Contributor, Benzinga

You’re probably already aware that there are thousands of cryptocurrencies available on the market if you’re a crypto aficionado. Gone are the days when you could only choose between Bitcoin and Litecoin — today’s coins go above and beyond to tackle the most current tech issues.

One coin quickly gaining traction is Icon (ICX), a smart contract-central coin with a focus on singular nexus use. Investors and engineers are excited by ICX’s innovative and unique technology. But how can you get in on the action if you’re still learning how to trade cryptocurrency?

We’ll cover what makes the coin unique, why you might want to add it to your portfolio and how you can buy and sell it. Finally, we’ll introduce you to 5 exchanges that carry the ICX coin.  

Overview: What’s Icon (ICX)?

ICX’s main feature is its use of “smart contracts,” a unique new technology that allows cryptocurrency networks to communicate with one another. Smart contracts are an essential part of any network that integrates more than one cryptocurrency. This nexus makes it much easier, faster and cheaper to send money or convert 1 currency to another. This technology has real-world implications in a number of industries, from banking to politics.

Though some other cryptocurrencies also use smart contracts, ICX sets itself apart by working on its own decentralized network. ICX’s network is called the “Icon Republic,” and it’s funded and maintained by miners. 

A small percentage of your transaction is lost in miner fees when you send or receive ICX. This support goes directly to the miners who are facilitating the transaction and fees are lower than other smart contract-based currencies because the Icon Republic is native to the ICX coin. There’s an increased incentive for more miners to join the network, which makes each transaction faster and less expensive.

Allowing blockchains to communicate both between one another and among industries, ICX developers hope that the Icon coin will be the next big thing in communications and money transfer. 

How You Trade ICX

You can buy and sell ICX in much the same way as any other coin. The easiest way to buy ICX is to create an account on a brokerage exchange that supports ICX.

First, you’ll need to choose a broker or exchange. ICX is a relatively popular coin offering, so you’ll probably have dozens of brokers to choose from. Look for an exchange that offers support for all the coins you want to trade, multiple layers of security and a platform that looks intuitive and matches your trader skill level.

After you choose an exchange or broker you can open an account. Cryptocurrency exchanges are required to collect a bit of personal information and verify your identity before they grant you full trading capabilities. Enter your information and wait for the broker to finish verifying your exchange. The time it’ll take to get fully trading in your account varies by exchange, but you’ll usually have to wait at least a few business days.

After you have access to your exchange’s full suite of tools, you must fund your account. Most cryptocurrency exchanges allow you to buy coins using a wire transfer, bank transfer or credit card. Link your payment method of choice. Keep in mind that most exchanges charge an additional fee to buy cryptocurrency with a credit card.

From here, you can finally place a buy order to add ICX to your portfolio. Find ICX and look at the current trading price and input your buy order. Once your order is in the system, wait for it to be filled. 

Remember that trading cryptocurrency is like trading stocks — someone will need to sell ICX at the price you’ve specified before you can buy it. You can check on the status of your transaction in your exchange account. Once your order is filled, you’ll see your coins in your exchange wallet. 

Our Top Picks for the Best Icon (ICX) Exchanges

Let’s take a look at some of the best cryptocurrency exchanges that support the Icon coin. 

Best For
Mobile Traders
Disclosure *Other fees may apply.

Voyager

There’s been a boom in crypto trading apps, which allow you to monitor coin prices in real-time, track the value of your portfolio and place buy and sell orders from the palm of your hand. One of the best app-based cryptocurrency exchanges is Voyager, a broker that offers access to ICX, BTC, XRP, ETH and more. 

You can buy, sell, monitor, track and chart the movements of some of the most popular coins through Voyager’s intuitive app. Unlike some cryptocurrency exchange apps, Voyager’s app gives you full trading capabilities that you’d expect on a desktop-based platform. 

Voyager’s improved execution technology connects to larger crypto-to-crypto exchanges, which allows it to fill buy and sell orders more accurately and with less downtime. Not to mention that all orders are commission-free — a major benefit if you’re a frequent trader.

Voyager is currently available throughout the U.S., with the exception of New York state. Though international traders cannot currently open an account with Voyager, the company plans to expand internationally beginning in late 2019. 

Best For
Crypto futures traders

Kraken

Kraken is a U.S.-based cryptocurrency exchange that allows traders to buy and sell 15 of the most popular cryptocurrencies in the world. Creating an account with Kraken is simple and intuitive, and the exchange’s website does a fantastic job of explaining each step. Kraken’s education center is equally beginner-friendly and offers a simple explainer for traders just getting started in cryptocurrency. 

Kraken uses a tiered fee schedule, which means you’ll pay more in commissions as your trading volume increases. This is beneficial for both small and large traders — the amount you pay in fees is proportional to the amount you trade.

One of the biggest benefits of the Kraken platform is its enhanced focus on security features and sustainability. Kraken’s platform uses cutting-edge double encryption technology and 2-factor authentication to keep your user information and money safe from hackers. This is a major benefit for both large and small traders, as the decentralized nature of the cryptocurrency market makes it all but impossible to recover your coins if your account is compromised. Kraken also keeps proof of its reserves and assuages your concerns if an exchange suddenly goes bankrupt and wipe out its virtual holdings.

Secure and affordable, Kraken is an excellent exchange choice for traders of all skill levels. 

Velic

Velic offers traders and investors a one-stop shop for everything related to cryptocurrency. Velic is one of the few exchanges that offers seamless integration between ICX and other cryptocurrencies. Normally, when you want to convert a cryptocurrency to another cryptocurrency, you must sell your holdings then buy them back in the coin you want. This causes you to pay double the fees you would pay if you convert your coins directly. 

Velic allows you to buy ICX directly using a number of cryptocurrencies, ranging from big names like XRP to smaller coins like VELT. Velic also allows you to buy cryptocurrencies using a credit card and even take out loans against your holdings. 

Traders can quickly figure out how to use the exchange’s tools after placing a small trade, though Velic’s platform may look intimidating at first glance. Velic also has an enhanced focus on security and offers multiple layers of encryption and 2-factor authentication. Its account-finding process is also exceptionally simple and most transactions are complete in under 30 minutes.  

LATOKEN

LATOKEN supports a wide range of coins. From ICX to BTC to small up-and-coming coins like HOT, LATOKEN has an impressive range of offerings. Its security is also impressive — the exchange uses encrypted keys for all logins. This means that data isn’t stored centrally on the server and is more resistant to hacking attempts. LATOKEN is also one of the only exchanges that requests 2-factor authentication for major transactions — you don’t need to worry about forgetting to enable this important security feature. 

LATOKEN currently does not support direct crypto purchases in the U.S. Though the company plans to expand to the U.S. in upcoming years, you can only use LATOKEN to send and receive funds at this time. The platform is a comprehensive choice, however, for traders outside of the country. 

Best For
Altcoin Trading

Binance

It’s impossible to talk about cryptocurrency exchanges without mentioning Binance. Binance is the largest cryptocurrency exchange in the world and offers access to hundreds of coins. Binance’s daily trading volume eclipses every other exchange, which means that both buy and sell orders are filled faster. Binance also offers a fast and easy-to-understand platform with a corresponding full-service mobile app as well. Fees are also incredibly low and traders can discount fees even further by paying with Binance’s native Binance coin.

Binance does offer a couple of major drawbacks. First, it’s an exchange-only platform, which means you cannot buy cryptocurrency directly with a bank transfer or credit card. This can be off-putting for new traders. Secondly, Binance will soon be unsupported in the U.S. U.S.-based traders will need to create an account on the upcoming Binance U.S. platform, set to launch later this year. 

Though the security of cryptocurrency exchanges has greatly improved in previous years, everyday traders should not hold coins in their exchange accounts. Exchanges are more vulnerable to hacks than wallets. You should start your exchange search by choosing a secure offline wallet to store your coins, then, link your wallet to your exchange account to maximize your safety. 

Keep reading on how to trade cryptocurrency, best cryptocurrency exchange, and best crypto wallets.

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