX

ICE FX Charges Fee Payments to Access Large Withdrawals, Claims a Trader

A Taiwan-based trader claimed that while ICE FX allows you to withdraw small amounts, the problem begins with a large amount. Recounting his incident, the trader accused the broker of charging 5% tax as the withdrawal amount exceeded NT$ 400,000. The trader further stated having to deposit 10% of the asset towards money laundering. The accusation further revealed that since the trader failed during the verification process, a fee accounting for 30% of the asset was also levied. Further inquiries from the trader notified a no-regulation status for ICE FX by a financial administrator in Singapore. Check out this critical ICE FX review from the trader.

A Similar Complaint Demonstrating 10% Tax Payment Demand on Withdrawals

A similar complaint emerged on WikiFX, a globally-recognized forex broker regulation inquiry app. A trader from the Netherlands expressed that he was able to withdraw earlier. However, that required 10% tax payment demand from ICE FX. Have a look at this complaint screenshot.

The Profit Cancellation Accusation Against ICE FX

Another trader claimed that, while ICE FX does not cancel traders‘ profits on its website, the real situation remains different. The trader expressed frustration over the broker’s action of cancelling his profits without any explanation. The negative ICE FX review shown below is a tale of the traders nightmare.

Serious Support & Withdrawal Issues with ICE FX

A trader reported extremely poor customer support, citing unanswered live chats and ignored emails. Although the website claims account verification is completed within 24 hours, the traders account remained pending for five days without any response. As a result, his deposited funds are now stuck, since withdrawals are not processed until verification is completed. Due to the lack of communication and unresolved withdrawal issues, the user does not recommend this broker. While glancing at several ICE FX reviews, we stumbled upon this and found it worthy to be shared. Take a look at this screenshot.

A Couple of Fund Recovery Claims Through Legal Assistance

Some US-based traders even sought legal support to recover their long-stuck funds at ICE FX. These traders appreciated legal firms for the seamless execution of fund recoveries through their efficient management. Sharing some evidence that supports this claim.

ICE FX Review by WikiFX: Investigating the Brokers Regulatory Status

The complaints against the UK-based ICE FX broker clearly hint at investment scams for traders. Demanding tax payments and other charges on withdrawals does not make it a credible forex broker. After investigating the complaints and doing a further deep dive, the WikiFX team found the broker to be unregulated. The status remains despite the broker having been operating for over five years. The score for the broker is only 1.58 out of 10.

Traders are advised to conduct a thorough due diligence before investing. Instead, search for a regulated entity seamlessly on WikiFX. This verification tool updates everything about forex brokers worldwide.