So you like the idea of ICON (ICX) hyperconnecting the world and think the project will drive forward enterprise adoption of blockchain. You are likely to have two simple questions: How to buy ICX and where to buy it? We will reveal our top two ways to buy ICX in this article and show you how to store it.
- 1 Are You Too Late To Buy ICON?
- 2 How High Could ICON Go?
- 3 How To Buy ICON (ICX) – Our Top 2 Ways Revealed
- 4 Creating a Coinbase Account
- 5 Coinbase Account Is Good To Go. What Next?
- 6 How To Get An ICON (ICX) Wallet?
- 7 How To Store ICX In The Most Secure Way?
- 8 Create a Binance Account
- 9 How To Transfer From Coinbase To Binance?
- 10 How To Trade Ethereum Or Bitcoin For ICX On Binance?
- 11 How To Withdraw ICX From The Binance Exchange?
- 12 Conclusion
Are You Too Late To Buy ICON?
ICX first hit the cryptocurrency exchanges on October 27th 2017 at a price of 44 cents a token. Since then, ICON has gone on quite the run and pushed on to all time highs of $12.50 on 9th January 2018. At the time of writing, you can pick up ICX for just $4.23 a token.
At TotalCrypto, we like getting 66% all time high discounts on promising crypto projects. Making sure you never buy at an all time high means you protect yourself from buying at the top of the market. The other benefit of buying at lower levels is that you give yourself a better opportunity to make a bigger return. The maths says that a 50% fall needs a 100% return to return to the breakeven point. This is why TotalCrypto always looks to accumulate cryptocurrencies at large all time high discounts.
With ICON you must remember that the ICO was only held on the 20th September 2017 and has been publically traded for less than a year. The ICON ecosystem still needs to onboard many more businesses to make it truly valuable. The TotalCrypto Team believes this will take a while. This means there is plenty of time left to acquire ICX and reap the benefits of large partnership announcements. There are also plenty of things in the ICX roadmap that could positively impact on the price too.
Given how little time ICON has been publically traded, it is still very early for this project. The most important thing with any investment is getting in at a reasonable price.
How High Could ICON Go?
No one knows how high a cryptocurrency could go or if a competitor will succeed instead. What we do know is that ICON could benefit pretty much every business in the world and potentially be the custodian of everyone’s digital identity. There is little doubt that artificial intelligence is a ‘hot’ technology and many businesses are looking at how they can benefit from it. The fact that ICON support AI is just another feature that could make the ecosystem attractive to businesses.
It really is hard to value ICX right now and it’s fair to say that the current price is driven by speculation. The media regularly report on big corporations interest in blockchain technology and ICON could well be the solution that enables more enterprise adoption. If it succeeds, a cryptocurrency that connects the world is going to command an exceptionally high valuation indeed. Only time will tell if the ICX team will succeed.
How To Buy ICON (ICX) – Our Top 2 Ways Revealed
TotalCrypto will tell you our top 2 ways to buy ICX. It’s on you to decide if they are the right options for you.
- How to buy ICX with regular currency (for example; USD, EUR or GBP). Sadly, there is no direct way to buy ICON through a single account. So, you will need to create an account at Coinbase and a cryptocurrency exchange.
- Our second way is perfect for those that already own some Bitcoin or Ethereum and want to trade this for ICX. We will show you the best cryptocurrency exchange to buy your ICX on.
Buying ICX With USD, EUR or GBP
If you are making your first ever cryptocurrency investment, this method is for you. Be prepared to create an account on Coinbase and a cryptocurrency exchange. Sound tricky? Don’t worry, our comprehensive walkthrough will show you precisely how to do this.
Buying With Crypto
More experienced cryptocurrency investors can just skip over all the Coinbase stuff. We know you are here to find the best cryptocurrency exchange to buy ICON.
Creating a Coinbase Account
Coinbase Key Facts
- Established Track Record: Coinbase was founded in 2012 and is the world’s most popular cryptocurrency exchange.
- Serious Backers: Venture capital firm IVP, who were involved in the latest funding round, have been early investors in businesses like Netflix and Twitter. Other investors include companies like the New York Stock Exchange.
- Easy To Use: Coinbase is renowned for it’s easy to use interface. This makes it the perfect exchange for cryptocurrency newcomers.
- Small Minimum Deposit: You can invest as little as €6 into cryptocurrencies on Coinbase.
- Regulated: Coinbase is one of the few cryptocurrency exchanges to be regulated.
- Insurance: Customer funds are insured and segregated. US customers are even insured up to a balance of $250,000.
- Deposit Methods: Credit / debit card, bank transfer and PayPal for US customers.
- Tradable Cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
- Customer Support Methods: Email and FAQ’s.
Looking to invest more than $100 in ICX by using Coinbase? Good news! You will also get $10 FREE by signing up through Total Crypto!
Coinbase Account Is Good To Go. What Next?
Top stuff on getting you Coinbase account setup. The bad news is that you cannot buy ICON directly from Coinbase and you will have to use a cryptocurrency exchange to get it. To do this, you need to first convert your money on Coinbase into either Ethereum or Bitcoin. The idea is to trade this cryptocurrency for ICX on a cryptocurrency exchange later.
The Fast Way To Buy Bitcoin or Ethereum On Coinbase
- Head over to the ‘Buy/Sell’ page on your account.
- Add a payment method to your Coinbase account.
- Choose your deposit method: You can deposit a ‘Bank Account’ transfer – this method has lower deposit fees, but the transfer takes between 2 and 5 days to be credited to your Coinbase account. Or you can deposit instantly through a Credit/Debit card. With either method, enter your payment details and process the transaction to fund your account. Once submitted, simply sit back and wait for the credit to be applied to your account. You will get an email telling you when your deposit has been successful.
- Once your account is funded, select Bitcoin or Ethereum in the ‘Buy/Sell’ section of Coinbase.
- Enter the amount of crypto you want to buy.
- Select the currency wallet you deposited funds into as your payment method (we have used EUR in this example).
- Complete your order by clicking buy.
Check out our Coinbase guide if you are interested in buying Ethereum and Bitcoin on Coinbase with the lowest fees possible. It does take a bit more time though and involves transferring your funds to Coinbase’s sister exchange GDAX and buying your crypto there instead. We recommend using GDAX and saving yourself some fees.
Once you have successfully bought Ethereum or Bitcoin on Coinbase, you are ready to move onto the next step.
How To Get An ICON (ICX) Wallet?
Although ICON will have it’s own blockchain in the future, the ICX token is currently built on Ethereum and is an ERC20 token. This means ICON can be stored in an Ethereum wallet. We recommend you use MyEtherWallet. It’s the most popular Ethereum wallet in the world and completely free too.
You should have your MyEtherWallet setup and good to go now. Let us quickly show you how you can find ICX tokens within the wallet. First you need to go to the ‘View Wallet Info’ section of MyEtherWallet and login. You will see a ‘Show All Tokens’ button, just hit it.
Scroll down the list of tokens until you see ICX and click ‘load’ to view your token balance.
How To Store ICX In The Most Secure Way?
TotalCrypto likes MyEtherWallet as a way to store ICX tokens. However, you need to be aware that there are an increasing number of hackers targeting cryptocurrency investors. Sadly, this trend is only likely to get worse as the price of cryptocurrencies continue to rise. This means you should take security seriously and you may be interested in the very best out there in the market.
The most secure wallets money can buy are called hardware wallets. These devices store your private keys in them and keep them safe from attackers. A hardware wallet can protect you from keyloggers and numerous other ways hackers dream up to steal your private keys. The beauty of a hardware wallet is that your computer could have viruses on it and your ICX would still be safe.
As the ICON token is currently built on Ethereum, the token is compatible with the two most trusted hardware wallets on the market. TotalCrypto uses both a Trezor and Ledger ourselves and we are happy to recommend both devices.
Not sure what hardware wallet is best for you? Just dive into our Ledger vs Trezor comparison article.
Price: €94.80 (including European tax and free shipping)
Need help setting up your Ledger? Just have a look at our step by step guide.
Price: €128.26 (including European tax and shipping)
Need help setting up your Trezor? Just have a look at our step by step guide.
If you need help integrating your Trezor or Ledger with Myetherwallet, just take a few minutes to find out how in our guide.
Create a Binance Account
Right now, you should have some Bitcoin or Ethereum in your Coinbase account and have MyEtherWallet setup. The next step is to create a cryptocurrency exchange account. On the exchange you will trade your Bitcoin or Ethereum for ICX.
Binance is the most popular exchange in the world and we love how user friendly it is. Binance have become renowned for their excellent communication with customers. The company recently made headlines when it had all their smart contracts audited. Binance was the first exchange to ever do this. Actions like this that have lead Binance to become the most trusted cryptocurrency exchange on the planet.
Binance Key Facts:
- Largest In The World: Binance is the biggest crypto to crypto exchange in the world!
- Huge Selection Of Cryptocurrencies: Binance offers you the opportunity to get your hands on over 100 different cryptocurrencies. ICX is one of them.
- User Friendly: The crypto to crypto exchange is the simplest we have ever used. We think this has been one of the main factors leading to Binance’s explosive growth.
- Customer Support: Binance offers email multi language support for 🇺🇸 🇨🇳 🇯🇵 🇰🇷
Get ICX on the world’s largest crypto to crypto exchange.
Need help setting up a Binance account? Just checkout our Binance guide.
How To Transfer From Coinbase To Binance?
Your Binance account should be set up and ready to go. Whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you will have to send your funds to Binance to trade this for ICON coins. To do this, just follow the steps below:
- Login to your Binance account.
- Select “Funds” and click “Deposit”.
- Make sure that you select Ethereum if you have Ethereum on Coinbase or Bitcoin if you hold BTC. If you send to the wrong wallet you may lose your funds!
- You will then see your deposit address for Binance. Just copy this address. We have used Bitcoin as an example.
- Login to Coinbase and go to the ‘Accounts’ tab.
- Click the send button for whatever cryptocurrency you hold.
- Paste your Binance deposit address into the ‘Recipient’ wallet address box and enter the amount you want to withdraw.
- Hit continue and finalise the transaction. Your Bitcoin and Ethereum should show up in your Binance account shortly.
Got Crypto In Another Wallet?
- Simply send your crypto to your Binance deposit address.
How To Trade Ethereum Or Bitcoin For ICX On Binance?
Finally, it’s time to buy your ICON.
- Navigate to the Binance homepage and select ‘BTC Markets’ if you have Bitcoin on Binance or ‘ETH Markets’ if you have Ethereum. Then just search ICX in the search bar and click the ICX/ETH or ICX/BTC market.
- You will then see a trading screen. Yes, this may look pretty complicated. Don’t worry, we will guide you through it. Just select the ‘Market’ tab (this enables you to buy at the market price). Then enter the number of ICX tokens you want to buy. You can also use the percentage buttons to use a certain percentage of your balance on Binance to buy tokens.
- Once you have clicked ‘Buy’ your trade will be processed and your ICON will appear in your Binance account.
How To Withdraw ICX From The Binance Exchange?
At last, you should have your ICON on Binance now. The final thing to consider is how you want to store it? TotalCrypto recommends you withdraw your ICX tokens and store them in your MyEtherWallet. The reason why Binance might not be the best place to store your tokens is that they are a massive target for hackers. Also, having control of your own crypto is probably better than trusting an exchange to keep your crypto safe for you.
If you want to store your ICON off exchange, just follow the steps below:
- Go into your MyEtherWallet and copy your public address.
- Login to Binance.
- Navigate to ‘Funds’ and hit the ‘Withdrawals’ button.
- Select ICX from the dropdown, then paste your Ethereum public wallet address and key in the number of ICON you want to withdraw. Once you hit submit your tokens will then be sent to your wallet.
💡 Top Tip: Binance will charge you a withdrawal fee to get your ICX off the exchange. Before you withdraw you can check the withdrawal fee here!
There you have it, our top two ways to buy ICON. The TotalCrypto Team are very excited about what the ICON project can do for enterprise adoption of blockchain. We love that the ICON ecosystem supports AI and believe this technology will play a vital role in the future. If the ICX team really do hyperconnect the world, then there is no doubt that investors will be handsomely rewarded for their faith in ICON.
Disclosure: The TotalCrypto Team own a position in this cryptocurrency.