How to Buy ICON in the UK 

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

Last Updated July 23rd 2021
5 Min Read

If you’re based in the UK and wish to buy  ICON – the process is very straight. All you need to do is find a regulated exchange, deposit some funds, and decide how many  ICON tokens you want to buy.

Technology is one of the avenues that have been marked by an increased number of trading activities related to cryptocurrencies. Unlike previous years, this year has drawn people towards tokens other than Bitcoin. Such tokens include ICON. 

ICON is one of the most popular altcoins. The token has tremendously gained in recent months, making it a worthy investment.

This guide will take you through buying ICON tokens and how you can make money by selling the tokens at a higher value. Before buying crypto using this guide, you need first to understand that crypto investments are very risky. While the returns may be good, the losses can be massive. 

What's in This Guide?

  1. QUICK GUIDE: HOW TO BUY ICON IN THE UK
  2. A step-by-step guide to buying ICON in the UK
  3. How to sell ICON
  4. Which wallets can I use to hold ICON
  5. How ICON works
  6. Key things to consider before buying ICON in the UK
  7. Conclusion

QUICK GUIDE: HOW TO BUY ICON IN THE UK

  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.

A step-by-step guide to buying ICON in the UK

To start buying ICON tokens, follow the below steps: 

Step 1: Register an exchange account 

The first step is to register an account on a crypto exchange account. There are many exchanges in the UK regulated by the Financial Conduct Authority. Before opening an account, confirm whether the exchange supports ICON tokens and the GBP. 

Once you have settled on the exchange you want to use; you can now create your account. Account opening is quite easy. All you need is your official name, phone number, and email address. Because of the heavy regulations imposed on the crypto sector, exchanges are now required to comply with Know-Your-Customer (KYC) rules.  To abide by these rules, you need to provide your proof of identity and proof of address. 

To enhance the security of your account, you need to provide a multi-factor authentication process. 

Step 2: Fund the account

After you have successfully created your account, the next step is to fund your account. To do so, you can deposit GBP to the exchange from your bank account. This allows you to buy ICON tokens using fiat currency. 

If your exchange does not enable you to buy ICON tokens using fiat currency, you can purchase using other cryptocurrencies. The exchange will list several cryptocurrency pairs that you can use to complete your purchase, such as BTC/ICON or ETH/ICON. If you do not already own these cryptocurrencies, you can start by buying them and later exchanging them for ICON. 

Step 3: Buy ICON 

Now that you have funds or cryptocurrencies in your account that you can use to buy ICON tokens, the third step is to go to the buying section on the exchange. Enter the amount of GBP or crypto you want to exchange for ICON tokens and confirm your order. You will receive a notification after that your transaction has been completed, and your new ICON tokens will appear on the exchange account. 

There exist two approaches for purchasing ICON tokens: a market order or a limit order. With a market order, the tokens will be bought automatically at the prevailing market prices. With a limit order, you can select the price you would prefer to buy the tokens at, and the order will automatically be completed when that price is reached. 

Step 4: Store your ICON in a crypto wallet 

Having bought your ICON crypto, you need to find a way of storing your tokens. Cryptocurrencies are stored in crypto wallets. Exchanges usually offer an online wallet where you can hold tokens and retrieve them whenever you want to trade. 

Supposing you want to keep your ICON tokens locked away for a long time without trading, the most preferred wallet would be a cold hardware wallet. The wallet keeps your tokens offline and minimizes the risk of them being lost. Cold wallets are also a great option if you are buying large amounts of ICON tokens. 

How to sell ICON 

Selling ICON tokens is also as easy as buying the tokens. The first step is to remove the tokens from the crypto wallet and back to the exchange. Afterwards, you can go to the sell option on the exchange and trade your ICON tokens for GBP. 

It is important to note that some exchanges may not allow the direct exchange of ICON tokens to cash. In such an instance, you can exchange ICON tokens for other cryptocurrencies such as Bitcoin, which you can later convert into cash. 

Which wallets can I use to hold ICON? 

There are two main categories of crypto wallets. You can store ICON tokens in a hot wallet or a cold wallet. There are many crypto wallets available, and the only thing you need to do is select one that will be compatible with ICON tokens. 

On the off chance that you are a frequent trader, you do not have to remove your crypto from the exchange and into another wallet. Most exchanges offer mobile wallets through an App. However, if you want something safe and secure, cold offline wallets are the best option. 

How ICON works 

Like other altcoins, ICON was created to solve the limitations present on the Bitcoin network. The token is highly scalable, and its network offers high transaction speeds compared to Bitcoin’s network. 

Even though recently created, ICON tokens have grown to become one of the most popular cryptocurrencies. The ICON network is a protocol used to create and connect Ethereum-based blockchain networks. 

Key things to consider before buying ICON in the UK 

Before investing in ICON tokens, you need to consider the following: 

Availability 

The first thing you need to consider is the availability of ICON tokens in the market. You should invest in ICON if there is enough in circulation. This will make it easier for you to fill your buy and sale orders. 

Performance 

You need to also look at ICON’s price history. Evaluate its lowest prices and its all-time highs to understand how the level of volatility. It would be best to look at the number of projects supported by the ICON network because this also affects ICON tokens. 

Competition 

Look at ICON’s competitiveness in the crypto market. The coin should be competitive enough not to be overshadowed by other major cryptocurrencies such as Bitcoin and Ethereum

Conclusion 

ICON has made waves in the crypto sector after becoming one of the plays in the market of cryptocurrencies. The token’s value has increased for the better part of this year, making it a valuable investment. If you want to buy ICON tokens, open an exchange account and store your currencies in a secure crypto wallet.

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