Launched in early 2021 by the DFINITY Foundation, Internet Computer token (ICP) appears to be one of the hottest cryptocurrency projects in the market right now. If you’re wondering how to buy internet computer token, then this article got you covered.
It provides a list of exchanges where you can buy ICP using fiat and other cryptocurrencies. In the end, you should be able to know how to get exposure to the asset, just in case, it turns out to be the next big thing in crypto.
Table of Contents
A quick guide on buying Internet computer token on Binance
- Register on Binance.com and complete their user verification process.
- Go to Wallet > Fiat and Deposit
- Find your fiat currency wallet (eg, GBP, EUR, NGN) if supported, and click Deposit.
- Follow the prompts to fund your account using either a debit/credit card or bank transfer.
- Once successful, go to Trade > Convert and convert GBP to BUSD.
- Next, go to Markets and find the ICP/BUSD pair under Fiat Markets.
- Click Trade and the pair.
- On the next page, switch the Order type to Market under Buy ICP.
- Enter the amount of BUSD to Sell for ICP and confirm the purchase.
- Congrats! You’ve successfully purchased Internet Computer tokens and can then choose whether or not to withdraw or leave them on Binance.
Where to buy Internet computer crypto (ICP) with fiat
Coinbase Pro is the trading-focused version of the popular US exchange, Coinbase. While Coinbase.com caters to the needs of retail investors, Coinbase Pro includes advanced trading functionalities such as limit orders.
On May 5, 2021, Coinbase announced the listing of Internet computer tokens on the Pro Platform. Users can buy ICP using USD, GBP, EUR, BTC, and USDT.
How to do it:
- Register on pro.coinbase.com and complete the user verification process.
- Go to Wallet Balance > Deposit
- Select GBP as the currency to deposit.
- Select the Bank Account tab under GBP deposit and then add an account.
- Once verified, go back to Deposit and fund your account via a bank transfer.
- Next go to pro.coinbase.com/trade
- Find the ICP/GBP pair, or the corresponding pair for whatever fiat currency you deposited (e.g. ICP/USD, ICP/EUR, ICP/USDT).
- Switch the Order Type to Market and input the amount of GBP to spend for ICP.
- Confirm the trade and wait for a second for execution.
- Once successful, you’ve purchased Internet computer tokens.
Supported Deposit Methods: Bank Transfer, SWIFT, Debit, and Credit Card.
Coinlist Pro is another platform that supports the buying of ICP with fiat. At the time of writing, the exchange offers a USD, and USDT trading pair, meaning you can deposit any of these and trade them for ICP.
At the same time, you can deposit BTC on the platform, swap it for USD or USDT, and then use it to fund your ICP purchase. This tutorial assumes that you want to deposit USD on Coinlist Pro to buy ICP.
How to do it:
- Register on Coinlist.com and verify your identity.
- Go to Wallets and click Deposit on your USD wallet.
- Choose to deposit via ACH or Wire Transfer.
- Input the amount and follow the prompts to complete the transfer.
- Once successful, revisit your USD wallet and choose the option to “Send to Advanced Trading.”
- Go to pro.coinlist.com/trader and use the search bar to find the ICP/USD pair
- Switch the Order type to Market or use Limit Order if you know how it works.
- Enter the amount of USD to sell for ICP.
- Click Buy ICP.
Supported Deposit Methods: ACH, Wire Transfer.
How to buy ICP with crypto
If you already have BTC or USDT and want to convert some of it to ICP, then you can use a number of exchanges that support crypto-to-crypto trades. We’ll go over them in this heading, and consider how to do it.
Binance is a popular cryptocurrency exchange and offers a healthy selection of coins, including ICP. Aside from the quick guide which suggested the deposit of fiat, Binance also supports crypto-to-crypto pairs for ICP.
How to do it:
- Register on Binance and complete the email verification process. KYC is not compulsory unless you intend to withdraw more than 1 BTC daily.
- Go to Wallet > Fiat and Spot.
- Click deposit on your BTC or USDT wallet.
- Copy the address and complete an external transfer to Binance.
- Go to Markets and switch the tab to BTC or Fiat Markets
- Find and click on ICP/BTC or ICP/USDT market.
- Switch the Order Type to Market and fill in the amount to exchange for ICP.
- Click Buy ICP
Like Binance, Huobi offers trading pairs for ICP. However, Huobi does not have a fiat gateway for popular fiat currencies like USD, GBP or EUR. This means you also have to deposit BTC or USDT on their platform, and then exchange it using their order books.
How to do it:
- Register on Huobi.com and verify your account via email.
- Go to Balances > Exchange
- Click Deposit on your BTC wallet and copy the deposit address Huobi sends to your email address.
- Complete a transfer to the address and wait for the network confirmation.
- Once successful, go to Spot Trading > Exchange
- Use the search bar to find the ICP/BTC trading pair.
- Change the Order Type to Market and enter the amount to exchange.
- Click Buy ICP to confirm the order.
Kucoin is another top-tier exchange where you can buy ICP with crypto. Like Binance and Huobi, the KYC process isn’t compulsory unless you're transacting large amounts. Although Kucoin offers a fiat deposit service via its partners, we recommend that you stick with crypto for the purpose of this tutorial.
How to do it:
- Register on Kucoin and complete their email verification process.
- Go to Assets > Main Account
- Click Deposit on your BTC or USDT account.
- Copy the provided address and complete a transfer to Kucoin
- Once successful, click Transfer on the wallet and transfer from your Main Account to the Trading Account.
- Go to Trade > Spot
- Open the search bar on the top left and find the ICP/BTC or ICP/USDT pair
- On the order page, switch the type to Market and input the amount of BTC or USDT to exchange for ICP.
- Review the Order and click Buy ICP.
OKEx has an interface similar to Kucoin and Huobi. They also support the same ICP pairs, namely with BTC or USDT.
How to do it:
- Register on OKEx and verify your email or phone.
- Go to Assets and click Deposit on your BTC or USDT wallet.
- Transfer funds to the provided address and wait for confirmation.
- Go to Trade>Basic Trading
- From the Trading pair menu on the left, use the search bar to find the ICP/BTC pair and open it.
- Switch the Order Type to Market and Input the amount of BTC to exchange for ICP.
- Click Buy ICP to complete the order.
Where to store ICP tokens
- Hardware wallet: Ledger Nano S or Ledger Nano X
- Web and Desktop: NNS wallet offered by DFINITY.
- Custodians: Coinbase Custody
Things to consider before buying Internet computer token
Traction: The Internet Computer Protocol (ICP) is an ambitious project that attempts to extend the ‘functionality of the global internet, allowing the network to host smart contracts that run at web speed.’
While the ICP token launch followed the roll-out of the first generation of applications on the network, the project is yet to exit beta and there is no guarantee that it would gain the same level of the transaction as existing blockchains.
Market Value: At the time of writing, ICP is among the eight-largest cryptocurrencies by market cap, despite being in existence for less than a month.
Based on market dynamics, potential investors must determine for themselves whether the token isn’t overpriced, especially given the bullish state of the general crypto market. By putting this factor into consideration, they can then decide when to include ICP tokens in their portfolio, and the amount they can allocate to it.
Storage: At this time, most custodial wallets still do not support the storage of ICP tokens. This is primarily a result of the complex nature of the network’s infrastructure.
The native NSS wallet app is also relatively difficult to set up for inexperienced investors, leaving them at the mercy of exchanges, at least until more custodial wallets include support for the asset.
Privacy and security tips
While you figure out how to get exposure to ICP tokens, keep the following privacy and security tips in mind.
Always enable advanced security features such as two-factor authentication (2FA) and biometrics login on your exchange account.
Offline hardware wallets such as Ledger’s appear to be the current safest way to store ICP tokens.
As Internet Computer is a fairly new project and most products are in beta, users must exercise extra caution while interacting with them.
This article reviewed how you can buy Internet computer tokens (ICP), including exchanges where you can get it, and a step-by-step guide on how to do it with both fiat and cryptocurrency. We also revealed where you can store your assets, as well as privacy and security tips for potential investors.
Judging by its stellar debut, Internet Computer Protocol (ICP) undoubtedly has the potential to become one of the most successful cryptocurrency-based projects.
However, like every other investment, we recommend that investors analyze their risk profile and decide whether or not to buy ICP and how much to put into it.