diff --git a/src/logic/tokens/store/actions/fetchTokens.js b/src/logic/tokens/store/actions/fetchTokens.js
index 204dc54a..42554cce 100644
--- a/src/logic/tokens/store/actions/fetchTokens.js
+++ b/src/logic/tokens/store/actions/fetchTokens.js
@@ -18,7 +18,7 @@ const createStandardTokenContract = async () => {
 
   return erc20Token
 }
-const createHumanFriendlyTokenContract = async () => {
+export const createHumanFriendlyTokenContract = async () => {
   const web3 = getWeb3()
   const humanErc20Token = await contract(HumanFriendlyToken)
   humanErc20Token.setProvider(web3.currentProvider)
diff --git a/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/index.jsx b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/index.jsx
index 22322c1e..98b15c45 100644
--- a/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/index.jsx
+++ b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/index.jsx
@@ -20,6 +20,7 @@ import { setImageToPlaceholder } from '~/routes/safe/components/Balances/utils'
 import TokenPlaceholder from '~/routes/safe/components/Balances/assets/token_placeholder.svg'
 import { addressIsTokenContract, doesntExistInTokenList } from './validators'
 import { styles } from './style'
+import { getSymbolAndDecimalsFromContract } from './utils'
 
 type Props = {
   classes: Object,
@@ -59,12 +60,31 @@ const AddCustomToken = (props: Props) => {
     onClose()
   }
 
-  const populateFormValuesFromAddress = (tokenAddress) => {}
+  const populateFormValuesFromAddress = async (tokenAddress: string) => {
+    const tokenData = await getSymbolAndDecimalsFromContract(tokenAddress)
 
-  const formSpyOnChangeHandler = (state) => {
-    const { errors, validating, values } = state
-    if (!errors.address && !validating) {
-      populateFormValuesFromAddress(values.address)
+    if (tokenData.length) {
+      const [symbol, decimals] = tokenData
+
+      setFormValues({
+        address: tokenAddress,
+        symbol,
+        decimals,
+        name: symbol,
+      })
+    }
+  }
+
+  const formSpyOnChangeHandler = async (state) => {
+    const {
+      errors, validating, values, dirty,
+    } = state
+    if (dirty && !validating && errors.address) {
+      setFormValues(INITIAL_FORM_STATE)
+    }
+
+    if (!errors.address && !validating && dirty) {
+      await populateFormValuesFromAddress(values.address)
     }
   }
 
@@ -85,13 +105,23 @@ const AddCustomToken = (props: Props) => {
                 name="address"
                 component={TextField}
                 type="text"
-                validate={composeValidators(required, mustBeEthereumAddress, doesntExistInTokenList(tokens), addressIsTokenContract)}
+                validate={composeValidators(
+                  required,
+                  mustBeEthereumAddress,
+                  doesntExistInTokenList(tokens),
+                  addressIsTokenContract,
+                )}
                 placeholder="Token contract address*"
                 text="Token contract address*"
                 className={classes.addressInput}
               />
               <FormSpy
-                subscription={{ values: true, errors: true, validating: true }}
+                subscription={{
+                  values: true,
+                  errors: true,
+                  validating: true,
+                  dirty: true,
+                }}
                 onChange={formSpyOnChangeHandler}
               />
               <Row>
diff --git a/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/utils.js b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/utils.js
new file mode 100644
index 00000000..1bae742e
--- /dev/null
+++ b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/utils.js
@@ -0,0 +1,16 @@
+// @flow
+import { getHumanFriendlyToken } from '~/logic/tokens/store/actions/fetchTokens'
+
+export const getSymbolAndDecimalsFromContract = async (tokenAddress: string) => {
+  const tokenContract = await getHumanFriendlyToken()
+  const token = await tokenContract.at(tokenAddress)
+  let values
+
+  try {
+    values = await Promise.all([token.symbol(), (await token.decimals()).toString()])
+  } catch {
+    values = []
+  }
+
+  return values
+}
\ No newline at end of file
diff --git a/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/validators.js b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/validators.js
index 21bde352..0872fd8f 100644
--- a/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/validators.js
+++ b/src/routes/safe/components/Balances/Tokens/screens/AddCustomToken/validators.js
@@ -3,6 +3,7 @@ import { List } from 'immutable'
 import { getWeb3 } from '~/logic/wallets/getWeb3'
 import { type Token } from '~/logic/tokens/store/model/token'
 import { sameAddress } from '~/logic/wallets/ethAddresses'
+// import { getStandardTokenContract } from '~/logic/tokens/store/actions/fetchTokens'
 
 export const simpleMemoize = (fn: Function) => {
   let lastArg
@@ -17,14 +18,23 @@ export const simpleMemoize = (fn: Function) => {
 }
 
 // eslint-disable-next-line
-export const addressIsTokenContract = simpleMemoize(async (tokenAddress: string) => {
+export const addressIsTokenContract = async (tokenAddress: string) => {
+  // SECOND APPROACH:
+  // They both seem to work the same
+  // const tokenContract = await getStandardTokenContract()
+  // try {
+  //   await tokenContract.at(tokenAddress)
+  // } catch {
+  //   return 'Not a token address'
+  // }
+
   const web3 = getWeb3()
   const call = await web3.eth.call({ to: tokenAddress, data: web3.utils.sha3('totalSupply()') })
 
   if (call === '0x') {
     return 'Not a token address'
   }
-})
+}
 
 export const doesntExistInTokenList = (tokenList: List<Token>) => simpleMemoize((tokenAddress: string) => {
   const tokenIndex = tokenList.findIndex(({ address }) => sameAddress(address, tokenAddress))