How to setup a Wallet for Coins4Favors ICO participation
So you have decided to participate in our fantastic Coins4Favors project by joining our Pre-ICO or our ICO — excellent !
It is a simple three step process:
- Buy Ether in a cryptocurrency exchange (coinbase, Kraken, CEX.io)
- Transfer the Ether to a ERC20 compatible wallet
- send Ether from the ERC20 compatible wallet to the smart contract address of our C4F ICO (found in your account overview)
Once you send Ether to the Coins4Favors smart contract, it will automatically send you the amount of Favorcoins (C4F)) based on the exchange rate and any bonus additions depending on time of the Pre-ICO.
We assume you know how to buy ether at the cryptocurrency exchanges such as CEX.io, coinbase etc. for FIAT or Bitcoin, etc. Contact us if not !
- You need an Ethereum ERC 20 compatible wallet
Why do I need a separate wallet ? I already have an account on a cryptocurrency exchange like coinbase or CEX.io !
Like most ICOs we issue an ERC20 based token, in our case the Favorcoin (C4F). In order to be able to transfer the Favorcoins in and out of your wallet later, the wallet needs to support ERC20 compatible tokens. The cryptocurrency exchanges like Coinbase, CEX.io, etc. DO NOT support custom tokens. This means you can receive tokens but never transfer them out of your wallet again.
DO NOT PARTICIPATE IN ICO BY SENDING COINS FROM ANY CRYPTOCURRENCY EXCHANGES. YOU NEED A ERC20 COMPATIBLE ETHEREUM WALLET. OTHERWISE, YOU WILL LOSE YOUR FUNDS.
So how do I setup an ERC20 token compatible wallet ?
These wallets have been verified to support Ethereum ERC20 tokens. The list is continuously updated at Tokenmarket.
- MyEtherWallet (no download needed)
- MetaMask (Firefox and Chrome browser addon) Recommended
- Mist (Desktop)
- Parity (Desktop)
- Parity + Ledger (Hardware wallet)
- imToken (iPhone)
- imToken (Android)
You will find instructions how to setup the wallet with each of the above mentioned wallets. Once you are done, make sure you copy your wallet address (0x… followed by 20 bytes -> 40 digits).
As an example we show the MyEtherWallet process:
After going to the webpage you click through a bunch of safety messages. Make sure you understand them, they are meant to protect you !
Eventually you get to the start screen:
Enter a password and make sure you write it down, chose a secure password ! After that click on create new wallet
Save the keystore file and DO NOT LOSE IT ! Then click on I understand continue:
Print the paper wallet as well and store it in a VERY safe place.
Once you login to your wallet, you see the address:
Congratulations, you now have an ERC20 compatible wallet.
Next transfer the amount of Ether that you want to contribute to the Coins4Favors ICO (or more) to your newly created wallet
Send the Ether to the smart contract address of the Coins4Favors ICO. It will be shown in your account on Coins4Favors
How many C4F do I own ?
To show the amount of FavorCoins in your Wallet you can add them as custom Token:
Simply copy the Contract Address (seen in your Account on Coins4Favors), the Token Symbol (C4F) and the Decimlas (18).