Frequently Asked Questions
Cryptocurrency – A digital or virtual currency designed to work as a medium of exchange that uses cryptography to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrency wallets are tools that store, send and receive cryptocurrency from one person to another. They help you securely control your funds by giving you a private key that only the owner has access to.
A cold wallet is a cryptocurrency storage solution where the wallet is not connected to the internet. This is usually done with a hardware wallet or paper wallet. A hot wallet is a cryptocurrency storage solution where the wallet is connected to the internet. This type of cryptocurrency storage solution can be stored on a mobile device and many people use it as their primary method of storing cryptocurrencies because it’s easier and more convenient than cold wallets.
You can open an account with a centralized exchange such as Binance or Kucoin. You will need to go through an identity verification process and once it’s completed, you will be able to transfer funds from your local bank account to the exchange. These exchanges have a wide range of crypto projects to choose from.
Of course, you can keep your crypto assets on the exchange where you have bought them, but in that case, they are in the custody of the exchange. The exchange could block your access to your coins for whatever reason, or the exchange could be subjected to a hack, and that could result in losing some or all of your assets. So for safekeeping, we recommend using a hot wallet or cold wallet storage since they allow you to have full custody over your assets. And if you choose to go with a hot wallet, consider using our IMX wallet. We can offer you the best security that can you wish for.
Yes, you can buy and sell and swap cryptocurrencies using our wallet, but keep in mind that you are subjected to the gas fees on the network. However, if you wish to use our IMT Utility token, then we guarantee that you won’t have to pay any fees. And the transaction will settle within seconds.
Yes, you can use our wallet to keep an eye on the market, and we will notify you whenever the market has big moves, so you won’t miss a beat.
IMX provides top-notch security through our multi-levels of data encryption and SSL data transfer protocol. What's more, we never store the private keys for our users' wallets and are only stored on your device. So there is no risk of hacking.
Each cryptocurrency network has a different transaction speed, and it is not only related to our IMX wallet. However, by using our IMT Utility token, we assure you that your transaction will be settled within seconds.
No, it is completely free to use, and you don't have to pay any money to download the app or register your details. The IMX wallet has a simple interface that can be operated with ease by beginners.