ICO is a form of crowdfunding, used by startups. Imagine a team of developers who are working on a new promising project. They might need to raise money from public, so they create their own cryptocurrency. Those who want to support the project, would buy this currency posession rights during the initial crowdsale phase.
It’s very important to understand that during this phase new coins don’t exist yet, people are buying IOU (“I owe you”) - not the coins themselves, but the obligations. As soon as fundraising phase is over, IOUs are being issued - transformed into usual tokens.
ICO coins basically don’t exist until the issue date. There’s no blockchain for them. That’s why it’s not possible to perform transactions, send coins somewhere - for example, deposit your HitBTC account with them.
Until the moment the tokens are released, only verified market makers and ICO communities, who chose our site for primary placement, are able to deposit ICO to HitBTC.
Check out the “ICO” tab in the “Instruments” section on our exchange. You are able to buy IOU directly on our exchange and store them on your HitBTC account. As soon as tokens are released, you’ll be able to trade, deposit/withdraw them – it’s exactly the same deal as with every other coin.
You don’t need to spend time looking for new promising ICOs and figuring out how to join them – the most interesting tools are already here. You don’t even need to leave HitBTC – our familiar interfaces are here for you, participating in ICO feels exactly the same as buying any other coin.
As tokens are released, you are the first to trade them right here, on HitBTC, which also is great.
HitBTC supports ICO sale for selected projects even before the official ICO starts. It means that you can participate in ICO prior to its launch.
Pre-ICO trading pairs are marked with a clock icon in the ICO tab. As official ICO launches, clock-icon disappears and you are able to keep trading further on the ICO market.