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How to Buy ICON (ICX) in 3 Simple Steps

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Author: Alice Leetham Updated: September 2, 2022

ICON aims to “hyperconnect the world” with a protocol that enables anyone to connect to any blockchain and build and share ideas. On this page, we will be taking you through how to buy the project’s cryptocurrency, ICX, and what ICON brings to the blockchain space.

How to Buy ICON

You can purchase ICON online using a cryptocurrency exchange. This is the easiest way to buy and sell cryptocurrencies—all you need is a computer or mobile device. See below for our top picks of platforms that offer ICON and simple steps to buy ICON.

1. Choose a platform

Start your ICON journey by deciding where you want to buy ICX. It can be helpful to look at prospective platforms to determine what fees they charge and how easy they are to navigate. See the next section for more about the platforms or simply register right now with our top recommendations in the table below.

1
Min. Deposit
$1
Promotion
User Score
10
0% deposit fees, 0% withdrawal fees, 0% trading commissions
Set up automated trades and up to 50 limit orders with ease
Buy and sell 90+ cryptos and utility tokens, precious metals and national currencies with as little as $1
Start Trading
Description:
Uphold is a platform which has over 50 cryptocurrencies to choose from. It's users can make crypto trades with a bank account, credit card or crypto debit card. It has variable fees and allows users to automate trades. Users who are on Brave's internet browser can also earn BAT tokens based on their browsing habits.
Payment Methods
Full regulations list:
2
Min. Deposit
$1
Promotion
User Score
9.3
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Description:
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Payment Methods
Credit Card, Debit Card, Payeer, SEPA, Western Union, Wire Transfer, Yandex Money
Full regulations list:
3
Min. Deposit
$30
Promotion
User Score
8.7
Accepts 70+ cryptocurrencies
Majority of cryptocurrencies are held in a secure Cold Storage
Buy cryptocurrencies instantly with your credit card
Start Trading
Description:
CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.
Payment Methods
Full regulations list:

2. Create and fund your account 

Click the “Register” button to be taken to the registration page where you can fill in your personal details and create an account. You may also have to provide a photo ID and/or proof of address to complete the process. Then you can make your first deposit by choosing one of the available payment options.

3. Buy ICON

Search the platform for the trading pair for ICX and your deposited currency. You might have to buy another currency first such as USDT or BTC if there isn’t an appropriate trading pair. If you want to purchase ICX immediately, create a market order. A limit order will let you specify a future price at which to buy ICX.

Buy ICON Today!

What Is ICON?

ICON is a third-generation blockchain protocol that enables different blockchain networks to communicate with each other. It improves upon the previous generations of blockchain by combining the value transfer of Bitcoin with the programmability of Ethereum.

It is more efficient than many rivals, with high throughput and super-fast network speeds. ICON is built for decentralised applications (dApps) and its interoperability makes all blockchain data available in one layer so that businesses and people can connect and share services transparently.

Ordinary people have a say in the operation of the network through a comprehensive governance system, at the heart of which is ICON’s cryptocurrency, ICX. Holders of ICX stake their tokens with representatives who validate transactions and secure the network. Those who stake their tokens earn rewards.

Ways to Invest in ICON

Some choose to purchase ICON for a short period of time, selling for a profit at the first opportunity, while others prefer to hold their tokens for the long term. Keep reading to find out more about both of these options.

Buy and hold ICON

As you might have guessed, this strategy entails buying ICX and keeping hold of it for the long term. Skills and experience aren’t important here as the simplicity of this approach means that anyone can do it with minimal effort.

Proponents of this strategy believe the value of ICX will increase in the long term. What’s more, they can also delegate their tokens to a representative in order to earn staking rewards, so their balance isn’t merely sitting idle in a wallet.

Best ICON wallets

Private wallets are wallets to which only the owner has access, meaning they may be less susceptible to attacks than the wallets managed by centralised exchanges. For this reason, private wallets are a popular storage solution for long-term investors.

The main options are free and easy-to-use software wallets that are downloaded onto desktops and smartphones, or the more secure hardware wallets like Trezor, BitBox, and Ledger which will cost you money.

Trade ICON

You may also make a profit by trading ICX as its volatility can be beneficial when buying and selling over shorter timeframes. Skills such as technical analysis come in handy for traders, who use them to decide when to enter and exit the market.

If you are going to be making regular trades, you may prefer to use the free, albeit less secure, web wallet provided by your exchange, as this is far more convenient than keeping your tokens off the exchange in a private wallet.

Should I Buy ICON Now?

Although we can provide you with informational material on the project, it is ultimately your decision whether you invest in it. There is no hard cap on the total supply of ICX, which can sometimes be a red flag for investors as inflation has the potential to devalue any currency.

However, ICON boasts some of the highest staking rewards in the industry, which could incentivise people to buy and stake ICX, driving demand for the token. Further demand comes from the fact that ICX is needed to pay fees for transactions and smart contracts.

This demand should increase as more people and businesses join and build on the network. With a governance system that encourages the community to add value to the network, a wide range of use cases already established, and projects pushing for global ICON adoption, this project and its cryptocurrency would appear to have strong potential.

Frequently Asked Questions

  1. Public representatives, or “P-Reps”, are validator nodes who secure the network. They are encouraged to add value to the network through activities such as development and marketing. The P-Reps with the most support get to vote on changes to the ICON network.
  2. ICONists are members of the ICON community who support the most productive P-Reps by delegating ICX to them. ICONists earn staking rewards in the form of more ICX for delegating their tokens.
  3. The staking rewards vary depending on how much ICX has been staked in total, but are between 6% and 36% annually.
  4. Yes. MyIconWallet is a mobile wallet for managing assets, governance, and accessing ICON dApps. It is also available as a web wallet.
  5. ICON has built partnerships with a number of private companies in South Korea. Some of the dApps already leveraging ICON are decentralised finance (DeFi) money market Omm, decentralised ID app Zzeung, and non-fungible token (NFT) game Project Nebula.

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