The ultimate beginner's guide to trading Icon
What is Icon ICX?
Icon ICX is a very complex blockchain network that has been called “South Korea’s Ethereum”. Like Ethereum, Icon creates communication and payment channels between institutions and businesses. It also supports Dapps/smart conntracts like Ethereum, NEO, QTUM, and a variety of other successful blockchain systems.
In practice, Icon will be a network where universities, hospitals, government organizations, etc. can all interact and transfer payments of all types, without having to go through third parties like banks. The transactions will be completed in Icon ICX, and each transaction will be completed in an instant with minimal fees.
Icon differs from Ethereum in certain respects. One of their main selling points is a Decentralized Exchange which will allow users to trade cryptocurrencies within the Icon wallet without having to use third party exchanges. Icon will also store user identity on the blockchain, for instant access to all partners without password.
What’s more, Icon can also communicate with other blockchains like Bitcoin and Ethereum, to enable processes that use the power of other blockchains, without the user from ever having to leave the Icon network or use another currency. In short, Icon could be a blockchain for total world domination.
Icon was one of Ethereum’s largest and most widely publicized ICOs of last year. 2,500 ICX went for the price of 1 Ethereum, which at the time was worth only $250. Today, at $8 apiece, people who got in on the ICO made plenty of money, and most of them are expecting to make a great deal more in the coming days.
At this point in history (January 19, 2018), the Icon mainnet is not yet released, so all of this potential only exists in theory, at least as far as the average person can tell. Fortunately, the mainnet is set to launch in just 5 days. If you happen to read this before 1/24, this may be your last chance to buy Icon ICX cheap![/su_note]
Why Do People Believe in Icon?
Those are all big plans, but is there good reason to believe that Icon will accomplish its ambitious goals? In fact, yes there are.
Icon has been in development for more than 2 years. Its current team has 30 engineers working day and night. There are existing partnerships with institutions and businesses, and Icon’s multi-billion dollar parent company DAYLI Financial understands the South Korean cryptocurrency space better than anyone.
South Korea accounts for 20% of all cryptocurrency trading volume, but Icon is only its first national public blockchain. They say that every South Korean who uses a smart device is already only 1 or 2 degrees removed from the Icon network. It will likely be a household name in just a few weeks.
South Korea is, simply put, ready for this kind of thing. They have the 11th largest national economy, the nation is one of the most advanced when it comes to internet and communication technology, and the country has many early adopters of systems like Bitcoin, Ethereum, and lesser known projects.
There’s a lot more to learn about Icon, but that’s because it’s hugely complex. You can do that on your own time. For now, let’s get into just how to buy Icon coin.
How to Buy Icon ICX
If you want to know how to buy Icon (ICX), you’ll first have to buy Bitcoins from a site like Coinbase
. You’ll also want to make an account with MyEtherWallet.com
so you’ll have a place to store your Icon ICX once you have it.
How to Buy Icon (ICX) on Binance
Hong Kong’s Binance is the #1 Icon ICX trading exchange. It’s available in most parts of the world. We’ll cover here how to create an account with Binance so you can buy Icon.
First, go to Binance.com and create an account by adding all of the personal information they ask for. Binance doesn’t require you to provide sensitive personal ID like some exchanges, at least not for normal accounts, so you can be completed with this process in just a few minutes.
Check your email for confirmation messages from Binance. Check your Spam folder if you do not see them after a couple of minutes. Click on the links inside and you’ll be led back to Binance where you’ll be able to do everything else necessary to open your new account.
Binance requires new users to enable 2 factor authentication, which will give your account 1 extra layer of security beyond a simple password. This way, you will have a secret code that appears on your phone each time you want to login to Binance. No one who doesn’t have this code will be able to get into your account.
How to Send Bitcoin to Binance From the Exchange Where You Bought it
Now that you have Bitcoin and a working Binance account, you’re much closer to being about to invest in Icon. Before navigating away from Binance, click on “Funds” and “Deposits Withdrawals”. This will take you to the wallet screen where you’ll see wallets for every coin that is traded on Binance.
Near the top, you’ll see the wallet for “BTC”. Click on “Deposit” to the right of this wallet line, and the wallet will expand. You’ll immediately see your personal Binance Bitcoin wallet address, the alphanumeric code on the bottom left hand of the screen above. Copy this address.
Now go to the wallet where your Bitcoins are currently held. This could be anywhere of a number of places, but the process for each is basically the same. Go to the Bitcoin wallet portion where your Bitcoins are held. Click “Withdraw” or “Send”. Paste your Binance Bitcoin wallet deposit address into the address line and click “send”. In a few minutes or hours (depending on network traffic on this day), your coins will arrive in the Binance wallet.
How to Buy Icon ICX With Bitcoin on Binance
Now you’re ready to buy Icon coin. Click on “Exchanges” at the top of the Binance homepage, and select “Basic”. This will be the screen you see:
On the right side of the page, type in ICX into the text box you see filled in in the image above. This will show you the ICX/BTC trading pair. Click this, and note that the buy and sell options at the bottom of the screen change to buy and sell options for ICX.
On the “Buy” portion, you’ll see that the present market value of ICX is already filled in. If you’re OK buying at this price, just fill in how many ICX coins you wish to buy (or select the percentage of your Bitcoin which you would like to spend) and you’ll see the total cost of your order listed below. If you like what you see, hit “BUY ICX” and your order should be filled soon.
If you wish to buy ICS coin at a price lower than the current market price, type this into the “Price” line. Do the rest of the order the same as above. This order will only be filled if and when the price of ICX goes low enough to match your order.
How to Send Your Icon ICX to An Outside Wallet for Safekeeping
Binance will probably keep your coins safe, but because it is a major exchange, there are many people out in the world who would like to steal coins from Binance. Sorry, that’s just how life is. To avoid having your Icon ICX stolen in some future theft, you will definitely want to send them to a personal wallet that you control, because there are many, many fewer people who are trying to steal from you than who are trying to steal from Binance.
If you haven’t already made your account with MyEtherWallet, do so now. Make sure to take careful note of secret keys and passphrases supplied to you by MEW during this process. If you were to forget your password, you’d be able to regenerate your wallet with these codes.
MyEtherWallet is a wallet that supports all ERC20 tokens (coins that were launched using the Ethereum network). Chances are that you will own Ethereum or other ERC20 tokens in the future, so MyEtherWallet is a great tool to have in your arsenal.
Once inside, find your address. This is an alphanumeric code much like the ones you’ve already used in this guide. Copy it and go back to Binance.
Now that you know how to buy Icon, go back to the “Deposits Withdrawals” page on Binance. Type “ICX” into the search line and your Icon wallet will appear. Click “Withdraw” and paste your MyEtherWallet address into the appropriate line. Withdraw.
In a few minutes, your Icon coin will arrive in your MyEtherWallet. This is an important step for anyone who wants to buy Icon. After the Icon mainnet drops in late January, the official Icon wallet is supposed to be released soon after.
Final Thoughts on Icon ICX
If you want to buy Icon, there are probably a lot of reasons you know of that this might be a good idea. Not only is this the first public blockchain to launch in South Korea (one of the world’s major technology hotbeds), Icon already has partnerships with numerous businesses and institutions.
The Icon team is large and experienced, their parent company has the money and knowhow to make a project of this scale happen, and the people of South Korea are more personally involved in this project than the citizens of any other national cryptocurrency protocol.
In short, the pump is primed for Icon. We think that this may be the final time you’ll be able to get Icon at this price, as the mainnet is set to launch early next week. January 24 is also a big day as an outside agency will be rating different cryptocurrencies by various metrics of quality. ICON is included in the first round of ratings, and we think they’ll perform among the best of the lot. Stay tuned throughout this exciting week for a coin that seems on the verge of blasting off. We’ll see you on the other side and hope that you invest in Icon before this major news story hits all around the world!