Guide: How To Buy ICON (ICX) on Binance

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The ICON, a South Korean venture which plans to unify different blockchain communities to allow them to interact with each other without intermediaries.

The ICON project tends to build a global decentralized network. Lots of reputable platforms are already on the network, and anyone can create a new blockchain project and join the network.

The ICON (ICX) toke is an ERC20 token and can be stored in any Ether wallet. The best choice would be the MyEtherWallet. You merely need to add a new custom token and enter the parameters for the ICX coin. Follow the following guide to add ICON token to MyEtherWallet.

How To Buy

Purchasing the ICON token is best done by exchanging your Top cryptocurrencies like the Ether or Bitcoin for the ICON token, and the transactions are done on an Exchange such as Binance.

To purchase ICON tokens from Binance, follow the steps below:

Step 1

Before you can transact on the Binance platform, you need to be a registered member. Click here to register, or go to Binance official site and click on the Registration link at the top of the page. All that’s required during registration is an active email address and a secure password.

Step 2:

The next step is to verify the account you just created. This is important as Binance uses this measure to stop unauthorized registrations. You need to verify the account by clicking on the link in the mail you specified during the registration step.

Step 3:

Now that you are part of Binance, you need to send some cryptos to be exchanged into the platform. Locate the FUNDS link at the top of the page and click on DEPOSITS WITHDRAWALS option.

Step 4:

Search for Ethereum or any other altcoins supported by the Binance platform in the list of cryptocurrencies displayed on the page. You can use the search box to do a quick search. When found, click the “Deposit” button in front of it.

Step 5:

Clicking on the Deposit button generates the Ether wallet address needed to store your Ethers on the Binance exchange. The generated wallet address is what you’d copy to your external wallet and send some Ethers into it. You then need to wait for a moment for the transaction to reflect on your account.

Step 6:

After your deposit has been confirmed, then the process of purchasing some ICON token begins. You will need to locate the EXCHANGE link at the top of the site next to the Binance logo. Click on the ‘Basic’ option displayed and wait for the next page to load up.

Step 7:

At the top right section of the page, locate the ICX/ETH pair and click on it. The same process goes when you are funding with Bitcoin and any other altcoins. You only need to replace the ETH with the symbol of that altcoin.

Bear in mind that ETH is used in this guide as it’s cheaper to transfer than BTC currently as transaction fees on the Bitcoin network soars daily. You might want to save some valuable cryptos that could get you some more of the tokens you are trying to exchange.

Step 8:
  • The box labeled Price displays how much ETH you pay for every ICON token purchased.
  • On the amount field, you are required to enter how many ICON tokens you want to exchange your Ethers. Using the percentage options below this box to specify how much of deposited funds you want to use in purchasing ICX auto fills the box with the right number of ICX tokens you can buy.
  • The Total field shows how much Ether you are paying for the transaction.
  • Click Buy ICX to create the transaction.
  • That’s all; Now you can hodl the ICON ( ICX ) as much as you want.

Source: https://usethebitcoin.com