ICONex Wallet ▷ Our experience with the official ICON (ICX) Wallet!

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Would you like to know which is the best ICON ICX wallet for storing your coins and how to set it up? We have everything under control. We will show you how you can use the official ICON wallet to complete your ICX token exchange, even for Mainnet tokens. Without beating about the bush, we'll jump right in.

What is the ICONex?

In short, ICONex is the official wallet for ICX and was developed by the ICON Foundation itself. The storage solution is exceptionally light and easy to use. At the moment it is only available as a chrome extension. This means that you need to use Google Chrome as your web browser to set up and use the storage solution.

In terms of functionality, ICONex can do everything you would expect, such as sending and receiving ICX transactions. If you did not know, if you still have the old ERC-20 ICX coins, you need to exchange them for Mainnet tokens as soon as possible. The good news is that the ICX token swap can all be done inside the Chrome extension and is relatively easy and fast to do.

Wallet ICON: What coins does it support?

The solution supports Mainnet ICX Coins, ERC-20 ICON Token and Ethereum. We also expect it to support additional crypto currencies based on the ICON block chain in the future.

How can you download it?

ICON currently has only one official storage solution developed by the ICON Foundation. Of course, the guys at ICON have a strong incentive to bring a world-class product to market that is both secure and protected. We love how the ICX team developed the storage solution themselves and didn't rely on the community to step in and build one for them.

Important information

  • The official way to store ICX coins.
  • Supported platforms: Google Chrome only.
  • Functionality: Send/receive ICX coins and ICX token swap for Mainnet tokens.

Once you have accessed the above link, you will be directed to the Google Chrome shop. Click the "Add to Chrome" button to download.

Then click on the 'Add Extension' button.

The extension will then be added to your browser. Click on the ICON logo in the upper right corner to open it and you will be able to create a new wallet.

Getting the setup: If you have ICX Mainnet token

If you have stored your ICX Coins at one of the following exchanges on 20 and 21 June 2018, you already have Mainnet tokens. This is because these exchanges supported the ICX token swap and automatically did this for you.

  • Binance
  • Upbit
  • Bithumb

This means that if you store your coins on another exchange or in an Ethereum wallet, you will have the old ICX tokens. Please refer to the ICX ERC-20 Token section in this manual to find out how to set up.

If you already have Mainnet tokens, the good news is that setting up ICONex will be particularly easy. To get started, select ICON as the coin you want to add.

Then create a name and password and click 'Next'.

Be sure to download your keystore file and keep it safe. We recommend that you save it offline on a flash drive and delete all traces of it from your computer.

Next you will see your private key. It is always a good idea to print this out and keep it in a plastic bag with a zipper. This will ensure that your private key is protected against water damage.

You are now prepared and ready to go. It's that simple.

How do I use my ICX Mainnet Wallet?

To make a deposit, click on 'ICON' to get to the deposit screen.

You will then be shown your deposit address. Enter this as the recipient address to send ICON Coins to your credit.

To send money from ICONex, click on the transfer button and enter the address where you would like to send ICX tokens.

You have ERC-20 tokens: How do you set up?

After installing the ICON Chrome extension, the next step is to select 'Ethereum'.

Make sure that you create a name and a secure password.

You then have the option to create a backup. Download the Keystore file. We recommend that you save it offline on a flash drive and delete it from your computer. It is important to keep your Keystore file safe, because if it is used in combination with your password, anyone can access your ICX token.

Next you will see your private key. We recommend that you print it out and keep it safe.

Finally you are set up and ready for use.

ICX Token Swap: How do you do that?

On the ICONex start screen you will see an option for Ethereum and ICON. To deposit your ICX ERC-20 tokens, click on "ICON".

Your deposit address will then be displayed. Use this address to send your ICX coins to ICONex and make sure you send Ethereum worth a few dollars to the same address. ETH is required to execute the Smart Contract for the ICX token swap.

When your ETH and ICX Coins have reached your balance, click on the "Exchange" button.

The first thing you will see are the instructions for the exchange. We suggest you take the time to read them.

You will then be prompted to create an ICON Mainnet account for your new tokens, which will also be sent. Enter a name and password.

Download the keystore file and save it securely.

Your private key will then be displayed. We recommend that you print it out and store it in a waterproof container.

Finally, you will be asked to enter the number of ICON Coins you wish to exchange. Simply click on the MAX button and make sure you have enough Ethereum to process the swap. Then click the "Complete" button.

Finally, you will receive a final confirmation of the token exchange. Check again that the information is correct and click on "Complete". Your ERC-20 tokens will then be exchanged for Mainnet tokens within 24 hours.

Conclusion

There you have it, everything you need to know about ICONex. We love the ease of use and the fact that it was created by the ICON Foundation itself. Our only problem is the lack of support for mobile devices and platforms. We would of course like to have a mobile app and the ability to use ICONex with other web browsers.

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Callie Machalat

Callie Machalat of Bitcoin-News.one understands the information needs of crypto community members, traders, researchers and developers who are looking for reliable information to understand and participate in the crypto revolution.

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