We exploit the geometry of a zigzag cold-ion crystal in a linear trap to propose the quantum simulation of a paradigmatic model of long-ranged magnetic frustration. Such a quantum simulation would clarify the complex features of a rich phase diagram that presents ferromagnetic, dimerized-antiferromagnetic, paramagnetic, and floating phases, together with previously unnoticed features that are hard to assess by numerics. We analyze in detail its experimental feasibility, and provide supporting numerical evidence on the basis of realistic parameters in current ion-trap technology.