With a brave and exciting “Hyperconnect the world” slogan, the ICON project is definitely one of the most interesting crypto/blockchain project we’ve seen while. A bit under two years since it first hit the market, ICON, known by its ticker ICX is currently sitting comfortably in 45th place by market cap.
Why is ICON special?
One could argue that ICON is one of the most ahead-of-its-time crypto projects to date, and he or she might not be very far from the truth. The project aims to make interoperability between blockchain projects and a thing of reality. Simply put, the project aims to allow different blockchains to work with each other seamlessly, and enable quick exchanges between various cryptocurrencies.
Known as a relatively young project, the ICON has already proved its intentions and commitment to its cause by launching their mainnet in 2018. Not only this, but ICON has landed some seriously interesting partnerships during a couple of months, especially that with South Korea’s biggest telecommunications firm, SK.
Considering the interesting prospects of ICON, you may want to invest as early as possible in the project. That is why we created this quick guide on how to buy ICON on Binance, one of the world’s best exchanges.
Step 1: Register on Binance
The first step implies you having to create an account on Binance (if you don’t have one already). The process is straightforward, and it requires you to enter a valid email address and a password of your choosing (which has to be entered twice). Optionally, you can also add a referral ID, if you have one.
Step 2: Verify and activate your account
This step requires you to submit a few verification documents such as passport, national ID card, and driver’s license. Open the confirmation email and activate your account (by clicking the provided link). It’s worth noting that the email might actually end up in the spam folder, so if you haven’t received any email in a few minutes, that’s most probably the case.
Step 3: Log in to your account for the first time
Access the Binance website and log in to your account using the previously defined credentials. This is a good time to point out that the first thing you should do is set up the two-factor authentication. When it comes to protecting your cryptocurrencies, it’s best to follow the saying “you can never be too safe.”
Step 4: Transfer funds to your Binance wallet
On Binance, you can only buy ICX using Bitcoin or Ethereum (or Tether – USDT). Go to Funds (located on the top navigation bar), click the Deposit/Withdrawals option and from the provided list select either one of the aforementioned cryptos, depending on what you hold in your wallet. Next, you’ll be provided with a wallet address to send your funds to. It’s imperative that you type in the address correctly.
Step 5: Wait for confirmation
Depending on a large variety of factors (such as the level of activity on the said network), the waiting time for the transaction to go through is somewhere between a couple of minutes and a few hours.
Step 6: Actually buy ICX tokens
Select the Exchange tab, then “Basic.” You will be greeted by a relatively straightforward trading screen. On the right-hand side, you should be able to see BTC, ETH, BNB, and USDT as trading pairs. Choose the coin you deposited earlier and search for ICX. Click on the specific pair (ICX/BTC or ICX/ETH).
Binance provides its users with a set of very advanced tools, even in the “Basic” form of the exchange. These tools include comprehensive price and order history for your select pair, as well as limit orders. With the help of the Limit tool, you can choose a specific price at which you wish to buy or sell. Hence, when the price for ICX reaches the price you’ve entered, Binance can automatically execute a trade for you (and you’ll be notified). If you don’t have a lot of experience in this type of operations, then you can select to buy at the current market price.
Choose the amount of ICX you want to buy, and complete the order by clicking the “Buy ICX” button.
Step 7: Move your ICX tokens to a secure ICON-compatible wallet (optional)
Even though this step is listed as optional, we must insist on its importance. While your funds stay in the wallet of Binance (even though Binance is a very safe exchange), you are not in full control of them. If you plan on holding the ICX tokens for a long time, then investing in a decent hardware wallet is the best possible option. Hardware wallets such as Ledger Nano S and Trezor boast similar functionality, extremely security features, and both support ICX.
To withdraw your funds from Binance, go to “Funds” once more, select “Withdrawals,” select ICX from the dropdown menu, and enter the wallet address you want to withdraw to.
We hope this guide was helpful. Good luck in your future ICX buys.