What is an ERC20 token?
An ERC20 token is a cryptocurrency that is built to run on top of the Ethereum network.
There are quite literally thousands of them: https://etherscan.io/tokens
What wallet can I use for ERC20 tokens?
As every ERC20 token runs on the Ethereum network, what this means in a practical sense is that any ERC20 token is compatible with any wallet that supports Ethereum.
This means that to receive any ERC20 token, you just need to send them to your Ethereum address.
However, there is one catch you need to be aware of!
Even though you can send an ERC20 token to any wallet that supports Ethereum, the wallet may not have the ability to display the balance of your funds. Your balance will still be there, safely at your address, but your wallet will not display it.
What wallet should I use?
The safest wallet to use is a Trezor hardware wallet. Using a hardware wallet will protect you from every kind of online attack, and is strongly recommended for safe storage of your funds. You can read more about the Trezor hardware wallet here.
A very popular and free wallet which has the ability to support every ERC20 token available, is Metamask:
This wallet runs in your browser and lets you access most of the Defi services available across the web.
Adding an unlisted token to Trezor or Ledger
Adding an unlisted token to Metamask
You can add any ERC20 token to display in Metamask by using the "Add Token" button at the bottom.
If it doesn't list your token natively, you can add it using the token's "contract address". To find this address, head to Etherscan's ERC20 token list, and search for your token.
If you click on the token to go to its page, you will find the contract address displayed on the right side of the page. You can then enter this address into your Metamask "Add custom token" page:
How can I access funds sent to a wallet which doesn't display my token?
To access funds sent to a wallet which doesn't support displaying your token, you can take your Ethereum "private key", and open that private key in MyCrypto:
This will give you access to every ERC20 token stored at that address, whether your original wallet displayed them or not. 😊