Best wallets for ICON in 2020
Your guide to the best wallets for storing, sending and receiving ICX tokens
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ICON plans to “hyperconnect the world” by building a massive decentralised network that will allow different blockchains to interact with one another. This ambitious project has attracted plenty of attention throughout the cryptosphere and seen ICON’s ICX token become firmly entrenched as a top-30 digital currency by market cap as at May 2018.
If you’re thinking of buying any ICX tokens, you’ll need to find a safe, user-friendly wallet where you can securely store them. Read on for details of some of the best ICX wallets to help find one that’s right for your needs.
ICX token swap
The initial ICON tokens distributed during the 2017 crowdsale were ERC20 tokens issued on the Ethereum network. These tokens can be stored in any wallet that supports ERC20 tokens.
However, following the launch of its mainnet in early 2018, ICON will soon perform a token swap that will see these ERC20 ICX tokens exchanged for ICX mainnet coins. The token swap will be made with an exchange rate of 1:1, with users able to complete a swap through either ICON’s official ICONex wallet or using a cryptocurrency exchange.
At time of writing (May 2018) no date has been announced for when the token swap will begin, but it will be carried out over a period of three months.
Best wallets for ICX
What to look for in an ICX wallet
When comparing ICX wallets, make sure you consider the following features:
- ICX support. Make sure any wallet you select actually provides support for ICX tokens. Take note, too, of the difference between ICX ERC20 tokens on the Ethereum network and ICX mainnet coins as outlined in the must-read box above.
- User-friendliness. If you’re new to cryptocurrency, navigating your way around some wallets can be quite confusing. With this in mind, look for a wallet that’s easy to understand and use.
- Security features. Consider how secure a wallet is and what protective measures it provides. For example, is it a hot (online) or cold (offline) wallet? Does it offer two-factor authentication? Multi-sig functionality? Has it ever been hacked?
- Private key control. While we’re on the topic of private keys, make sure you look for a wallet that allows you to remain in charge of your private keys at all times. This ensures that you are the only one who can access your tokens and coins.
- Backup and recovery. Is there a backup feature that’s easy to use? What will you need to do to recover your funds if something ever goes wrong with your wallet?
- Development team. Take some time to consider the wallet provider. For example, what level of experience does the team have and are they backed by a good reputation? Is the wallet regularly being updated and improved to provide more features and better security?
- Independent reviews. Finally, see if you can find any independent reviews of the wallet to find out what real-world users think. Would they recommend it to others?
4 top ICON (ICX) wallets
- Official ICON wallet, supports ICX mainnet coins, can be used for token swap
- Still undergoing beta testing, mobile apps still to come
As well as ICX, the wallet can be used to store Ether (ETH) and Ethereum-based ERC20 tokens. However, be aware that if you wish to send ICX ERC20 tokens (these are the ICX tokens currently in circulation) to the wallet, you’ll need to transfer them to the ETH wallet address rather than the ICX mainnet coin address.
Designed to offer transactions, secure payments and liquid exchange across multiple cryptocurrencies, ICONex is built with a focus on user-friendliness. It’s simple and straightforward to understand and use, and also includes a token swap feature for when the time comes to transfer ERC20 tokens over to mainnet coins.
- The wallets below are suitable for storing ICX ERC20 tokens only.
2. MyEtherWallet (web wallet)
- All Ethereum-based tokens, lets you control your private keys
- New crypto buyers may find it a little confusing
MyEtherWallet is one of the most popular choices for storing Ethereum-based tokens. It’s quick and relatively straightforward to set up a wallet, and you can do so without providing any personal details – a big positive for anyone who values their privacy and anonymity. You can retain control of your private keys at all times, while it’s also fast and convenient to access your tokens whenever you need.
If you’re a crypto newcomer, you may find the process of setting up and managing your MyEtherWallet a little intimidating at first. However, there’s a guide and a selection of FAQs provided to help you get past any initial confusion.
3. Ledger Nano S (hardware wallet)
- Security features, simple to use, supports multiple currencies
If you’d like to place an even greater emphasis on security, you might like to consider investing in a Ledger Nano S hardware wallet. This portable storage unit connects to your computer via USB and allows you to manage your ICX ERC20 tokens through the MyEtherWallet interface.
The Nano S stores your private keys in a secure element, which is protected by a PIN, and also features a built-in display and confirmation buttons so you can manually verify transactions. It also supports several other popular cryptos, including bitcoin, bitcoin cash, Ether and Litecoin, but you’ll need to be willing to fork out €79 (around AUD$125) plus tax to get your hands on a Nano S.
4. Eidoo (desktop and mobile wallet)
- Supports a wide range of tokens, convenient access on multiple platforms, user-friendly
- Still a relatively new offering
Private keys always remain in your control and are encrypted on your device, while sending, receiving and storing your currency is quick and easy. It also features a hybrid exchange that allows cross-trading amongst ETH and different ERC20 assets.
The biggest downside is that Eidoo was launched in 2017, so it doesn’t yet have the same “runs on the board” as some other wallet providers.
Storing ICX in an exchange wallet
Another option you may be considering is storing your ICX tokens in an exchange wallet. This is a quick and convenient option, but it’s not usually recommended due to the myriad security risks associated with exchanges. With numerous incidents of hacking and theft plaguing the history of crypto exchanges, not to mention the fact that you don’t control the private keys to your exchange wallet, storing your funds in a private wallet is seen as a more secure option.
Tips for securely storing your ICX
There are several other steps you can take to further guarantee the security of your ICX tokens or any other digital currency, including:
- Do your research. Before choosing a wallet for long-term storage, take the time to research the features it offers. Is it from a reputable provider? Has it ever had any security breaches? Would previous users recommend it? This will help ensure that you choose a secure storage method.
- Use all available security features. Can you set up a PIN number on your account, enable two-factor authentication or require multi-signature verification of transactions? Make use of all available protective measures for extra peace of mind.
- Update antivirus software. Make sure you’ve updated your antivirus protection on any device you will be using to access your crypto wallet.
- Keep private keys private. Look for a wallet that allows you to retain control of your private keys, and remember to never share your private keys with anyone.
At the time of writing, the author holds IOTA and XLM.
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