ICONX Coin Buying Guide | Paypal, Credit Card & SEPA
You like the idea of connecting the world through ICON (ICX) and think that the project will drive the introduction of the block chain in companies? Then you probably have two questions: How and where can you buy ICX? In this article we will introduce our two ways to buy ICX and show you how to store it.
Are you too late to buy ICON?
ICX was first traded on the crypto currency exchanges in October 2017 at a price of 44 cents per token. Since then, ICON has been at full speed, reaching an all-time high of $12.50 in January 2018. At this point, you can buy ICX for only $0.22 per token.
Bitcoin-News.one always recommends that you make sure that you do not buy a coin at the all-time high, but use such discounts like ICX to minimize your potential losses. The advantage of buying at low prices is also that you give yourself a better chance for higher returns. Mathematics says that a 50% decline requires a return of 100% to return to the break-even point. For this reason, we at Bitcoin-News.one always strive to accumulate crypto currencies with the highest possible discounts.
At ICON, you should not forget that the ICO did not take place until September 2017 and has been publicly traded for just over a year. The ICON ecosystem must involve many more companies to make it truly valuable. We expect this to take some time. That means there is plenty of time to acquire ICX and take advantage of big announcements of partnerships. There are also many things in the ICX roadmap that could also have a positive impact on the price.
Given the short time ICON has been publicly traded, it is still very early for this project. The most important thing with any investment is to get in at a reasonable price.
How high could ICON go?
No one can predict 100% the future of a crypto currency. What we do know, however, is that ICON can benefit almost any company in the world and potentially be the digital identity manager for everyone involved. There is no doubt that artificial intelligence is a sustainable and very popular technology, and many companies are looking at how they can benefit from it. The fact that ICON supports KI is another feature that can make ICON attractive to companies.
It is extremely difficult to value ICX at the moment, as prices have been and are determined by speculation. The media regularly reports on the interest of large companies in block chain technology and that ICON could be the solution that enables more acceptance in companies. If the ICX team is successful, your crypto currency that connects the world will definitely receive an exceptionally high rating, but only time will tell if the project will be successful.
How to buy ICON (ICX) - Our top 2 options briefly explained
Only you can decide which of the following two options is best for you:
- How to buy ICX with normal currency (e.g. USD, EUR or GBP) Unfortunately there is no direct way to buy ICON from a single account. Therefore you have to open an account with Coinbase and a crypto currency exchange like Binance.
- Our second way is perfect for those who already own Bitcoin or Ethereum and want to exchange it for ICX.
Buy ICX with USD, EUR or GBP
If you are making your first crypto currency investment ever, this method is for you. Be prepared to create an account on Coinbase and a crypto currency exchange like Binance. Sounds tricky? Don't worry, our comprehensive instructions below will show you exactly how to do it.
Buy with crypto
More experienced crypto currency investors can skip the chapter on Coinbase and read the chapter on Binance right away.
Create a Coinbase account
- History: Coinbase was founded in 2012 and is the world's most popular crypto currency exchange.
- Investors: Coinbase has strong investors like the venture capital company IVP, the New York Stock Exchange and other companies.
- Simple: Coinbase is known and loved for its easy to use interface.
- Minimum deposit: You can already invest with amounts from 6€ in crypto currencies on Coinbase.
- Regulated: Coinbase is one of the few crypto currency exchanges that's regulated.
- Insurance: Client funds are insured and segregated.
- Deposit methods: Credit/Debit Card, Bank Transfer and PayPal for US customers.
- Tradable crypto currency: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, 0x and more.
Do you want to check if you have set up your Coinbase account correctly? Our detailed instructions will support you.
Now the first step is done and we are ready for our first crypto currencies. But you might ask yourself, where do I find ICX on Coinbase now? ICON Coins themselves are not directly available at Coinbase. To get to ICX you first have to buy Bitcoin or Ethereum on Coinbase and then send these coins to a stock exchange to buy ICON Coins with BTC or ETH.
The fastest way to purchase BTC or ETH on Coinbase
- Go to the buy/sell page in your account.
- Add a payment method to your Coinbase account.
- You can now choose between different deposit methods: Credit card payments or bank transfer. One factor that is important when deciding is how urgently you need your coins. A bank transfer has lower deposit fees, but it takes between 2 and 5 days until your crypto currencies are credited to your Coinbase account.
- Option 2: You can deposit money with a credit or debit card. You pay a fee of about 3%, but receive your coins directly.
Both methods are easy to use and ensure that your money lands safely on your Coinbase account. After the deposit you will receive an email informing you when your deposit was successful.
- Once your account is loaded, choose between the crypto currencies listed in the buy/sell section Ethereum or Bitcoin.
- Enter the amount for which you would like to buy Bitcoins, for example.
- Choose as payment method your currency wallet into which you have deposited (in this example we used EUR).
- Please check your order before you click on "Confirm purchase. Your crypto will then automatically be credited to your Coinbase account.
Do you want to buy crypto currencies on Coinbase even cheaper?
Then take a look at our Coinbase Guide. Here we show you how you can send your funds to the subsidiary Coinbase Pro with a little more effort. On Coinbase Pro you can save money with every single purchase, trade or sending of Coins.
Once you have successfully purchased Ethereum or Bitcoin on Coinbase, you are ready for the next step.
How do I get an ICON (ICX) Wallet?
Although ICON will have its own block chain in the future, the ICX token is currently based on Ethereum and is an ERC 20 token. This means that ICON can be stored in an Ethereum wallet. We recommend that you use MyEtherWallet. It is the most popular Ethereum wallet in the world and is completely free.
Use our step by step guide to set up MyEtherWallet.
Once your MyEtherWallet is set up and ready for use, you can get an overview. First go to the View Wallet Info section of MyEtherWallet and log in. Click the "View All Tokens" button.
Simply scroll through the list of tokens until you see ICX and click "Load" to display your token balance.
How can ICX be stored in the safest way?
For storing your ICON-Coins we like MyEtherWallet as a free option. However, there are many hackers who are currently targeting crypto currency, and this problem is likely to get worse as the price of crypto currency increases. This means that security should be taken seriously.
The most secure wallet on the market is currently a hardware wallet device. This stores your private keys on the device and protects them from attacks such as keyloggers and fishing attempts. For example, your computer can contain a lot of viruses, but with a hardware wallet your crypto should be secure. Bitcoin-News.one recommends using hardware wallets, but in the end it is of course up to you whether you want to invest the money.
The good news is that the Ethereum-based ICX is compatible with the two most popular hardware wallets on the market. We currently use both a trezor and a ledger itself and are happy to recommend both devices. Need help choosing the hardware wallet that best suits your needs? Just have a look at our comparison article Ledger vs. Trezor.
Do you need help setting up your ledger? Just take a look at our comparison article mentioned above.
Need help setting up your Trezor? Just take a look at our step-by-step instructions.
If you need help integrating your Trezor or Ledger into MyEtherWallet, just take a few minutes to read our instructions.
Create a Binance account
By now you should have Ethereum or Bitcoin set up on Coinbase and your ICX wallet. Now it is time to set up your crypto currency exchange account so that you can trade Bitcoin or Ethereum against ICON-Coins. The most popular crypto currency exchange in the world and for ICX is Binance. We do not believe you can go wrong with Binance and therefore recommend the exchange.
- The largest stock exchange in the world: Binance has the highest crypto trading volume in the world.
- The One-Stop-Shop: Over 100 different crypto currencies are available on the exchange.
- Easy to operate: The exchange has received much praise for being simple and straightforward.
- Customer Support: Binance has invested in multilingual support.
Do you need help setting up a Binance account? Just take a look at our Binance Guide.
From Coinbase to Binance Guide
You can get started as soon as your Binance account has been set up. Whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you must send your coins to Binance to trade them for EOS.
- Log in to your Binance account.
- Select "Funds" and click on "Deposit".
- Make sure that you select the crypto currency that you have bought on Coinbase. If you choose the wrong crypto currency, you can lose your money!
- You will now see your Binance payment address. This address is your new individual wallet address to which you send your coins. Copy this address and go back to Coinbase. We have used Bitcoin in the example.
- Log in to Coinbase and go to the "Accounts" tab.
- Click on "Send" for the crypto currency from which you have just copied the wallet address (Binance).
- Enter your Binance inpayment address in the "Recipient" address field and enter the amount you wish to send.
- Click on "Next" and complete the transaction. Your coins should appear on Binance shortly.
Do you have crypto in another wallet?
- Simply send your crypto to your Binance payment address.
How to trade Bitcoin or Ethereum for ICX on Binance?
- Make sure that you are registered with Binance and go to the homepage. You will then see a list of markets and various crypto currencies. First you have to select the right market. Select "BTC Markets" for Bitcoin or "ETH Markets" for Ethereum. Then enter 'ICX' in the search field.
- The 'Binance Trading' screen appears. Select the 'Market' button to buy the ICON coin at the current market price. Then enter the quantity you wish to buy. Binance also gives you the option to use a percentage of your balance to buy crypto.
- After you click on the "Buy ICX" button, your purchase is confirmed and your ICON is displayed on your account.
How do I send ICX to my wallet?
If you do not want to continue trading with ICX immediately, we recommend that you keep ICON coins in a wallet. Binance is a natural target for hacker attacks and even though the exchange has first class security, you should not take any risks.
- Log in to your MyEtherWallet and copy your public address
- Register with Binance.
- Navigate to "Funds" and click on the "Withdrawals" button.
- Select ICX from the drop-down list, then add your public MyEthereumWallet address and enter the amount you wish to withdraw.
Important: Binance charges a fee for processing withdrawals. The fees change regularly. However, you can view the current payout fee for EOS coins here.
There you have our top 2 ways to buy ICON. We at Bitcoin-News.one are very excited about what the ICON project can do for the introduction of the block chain in companies. We are pleased that the ICON ecosystem supports AI and believe that this technology will play an important role in the future. If the ICX team does indeed network the world as planned, there is no doubt that investors will be highly rewarded for their trust in ICON.