Transferring Ethereum-based contract tokens—commonly known as ERC20 tokens—to cryptocurrency exchanges is a fundamental skill for anyone managing digital assets. Whether you're moving tokens from MyEtherWallet (MEW) to HitBTC, EtherDelta, Bittrex, or another platform, understanding the correct process ensures your funds arrive safely and efficiently.
This guide walks you through the complete workflow of sending ERC20 tokens from a wallet like MEW to an exchange, explains the role of gas fees, addresses common user concerns, and highlights best practices to avoid costly mistakes.
Understanding ERC20 Tokens and Wallet Compatibility
ERC20 tokens are built on the Ethereum blockchain and follow a standardized smart contract format. Unlike ETH, which uses your wallet’s native balance, these tokens require specific handling because they exist as contract entries rather than standalone balances.
When transferring such tokens, you must send them to the correct deposit address provided by the exchange—and this address varies per token. For example, the deposit address for CRPT (Cryperium) is different from that of ETG or any other ERC20 token.
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Step-by-Step: Sending Tokens from MyEtherWallet to an Exchange
Follow these steps to safely transfer your ERC20 tokens:
1. Obtain the Correct Deposit Address
- Log into your exchange account (e.g., Binance, HitBTC).
- Navigate to Wallet > Deposit > [Token Name].
- Copy the unique deposit address for that specific token.
- ✅ Double-check: Never use your general ETH deposit address unless explicitly allowed by the exchange.
2. Access MyEtherWallet
- Go directly to the official MyEtherWallet.com site. Beware of phishing sites mimicking MEW.
- Unlock your wallet using your private key, keystore file, or hardware wallet.
3. Select the Token to Send
- On the Send Tokens page, ensure your desired token appears in the dropdown menu.
- If it doesn’t appear, manually add the token using its contract address, symbol, and decimal count (available via Etherscan or the project’s official website).
4. Enter Transaction Details
- Paste the exchange’s token-specific deposit address.
- Input the amount you wish to send.
- Review all details carefully—sending to the wrong address results in permanent loss.
5. Confirm Gas Settings
- Gas is the fee paid in ETH to process transactions on the Ethereum network.
- MEW usually auto-fills recommended gas limits (typically 60,000–100,000 gas for token transfers).
Adjust gas price based on network congestion:
- Low priority: 5–10 Gwei
- Standard: 20–30 Gwei
- Urgent: 40+ Gwei
⚠️ Critical: You need a small amount of ETH in your wallet to cover gas fees—even if you're only sending tokens.
How Much ETH Do You Need for Gas?
You don’t need much ETH—just enough to cover transaction costs. As of current standards:
- A typical ERC20 token transfer consumes about 65,000 gas.
- At 20 Gwei per unit of gas, total cost =
65,000 × 0.00000002 ETH= 0.0013 ETH (~$2–$4 depending on price).
Thus, keeping at least 0.002 ETH in your wallet ensures smooth transactions during periods of higher network activity.
If you don’t have ETH in your wallet:
- Buy ETH on an exchange.
- Withdraw it to your MEW public address.
- Use those funds to pay for future token transfers.
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Special Case: Using Decentralized Exchanges Like EtherDelta
Platforms like EtherDelta operate differently—they are decentralized exchanges (DEXs) where users trade directly from their wallets.
To trade on EtherDelta:
- Click "Import Account" and enter your wallet’s address and private key.
- Once connected, click Deposit under Balance.
- Choose the token and amount to deposit into the exchange’s smart contract.
- Confirm the transaction in your wallet interface.
⚠️ Security Note: Entering your private key on any website poses risks. Only do so on trusted platforms, and never leave your key stored in browsers or forms.
You must have ETH to pay for the deposit transaction—even though you're depositing a token.
Frequently Asked Questions (FAQ)
Q: Can I send ERC20 tokens without any ETH in my wallet?
No. Every Ethereum blockchain transaction requires gas paid in ETH. Without ETH, your transaction will fail or remain pending indefinitely.
Q: What happens if I send tokens to an incorrect address?
Transactions on the Ethereum network are irreversible. If you send tokens to a wrong or inactive address, recovery is nearly impossible. Always verify addresses carefully.
Q: Can I cancel a pending transaction in MEW?
Not directly. However, you can replace it by sending a new transaction from the same wallet address with the same nonce but higher gas fee—effectively overriding the original.
Q: Should I keep my tokens in MEW after an ICO?
Yes, MEW is a secure non-custodial wallet. Holding tokens there gives you full control. Only transfer them to an exchange when you're ready to trade.
Q: Is it safe to import my private key into EtherDelta?
It works but carries risk. Consider using modern alternatives like MetaMask with integrated DEX support (e.g., Uniswap), which reduce exposure of sensitive data.
Q: Do all exchanges provide unique addresses for each ERC20 token?
Most major exchanges now use universal deposit addresses, meaning one ETH address accepts all ERC20 tokens. However, some still require token-specific addresses—always check before sending.
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Final Tips for Safe Token Transfers
- Always test with a small amount first.
- Bookmark official sites like MEW to avoid phishing scams.
- Use hardware wallets (e.g., Ledger, Trezor) for enhanced security.
- Monitor transaction status via Etherscan using your transaction hash.
Whether you're withdrawing after an ICO or preparing to trade on a centralized or decentralized exchange, following best practices protects your investment and streamlines your experience.
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