iCE3 Exchange, the foremost Cryptocurrency Exchange in South Africa, has begun free instant deposits last. The development means traders can fund their accounts within 60 seconds from any South African bank. 

It is the first of its kind in the Cryptocurrency Exchange Market in Africa’s leading Blockchain adoption country. Moreover, the move extends the choices at the disposal of the public. 

According to iCE3, Instant deposits on trading platforms is an essential tool for traders since they see the urgency of deposits and withdrawals as one of their top 3 requirements when choosing a trading platform. The platform, therefore, expects to see more new as well as seasoned traders seizing the opportunity to use it. 

South Africa’s pioneer Cryptocurrency exchange indicated their confidence in how faster deposits will significantly advance the platform. Moreso, eliminating interference points, is a primary focus at this period, iCE3 said in a blog post.

In an interview with QBITtimes, Eugene Etsebeth, COO at iCE3 Exchange denoted: 

“Our Instant deposits is a first in South Africa. We teamed up with a local service provider to provide real value to our customers. Being able to move quickly and deposit funds are imperative in a volatile and new market like cryptocurrencies. At iCE3 Exchange, we are geared to provide many more features, including US Dollar Tether (USDT). This allows our users to hold the equivalent of Dollars in their portfolios, mitigating currency risk.”

Partnership With Ozow Pay

The instant deposit initiative was made possible through a partnership between iCE3 and Ozow Pay which allows clearing and crediting user deposits in under 60 seconds. 

iCE3 claims it is a big stride for the crypto market in South Africa and is anticipated to stimulate further efficiency intensifications with other operators. “Competition breeds better products and service offerings which ultimately benefit the end-user. iCE3 is proud to have been pioneers in South Africa since our inception in 2013. Furthermore, we plan on rolling out multiple new features, functionality and services over the next few months,” the blog post stated further.  

“We always search for partners that can enhance our service offering to our customers and after a rigorous vetting process, settled on OZOW pay,” Gareth Grobler of iCE3 said. “Instant deposits are a positive step and look forward to cooperating with OZOW to improve our customers’ experience and drive Crypto adoption in South Africa.”

Exchange Competition in South Africa

South Africa can boast of the most competitive Digital Assets Exchange Market in the entire continent aside, having more Bitcoin ATMs (BTM). The country’s exchanges continue to offer users a myriad of services and features despite the challenges they sometimes face with some banks.

In January, another South Africa exchange, Luno introduced instant automated withdrawals for their Standard Bank customers. The same platform was ranked among the top 20 exchanges in the world recently. 

Meanwhile, the world’s biggest exchange in terms of trading volumes, Binance has also indicated it will be entering the South Africa market soon. Binance has revealed it will announce their plans at the upcoming Blockchain Africa Conference 2020 in Johannesburg in March. 

There are over five exchanges in the country with Altcoin pairs on their platforms. Most of them offer fiat pairs as well. 

Additionally, iCE3 announced it would soon add some more deposit and withdrawal options over the next few months. These will include new additional FIAT currencies and Stablecoins in March.