How to Buy ICON (ICX)

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Contributor, Benzinga
Updated: December 22, 2021

Thousands of cryptocurrencies currently trade on hundreds of exchanges, so investors are looking beyond Bitcoin and Litecoin. Icon coin (ICX) is a promising new option that focuses on using smart contracts and a decentralized platform to connect multiple blockchains. Investors are getting excited about ICX’s 2 years of development and unique central concept.

Here’s an inside look at what makes ICX a promising coin offering and how you can get in on its potential. 

Overview: Icon Coin (ICX)

ICX uniquely focuses on connecting blockchains together using a singular nexus. Icon is a decentralized network where any community can participate and connect to another coin using ICX. The nexus allows cryptocurrencies to communicate with one another by accessing each other’s blockchains so it’s much faster and simpler to convert one coin to another. It has large implications when it comes to real-world cryptocurrency implementation.

ICX accomplishes this task using technology called “smart contracts.” Smart contracts are the tools that allow blockchains to communicate with one another. Smart contracts are an essential part of blockchain-to-blockchain communication. Though some other cryptocurrencies also use smart contract technology, ICX is unique because the Icon coin also operates on its own network, the Icon Republic. This makes it easier, faster and less expensive for miners to operate and verify transactions. 

ICX can connect different industries together and share information with a human operator on the other end. ICX can allow other blockchains to access that information remotely if information is stored in a particular blockchain on the Icon Republic. 

How to Buy Icon

Are you ready to buy ICX? Despite the technology inherent in ICX’s blockchain, the coin is relatively easy to buy and sell when you work through a broker. Use these 5 steps to invest in ICX. 

  1. Choose a Cryptocurrency Exchange

    The easiest way to buy ICX is to work through a crypto exchange that supports the ICX coin. There are thousands of cryptocurrencies on the market, and individual exchanges choose which coins they want to host on their platform. Make sure the broker offers ICX. Most brokers have a convenient “supported coins” section on their website, which allows you to quickly browse a list of the coins you can buy and sell through the broker.

    ICX is a relatively popular coin, but the coin isn't listed on popular exchanges like Coinbase or Gemini. Instead, you'll need to make an account with either Binance or Kraken to buy ICX.

    Other supported coins: If you only want to buy ICX, this won’t be much of a consideration for you. However, if you’re looking to build a more robust cryptocurrency portfolio, you may want to make sure that your broker offers other coins that you’re interested in. It can be helpful to research all of the coins you want to buy now and in the future and make sure your broker offers them before you commit.

    Security: Due to the decentralized nature of the cryptocurrency market, it can be very difficult to get your coins back if you suffer a data breach or hack. Choose a broker that offers advanced security features like 2-factor authentication and multi-layer encryption. This will help protect both your personal information and your money from hackers.

    Availability in your area: Cryptocurrency is a widely debated topic between both state and federal governments. Some countries ban the purchase of certain cryptocurrencies while others require that cryptocurrency brokers maintain at least a minimum level of personal data protection. This means that not every cryptocurrency broker is able to serve every state and country. Before you commit to a brokerage account, make sure your broker offers service in your area.

    Easy platform use: You may find it difficult to navigate more advanced cryptocurrency exchanges if you’re a beginner. Make sure you choose a broker that offers an exchange platform you understand. Check out a few brokerage reviews and tutorials before you make a decision.

    Low fees and commissions:Every cryptocurrency broker charges some form of fees or commission in exchange for carrying out trades. These fees can quickly cut into your profits if you’re a frequent trader. Look up your broker’s fee schedule before you create an account and choose a broker that offers reasonable fees for the amount of trading you want to do.

    Purchase options: Are you comfortable linking your bank account to make your trades or do you prefer to use a credit card? Though most offer bank transfers, not every brokerage offers credit card purchase options. Want to buy cryptocurrencies using a credit card or other payment method? Make sure your brokerage supports this option.

    Mobile trading: Crypto apps are gaining popularity because more and more traders want to trade on the go. Make sure your broker offers a mobile trading app if you prefer one. Also, check to make sure that the app offers full trading capabilities and isn’t just a portfolio tracker. 

  2. Create Your Account

    Open an account through your chosen crypto exchange. The specific steps you’ll follow when you open an account varies by broker, but you usually need to provide some personal information when you create an account. Your broker may require you to enter your full legal name, current address, Social Security number and phone number. 

    After you upload your information, your broker will create your account. Many brokers offer you a restricted account that cannot make or fund trades until they’re able to verify your information. Waiting periods also help prevent fraud, which is an unfortunate common problem in the cryptocurrency market. The specific amount of time you’ll wait before you can use your account depends on which broker you choose, but most brokers lift restrictions in a few business days. 

  3. Link Your Payment Method

    You can start buying and selling coins once your waiting and verification period passes. The first step is to link a payment method. You may be able to use a bank transfer, wire transfer or a credit card to fund your purchases. Keep in mind that most brokers charge an additional fee when you use a credit card to buy cryptocurrency.

    Using a bank account to fund your account? There may be an additional verification process you must pass before you can make a purchase. Many brokers will deposit a small amount of money into your account and require you to report the amount before you can use your bank. This helps verify that you own the account as well as prevent fraud. 

  4. Place an Order To Buy ICX

    Now you can buy ICX. Watch the market for a bit and decide when is the right time to buy. Be smart when you time your purchase — cryptocurrency prices can change at a moment’s notice. Once you think the price of ICX is low, you can place a buy order through your broker. Most brokers offer 2 basic order types: market orders and limit orders.

    Market orders tell your broker that you want to buy a certain amount of ICX right now — no matter how much it costs on the market. Your broker will fill your order immediately at whatever price the coin is currently selling for. Market orders are usually filled quickly because they have a flexible price point.

    A limit order means you tell your broker that you want to buy a certain amount of ICX but only at a certain price. You tell your broker how much ICX you want to buy as well as the maximum price you’re willing to pay for each coin. Your broker then carries out your transaction as long as the price of each ICX stays below your predetermined limit. If the price goes above your maximum, your broker will pause the order under it reaches a lower price point. Limit orders are a safer financial bet for traders because they place a cap on how much you’ll pay per coin. 

  5. Choose a Cryptocurrency Wallet

    Exchanges might be a useful place to store your ICX if you’re a frequent trader — but they’re also much more susceptible to hacks and breaches.

    Protect your coins by downloading a virtual wallet and transferring your coins to it from your brokerage account. ICX was formerly an ERC20 token, so any wallet that supports Ethereum tokens is suitable to store your ICX. My Ethereum Wallet is a popular virtual wallet for storing tokens on the ERC20 network. 

    The developers of ICX have also created their own virtual wallet especially for storing the coin called ICONex. ICX developers claim that when you use the ICONex wallet, you may receive faster transactions and more convenient wallet IDs. You may consider investing in a physical offline wallet for maximum storage security.

    Link your crypto portfolio tracker and watch how the value of your coins move over time as soon as you choose your wallet and transfer your ICX. 

Best Cryptocurrency Exchange for ICON

Buy Cryptocurrency Carefully

It’s easy to see why so many investors are excited about the cryptocurrency frontier, including multiple daily price swings and a market that’s open for business 24/7. The cryptocurrency market holds unlimited potential for profit, but it’s also possible to lose a significant amount of money trading cryptocurrencies in a short amount of time. Educate yourself on different coin offerings before you buy and never invest more than you can afford to lose. 

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