There are many ways to store Ether and other custom tokens on the Ethereum blockchain. Mist, for example, allows you to run a full node and to watch and send any ETH token. It does, however, require you to keep a full copy of the blockchain. You can also keep them on special wallets built by the projects themselves like the Singular-DTV or Gnosis wallet.
MyEtherWallet, however, provides an extremely simple and safe way to watch and interact with your Ethereum-based tokens. We are going to show you how to use this service with any ETH token.
In this guide, we assume you have already created your wallet with MyEtherWallet or with another wallet software like Mist or Geth. We have already covered how to create and use MyEtherWallet for Ethereum. So if you’re not sure how to create a wallet, read this guide.
Now, let’s see how we can watch and send tokens on our wallet.
Part 1 - Watch your tokens
Step 1: Click here to go to MyEtherWalle
Step 2: Click “Send Ether & Tokens”
Step 3: Now, we have to open our wallet with our private key. In this step, you have to choose how you would like to access your wallet. In our case, we’re going to choose the “Keystore File (UTC / JSON)” but it depends on how you have saved your private key
Step 4: Since we chose the UTC/JSON method, we need to upload our encrypted private key. Click “Select Wallet File”
Step 5: Choose your private key and click “Open”
Step 6: Enter your password
Step 7: Click “Unlock” to open your wallet.
Your wallet will be opened and all info revealed. If you have ETH or known tokens, MyEtherWallet will display them on the left side of the wallet
You can check all available tokens by clicking “Show All Tokens”
If your token is not on the list, then it’s time to add it
Part 2 - Add a token
Although the most popular tokens are already available, it’s very easy to add a token that isn’t on the list, if you have the contract address of the token. Let’s see how it’s done.
Step 1: Click “Add Custom Token”
Step 2: Now, enter the contract address which is usually provided by the project itself or token creator
Step 3: Enter the name or ticker of the token. Doesn’t need to be the official name, you can pick any name, but for safety you might as well use the real name.
Step 4: Enter the number of decimals. This can be seen in the "Read Contract" section of Etherscan. In this case, it's 18.
Step 5: Click “Save”
You can now see your custom token
Well done! You can now watch and interact with any Ethereum token and the best part is that you don't even need to download the blockchain.
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