If you are a newbie and are not familiar with different wallets for storing, sending and receiving ERC20 token, then MyEtherWallet is a good option to start with. We recommend this wallet to new traders, as it is quite user-friendly.
About MyEtherWallet (MEW)
Developed by Kvhnuke & Tayvano, this is an open-source, client-side free tool that helps users to securely interact with the Ethereum network. It is actually a web interface that provides wallets for storing multiple ERC20 based cryptos. It’s uncomplicated features that allow users to create a wallet for ERC20 token and Ether with ease, makes it a premium choice among traders, these days.
MyEtherWallet comes with a beta Chrome extension that adds a better user interface (UI) for sending and receiving transactions. The best part about this wallet is that you can use Ether, stored in wallets like Nano S or Trezor, through the interface of MyEtherWallet.
Using this wallet is a little different from using other web wallets and this is why, some newbies find it a little difficult to send or receive ERC20 tokens. But if you are more keen on employing MyEtherWallet for sending and receiving Ether and ERC20 tokens, this step-by-step guide will be of a great help to you. Take a look.
Step-By-Step Guide For Using MyEtherWallet (MEW)
Before getting started make sure you are using a trustworthy device for using MEW and are able to access the website through HTTPS. Now, follow these easy steps to create your own new wallet.
- Log on to MyEtherWallet home page. Go to ‘New Wallet’ tab for creating your own new wallet.
- Choose a password and click on ‘Create New Wallet’.
- Keystore file saves your private and public keys and you will be requiring it for accessing your account. So, save the keystore file.
- Next step is to take backup of your private key. Using this key, you can login into your MEW account. You must never share your private keys with anyone, as it can lead to theft of your funds and tokens.
- For viewing the public address, you must unlock the wallet, using your private key or JSON (Keystore) file.
- Now you can use this public address for receiving Ether and other ERC20 tokens. The good part is that this address can be used to get token in ICO, as well.
Once you create your wallet, you can access it by logging into MyEtherWallet home page. You can send funds, by clicking on ‘Send Ether’ and perform other transactions, as well. So, follow these simple steps to create a new wallet using MyEtherWallet, generate Ethereum address, sending funds and making life easier in crypto space.