ERC20 tokens and your Easy Crypto Wallet
What is an ERC20 token?
An ERC20 token is any cryptocurrency or token that uses the Ethereum blockchain. There are quite a lot of them!
Ethereum was designed as a platform, that other cryptocurrencies could build on. There are now hundreds of different cryptocurrencies or blockchain projects that are run on the Ethereum blockchain. And you could build your own, if you wanted to!
Easy Crypto sells a range of ERC20 tokens including OmiseGo, Ziliqa and Icon.
Can I store ERC20 tokens in my Easy Crypto Wallet?
Absolutely! Because ERC20 tokens use the Ethereum network, any ERC20 token can be safely stored in your Easy Crypto Wallet, just like Ethereum itself.
However, there is one catch….
…It’s called Gas.
The Ethereum network has a fee (called “gas”) for every transaction made on the network. These fees are only charged if you are sending your cryptocurrency to a new address. If you are simply holding your cryptocurrency there is no fee.
If you want to move your ERC20 token from your Easy Crypto Wallet to another address, you will need to have enough Ethereum at your address to cover the “gas” for the transaction. The price of gas varies, but is a very small amount, e.g. 0.0005 Ethereum.
How do I move ERC20 tokens out of my Easy Crypto Wallet?
If there is an official wallet for your coin, then you should be able to “sweep” your private key into that wallet without requiring any gas. No gas is required because you are not moving your coins from one address to another, you’re just using that wallet to access the coins at the address they are already at.
Alternatively, you can use MyEtherWallet. Again, you don’t need gas to access your coins using MyEtherWallet.
However, you will need ETH for gas if you wish to send your coins to a new wallet address or to an exchange.