ICON (ICX) Staking Overview
Staking ICON (ICX) includes locking up your tokens to help safeguard the network and earn incentives. Your ICX tokens can be delegated to Public Representatives (P-Reps), who validate transactions and secure the network. Incentives are earned according to the quantity of ICX staked and the commission rate of the P-Rep. Prominent ICX staking platforms include ICONex, MyIconWallet, Ledger Live, ICONFi, and Staked. A step-by-step guide on how to stake ICON (ICX) is mentioned below.
How to Stake ICON (ICX)
To stake ICON (ICX), follow the given steps:
Step 1: Acquire ICX Tokens
Step 2: Choose a Wallet
Step 3: Delegate Your ICX Tokens
Step 4: Start Earning Rewards
Step 5: Monitor Rewards
Step 1: Acquire ICX Tokens
The first step to staking ICX is to buy ICX tokens. Users can buy ICX on a cryptocurrency exchange that supports it, such as Binance, Huobi, or OKEx.
Step 2: Choose a wallet
Next, the user needs to choose a wallet that supports staking ICX. Some popular options include ICONex, Ledger Live, and MyIconWallet. You need to create an account in the wallet. Now transfer your tokens from the crypto exchange to your wallet.
Step 3: Delegate Your ICX Tokens
Once users have ICX tokens in their wallet, they can choose a Public Representative (P-Rep) to delegate their tokens. P-Reps are responsible for validating transactions and securing the ICON network. Users can choose a P-Rep based on their reputation, commission rate, and other factors.
Step 4: Start Earning Rewards
After delegating your ICX tokens to a P-Rep, the user will start earning rewards in the form of additional ICX tokens. The rewards users earn depend on the amount of ICX users have delegated, the P-Rep’s commission rate, and other factors.
Step 5: Monitor Rewards
Users can monitor their staking rewards and manage their delegations through their ICON wallet.
Also read: How to buy ICON
Popular video guides on Staking ICON (ICX)
Best Places to Stake ICON (ICX)
Option 1: ICONex Wallet
ICONex is the official ICON wallet that allows you to stake your ICX tokens. Users can store, manage, and transfer their digital assets using the secure digital wallet ICONex. It was created by the decentralised blockchain network known as the ICON Foundation, which aims to link different blockchain communities and networks. Many cryptocurrencies are supported by it, including ICON (ICX), Ethereum (ETH), and other ERC-20 tokens. ICONex's user-friendly interface, which enables customers to quickly manage their digital assets, is one of its primary benefits.
Pros
- ICONex provides an intuitive user interface that makes it easy to delegate your ICX tokens to Public Representatives (P-Reps).
- ICONex is a non-custodial wallet, which means that you have full control over your ICX tokens and private keys.
- ICONex supports a wide range of P-Reps to choose from, giving you more options for staking your ICX tokens.
Cons
- ICONex is only available as a browser extension or desktop application.
- Staking ICX with ICONex involves some risk of slashing if your P-Rep behaves maliciously.
A significant cryptocurrency platform called Crypto.com, which provides various services like trading, staking, and payment solutions, developed and operates a multi-currency digital wallet. A built-in exchange feature is also available, enabling customers to quickly exchange their digital assets right from their wallets. For staking ICX, the platform provides affordable rates and an easy-to-use interface.
Pros
- Crypto.com allows users to stake ICX for various staking periods, ranging from 1 month to 3 months.
- Crypto.com offers competitive rewards for staking ICX distributed on a weekly basis.
- Crypto.com provides a user-friendly interface for staking ICX.
Cons
- As a centralised platform, Crypto.com requires users to trust the platform to handle their ICX tokens and distribute staking rewards.
- Crypto.com charges fees for staking ICX.
Ledger is a well-known hardware wallet that is supposed to keep users' private keys offline and secure, adding an extra layer of security against any hacker assaults. Several hardware wallet versions are available, including the Ledger Nano S, Ledger Nano X, and Ledger Blue. Ledger also includes a number of extra features, such as interaction with prominent cryptocurrency wallets and exchanges. This enables consumers to easily manage their digital assets across numerous platforms and applications.
Pros
- Ledger Live provides a secure way to stake ICX tokens, as users can stake directly from their Ledger devices.
- The Secure Element (SE) chip in Ledger safeguards your private keys.
- Ledger Live does not charge any fees for staking ICX.
Cons
- Only supports staking for a limited number of cryptocurrencies.
- Users must have a Ledger device to stake ICX with Ledger Live.
Option 4: Huobi
Huobi is a cryptocurrency exchange where users can stake ICON (ICX) tokens for periods ranging from 7 to 30 days. Huobi is a top global cryptocurrency exchange where users can buy, sell, and trade a variety of digital assets. The platform was started in China in 2013 and has since grown to serve users in over 130 countries worldwide. Huobi provides its users with a variety of tools and services, including spot trading, margin trading, futures trading, and more. It also provides a variety of trading tools and data to assist users in making informed trading decisions.
Pros
- Huobi allows users to stake ICX for various staking periods, ranging from 7 days to 30 days.
- Huobi offers competitive rewards for staking ICX distributed on a daily basis.
- Well-established and reputable cryptocurrency exchange with a strong security and reliability track record.
Cons
- Huobi charges fees for staking ICX.
- Supports staking for a limited number of cryptocurrencies and Fiat currencies.
Option 5: BitMax
BitMax is a global cryptocurrency exchange platform recognised for its novel trading features, such as its "reverse-mining" approach, which pays users with BTMX, the platform's native token, for trading on the site. The BitMax platform was created to provide high-performance trading with low latency and high throughput. Margin trading, derivatives trading, and sophisticated order types are all supported. BitMax has also put a strong risk management strategy in place to protect against losses caused by unforeseen market events.
Pros
- BitMax offers competitive rewards for staking ICX.
- User-friendly interface for staking ICX
- Well-established and reputable cryptocurrency exchange with a strong security and reliability track record.
Cons
- Supports staking for a limited number of cryptocurrencies.
- BitMax charges fees for staking ICX.
Also read: ICON Price Prediction
Benefits of Staking ICON (ICX)
- Staking ICX allows users to earn rewards in the form of more ICX or other cryptocurrencies.
- By staking ICX, users help to secure the ICON network and participate in the governance of the network.
- Stakers can participate in the governance of the ICON network by voting on proposals and decisions related to the network.
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Most frequently asked questions on ICON (ICX) Staking
How much can I earn by staking ICON (ICX)?
The amount you can earn by staking ICON (ICX) is determined by a number of criteria, including the staking platform or exchange you use, the quantity of ICX you stake, and the length of time you stake. In general, staking payouts can range from 4 to 20% APY, while these rates can vary and are subject to change. It is critical to explore and evaluate several staking choices in order to select the one that best meets your needs and ambitions.
How long do I need to stake ICON (ICX)?
The time it takes to stake ICON (ICX) depends on the staking platform or exchange you use. Some systems enable you to stake for as little as one day, while others require months or even years of staking. It is critical to research the staking criteria of several platforms and select the one that best fits your investment goals and timeframe. Keep in mind that longer staking periods may give better rewards but also necessitate greater time and resource commitment.
Can I withdraw my staked ICON (ICX) at any time?
The ability to withdraw staked ICON (ICX) depends on your staking platform or exchange. Depending on the platform, you may use flexible staking whereby your tokens can be withdrawn in a particular way at any time, whereas others will ask for some lock period before the withdrawal. Before investing your money, make sure you have good knowledge of the withdrawal policies in place on all platforms so as to be able to make a proper decision.
Is staking ICON (ICX) safe?
Staking ICON (ICX) is risk-free if you utilise a reputable staking platform or exchange with adequate security measures in place to safeguard your funds. To guarantee your assets are well-protected, it is critical to investigate the platform’s security features, such as multi-factor authentication, cold storage, and insurance coverage. It is also recommended that you utilise a hardware wallet to keep your ICX tokens and only stake with money you can afford to lose.
What happens if I unstake my ICON (ICX)?
When you unstake your ICON (ICX), the tokens are removed from the staking pool and returned to your wallet or exchange account, depending on the platform you are staking on. There may also be a lock-up period or fines for early unstaking. You can easily transfer or trade your unstaked tokens after the expired lock-up or penalty period. It should be noted that unstaking may result in a reduction in incentives obtained throughout the staking period.
Can I stake ICON (ICX) on multiple platforms?
Yes, you can, but staking the same ICON (ICX) tokens on various platforms is generally not encouraged because it can result in penalties and lesser returns. This is due to the ICON network’s strategy for preventing double staking of the same tokens, which might result in staker fines. Conducting research and selecting a single platform that corresponds with your staking goals and offers competitive staking incentives is critical.
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