Curious how to store those popular ERC-20 tokens? Well, you will definitely need an ERC-20 wallet.
Feeling lost? This guide explains the terms of ERC-20 wallet addresses and how to get one. We'll even recommend some great wallets to use!
What Is ERC-20 Wallet?
ERC-20 is a technical standard that defines how tokens should function on the Ethereum blockchain network. This standard makes ERC-20 tokens interchangeable and easier to use for everyone.
An ERC-20 wallet is a software application enabling storage, transfers, and interaction with dApps in the Ethereum ecosystem. It streamlines managing your ERC-20 tokens in one place.
Such wallets function similarly to traditional bank accounts. But instead of traditional money, they hold private keys that provide access to your ERC-20 tokens. These keys are necessary for confirming any transactions with your tokens, so their safety is paramount.
This article explains more about ERC-20 tokens.
What Is ERC-20 Wallet Address?
An ERC-20 wallet address is a unique alphanumeric string, usually 42 characters long, that identifies your ERC-20 wallet. This address allows others to send any ERC-20 tokens to your wallet.
Herewith, the tokens are not kept inside the wallet itself, they exist on the Ethereum blockchain. So, your wallet address acts as a key to access and manage them. It’s important to double-check the address before sending any digital coins to it, as any mistakes could lead to a permanent fund loss. Recovering such funds will be difficult if not impossible.
An example of an ERC-20 wallet is a string of characters that starts with either "0x" or just "0" and continues with a combination of letters and numbers. It might look like this:
0x1337bEaTa45bFA88Dc9C6CFeB6e0BAAEdCD6eCdA
A wallet address should not be confused with an ERC-20 contract address. An ERC-20 contract address is a unique code, particularly on the Ethereum blockchain. It acts like an ID for a smart contract that follows the ERC-20 standard.
Step-By-Step Guide On How To Get An ERC-20 Wallet Address
Since you've grasped the fundamentals, we can start with the main guide. Here’s info on how to get an ERC-20 wallet address:
- Pick a Compatible Crypto Wallet Provider: There are numerous variants available, and we’ll explore them later in the article.
- Create a New Wallet Account: You could rather create a new wallet or import an existing one. The qualified wallet providers usually guide you through the setup process which usually involves building a strong password, passing the KYC procedure, etc.
- Secure Your Wallet: You will get a generated recovery phrase that is typically a series of random words. It is crucial to have the ability to recover your wallet, so write it down and store it offline without sharing it with anyone.
- Find Your Wallet Address: Go to the "Wallet" or "Receive" section or the Account Details. Your ERC-20 wallet address will be located there.
- Copy and Share The Address: You can copy the address and share it with anyone who wants to send you ERT-20 tokens.
Crypto Wallets That Support ERC-20 tokens
We’ve already mentioned that there are multiple wallets that work with ERC-20, and now it's time for specifics. Some crypto wallets that support ERC-20 coins include:
- Cryptomus
- Exodus
- Zengo
- Coinomi
- Atomic Wallet
- TREZOR
- KeepKey
We have an in-depth guide on crypto wallets, make sure to read it.
While all the wallets above are reliable, the best choice still depends only on your needs. Crypomus is the best-qualified wallet provider for ERC-20 assets if you need a user-friendly interface, robust security, and support for a wide range of various cryptocurrencies. It also has other benefits such as low transaction fees, a staking option, and 24/7 support.
Mobile alternatives include the Zengo and Coinomi wallets, while TREZOR and KeepKey provide hardware storage that eliminates hacking risks. Just keep in mind that hard wallets are less convenient to use than online wallets that can be just as secure.
Alright! Now you know how to access your ERC-20 wallet address. This address helps you manage ERC-20 tokens on the Ethereum blockchain in the most convenient and easy way.
Thanks for reading! Share your thoughts on ERC-20 wallets in the comments below. Let's chat!
