How to Buy Internet Computer (ICP) in the UK
A Beginner’s Guide to Buying Internet Computer (ICP) in the UK
Planning to buy Internet Computer? Well, we’ve made it easy with our complete guide on how to buy Internet Computer in the UK.
Internet Computer or ICP is one of the recently launched tokens in the crypto market. The token was created in May 2021, but it has ranked as the 8th most popular crypto globally in terms of market cap.
In this guide, we will take you through the process of buying Internet Computer ICP tokens in the UK, as well as every other detail you need to know about the token. The guide is very comprehensive and elaborate to ensure that even a beginner can understand all the processes involved.
However, before you start buying ICP tokens, you need to understand the nature of the crypto market. Cryptocurrencies are very volatile, and investing in them can be very risky. As an investor, you need to ensure that you invest in caution. You can also seek professional advice from a financial expert to fully grasp how you can invest in this sector.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY INTERNET COMPUTER (ICP) IN THE UK
- A step-by-step guide to buying ICP
- How to sell ICP tokens
- Which wallets can I use to hold ICP?
- How ICP works
- Key things to consider before buying ICP in the UK
QUICK GUIDE: HOW TO BUY INTERNET COMPUTER (ICP) IN THE UK
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section
- Go to the platform and select Internet Computer.
- Enter how many Internet Computer ICP coins you want to buy.
- Check the details and confirm your purchase.
A step-by-step guide to buying Internet Computer ICP in the UK
To buy ICP tokens, follow this well-detailed guide:
Step 1: Open an online account
The first thing you need to do is open an exchange account where you can buy the ICP tokens. The UK is home to many crypto exchanges, which is why you need to be careful when choosing one. Ensure that the exchange you settle for can support ICP tokens.
Opening an account is a less detailed process than opening a bank account. Your full names, address, and contact details such as the telephone number and email address, are all you will need. Depending on the exchange, you may be required to verify the information that you have provided. This will involve submitting documents such as a government-issued ID and a proof of address.
To set up security for your account, you need to set a two-factor authentication process to keep your tokens safe inside the exchange.
Step 2: Fund your account
The second step involved funding the account so you can buy ICP tokens. If the exchange you have selected permits the use of the GBP, you can link your bank account to the exchange and transfer the funds you want to use. However, not all exchanges have this option.
The second way of funding your account is by using other cryptocurrencies. An exchange may not allow you to change fiat currency into ICP tokens directly, but it will allow you to buy other popular cryptocurrencies such as Bitcoin using fiat currency. If you hold BTC or any other supported crypto on the exchange, you can directly change them to ICP tokens.
Step 3: Buy Internet Computer
The most important step is to buy ICP tokens using the funds you have deposited into the account. To buy the tokens, go to the ‘buy side’ on the exchange account page and enter the amount you want to purchase. Once you confirm all the details of your transaction, you will receive a notification that will inform you that your purchase has gone through successfully.
Sometimes the price of ICP tokens may be too high for you to buy at the prevailing prices. To purchase tokens at the prevailing prices, you will have to go with a market order, but to buy at your chosen price, you can select a limit order. With a limit order, your purchase will automatically be completed when prices hit a certain price.
Step 4: Store your ICP token in a wallet
The fourth step is for you to store ICP in a crypto wallet. Once you have ICP tokens on the exchange, you can transfer them to a hot wallet like the one offered by exchanges through mobile apps. Hot wallets are stored online, making it easier for you to retrieve tokens whenever you need them.
If you do not want to store it in a hot wallet, you can choose to store it in a cold wallet. The cold wallet can store your ICP offline, so you don’t have to worry about its safety online. A cold wallet is perfectly suited for those who are holding large amounts of ICP tokens.
Check Out: Why Internet Computer is Going to Explode
How to sell ICP tokens
If you decide that it is time for you to sell ICP tokens, you can go through the same process as the one involved in the purchase. Go to the ‘sell side’ at the exchange account and enter the amount of ICP tokens you want to sell. Confirm your details, and you will receive a notification that your sale has been processed successfully.
You can sell ICP tokens for fiat currency, or you can sell them for other cryptocurrencies. Once your sale goes through, the following step is to withdraw your money back into your bank account.
Which wallets can I use to hold ICP?
To hold ICP tokens, you can use either hot wallets or cold wallets. Hot wallets are preferable by those with small ICP holdings and people who want to trade the token regularly. Cold wallets are preferable by those who want to hold large amounts of the token and those who do not want to trade any time soon.
How Internet Computer ICP works
Internet Computer ICP works in just the same way as other cryptocurrencies. It is based on the blockchain system, and this makes the transactions secure and fast. The token is mainly used for speculation where people buy and sell depending on the token’s market prices.
The ICP tokens are also used to power the Internet Computer network. In addition, they can be used for developing other DeFi protocols.
Key things to consider before buying Internet Computer in the UK
It would help if you considered these factors before buying ICP tokens:
You should only choose to buy the crypto if it is highly available. To check availability, evaluate how many tokens have already been mined and how many are in supply. A highly available token will make it easier for you to trade.
Like with other forms of investments, you need to evaluate the performance of an asset before you can make a decision. The performance of ICP is judged by how the token has done in recent months in terms of price.
You also need to check whether the token can be adopted for other purposes, such as supporting DeFi projects and being used for online purchases.
ICP tokens are some of the most valuable cryptocurrencies. The tokens are very new in the sector, but this has not overshadowed their potential. It is among the top 10 cryptocurrencies in the world, and it is rapidly gaining popularity. Buying and selling ICP is a very easy process, but you also need to be cautious when investing in crypto.
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Virtual currencies are highly volatile. Your capital is at risk.