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 VeChain, Centrality, Tron and Icon.
Can I store ERC20 tokens in my Easy Crypto Portfolio?
Absolutely! Because ERC20 tokens use the Ethereum network, any ERC20 token can be safely stored in your Easy Crypto portfolio, just like Ethereum itself.
However, there is one catch….
How do I move ERC20 tokens out of my Easy Crypto Portfolio?
The Ethereum network has a fee (called “gas”) for every transaction made on the network. These fees are only charged on transactions like 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 portfolio to another address, you will need to have enough Ethereum at that address to cover the “gas” for the transaction. The price of gas varies, but is a very small amount, e.g. 0.0005 Ethereum.
Can’t Easy Crypto just send some gas money to my ERC20 address for me?
Unfortunately, the smallest amount of ETH that we can buy for you on an exchange is 0.01, which is quite a bit more than you are likely to need for gas!
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.