As you are aware I am going to be participating in my first ICO at the end of the month and I need an Ethereum wallet that uses ERC-20 technology which Coinbase does not use. In How To Participate In and Buy a New Crypto Coin at Launch ICO (Initial Coin Offering) I suggest using My Ether Wallet (MEW) however it is not newbie friendly and leaves you open to phishing scams as you have to access your wallet via their website.
I have had a look around and tested a few alternatives and the easiest and safest I have come across is MetaMask.io, you do not login via their website as it the software is an extension for Google chrome browser. You can read more on its details here and there is an easy install guide here. Also feel free to have a Google yourself, you can use any wallet that uses ERC-20 technology.
I have this setup and I have transferred a small amount of Ethereum to my address on MetaMask and it has been received. Don’t forget that we will be just be using this wallet for it’s ERC-20 technology that ICOs require, we will not be keeping a balance in this wallet. It will just travel through the wallet to the ICO.
So the new steps for contributing to the ICO will be:
- Coinbase – You know by now that I use Etoro to trade Cryptocurrencies this is because of the ability to copy traders, their user interface and trading tools that coinbase does not have. Unfortunately with Etoro you do not own the coin, they buy they coin on your behalf and charge you a small fee for holding. This is normally fine as the tools provided offset this cost, however for an ICO we need to own the coin.
- MetaMask.io– MetaMask.io is an ethereum wallet that uses ERC-20 encryption which unfortunately Coinbase does not (there are talks of adding this to Coinbase soon.), ICOs require ERC-20 encryption so we must use this type of wallet to purchase the ICO.
- Your ICO Account – This will be your account of the project you have chosen. I will be writing an article on the one I have chosen towards the end of the month. There will be time to buy it at the ICO.
- Exchange Account – This is chosen by your ICO, generally chosen after the ICO so you will need to register when announced.
I will also be bringing the write up for the ICO forward to this Friday 19th January to make sure everyone who wants to follow can make the white list.