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Setting up a private ERC20 wallet using imToken

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Avatar for Anuragjr
Written by   5
1 year ago

This guide is intended to help you set up a private Ethereum wallet that will give you full control over any tokens that are sent to it. It is important not to use an exchange address for the distribution of ERC20 tokens from ICOs. In this guide I reference SUNEX, but the same is true for any Ethereum based token.

The reason you shouldn’t use an exchange address as your receiving address for the distribution of your SUNEX tokens is that you do not own the private keys for an exchange address. If you were to provide an exchange address such as Luno, Coinbase, Bittrex, etc then you would have no way to access your SUNEX tokens, and they are likely to be permanently lost. The only way to have full control of your SUNEX tokens is to have them sent to an Ethereum address for which you own the private keys. There are various ways of creating an Ethereum address for which you will hold the private keys. This guide will focus on using imToken, available on Android and iOS.

Firstly download and install the relevant version of imToken by ConsenLabs.

After successfully downloading imToken and opening it:

  1. Tap on “Create Wallet”. The picture below is a screenshot of the dialogue that will be opened.

  2. Give your wallet a name. This can be any name you choose.

  3. Give it a password. Make this a very strong password that you don’t use anywhere else, write it down in a notebook and keep it in a safe place.

  4. You can create a password hint to help you remember your password easily, but the best way is to have it written down on paper and kept very safe.

  5. Select “Agree on Terms of Service and Privacy”.

  6. Tap “Create Wallet”.

NOTE: If you ever need to recover the wallet you create here, or any other Ethereum wallet you own, you can tap on “Import Wallet” and using the mnemonic phrase (or private key) you will be able to import a previously created wallet.

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