What is ICON (ICX)?
ICON is a decentralized network of financial institutions, hospitals, universities, and global payment providers that is aimed at delivering real-world opportunities to integrate crypto payments. Multiple firms and companies are building upon ICON’s platform while simultaneously utilising ICX tokens, ICON’s inclusive cryptocurrency.
ICON’s team has begun working with banks, insurance companies, universities, hospitals, and more to allow for seamless blockchain integration. They are working to create new digital payment opportunities, and therefore enable faster confirmation and transactions within a real-world atmosphere, rather than a speculative nature as many cryptocurrencies do.
ICX is the ICON platform’s cryptocurrency which can be used for real-time payments and is utilized as a protocol for connecting real-world applications to the blockchain. ICX tokens are used to power the ICON supported platforms and applications. The ICON team’s goal is to create a network where institutions, commercial industries education platforms and so on can coexist amongst a single network whilst using ICX.
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Where to Buy ICON (ICX)
ICON, or ICX, is an altcoin. This means that it’s volume and liquidity is not as high as other major cryptocurrencies such as Bitcoin, Ethereum, or Ripple. Although ICX tokens currently sit around the 20-23 ranking in terms of total market cap (as of mid-March 2018), it is still fairly illiquid in comparison to larger cryptocurrencies. Nonetheless, it shouldn’t be too difficult to purchase ICX tokens.
As stated on the ICON website, ICX is traded and available on various cryptocurrency exchanges. The 3 most common of these are Binance, OKEX, and Huobi. Binance is relatively common for usage within North America and Europe, as OKEX and Huobi do not allow for United States residents to sign up with their exchange. The following exchanges are outlets that allow for ICX exchange. They are listed in order of highest to lowest volume.
ICX tokens are primarily exchangeable for Bitcoin or Ethereum, however are also pegged to some exchanges through Tether (USDT) as well as Binance tokens (BNB) through the Binance exchange.
Step by Step Guide to Buying ICX
To start off, you’ll immediately have to setup an account with one of the aforementioned exchanges. These exchanges have the most volume in terms of cryptocurrency flowing into the ICX pairings. This means they’re the quickest options when looking to obtain ICX (as listed in order). For this example, we’ll utilise HitBTC, since they allow most countries to participate in their exchange.
Once at the HitBTC homepage, hover over to the tab that says ‘Register’. Click here to get started with the process. Enter in the required information and make sure you have the required credentials. Also ensure this is REAL information, because if it comes to withdrawing or accessing your funds and it is blocked by some sort of security preference, it will require you to verify your legitimate information. Always make sure you have the information for these exchanges backed up, either manually on paper, or virtually through a secure file of some sort.
Once on HitBTC, you’ll have to deposit your base cryptocurrency that you wish to exchange for ICX tokens. This is typically going to be either Ethereum or Bitcoin, depending on your preference. Either is recommended; Ethereum is faster by many times and possesses lower fees, however Bitcoin has a much larger volume, making it easily accessible. Once you’ve chosen your base, hover over to the ‘Wallets’ section at the top right of your screen. Find the crypto you want to deposit; in many cases, either Ethereum or Bitcoin and press ‘Deposit’. It should generate a series of random letters and numbers, giving you a deposit address. This is the address you should send your funds to. After some confirmations, refresh your page and make sure the crypto is in your wallet. This is the first step.
Once the funds hit your wallet, you should then be able to move over to the ‘exchange’ portion of HitBTC. This is where orders are placed and filled, initiating exchanges from one crypto to the other. Find the pairing for ICX/Your_Base_Cryptocurrency. If you deposited Bitcoin, find ICX/BTC. If you deposited Ethereum, find ICX/ETH. Either way works.
Once you’ve allocated your pair, create an order to exchange the base crypto to ICX. This is easily done through HitBTC’s market order capability. Limit orders can be used as well, however they are a little more complex and require specific price points. To easily get ICX, all that’s needed is a simple market order.
After the order executes, you should now be allocated ICX to your exchange wallet. Navigate back to ‘wallets’ and you should see a newly allocated ‘ICX’ ticker with respective amounts.
Things to consider when buying ICX
There are multiple factors to consider when purchasing ICX. For starters, ICX is a cryptocurrency and is subject to speculation. Always complete your due diligence before purchasing any crypto. ICX runs through the ICON atmosphere, meaning it will be mainly purchased by institutions running off of ICON technology. If the framework fails, so will the tokens price. However, if the framework succeeds, so will the token’s price.
ICON additionally possesses its own decentralized exchange (DEX). This allows for not only ICX to be traded, but also many other supported cryptos, all hosted decentrally. These cryptos are exchangeable through ICON’s platform as well, giving it more opportunity for success as there can be different methods for ICX usage; trading fees, withdrawal fees, etc. Meaning ICX price is affected by many different factors, not one singular determinant.
Wallets to Hold ICX
ICX is an ERC20 supported token. This means it can be held on all supporting ERC20 token wallets. These wallets include MyEtherWallet, Ledger Nano S, and even Mist wallets. The process for viewing balances on each of these wallets may be different, so always check with the wallet provider beforehand to ensure the process for adding it.
Q: Can I purchase ICX on Coinbase?
A: No, at the moment you cannot buy ICX through Coinbase’s exchange. It is only accessible on third party cryptocurrency exchanges. The main ones used for ICX purchases are listed above.