How to Buy ICON in Australia

A Beginner’s Guide to Buying and Selling ICON Cryptocurrency in Australia

Last Updated July 23rd 2021
5 Min Read

If you’re based in Australia and wish to buy ICON – the process is very simple. All you need to do is find a regulated online exchange that offers competitive fees, deposit some funds and decide how much you wish to buy.

As part of the preparations for entering the crypto market, there are certain things that you should consider. First, you need an exchange that will support AUD and ICON. Once you add funds into that exchange, you will buy your crypto and store it in the supported wallet. 

For new market entrants into the crypto space, you must be cautious before diving into this highly volatile and highly risky market. There is a high chance of losing your investment in crypto trading so ensure you consult with a financial advisor before getting started. 

What is in this guide? 

This guide will give you a comprehensive analysis of ICON tokens. The guide will also systematically guide you in the process of buying and selling ICON tokens. It will also answer some questions that new market entrants have about investing in cryptocurrencies, with a specific focus on ICON. 

  1. QUICK GUIDE: HOW TO BUY ICON IN AUSTRALIA
  2. What is ICON?
  3. Where to buy ICON in Australia
  4. A step-by-step guide to buying ICON in Australia
  5. How to sell ICON
  6. Which wallets can I use to hold ICON?
  7. How ICON works
  8. Key things to consider if you are thinking about buying ICON in Australia
  9. FAQs

QUICK GUIDE: HOW TO BUY ICON IN AUSTRALIA

  1. Open an account with a cryptocurrency exchange.
  2. Verify your account.
  3. Go to the deposit section
  4. Go to the platform and select ICON
  5. Enter how many ICON coins you want to buy.
  6. Check the details and confirm your purchase.

What is ICON? 

ICON is a cryptocurrency network that was launched in 2017 by a South Korea based company. ICX is the associated cryptocurrency token or coin and was actually a complete blockchain network. ICON operates based on the blockchain technology and network framework structured to allow the independent interaction between blockchains. Communities are connected to the ICON Network via a decentralized exchange. 

Where to buy ICON in Australia 

The best place where you can buy crypto is from a crypto exchange. There are many exchanges in Australia that support ICON. The first thing you need to do is conduct your research to find the best exchange suited to your needs. 

A step-by-step guide to buying ICON in Australia 

Having chosen an exchange to use, you now have to open an account. The account opening process is very easy. Depending on the exchange, you will be required to verify your identity by providing details such as proof of identity and proof of residency. Exchanges set these rules for compliance with the Australian regulatory framework for cryptocurrencies.  

After setting your exchange account, you need to fund it with fiat currency that will enable you to buy ICON. You can link your bank account and then enter the amount you want to spend on the purchase. The amount of ICON tokens you receive will depend on its current market value. 

When opening your exchange account, you need to ensure that you have a strong password and at least a two-factor authentication process. This will keep your account and tokens safe. As mentioned earlier, cryptocurrencies are very volatile, and you need to be cautious and avoid over-speculating. While some investors can make huge profits, others lose all their money when a token's value drastically reduces. 

How to sell ICON 

Once the price of ICON goes up and you want to make some quick profits, it is the ideal time to sell it. You can directly sell ICON from your exchange. To sell ICON, follow the below steps: 

Go to your exchange account 

Sign in to your exchange account where you bought your ICON. Look at the prices to ensure that you are not selling at a loss. However, even when the price is lower, you can decide to sell it to avoid further loss. 

Place a Sell order and confirm the transaction 

The next step is to place a sell order. To do this, select the amount of ICON you want to sell. You do not have to sell it all at once. Confirm your transaction, and your ICON will be sold, and you can withdraw the amount you sold it for from the exchange. 

Which wallets can I use to hold ICON? 

Once you have bought ICON, you need to figure out the most secure way of storing it. Cryptocurrencies are stored in crypto wallets. You can choose to deposit it in a cold wallet if you want to hold it for a long time without trading. Cold wallets are operated offline, which makes them safe. 

However, if you want ICON for short-term speculation, you can hold it in the exchange wallet where you can buy or sell depending on market prices and make a profit. Exchange wallets are hot wallets ideal for those who only want to hold crypto for trading. 

How ICON Works 

ICON is a cryptocurrency similar to Bitcoin, Ethereum, and others. ICON is stored on the blockchain, which makes it superior to traditional financial systems. ICON is more secure than using fiat currency in that it maintains anonymity and is also free from interference from third parties.  

Key things to consider if you are thinking about buying ICON in Australia 

Market volatility 

Market volatility is an issue that affects all cryptocurrencies. The ICON users are responsible for maintaining its prices, and this means that in case of high demand, the value of the LUNA token will go up and in case of low demand, its value will go down. Sometimes, the volatility is unpredictable and may lead to massive losses. 

Usability 

You do not want to hold cryptocurrency just for speculation. You also need to ensure that the crypto can be used for other purposes, such as payments. ICON has outstanding usability features, given that it is integrated into several platforms as a payment method. It would help if you also researched whether ICON can be exchanged for other cryptocurrencies so that you derive great value from it. 

Market performance

You also need to look at the market performance of ICON before purchasing it. The market performance can be determined by looking at its price history to help you evaluate the level of risk associated with holding the crypto. 

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Virtual currencies are highly volatile. Your capital is at risk.

FAQs 

Is investing in ICON risky? 

Just like with the other cryptocurrencies, investing in ICON carries a huge amount of risk. Take your time and study the market before investing large amounts of money. 

Where can I buy ICON? 

A crypto exchange is the best place for you to buy ICON. There are many exchanges in Australia that support the ICON token. It is best to go with a popular exchange that has been around for a long time. 

Can I buy ICON with a credit card? 

Yes, it is possible to buy ICON with a credit card. Exchanges usually give guidance on how you can buy crypto with your credit card.

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