Your Stepwise Guide On How To Buy ICON (ICX) On Binance
- 1 How To Buy ICON (ICX) Cryptocurrency?
- 2 How to Buy ICON (ICX) Cryptocurrency?
- 2.1 How To Buy ICON (ICX) Cryptocurrency On Binance? ( Detailed Procedure)
- 2.2 From Where To Buy ICON (ICX) Cryptocurrency?
How To Buy ICON (ICX) Cryptocurrency?
By now it is known that cryptocurrencies do offer many advantages over the traditional fiat currencies. However, for many cryptos, these advantages are just theoretical. ICON cryptocurrency whose ticker symbol is ICX was introduced to solve this problem. ICON is a blockchain technology firm located in South Korea. ICON is also popular for being known as South Korea’s Ethereum. In this articles, i have explained “How To Buy ICON (ICX) Cryptocurrency”
But before discussing how to buy ICX, let me give a short introduction to ICON cryptocurrency for those who are still aren’t aware about it.
What is ICON (ICX) Cryptocurrency?
ICON is built to act as a platform where Decentralized Apps (DApps) and Smart Contracts can be built on. The ICON blockchain interlinks cryptos hence making it more unique than Ethereum. The ICON blockchain tries to remove the bridge between cryptocurrencies and fiat currency by bringing together decentralized networks of blockchain communities that can easily interact without compromising their autonomy.
ICON allows different blockchains to communicate and even transact information. Ideally, ICON is designed to unify all the current and future blockchains which are used in different and diverse industries into one interconnected network.
How does ICON work?
ICON is fabricated in a way that when you set up a DApp on the network, you can freely interact with other communities and DApps which are found there. Therefore, ICON be referred to as a giant network made of many other networks and which enable users to interact automatically and instantly. ICX token will be used to facilitate these interactions. A simple example is one where an insurance company can send payment to a car dealership on the network. The ICON Republic is the one that oversees such transactions and the fee is paid in ICX.
How to Buy ICON (ICX) Cryptocurrency?
The popularity of cryptocurrencies is increasing day by day and so is the interest of investors. With more than 1500 cryptocurrencies to buy/sell/trade/invest, there is one common question from newbies entering into crypto world, which is “How to buy X coin? or Where to buy X coin?”In this article, I will explain you to ” How to Buy ICON (ICX) Cryptocurrency”. The basic procedure to buy/sell for almost all the cryptocurrencies remains the same.It is just that, one must know which cryptocurrency is listed on which cryptocurrency exchange.
Here is a short method to explain you “How To Buy ICON”? [For those who aren’t new in crypto world]
- Open Coinmarketcap.com
- Type “ICON” or “ICX” in SEARCH BOX ( or any other cryptocurrency you wish to buy), and press enter
- Click on “Markets” section and here you will get a complete list of cryptocurrency exchange supporting buying/selling of ICON ( or other cryptocurrencies that you typed initially in search box).
- Visit the cryptocurrency exchange and buy it in exchange of Bitcoin/Ether
The above mentioned steps are for those who have basic knowledge of the crypto world and can register themselves on cryptocurrency exchange and buy/sell cryptocurrencies. If you did not understood the above process, I am sure you are new to the crypto world. For newbies, I have mentioned below a detailed step-by-step guide on “How To ICON (ICX)”
How To Buy ICON (ICX) Cryptocurrency On Binance? ( Detailed Procedure)
ICON Cryptocurrency can be bought from cryptocurrency exchanges / cryptocurrency trading platforms in exchange of Bitcoin or Ether. But first you need to register an account on the cryptocurrency exchange on which ICON is listed for buying/selling.
I have mentioned below the list of cryptocurrency exchanges from where you can buy ICON cryptocurrency. As of now, lets take the example of Binance cryptocurrency exchange, which has the most volume in trading of ICON as compared to other cryptocurrency exchanges. (The procedure for other cryptocurrency exchanges remains the same)
- Step 1:Visit Binance and set up an account
- Step 2: Deposit Bitcoin or Ether to your Binance Wallet. ( Bitcoin wallet has it’s own wallet address and Ether has it’s own seperate wallet address)
- Step 3: Buy ICON in exchange of Bitcoin/Ether
Now let’s explain you in detail about each and every step for a hassle free way to buy ICON Cryptocurrency
Step 1: Setting up a Binance Account
- Visit Binance.com
- Create an account with valid username and password as directed on the registration page. After registering, you would be required to verify your e-mail id.
NOTE: I strongly recommend you to activate Two-Factor authentication (2FA) to your Binance Account. 2FA adds additional layer of security to the account. Make sure you keep a backup of the 2FA phrase before activating it.
Step 2: Deposit your Bitcoin/Ether To Your Binance Wallet
- On Binance, go to your top right-hand corner tab, labeled “Wallets” and click there.
- The cryptocurrency you plan to fund with will determine your next action, if Bitcoin, click on the “+” symbol by Bitcoin. Do the same if you are planning to deposit Ethereum.
- After a few minutes, the platform will generate a wallet address associated with your account. When that is displayed, copy it and go to your wallet where you have Ether or Bitcoin stored. Paste the Binance wallet address and send the desired quantity. You can also scan and send instead of copying,pasting the address.
- After a successful transfer, give some time for your Bitcoin or Ether to get credited in your Binance Wallet.
Step 3: Buy ICON (ICX) on Binance
- Once your Bitcoin or Ether is successfully transferred, you can easily view to confirm that in your “Wallets” you are good to start the process of buying ICON.
- Click on Binance logo; this will take you to the page where you see all market assets available.
- Click on either BTC-ICX or ETH-ICX depending on what you funded your account at Binance.
- Locate the “Trading” section on the page and in the Buy ICX box, enter the units of ICX you would like to purchase in the Unit Box.
- Right in front of bid label, click on the price drop down and choose bid option.
- Once the Total section for Bitcoin or Ether auto fills, click on the Buy ICX button at the bottom of that section.
Once bought, your ICX tokens will be stored in Binance’s ICX wallet. You can either store it here or transfer it to any other cryptocurrency exchange or ICX wallet.
From Where To Buy ICON (ICX) Cryptocurrency?
Following is a list of cryptocurrency exchanges from where you can buy Stellar Lumens cryptocurrency:
Indian Investors and traders can buy ICON (ICX) Cryptocurrency in exchange of Indian Rupee (INR) from:
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.