Transferring ERC20 tokens to Cryptocurrency Exchange

Congrats to those who participated in token sale. Once you’ve participated in a token sale, you will get tokens (allocate tokens) to your ethereum wallet with which you participate. Here in this article, I will explain with 0xProject token as an example. This can be any other ICO as far as the tokens issued are ERC20 standard like ZRX or KickICO or any other token.

So if you have participated in token sale of 0xproject, you would have got your ZRX tokens to Metamask, which can also be checked on MyEtherWallet aka MEW. So the question could also be “how to transfer these ERC20 tokens from MEW to Poloniex” (Taking Poloniex as example as it’s one of prominent exchanges listing ZRX at the time of writing).

Step by Step guide

  • Login to Poloniex
  • Go to Balances -> Deposits & Withdrawals
  • Interestingly, finding ZRX is easy here too when you sort it by name as it starts with 0. Once you see ZRX as shown below, you need to get the Deposit Address.

Click on Deposit button in the last column of table against ZRX token (row). You should be able to see an Ethereum like address, which you need to copy to clipboard (Ctrl+C or Command+C).

  • Now go to https://www.myetherwallet.com and unlock your account using private key stored. This opens up the wallet through which you’ve purchased ZRX tokens. Once it is unlocked, go to the bottom right corner of the screen, where you will see buttons “Load Token Balances”, “Show Tokens”.
  • Click on Load Token Balancesand once it is done, click on Show Tokens which will list all possible ERC20 tokens compatible with MyEtherWallet. Fortunately, ZRX starts with Z and will be easily available at the end when you scroll all the way down.
  • You can now see the Balance of your ZRX here.
  • Once you have your address, come back to MEW(MyEtherWallet). Since you have got the Token Balances, now you will have a dropdown beside Amount to Send which shows all possible Tokens you have balance for. Eg: ETH and ZRX as shown below. Select ZRX and continue to next step
  • You can either enter the amount of ZRX tokens to be sent to exchange or use Send Entire Balance quick link to populate with your ZRX balance.
  • Then, paste(Ctrl+V or Command+V) the deposit address which you’ve copied from Poloniex. Be very careful and double, triple check the address matches with your poloniex address — If you copy a wrong one or miss something, your tokens will be lost forever.

Once address is pasted, amount to send is populated and ZRX is selected from dropdown. Gas value will automatically change to around 52000 and then click on Generate Transaction and then click on Send Transaction and that’s it — it gives you “Verify Transaction” button at the bottom or you can search etherscan.io using your poloniex address.

PANIC MOMENT

At least for me, being the very first time of transferring ERC tokens from MEW to Poloniex/Exchange, it was a panic moment to see them being shifted across multiple addresses

  1. My tokens were transferred from my MEW address to Address shown on Poloniex
  2. Then after 6 minutes, they were transferred from there to some other address (possibly poloniex’s pool) Check this link https://etherscan.io/token/ZRX?a=0xead6be34ce315940264519f250d8160f369fa5cd
  3. From there, they were transferred to another address in another few minutes, which is when you will see a pending transaction on Poloniex in Mainmenu->Balances->History

Fortunately, folks at 0xproject slack were helpful and Amir Bandeali suggested that above address could be of Poloniex pool and it turned out to be that, which helped me keep my calm as I wait to see it pending on Poloniex.

This 15 minute process of panic made me write this article to help others.

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If you found this article useful, feel free to leave at a tip of any amount at these addresses:

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Check out this cryptocurrency bot Confusedcoin at https://m.me/confusedcoin and learn more about cryptocurrency and blockchain technology on www.confusedcoin.com

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