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Configure a custom token in a Wallet - Trust Wallet example

By skcrypto | Crypto in Practice | 21 Jan 2021


In your journey in the crypto world you got to a point in which you want to deposit a token in your wallet but it's not listed in your wallet.

That's because there are thousands of tokens and new tokens are created every day, so it's not possible for wallets to stay up to date.

As you probably know, tokens are coins which are forged and relay onto an existing blockchain. The most common tokens are based on ERC20 specifications which are the rules to forge the token on the Ethereum blockchain.

To add an ERC20 token to your Wallet, and more in general any token, you need to find the so called "tokenomics", which are a sort of ID card of your token.

The tokenomics usually encompass a few informations that will be needed during the token configuration. Those are:

  • Token name: it's the name of the token or the name of the entity which emits the token, that's the same of "Bitcoin" or "Ethereum" or "Ripple"
  • Ticker: that's the sign which goes along the quantity of the token, that's the same of "BTC" or "$" or "€"
  • Decimals: those are the numbers after the decimal separator, in dollars indications there are usually 2 decimals (eg $10.35) while the Ethereum token decimals can go up to 18. This allows to quantify very small quantities of the coin.
  • Contract address: the contract address is needed to create a "box" in your Ethereum wallet, where the token can be correctly collected. To receive ERC20 tokens you won't use a public address which is specific to the token, you will receive it instead at your Ethereum address, but through the contract address the token will be correctly addressed to the token "box". It creates a sort of "extension" of your Ethereum wallet.

Where can you find the tokenomics? they are located on the blockchain itself, and the tool to find them is a blockchain scanning service. Ethereum blockchain service is named Etherscan and works like a search engine. By inserting the token name or ticker, you will obtain the "Tokenomics".

Here you can take a look at the tokenomics for the BAT token

Now you've got your tokenomics. How do you configure the token in Trust Wallet?

First of all you have to open Trust Wallet and tap on this icon in the top right corner of the screen in the main page.

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Second you have to check if the token is listed in the "premade" list, if it's not there, you have to scroll down to the bottom of the list, until you reach the "add a custom token" option you see down here, tap on it

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You will now have to choose the network which hosts the token, it will often be the Ethereum blockchain, but the same must be done for other blockchains.

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At this point you will have to insert the tokenomics. The trickiest part here is to insert the contract address. You can either copy the contract address from the tokenomics page (there usually is a "copy" button), or you can scan the QR of the contract address by activating the QR scanner by clicking the symbol you see down here in the image, beside the "paste" option ("incolla" in italian). To obtain the QR to be scanned, in the tokenomics page you usually have to click on the contract address itself and then choose the small QR icon beside the contract address on the top of the page, in the case of Ethereum blockchain (try it in the BAT Token page)

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Once finished, tap on the top right "Done" (here is "Fatto" in italian) and you will see the token added to your main page.

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Crypto in Practice
Crypto in Practice

I personally experienced how difficult can be at first to manage the world of crypto, coping with wallets, addresses, exchanges, airdrops. My blog wants to serve as a guide in the form of practical concepts to make the first steps.

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