No the Ioncube loader is free, the encoders are proprietary. For running ioncube encoded scripts you only need the loader.
You can find them here.
Select your flavor and follow the installation instructions, you may need to contact your hosting provider for more detailed instructions.
You need to install IonCube on your server. The installation varies from host to host, so you’ll need to contact your hosting provider for instructions.
@ analutetia – You’ll get that error if you attempt to save with a blank “value” field. To save the value field as blank just enter some arbitrary text, save, erase it, and save again.