How to Add a Token to Your Ethereum Wallet?

Cryptocurrencies and Initial Coin Offerings (ICOs) had an incredible 2017. Initial Coin Offerings raised more than $3.5 billion dollars during the last year. For 2018, the industry is expected to keep growing, with more ICOs and cryptocurrencies than never before. If you want to know which will be the next ICOs to be released, click here.

If you are an investor, you may be asking yourself, how do I add a token to my Ethereum Wallet? And something that may be complicated turns out to be easier than expected. Let’s have a look at that.

Creating a Wallet

First of all, before you start trading cryptocurrencies, you need to create a wallet that will be used to store your tokens. Myetherwallet is one of the most known wallets for investors.

Most of the ICOs launch Ethereum based coins, meaning that they are ERC-20 tokens. ERC-20 tokens have a specific standard that provides interoperability with dApps and other functions.

Adding Tokens

Once you have created a wallet in MyEthereWallet, then the process is not so complicated. When you are on the webpage, you need to click on the tab ‘View Wallet Info’.

Once the page loads, you will have to scroll down a little. On the right side, you will see that there is a tab saying ‘Show All Tokens’. Open it and check whether the token that you want to add is there or not.

If you see that the token that you do not want to add is listed, then you will have to add. How to do it? Well, it is not complicated. You just need to click on the link ethplorer.io and search for the token that you are interested in.

You will have to copy the contract address of the token and count how many decimal places the address has. Once you have this information, you will be able to add the token to the wallet. Click on the tab ‘Add Custom Wallet’ and paste the information of the token that you want to add.

If you have followed all the steps, then, your token will be added to MyEtherwallet.