Want to know the best ICON ICX wallet to store your coins and how to set it up? We have you covered. We’ll show you how to use the official ICON wallet to complete your ICX token swap for mainnet tokens too. Without anymore beating around the bush we’ll jump into it.
What Is The ICONex?
In short, ICONex is the official wallet for ICX and was created by the ICON foundation themselves. The storage solution is exceptionally lightweight and easy to use. Right now, it’s only available as a Chrome extension. This means that you must use Google Chrome as your web browser to set up the storage solution and use it.
In terms of functionality, ICONex can do everything that you would expect, such as sending and receiving ICX transactions. In case you didn’t know, if you still have the old ERC-20 ICX coins you will need to swap them for mainnet tokens as soon as possible. The good news is that the ICX token swap can all be done within the Chrome extension and is relatively straightforward and quick to do.
Wallet ICON: What Coins Does It Support?
The solution supports mainnet ICX coins, ERC-20 ICON tokens, and Ethereum. We also expect it to support for any additional cryptocurrencies built on the ICON blockchain in the future.
How To Download It?
ICON only have one official storage solution right now and it was built by the ICON Foundation. Obviously, the guys at ICON have a strong incentive to roll out a first class product that is both safe and secure. We love how the ICX team have developed the storage solution themselves and have not relied on the community to step in and build one for them.
- The official way to store ICX coin.
- Supported platforms: Google Chrome only.
- Functionality: Send/receive ICX coins and ICX token swap for mainnet tokens.
Get The Best ICX Wallet Now!
Once you have through the link above, you will be taken to the Google Chrome store. Click the ‘Add To Chrome’ button to download.
Then hit the ‘Add Extension’ button.
The extension will then be added to your browser. Click the ICON logo in the top right corner to open it and you will be given the option to create a new wallet.
Getting Setup: If You Have ICX Mainnet Tokens
If you had your ICX coins stored at any of the following exchanges on the 20th and 21st of June 2018, you will already have mainnet tokens. This is because these exchanges supported the ICX token swap and automatically did it for you.
This means that if you are storing your coins on another exchange or are holding them in an Ethereum wallet, then you have the old ICX tokens. Skip ahead in this guide to the ICX ERC-20 token section of this guide to learn how to get set up.
If you have mainnet tokens already, the good news is that setting up ICONex will be exceptionally easy. To start, select ICON as the coin to add.
Then create a name, password and hit ‘Next’.
Make sure you download your keystore file and keep it safe. We recommend you store it offline on a flash drive and delete all traces of it from your computer.
Next, you will see your private key. It’s always a good idea to print this off and store in a plastic ziplock bag. This ensures your private key is protected from water damage.
You’re now set up and good to go. It’s that simple.
How To Use Your ICX Mainnet Wallet?
To make a deposit, click on ‘ICON’ to take you to the deposit screen.
You will then be shown your deposit address. Enter this as the receiving address to send ICON coins to your balance.
To send funds from ICONex, click the transfer button and enter the address you want to send ICX coins too.
Got ERC-20 Tokens: How To Get Set Up?
After installing the ICON Chrome extension, the next thing to do is to select ‘Ethereum’.
Make sure you create a name and make a strong password.
You will then have the option to create a back up. Download the keystore file. We recommend you store it offline on a flash drive and delete it from your computer. It’s important to keep your keystore file safe because if it’s used in combination with your password, then anyone can access your ICX coins.
Next, you will be shown your private key. We recommend printing this out and storing it safely.
Finally, you’re set up and ready to go.
ICX Token Swap: How To Do It?
On the ICONex home screen, you will see an option for Ethereum and ICON. To deposit your ICX ERC-20 tokens, click on ‘ICON’.
Your deposit address will then be displayed. Use this address to send your ICX coins to ICONex and also make sure you send a few dollars worth of Ethereum to the same address. The ETH is needed to execute the smart contract for the ICX token swap.
When your ETH and ICX coins have hit your balance, click the ‘Swap’ button.
The first thing you will see is the instructions for the swap. We recommend you take the time to read them.
You will then be asked to create an ICON mainnet account for your new tokens to be sent too. Enter a name and password.
Download the keystore file and store it securely.
You will then be shown your private key. We recommend printing this out and storing in a waterproof container.
Finally, you will be asked to enter the number of ICON coins you wish to swap. Just click the ‘MAX’ button and make sure you have enough Ethereum to process the swap. Then click ‘Complete’.
Finally, you will get a final confirmation of the token swap. Double check the details are correct and press ‘Complete’. Your ERC-20 tokens will then be swapped for mainnet ones within 24 hours.
There you have it, everything you need to know about ICONex. We love how simple it is to use and the fact that its created by the ICON Foundation themselves. Our only issue with it is the lack of mobile device and platform support. We would certainly like to see a mobile app and an option to use the ICONex with other web browsers.