ICE Exchange is a forex and CFD broker that claims to offer a variety of trading instruments, including currency pairs, stocks, indices, and commodities. However, there are a number of red flags that suggest that ICE Exchange may be a scam broker.
Overview, Team, and Mission
ICE Exchange is a relatively new broker, having been founded in 2019. The company’s website does not provide any information about its team or management, and it is unclear where the company is actually located. ICE Exchange’s mission statement is to “provide traders with the tools and resources they need to succeed in the forex market.”
License and Regulation Status of ICE Exchange
ICE Exchange is not regulated by any major financial regulatory body, such as the Financial Conduct Authority (FCA) or the Securities and Exchange Commission (SEC). This is a major red flag, as unregulated brokers are not subject to the same level of oversight as regulated brokers.
Warnings Against ICE Exchange
There have been a number of warnings issued against ICE Exchange by financial regulators and consumer protection organizations. In 2021, the FCA warned investors about ICE Exchange, stating that the company was “not authorized to conduct regulated activities in the UK.” The Australian Securities and Investments Commission (ASIC) has also issued a warning against ICE Exchange, stating that the company is “not licensed to provide financial services in Australia.”
Currency Pairs Available for Exchange
ICE Exchange offers a limited number of currency pairs for exchange. The most popular currency pairs, such as EUR/USD and USD/JPY, are available, but other less popular pairs are not.
Withdrawal Policy and Method
ICE Exchange’s withdrawal policy is unclear. The company’s website does not state how long it takes to process withdrawals, and it is unclear what fees are charged for withdrawals.
Previous Traders’ Reviews
There are a number of negative reviews of ICE Exchange online. Many traders have complained about the company’s withdrawal policies, and some have even claimed that they have been scammed by ICE Exchange.
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