The Best ICON Wallet | A Guide to Storing ICX with ICONex Wallet
Recommended ICON Wallet: ICONex
- The safest way to store ICX, or any crypto for that matter, is with a hardware wallet. Check out our detailed review of the best hardware wallets for more info. The downside being they cost roughly $50-150, so if you only want to store small amounts the second best ICON wallet and one we recommend using is ICONex.
- ICONex is the official wallet developed by the ICON team, so is a lot safer than wallets developed by third parties. You are also in control of your own private keys, so again do not have to entrust them to another entity.
- User friendly wallet with a sleek UI, but unfortunately is only currently available as a Chrome extension. However, Android and IOS Apps are on the way! ICONex can also be used to store other cryptos connected to the ICON blockchain, which at the moment includes Ethereum and all ERC20 tokens.
How to Download & Install the ICON Wallet
Step 1: Navigate to the ICONex wallet on Chrome Store and click ‘Add to Chrome’ in the top right.
Step 2: After the download is complete the extension will automatically be added to the top right of your browser.
How to Setup the ICONex Wallet
Step 1: Click the ICONex extension in the top right of your Chrome browser. In the next window that opens, click ‘Create Wallet’ if you are setting up for the first time or ‘Load Wallet’ to restore a previous wallet.
Step 2: Select either ICON to create a wallet for ICX or Ethereum to add ETH or ERC20 tokens. If you want to create multiple wallets, this can be done after you finish the initial setup.
Step 3: Create a name for your wallet and a secure password. We highly recommend using a secure password manager such as LastPass to both generate and store your password safely.
Step 4: Download the Keystore file – used to backup your wallet and restore it if you lose access. Be sure to store this somewhere secure.
Step 5: Copy down your private key somewhere safe, preferably take a physical copy on paper, as anyone with the private key can access the funds stored within the wallet. Click ‘Complete’ to finish the setup. You can now transfer funds to and from your ICONex wallet!
Step 6: As an extra security measure, we recommend to setup the screen lock function which requires you to open a 6 digit pin every time you open ICONex in a new window. To do this, click the ‘My Page’ tab in the top nav bar, enter your 6 digit pin and click ‘Complete.’ These extra security features are why this is one of the best ICON wallets.
Recieve Funds with ICONex Wallet
Step 1: Navigate to the ‘My Wallet’ tab and scroll down to the bottom of the page. Underneath your wallet click the coin or token you want to transfer. Be sure to click the text (shown by arrow below) and not the ‘Transfer’ button, as this is for sending funds out.
Step 2: Click ‘Copy Address’ to get your wallet address and past this into whatever exchange or wallet you are sending ICX from. Alternatively, scan the QR code with your mobile device. Once you initiate the transaction, you can view your pending and completed transactions at the bottom of the page.
Send Funds from ICONex Wallet
Step 1: Click the ‘Transfer’ tab in the top nav bar and select the wallet you want to send funds from in the drop down menu. Enter your password for the wallet in the pop up box.
Step 2: Enter the amount you wish to transfer or tick the ‘Max’ box to send all your funds from the wallet. The box below will show you your transaction fee and the remaining balance after this is deducted.
Step 3: Go to the exchange or wallet you are sending funds to and copy the recieve address. Paste this in the ‘Receiving Address’ box, check all the details are correct and click Transfer.
How to Swap ICX Tokens for ICX Coins with ICONex Wallet
There is a lot of confusion and worry surrounding the upcoming ICON mainnet launch and the IXC token swap to ICX coins that goes with it. However, there is nothing to worry about! Here is the key info you need to know for the swap:
- The token swap period will last for 3 months.
- If your ICX tokens are stored on an exchange, then that exchange will make the swap automatically.
- If you using the ICONex wallet, then follow the ICX token swap guide below.
Step 1: In your ICONex wallet, scroll down to ETH as this is where your ICX tokens are located. On the far right, click ‘Swap’.
Step 2: To prevent issues with people sending ICX coins to exchanges that have not yet added support, the ICON team are coordinating all exchanges and wallets to being the ICX token swap period simultaneously. The window that pops up will show the current status. As such, you cannot initiate the swap yet but you can setup an ICON coin wallet, so click ‘Yes’.
Step 3: Enter the password for your ETH wallet, then follow all the on screen steps to setup your ICON coin wallet – see above for how to do this safely. That’s all for now, but we will update this article once the ICX token swap feature becomes available!
We hope you have found this ICONex wallet guide useful, but please feel free to post a comment below if you are having trouble using it.
Disclaimer: Readers should do their own research before investing funds in any company, cryptographic asset or piece of equipment. CoinDrift shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.