This is a detailed guide to buy ICON which goes by the symbol ICX. Apart from learning how to buy ICX, you will also learn where to buy ICX. The guide will also explain where to store ICX and how to setup ICX wallet.
ICON’s slogan “Hyperconnect the world” explains the platform pretty much. The team ICON wants to connect different blockchains with each other forming a Nexus. ICON is built using a Peer-to-Peer network and also the consensus algorithm is used in the implementation. It enables the deployment of smart contracts. ICON also makes the use of Loop Fault Tolerance and Byzantine Fault Tolerance for the real-time transactions. The ICON token is known as ICX. ICX tokens enable transactions between two different cryptocurrencies. Originally, the ICX tokens lunched as ERC20 tokens since they were based on the Ethereum ecosystem. With the mainnet launch, ICON planned to convert the ERC20 tokens into native ICX tokens. However, the process is yet to be done (as of writing this post). The team ICON will allow the users to convert their ERC20 tokens into native ICX tokens after the ICONex launch.
How to buy ICON (ICX)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for ICX (BTC -> ICX)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for ICX.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select ICX/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of ICX you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get ICX in your ICX wallet at Binance.
Step#4: Store ICX in ICON Wallet (MyEtherWallet)
Now that we have purchased ICX, it’s time to store them in a wallet. It’s very common for exchanges to get hacked. It is always recommended to store your tokens in a wallet. The official wallets of the tokens are secure as the developers use cold storage to store them. There are web wallets as well. Since ICX is basically an ERC20 token and it runs on Ethereum Blockchain, we can store it on MyEtherWallet as well. Here’s how you can store it right now.
- Open MyEtherWallet and sign up.
- Save your private key and the KeyStore file somewhere safe.
- As you are done making a wallet on MyEtherWallet, click on view wallet info.
- Choose your method of login. In the screenshot, I used the KeyStore file method.
- As soon as you get into your MEW, you will see your wallet address.
- This wallet address is the same for all ERC20 tokens. You do not need a specific address for ICX, the address displayed on the homepage of MyEtherWallet will work.
- Now open Binance > Funds > Withdrawals > Select ICX > Paste your Wallet address and send the tokens to your MyEtherWallet. That’s all.
- It will take a few minutes for you to get your ICX tokens in the MyEtherWallet account. The received tokens will appear under Token Balances tab.
More information on ICON:
- ICON Price Tracker – CryptoPit Coin Price Tracker
- ICON Official Website – ICON.foundation
- Reddit Community – /r/helloicon/
- ICON Wallet – MyEtherWallet
- White Paper – White Paper Link
- Exchanges – Binance | OKEX | Huobi | Gate.io
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.