Token withdrawal: use an external wallet or stick with Lendo?

Over the last few weeks we have sent ELT owners information about how to withdraw your ELT tokens to an external wallet, if that is what you choose to do.

We have received requests from some of our members who are unfamiliar with MyEtherWallet (MEW), or similar wallet that accepts ERC20 tokens, about the precise steps needed to do this.

We would like to emphasise that MEW is a third party service and we stress the need to take care of your private keys and password when using any external service. *

Step 1.
Here is a link to Etherscan. You’ll find the information you need here to set up an account with MEW. The most important information you need to copy from here is:
•The contract address – this is a unique token identifier for ELT and tells MEW you are using your wallet for ELT   ( ELT contract address;     0x45d0bdfdfbfd62e14b64b0ea67dc6eac75f95d4d )
•Decimals – 8
•Token ticker symbol – ELT

Please note: NEVER withdraw tokens to the ELT contract address: you must only transfer tokens to a Wallet address otherwise you will lose your tokens.

Step 2
Here is a link to “How to Create a Wallet’ provided by MEW. Please read the advice given about backing up your wallet, as well as your private keys and password.

Now that you have set up your account at MEW, and have a Wallet address at MEW, you are ready to recive ELT tokens.

Next step is to log in to MyEtherWallet and find your wallet address.
You find your address as shown in the picture below.

Copy this address;

Next step is to log in to the Lendo platform and in the top right drop down menu you click on Profile and then you choose Wallet addresses.
Here you choose the ELT field and insert the wallet address you copied earlier from MEW

Once you have updated the address you need to confirm this in a email that just been sent to you, for security reasons the wallet address has to be confirmed within 20 minutes.

It takes 72 hours after you confirmed the update of address until your wallet address is approved.

Step 3
When you want to check your MEW balance, or view your transactions, here’s a smart piece of advice from MEW: “You only need your public wallet address in order to see your balance. It is not recommended that you access your wallet by entering your private key anywhere if you just want to check the balance or see incoming or outgoing transactions. The fewer times that you need to open your wallet, the better.” You can check transactions at etherscan.io – all you have to do is paste your wallet address into the search bar and it will pull up your address and transaction history.
Keep things simple – keep your ELT with Lendo

Having said all that, you have another option- leave your ELT where it is, in your Lendo wallet. Don’t forget- you do already have a wallet with us!

There are several advantages to keeping your ELT at Lendo:
•You don’t have to go through the process of setting up another wallet, as well as ensuring your wallet, private keys and password are backed up.
•ELT is a utility token and as such it can be used to pay for a number of our services. Keeping your ELT where it is now makes it easier for you to settle any payments associated with whichever service you use, i.e. you won’t have to send you ELT back to Lendo. It reduces the number of steps you have to take to use your ELT.
•It is potentially safer to store your ELT with Lendo when the platform goes live, as there can be no mix-up over wallet addresses.

We hope that explains the pros and cons of using an external wallet that accepts ERC20 tokens, or sticking with your Lendo wallet. As always, we recommend that you do your own research into this.

*Disclaimer: Lendo is not responsible for the use of third party services, or any losses caused by the use of such services. ELT owners are responsible for their personal withdrawal transactions to any external wallet and for maintaining the security of their private keys and password.

Here is a video explaining the process




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