The team ICON just released their long-awaited wallet for the ICX tokens. The ICON wallet goes by the name ICONex. Their wallet was under development for quite a while. Finally, the wallet ish here and you can store your ICX tokens in it.
Until today, the ICX tokens were being stored on Ethereum wallets like MyEtherWallet. This was because the ICX originally came out as an ERC20 token. About a month ago, ICON team launched their mainnet. ICON will be supporting smart contracts soon. The ICX token swap from ERC20 to ICX is yet to happen. However, having its own wallet is a good idea.
Leaving your funds is always a risk. Exchanges keep getting hacked every now and then. Just recently, we witnessed the CoinCheck and then Bitgrail hack in which people lost millions of dollars. The wallets use a very secure mechanism.
Wallets are mostly just a client to interact with your funds on the Blockchain. To add an extra layer of security to your funds, you need a wallet.
So, if you have been holding your funds on an exchange, it’s the time for you to move them to the official wallet of ICON. Let’s have a look at the steps to move your ICX tokens to the ICONex wallet.
How to store ICX in ICON Wallet [ICONex]
- First of all, open the official website of ICON, click on the Wallet button and download the chrome extension.
- Alternatively, you can download the chrome extension directly from this link.
- Now open the newly downloaded Chrome Extension and click on “Create a new Wallet”.
- Now on the next screen, select Ethereum and click next.
- If you are wondering why we selected Ethereum, that is because, at the time of writing this post, ICX is still an ERC20 token. The tokens will be stored in ICX wallet only after the ICX token swap. For now, you will choose Ethereum.
- Enter your wallet details now and click next.
- Download the Keystore file, and copy your Private key somewhere you will not lose it from.
- Now on the new page, scroll down and click on the Ethereum menu.
- Copy your Ethereum Deposit address.
- Now open the exchange where you are holding your ICX. In this post, we are using Binance.
- On Binance, go to Funds > Withdrawals > Select ICX > Paste your Ethereum Address > Enter the number of ICX you want to transfer and then click Submit.
- The transaction will begin and you will get your ICX in the ICONex wallet in a few minutes.
At the time of writing this post, I was unable to find a logout button in the ICONex wallet. However, you can go to My Page and setup a Screen Lock password. This password will keep your ICONex wallet locked. Every time you want to access the wallet, you will have to unlock it first.
To transfer tokens from the ICONex wallet to another wallet or exchange, you will click on the Transfer button. Enter your receiving address and the number of tokens you want to send.
That’s all for now. If the Token swap from ERC20 to ICX happens, you will be using ICX wallet instead of Ethereum wallet. As soon as the token swap happens, I will update this guide.