Ice3x debit card

NarrowBandFtw

NarrowBandFtw

Honorary Master
Joined
Feb 1, 2008
Messages
37,878
Reaction score
24,648
Location
the mother city
Announced back in May and supposedly rolled out in June / July:
mybroadband.co.za

iCE3 Exchange launches cryptocurrency debit card in South Africa

South African cryptocurrency exchange Ice3X has launched a new cryptocurrency debit card which can be used at many retailers across the country.
mybroadband.co.za mybroadband.co.za

Question: does anyone actually have such a card? If yes, what's the experience been like in using it?
 
I have a card from them, I still need to actually use it though.
Once you have the card, you add the card on the ice3.com website where you have your bank account setup, so that you can withdraw Rand to either your bank, or the debit card.
So you basically withdraw Rand to the debit card as opposed to your bank account, and then can use the card like you would normally use a debit card in a store for example.
The withdrawal fee the the card is R20, which is basically to fund the card up to 25k max.
 
BitcoinZAR said:
The withdrawal fee the the card is R20, which is basically to fund the card up to 25k max.
Click to expand...
Ouch ... is that over and above fees involved when selling BTC to get ZAR? So R20 pure ZAR to ZAR "withdrawal" fee?

In that case the wait for local availability of something like a Crypto.com card continues :cautious:
 
NarrowBandFtw said:
Ouch ... is that over and above fees involved when selling BTC to get ZAR? So R20 pure ZAR to ZAR "withdrawal" fee?

In that case the wait for local availability of something like a Crypto.com card continues :cautious:
Click to expand...
Dont all exchanges charge a withdrawal fee?
 
ghoti said:
Dont all exchanges charge a withdrawal fee?
Click to expand...
yes, bit of an apples to oranges comparison because most don't offer withdrawal to a card

but the fee typically is only enough to cover the bank fees they will end up paying e.g. R8-ish for an EFT in South Africa ... R20 is pretty steep
 
The R20 for deposit / withdraw onto the card is a fee that has nothing to do with the trading fees on the exchange. I dont know what costs are involved with loading Rand balance onto the card etc. I would imagine that they just covering their costs on it, I doubt its a strategy to make money.

You should be gaming the fees away anyway tho....I pay 0% fees on my trading....
BTC / ZAR fees are 0.5% if your monthly volume is under 1BTC.
Once you hit 1BTC for the month, they drop to 0.35%
Over 100BTC for the month, and they drop to 0.25%

If you opt to pay your fees in AIC, then your fees drop by a further 0.1% (enable this on the settings page)
If you have 1000 AIC tokens, you can get your fees dropped by a further 50%, and if you have 10k or over of AIC, you pay 0% fees.

I use Ice3 all the time, so I have it setup that I basically never pay any trading fees ever.
 
BitcoinZAR said:
I would imagine that they just covering their costs on it, I doubt its a strategy to make money
Click to expand...
I'm sure that's true, even so R20 is steep if for example you prefer to keep all your money in BTC and want to fund the card as and when needed only to the amount for a specific transaction

you'd have to fund it with larger amounts, less often, to negate that fee and then you'll have larger amounts of money not in crypto for longer because you funded the card
 
It depends on the way you look at it....I personally dont mind paying R20 for the facility.
I see it as a way to 'lock in' the price for some bitcoin, and then have the facility to be able to spend those funds at that value in stores etc.

If you dont want to do that, just pay like R10 or whatever it is for a regular bank transfer, and withdraw to your bank account, and use your standard debit card. You basically doing the same thing for cheaper if you use your own bank card.

It works both ways...Funds 'not in crypto' because you funded the card also means those funds dont fluctuate in value with the bitcoin price...once they are on the card, they are Rand. If the bitcoin price tanks or moons, its still the same amount of Rand on the card.
 
NarrowBandFtw said:
I'm sure that's true, even so R20 is steep if for example you prefer to keep all your money in BTC and want to fund the card as and when needed only to the amount for a specific transaction

you'd have to fund it with larger amounts, less often, to negate that fee and then you'll have larger amounts of money not in crypto for longer because you funded the card
Click to expand...
R20 is marginal if you hypothetically use your crypto proceeds to buy groceries using this card as apposed to your hard earned, taxed income.

I do not recommend evading tax on proceeds, but its entirely possibly to do via this card.
 
Tman* said:
R20 is marginal if you hypothetically use your crypto proceeds to buy groceries using this card as apposed to your hard earned, taxed income.

I do not recommend evading tax on proceeds, but its entirely possibly to do via this card.
Click to expand...
Agreed, but, this might just be a quicker way for Sars to require exchanges to provide it3b. You don't want a target on you for tax
 
Don't know if I am missing something; what is the benefit of any of these cards?
1. You pay more to withdraw to the card than to your bank account.
2. Any crypto to ZAR conversion is a taxable event. So your tax liability remains the same.

Dunno, I just don't see any benefit of the ICE3 debit card - or any other crypto debit card for that matter..

Please tell me what I am missing?
 
balrog said:
Don't know if I am missing something; what is the benefit of any of these cards?
1. You pay more to withdraw to the card than to your bank account.
2. Any crypto to ZAR conversion is a taxable event. So your tax liability remains the same.

Dunno, I just don't see any benefit of the ICE3 debit card - or any other crypto debit card for that matter..

Please tell me what I am missing?
Click to expand...
its always in BTC, its just makes things easier - to a certain degree
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X