iconomi

How to buy ICONOMI (ICN)

What you need to know before you buy or sell ICN in Australia.

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 Australia, keep reading.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Where to buy ICN

ICN can be purchased on a variety of popular cryptocurrency exchanges, such as:

Name Product Deposit methods Fiat Currencies Available Cryptocurrencies
Cryptocurrency
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.
Cash, Electronic Funds Transfer, POLi
AUD
BTC, BCH, ETH, ETC, LTC, DASH, XMR, XRP, ANT, REP, BNT, BAT, BTS, BLK, CVC, CLAM, DCR, DGB, DGD, DOGE & 35+ more
Buy a variety of cryptocurrencies through an Australian exchange platform through POLi, Cash or Electronic Funds Transfer.
Cryptocurrency, Payeer, Perfect Money, Qiwi
USD, EUR, RUB
BTC, BCH, ETH, LSK, LTC, XMR, XEM, DASH, BCC, DBIX, CLOAK, EMC, NEO, TIME, SHIFT, STRAT, DOGE, DTR, DGB, VOX, ESC, MONA & 140+ more
Trade at an exchange that has an extensive offering over 160 coins and numerous fiat and altcoin currency pairs.
Cryptocurrency *Powered by atomic swaps
-
*Note that while the platform is under development, it is expected to support BTC, ETH, REP, ANT, BAT, EOS, SALT, CVC, DNT, SNT & 20+ more
Launching in 2018, Altcoin.io is a decentralised peer-to-peer cryptocurrency exchange powered by atomic swaps. Sign up now for early access.
Cryptocurrency, Payeer, AdvCash, Perfect Money, Capitalist, QIWI* Only available for RUB deposits
USD, RUB
BTC, BTG, DASH, ETH, LTC, DOGE, WAVES, LSK, BCC, TRX, NANOX, PAC, ZEC, XVG, EOS, ETC, RDD, TOKC, B2X, TTC & 400+ more
Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
OKPay, PerfectMoney, Yandex Money, Payeer, QIWI, Cryptocurrency
USD, EUR, RUB
BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO & 80+ more
Supporting over 100 coins, you can exchange a variety of cryptocurrency pairs on this peer-to-peer platform.
Electronic Funds Transfer, SEPA, Wire Transfer *payment methods vary per country
USD, EUR, GBP, JPY, CAD
BTC, BCH, ETH, ETC, XMR, DASH, LTC, XRP, XLM, REP, ICN, MLN, ZEC, USDT, GNO, EOS
Exchange multiple cryptocurrencies through a range of payment methods, including Electronic Funds Transfer, SEPA or Wire Transfer.

Compare up to 4 providers

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 you can 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 Australian dollars (AUD), 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 wallets

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.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

Was this content helpful to you? No  Yes

Related Posts

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Ask a question
Go to site