How to use and setup MyEtherWallet (MEW). MyEtherWallet is an open source online interface, that provides users with a wallet where you can store Ethereum or ERC20 based tokens. A day to day user who earlier had to get download blockchain and setup a full node on their machines, can now simply generate a wallet from themselves using MEW’s free service. They will broadcast the transactions you make on the blockchain from their node.
My Ether Wallet is very simple to use and highly secure as you and only you have the private keys to your wallet. Unlike other mainstream web wallets, MyEtherWallet is not a place where you sign up for an account and your tokens are saved on their servers. Your tokens are stored on your local machines. MEW does not require you to register any exchange account, you can simply send and receive tokens through your wallet directly. Keeping huge amount of crypto assets in an exchange can be risky and prone to hacking, this is why we recommend you either use wallet like MEW or even better Get a Hardware Wallet.
How to Use MyEtherWallet to participate in an ICO
Now, one of the most common reason people set up an MEW account is because, they need to participate in an ICO(Initial Coin Offering). And, most of the Ethereum blockchain based tokens require an ERC20 wallet such as MEW.
Getting an MEW Wallet
- Go to the url MyEtherWallet.com
- Enter a Strong Password that you can remember and click on generate.
- A Wallet will be generated.
- Download the encrypted .JSON file of your private key and store it somewhere safe in your device.
- Unlock your wallet. We highly recommend you to use a hardware wallet, if you possess a big amount of crypto assets and are concerned about the security. Otherwise, we recommend MetaMask plugin, which also safe.
How to Make Transactions and Set Gas limit in MEW
Now, to make transactions from your wallet.
- Firstly, select the wallet file from which you want to send.
- You can choose a way to unlock your wallet by entering the private key in plain text, using private key file or using the encrypted .JSON private key.
- Enter the amount you want to sen an gas limit.
- Click on generate transaction, which will generate a raw and a signed copy of transaction. The transaction must be broadcasted to the blockchain to be valid.
- Click on send transaction, and click Yes on the confirmation box to complete the transaction.
There is a lot of confusion regarding the Gas Limit among many people. So, basically it is just the priority deciding factor for your transaction. This means, higher the gas, faster will be the transaction. Though, you need to know the technicalities of the same, you can simply set the value one more than the default on MyEtherWallet.
Make Offline Transactions Using MyEtherWallet
If you are highly concerned about the security of you wallet. And, do not wish to expose your private key to any website or anything on the internet. You can easily generate an offline transaction. For that, you need to follow the below steps.
- Download the MEW site offline from here.
- Click on the index.html file and it will open the page very similar to the MEW website.
- Click on Offline Transaction and create a new transaction generating a signed one, similar to the online process.
- Now copy the signed transaction, and go to the MyEtherWallet.com anytime later. Select offline transaction and paste the signed transaction and click on Send.
- This will broadcast your transaction to the Ethereum blockchain, making your transaction valid.
Note: Always check the url
MYETHERWALLET LLC in your URL bar. There are several fake versions of MEW.
Also, there is no official Mobile app of MyEtherWallet. Do not trust any other app than the official website. If there is an app in future or any changes in the process, we will update this post accordingly.
Feel free to ask any kind of queries related to MEW or any other software wallets in the comments section below.