Sending token from MyEtherWallet (Ledger) to an exchange

[EnergyHot100]

Hi,

I am about to send a token from MEW/Ledger to an exchange but when I try to do the send, MEW tells me I need to activate contracts on my Ethereum app (I don´t know what this means) on the Ledger before sending the token from MEW. However.. It is right that the token will be sent from MEW/Ledger VIA a contract address to the exchange? I never saw this before. Or is it a hacker trying to steal my tokens? I´m still kind of a newbie so.. Any feedback on this appreciated!

Edit: I just tried to sent it and it worked. I now know the meaning of a contract.

[Yogee]

I am about to send a token from MEW/Ledger to an exchange but I needed to activate contracts on my Ethereum app on the Ledger before sending the token from MEW.

What do you mean by "activate"? Is it like adding custom token by putting the contracts address?

However.. It is right that the token will be sent from MEW/Ledger VIA a contract address to the exchange? I never saw this before. Or is it a hacker trying to steal my tokens?

You are sending erc-20 tokens right? Tokens are basically the smart contracts that utilizes the Ethereum chain so yeah, it's just right.

You can try sending a small amount to test it first if you're unsure but that would cost you around $10-$15 per transaction based on the current gas.

[EnergyHot100]

Thanks for your reply! I went ahead and sent it. I should have read into the basics of contracts a long time ago. Appreciate the feedback!

[zasad@]

The ledger has protection against working with smart contracts by default. Protection must be disabled in the Ethereum app settings. The same should be done in similar coins, for example TRON.
https://support.ledger.com/hc/en-us/articles/360009576554-Ethereum-ETH-
"Smart contracts are currently not supported in Ledger Live. Please use MyEtherWallet or MyCrypto to send to contract addresses.
To send arbitrary data to smart contracts, you need to enable Contract Data in the Ethereum app.
Please note that enabling Contract Data means that you can't properly verify and sign transactions, making them less secure. "

[bitmover]

The ledger has protection against working with smart contracts by default. Protection must be disabled in the Ethereum app settings. The same should be done in similar coins, for example TRON.
https://support.ledger.com/hc/en-us/articles/360009576554-Ethereum-ETH-
"Smart contracts are currently not supported in Ledger Live. Please use MyEtherWallet or MyCrypto to send to contract addresses.
To send arbitrary data to smart contracts, you need to enable Contract Data in the Ethereum app.
Please note that enabling Contract Data means that you can't properly verify and sign transactions, making them less secure. "

Just add to zasad@ answer, you need to active in the device:

First, open ethereum App:



Then scroll to smartcontract and activate it.


I would also strongly suggest that you use Ledger Live instead of MEW. Ledger LIve supports ERC-20 tokens now, and as it is the native software, it is safer than MEW.

https://support.ledger.com/hc/en-us/articles/115005197845-Manage-ERC20-tokens

Manage ERC20 tokens
You can manage ERC20 tokens in Ledger Live using the Ethereum app on your Ledger device. Up to 1,250 ERC-20 tokens are supported. Please refer to our list of supported crypto assets to see which ones.
...

Send and receive tokens
You can now send and receive ERC20 tokens. Get started by sending your ERC20 tokens to the Ethereum account of your choice. The token accounts will only appear after the token transaction has been confirmed on the Ethereum blockchain. The Ethereum account you send tokens to will be the parent account of your token accounts.

[zasad@]

You can find a list of supported tokens on this page.
https://www.ledger.com/supported-crypto-assets

The main problem is that in Ledger Live you cannot add the token you need, but with MyEtherWallet, MyCrypto or Metamask, this is done very quickly.
For example, coingecko now has the convenient ability to add tokens to the metamask with one click of the mouse.
https://www.coingecko.com/en/coins/dai

You need to understand that MyEtherWallet, MyCrypto or Metamask are alternative interfaces for your ledger, which are much more functional than Ledger Live.