I tested South Africa’s first Ethereum exchange

ICE3X recently launched South Africa’s first exchange for Ethereum, allowing traders to buy and sell the cryptocurrency with rand.

The launch of the ETH/ZAR trading pair on ICE3X follows the relaunch of the exchange.

While there are several Bitcoin and alternative token exchanges which offer services in South Africa, Luno and ICE3X are considered the most reputable.

It should be noted that trading volumes on Luno dwarf those on ICE3X. However, ICE3X is essentially the only game in town if you want to buy Ethereum with rand.

ICE3X makes it clear in its terms and conditions that it is not a registered financial services provider.

“Nothing in this website is intended to be or should be taken as financial, legal, or taxation advice. Users should seek their own financial, legal, tax, and accounting advice as to the likely outcomes for them of trading Tokens,” it states.

Although not a registered FSP, ICE3X is a registered company in South Africa. The CIPC database lists Internet Currency Evolution Cubed (Pty) Ltd. as having a single director, and compliant.

ICE3X logo

Buying in rand

In the week that ICE3X launched Ethereum support, the ETH/USD prices had a rough week.

I transferred some Ethereum to my wallet on ICE3X, and sold them to someone offering R5,500/ETH.

I didn’t want to risk a lot of money on an exchange I hadn’t tested before, but went for it, and ended up with over R3,000 in my rand wallet.

ICE3X lets you deposit rand from your South African bank account via EFT, which you may then use to buy Bitcoin, Litecoin, or Ether.

You may also sell the tokens for rand, which you can withdraw to your local bank account.

ICE3X allows deposits to a Standard Bank or FNB account, and I tested it by withdrawing to an ABSA bank account.

In the end, ICE3X worked as expected. My R3,000 was in my account, and the successful test made me comfortable using the platform.

This article should not be considered financial advice and is an opinion piece.

Now read: We bought an Ethereum mining rig with the hope of retiring early

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I tested South Africa’s first Ethereum exchange