How to buy ICONOMI (ICN)
What you need to know before you buy or sell ICN in Singapore.
ICONOMI is a cryptocurrency investment platform that allows you to buy cryptocurrency portfolios known as Digital Asset Arrays (DAAs). Built on the Ethereum blockchain, ICONOMI aims to provide an index fund for cryptocurrencies that makes it easy for anyone to buy into this asset class.
ICN is the official token of the ICONOMI platform. For more details on what this token is used for and how you can buy ICN in Singapore, keep reading.
Where to buy ICN
ICN can be purchased on a variety of popular cryptocurrency exchanges, such as:
A step-by-step guide to buying ICN
If you want to buy ICN, here’s an example of how you might do it:
Step 1. Create an account with a cryptocurrency exchange that allows you to trade ICN
ICN isn’t listed on every crypto exchange around the world, so search for a suitable platform that allows you to exchange ICN with the currency of your choice. Once you’ve found a site, sign up for an account by providing your name, email address and contact information.
In line with Know Your Customer (KYC) laws, some exchanges will also require proof of ID before your account can be verified and begin trading. It’s also recommended that you set up two-factor authentication for increased account security.
Step 2. Deposit funds into your account
At the time of writing, it’s not possible to buy ICN directly with Singapore dollars (SGD), so you’ll first need to acquire a popular crypto, for example, bitcoin (BTC) or Ethereum (ETH), and then exchange that coin for ICN.
To deposit your chosen currency into your trading account, look for the “Deposit funds” link (or similar) once you’ve logged into your account.
Step 3. Buy ICN
Once the necessary funds have been deposited, search for the currency pair you want to trade, such as ICN/ETH. Review the current price of ICN and click on “Buy ICN”.
You will then need to choose a limit or market order, enter the amount of ICN you want to buy, and review the full details and cost of your transaction. If you’re happy with all the details and ready to proceed, confirm your buy order.
How to sell ICN
The process for selling ICN is very similar to the buying process outlined in Step 3 above, but you’ll be choosing “sell” rather than buy. However, keep in mind that exchanges tend to only offer certain pairings, so you may not be able to directly exchange ICN for the fiat or cryptocurrency of your choice.
ICN tokens are ERC20-compliant tokens on the Ethereum blockchain. As a result, they can be stored in the official ICN Wallet on the ICONOMI platform, or in a wallet that supports this type of token, such as:
How ICONOMI works
Based in Slovenia, fintech start-up ICONOMI was founded by CEO Tim M. Zagar and CTO Jani Valjavec in 2016. Its initial coin offering (ICO) was held in August and September 2016 and raised over US$10 million.
If you’re new to the world of cryptocurrency, choosing which crypto to buy can be an overwhelming and confusing experience. Not only is there a great deal of technical information (and jargon) that you’ll need to wrap your head around, but the time needed to research potential crypto purchases can be lengthy.
ICONOMI is designed to make it easier to buy a cryptocurrency portfolio by letting ICONOMI pick the cryptocurrencies for you. Based on a decentralised management platform – the ICONOMI Digital Assets Management Platform – users can buy and manage digital assets and combinations of digital assets (DAAs).
In this way, the platform connects cryptocurrency buyers with third-party DAA managers, who receive fees through the platform for managing and creating those funds.
ICN tokens are the official token of ICONOMI. Token holders receive benefits from the performance of the CCP Pinta fund – a DAA managed by investment company Columbus Capital Ltd – and also receive fees collected on the ICONOMI Digital Assets Management Platform via ICONOMI’s repayment program.
What to consider when buying ICN
Cryptocurrencies are complex, speculative and risky, so it’s essential that you do your due diligence and understand all the potential risks before making any purchases. If you’re thinking of buying ICN, make sure you take the following factors into account:
- Token supply. 100 million tokens were issued during the ICONOMI ICO. 85 million of those were distributed to ICO participants, with another 2 million used for early-stage marketing and bounties. The remaining tokens were distributed to advisors, ICONOMI team members and future team members.
- Circulating supply. According to CoinMarketCap, the circulating supply of ICN at the time of writing (22/01/2018) was 99,788,314 ICN.
- Token value. The ICN token attains value from several channels, including platform fees and realised gains from the CCP Pinta fund. Tokens will also be used to create custom DAAs.
- Profit distribution. ICONOMI will distribute profits and value directly back to ICN holders by buying tokens on the open market and burning them. Each token purchased by ICONOMI is removed from the outstanding balance of ICN tokens, meaning the total supply of ICN tokens will constantly decrease.
- Past performance. While past performance is not a reliable indicator of future performance, take a look at the recent performance of ICONOMI’s range of DAAs to track the returns they have delivered to buyers.
- Regulatory concerns. Cryptocurrencies are still largely unregulated, so it’s important to consider how any future legislation changes could affect the value of any coin. For example, in January 2018 the US Securities and Exchange Commission expressed significant concerns about the securities industry’s plans to create exchange-traded funds around cryptocurrency.