For those of you who have hung around for a while, MyEtherWallet should not surprise you. However, for those new, it might sound alien.
MyEtherWallet (aka MEW) claims to be an offline wallet as it uses a machine’s browser to generate necessary data and nothing is ever stored on MyEtherWallet servers.
MEW has its web-based interface as well as a Chrome extension version but for this tutorial we will keep the scope limited to the web version.
In its web interface, you can either manage Ether and other tokens directly or manage them via MEW on Ledger Nano S, Trezor, Digital Bitbox or MetaMask. In this tutorial, we will only see how to directly manage your tokens on the web version of MEW directly.
Note: In the future, I will append this article with more information on how to use MEW with Trezor or Ledger Nano S like wallets also.
Let’s get started with the following aims:
- How to make an MEW wallet?
- How to manage (send/receive) Ether on MEW wallet.
- How to manage ERC20 tokens on MEW
How to make an MEW wallet?
1. First, you will have to access the MEW wallet client. You can access it using this link – https://www.myetherwallet.com/#generate-wallet
Note: There are many phishing scams around MEW so be careful and bookmark the MEW wallet official link and never forget to check for MYETHERWALLET LCC [US] in the address bar with secure https connection.
2. Once you access the link, your screen, for the first time, will look like this:
3. Enter a password that you want to keep for the wallet and click on ‘Create New Wallet’. (Note: This password encrypts your private key. This does not act as a seed to generate your keys. You will need the password entered + your private key to unlock your wallet.
4. Once you click on ‘Create New Wallet’, you will find an instruction you to download ‘Keystore File’ with several important disclaimers.
5. After reading the instructions, click ‘Download Keystore File’. Once done with that, the ‘Continue’ option will be enabled.
6. The UTC file you see in the above image needs to be saved and secured. Do not change the name or content of the file in any case. Save the file to an offline hard drive or a pen drive which you don’t take online.
7. Click on ‘I understand. Continue‘ to see your private key.
8. Click on ‘Print Paper wallet’ to get a paper wallet like this: (Optional: Not recommended if you don’t know how to take care of paper wallets)
9. Click on ‘Save Your Address’ in #7 to return to this screen:
10. You have successfully created a new wallet on MEW to manage your Ether and other tokens.
How to manage (Send/Receive) Ether on MEW wallet?
1. Your new MEW account isn’t unlocked instantly. You need to unlock it first to use it.
2. There are several ways of unlocking it but we will stick to the option of unlocking your wallet via the stored ‘Keystore File’ that we downloaded in step #5 in the first section. You will also need your password that you entered in step #2.
3. Now, select the ‘Keystore File’ option as shown below. You can access this unlocking menu from the menu bar of MEW via option ‘Ether & Tokens’.
4. Once you select this option, you will be prompted to select ‘Keystore File’ as shown below:
5. Once you have selected the file, you will be prompted to enter the password that you created in step #1.
6. Now, enter your password and unlock your wallet to see this screen.
7. As you can see in the image above, the MEW wallet is open and you can see your account address to receive ETH or tokens on it. Use the ‘To Address’ to put ETH address of the recipient and ‘Amount To Send’ field. This way you can access your MEW and send/receive ETH and other tokens.
How to manage ERC20 tokens on MEW?
Managing ERC20 tokens on MEW wallet is as easy as ETH itself.
1. Once you have unlocked MEW, click on ‘Show All Tokens’ option as shown in this image.
2. Once you click on ‘Show All Tokens’, you will see a list of all the MEW supported tokens.
3. Now, click on any token to load and enable it in MEW. It will then reflect the balance of those tokens in MEW.
4. If your token is not yet supported in MEW, you can add it yourself by keying in the necessary details as shown below:
5. This way you will be able to manage your ERC20 tokens easily in MEW.
Few Important Things To Note
- You ETH address and token address for ERC20 tokens will be the same unless you make different accounts. It is recommended that you make only one account and manage everything using that.
- Also, while sending ERC20 out of MEW, make sure you select the right token from the drop-down menu in ‘Amount to send’ field.
- For example, if you are sending PAY tokens, you need to select PAY in the drop-down. If you are sending OMG, select OMG in the drop-down, and so on.
- Also, select the right Gas Price and Gas Limit while sending ETH or tokens out of the MEW failing which your transactions will not be completed. Use this guide to know more about the concept of Gas limit and Gas price.
That is all from my side. I hope you liked the tutorial on getting started with MyEtherWallet and also how to send/receive ETH/tokens through it.
Please feel free to drop a comment or questions if any. Let us keep learning and sharing the crypto revolution with Coinsutra.
Until next time.
If you like the post, please share it on Twitter and Facebook!
Here are some other hand-picked articles for you to read next: