MyEtherWallet – an open-source wallet for working with the Ethereum cryptocurrency (Ethereum, ETH) and tokens created in the blockchain of the same name. The editors of Profinvestment.com have prepared a detailed review of the cryptocurrency service. The peculiarity of the MEW website is that it is simply a shell for carrying out transactions on the blockchain network, while all private keys are created locally on the device (third parties do not have access to them). MyEtherWallet does not store cryptocurrency, but provides the opportunity to obtain a private key and address, so all responsibility for the security of the received data lies with the owner of the wallet. To work, it is not necessary to go to the MyEtherWallet website, since it can work autonomously - you need to download the file with the wallet to your computer from the official repository. There is no need to download the blockchain network.
Official website: www.myetherwallet.com.
How to create a wallet on the official MyEtherWallet website
The MyEtherWallet website creates a private key locally, that is, on your computer. You need to make sure that it is not infected with viruses, Trojans and other malware that can steal the data received. There are an endless number of them you can discover. If you already have a private key, it is better to simply import it into MEW.
Step-by-step instructions on how to create a new MyEtherWallet wallet:
- Go to the official MEW website: myetherwallet.com.
- Enter a password of at least 9 characters. Click “Create wallet”.
- Download a file with an encoded private key in UTC/JSON format. This format is fully compatible with the official MIST wallet for Ethereum. Save the key file to a flash drive. Click “I understand.” Continue."
- The next step is to save the private key.
It is advisable to print it out. To do this, click “Print paper wallet”. The public key (address) and the corresponding private key (Your Private key) will appear on the screen: - This completes the process of creating a wallet using the MyEtherWallet website. Then you can use its interface to top up, transfer cryptocurrency (tokens) or import the private key into another Ethereum-Wallet.
To track your balance, transaction status, and transfer history, you should use the Ethereum blockchain network browser: etherscan.io.
Prospects for the development of Ethereum
The price of the Ethereum cryptocurrency has been increasing since its inception.
If previously the cost was estimated at about $10, today the liquidity of the coin has increased.
Despite a slight decline at the beginning of the year, by January 18, the value of one ETH was almost $1,000.
Thus, a well-known trading platform offers a crypto asset at a price of $998.29. And the historical maximum reached almost $1,400.
Ethereum is an excellent investment solution. Thanks to innovations such as smart contracts, it is possible to raise large amounts of money to implement your projects.
Today, this digital currency is in demand both among individuals and companies working in the field of information technology.
To create a wallet and use it, it is recommended to use My_Ether_Wallet. The difference between the valet system and crypto exchanges is that the wallet is not stored on servers.
All actions take place in the computer browser and therefore, the user is solely responsible for the safety of funds.
Using MyEtherWallet.com, the user will manage cryptocurrency: store, receive, make transfers and participate in most ICOs.
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How to Login to Wallet Using Ledger Wallet
Logging into a wallet using a private key, Keystore/JSON file are not 100% secure options and are marked as not recommended on the MyEtherWallet website. This is due to possible vulnerabilities, for example, entering data on phishing sites or infecting your computer with viruses.
Let's look at creating and logging into the MyEtherWallet wallet using the Ledger Nano S. This is a hardware device that is the most secure way to store cryptocurrency. Outwardly, it looks like an ordinary flash drive. But there is a feature - a special chip that stores private keys in encrypted form. They cannot be removed by unauthorized persons. The Ledger wallet is paid, you can buy it on the official website ledger.com by paying with a bank card, cryptocurrency, Qiwi electronic money or via PayPal. Price – about 100 euros including delivery.
Instructions on how to log into MEW through the Ledger wallet:
- Connect Ledger Nano S to your computer.
- Enter your PIN code.
- Go to the Ethereum application.
- Go to the MyEtherWallet website, select “Transfer Ether and Tokens” at the top, “Ledger Wallet” and click “Connect”.
- A window will appear asking you to select the derivation path (“Select HD derivation path”): you need to make sure that the item labeled “Ledger” (ETH) is checked.
- Select any address for transactions and click “Unlock wallet”. Next, you can receive Ethereum (ETH) cryptocurrency, an ERC 20 token, or, conversely, send crypto coins to your address.
Features and Benefits of Ethereum
This crypto coin has obvious advantages. Among them are:
- Decentralization of processes.
- Increase in cost.
- Transaction speed and security.
- Transparency of completed transactions.
- Ability to manage multiple operations.
- Prerequisites for future development.
All this makes Ethereum attractive for investment.
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Login using the MetaMask extension
Using the MetaMask browser app, you can safely work with the Ethereum cryptocurrency and use the MyEtherWallet wallet interface.
Step-by-step instructions on how to install MetaMask for MEW:
- Install the extension for Chrome using the link. For other browsers – on the official website metamask.io.
- Click on the icon that appears in the top bar of the browser and create a new account (“Try it now”).
- Enter a password (at least 8 characters).
- Remember the image in the circle.
- Scroll through the terms to the end and click “Accept”.
- Save mnemonic phrase.
- Repeat the seed phrase in the same order. After completing all the steps, log in to your Metamask account, with which you can perform all operations with cryptocurrency, just like in MyEtherWallet.
How to receive, send Ethereum Classic ETC
The MyEtherWallet wallet allows you to interact not only with the Ethereum blockchain, but also with the original Ethereum Classic network. Thus, you can receive and transfer the cryptocurrency Ethereum Classic (ETC).
Instructions on how to switch MEW to work with Ethereum Classic:
- Go to the official website www.myetherwallet.com and select the ETC pool (Epool.io) at the top:
- Follow the standard wallet login procedure.
- The address for ETC will be the same as for ETH.
About the service
All tools in one place for working with the Ethereum blockchain
On Ethplorer you can:
- Track portfolio for any Ethereum address with charts of balances and transactions;
- View historical balances in USD equivalent;
- Work with charts of balances, trade volumes, number of transactions on tokens on a daily basis;
- Switch the price chart display to Candlestick
or
Line
; - Receive all new transactions by email or telegram for addresses or even tokens, filtering them by incoming/outgoing, price using the Tracking Service;
- Search tokens, addresses, titles, tags, notes and more with a Ranked Search Engine
that displays important and popular results first;
Ethplorer features include:
- Marking any addresses, transactions and even tokens with Tags and Notes
; - Organize your addresses and transactions for crypto accounting
without the need for registration; - Free Export/Import and merging of your data;
- Export transaction history to any address at any time, including together with your tags and notes in a CSV file with historical prices;
- Marketing and development opportunities with API Tokens
and
Widgets; - Track new transactions for any number, up to millions, of Ethereum addresses and even tokens with the industry's first Batch API monitoring
Source
How to check wallet balance or transaction
To check your balance, there is no need to log into your MyEtherWallet wallet every time. Firstly, it is not secure if you use a private key or a UTC/JSON key file to log in. Secondly, special block explorer services have been created. They track information on the blockchain network and provide information about each address, transaction, and block.
How to check MyEtherWallet balance:
- Cryptocurrency is stored as records on the blockchain. You only need to know the address to which the cryptocurrency was received. The address is also called a public or public key. For Ethereum (ETC) it starts with 0x and is 40 characters long. You can view and save it by logging into your MyEtherWallet account.
- Go to the block explorer. For Ethereum – etherscan.io; for Ethereum Classic – gastracker.io; ERC 20 tokens – ethplorer.io.
- Enter the address in the search form and press “Enter.”
- The new window will show the balance, the amount of ether, information about incoming and outgoing transactions.
To view the token balance, you can use browsers or view it through MyEtherWallet. You need to click “Show All Tokens” and “Click to Load”:
How to get cryptocurrency (token) to your MyEtherWallet wallet
The MyetherWallet wallet does not store cryptocurrency, but only provides an interface for working with the Ethereum blockchain network and generates a private key. Each private key has a corresponding public key, which is called an address or number.
To receive a cryptocurrency or token, you need to know the address. On the MyEtherWallet service you can see it after logging in and unlocking the wallet.
Next, you will need to transfer Ethereum cryptocurrency or ERC20 tokens.
- Transfer from a cryptocurrency exchange. Let's take the popular crypto exchange Binance as an example. Select “Asset” – “Withdraw cash”. Specify the cryptocurrency, enter your address and quantity. The commission will be 0.01 ETH.
On the EXMO exchange, to transfer cryptocurrency to an Ethereum address, you need to go to the “Wallet” section, opposite the “ETH” symbol, click “Withdraw” and fill out the form.
In continuation: Rating of top cryptocurrency exchanges for trading. - Buying cryptocurrency from an exchanger and transferring it to the MyEtherWallet wallet address. If there is no cryptocurrency on the exchange, then purchasing it through special exchange services is the simplest and most profitable option. You can select them from the list of reliable exchangers. Just go to the website and choose a direction, for example, buy Ethereum (ETH) for Sberbank rubles.
In the form, indicate the necessary information (card number, owner’s full name, email) and in the “Wallet for receipt” line, enter your address received on MyEtherWallet. Check the entered data and click “Exchange”. Next, you will need to confirm the operation, transfer money to the account specified in the instructions and click “I paid.” The exchanger will transfer the cryptocurrency to the address specified in the application. Once the transaction is confirmed and included in the blockchain, the coins will appear on your account balance.
Any transaction and balance can be tracked using browsers.
Instructions for setting up security and optimizing your wallet
You can conduct transactions with ether and MyEtherWallet tokens using a browser or Android application. The May Valet online wallet easily integrates with a hardware flash device for cold storage of cryptocurrency. First you need to get an address.
How to create a wallet?
To create a wallet, log into the myetherwallet official website, if necessary, you can enable the Russian-language interface there and click “Create a new wallet.” On the next page you will be presented with three options for Get a New Wallet.
- MEWconnect - mobile application;
- By Keystore file - password plus myetherwallet private key;
- By Mnemonic Phrace - mnemonic phrase.
If you chose the first, recommended option on the service, to create myetherwallet, go to Google Play or App Store and download the MEWconnect utility to your tablet or smartphone. To create myetherwallet follow the program instructions.
If you want to create myetherwallet to run on a personal computer, use the second or third option.
Click the By Keystore file , create and write down a password, and save the key myetherwallet (keystore utc/json) file.
Save the Keystore Fial file to a USB drive in several places.
Using the key and password you can open the wallet. The old wallet interface (green bar at the top on the first page) has been changed to be more convenient and intuitive even for a beginner.
But a more reliable option is to log in through the MetaMask application.
Confirm the installation of the extension for Google Chrome, then save the password and mnemonic phrase to protect your account.
After this, you will need to synchronize your MyEtherWallet and METAMASK accounts.
Integrate MetaMask into myetherwallet and confirm account synchronization.
After confirmation, the account is successfully authorized; this method is considered more secure since additional wallet encryption is used.
Keep secret files in a safe place, preferably on a flash drive, and be sure to make a backup copy.
- Every time you log into your wallet, carefully check the domain address. Attackers often create fake online resource sites to steal data from careless users.
After creating myetherwallet, make sure it works. If you have some ether in another wallet, send the minimum amount, for example, 0.001 ethereum myetherwallet. Make sure the funds have arrived and make the outgoing transaction. You can top up your myetherwallet balance using euros or other cryptocurrency directly from your new May Valet wallet. Here you can also see myetherwallet tokens available for purchase.
How to withdraw tokens from myetherwallet to the exchange
There is nothing easier than transferring myetherwallet tokens to a cryptocurrency exchange. We go through the registration procedure and take the deposit address.
We enter the address into the wallet, select the type of payment instrument, send the token transfer from myetherwallet and confirm it in the MetaMask application. Done transaction sent. Before withdrawing tokens from myetherwallet, you must have a sufficient amount of ETH on your balance to pay for the transfer.
Be sure to check the myetherwallet transaction address before transferring. MEW is just an interface for conveniently managing your account numbers, payment assets and transfers on the Ethereum blockchain network. No one knows how to log into the myetherwallet wallet that you created and cannot return or cancel the transaction.
How to send Ether or tokens with MyEtherWallet
Using the MyEtherWallet wallet interface, you can send Ethereum (ETH) cryptocurrency or a token to another address. The recipient may be an exchange, cryptocurrency exchanger, or any other third party.
Instructions on how to send ether (token):
- Go to myetherwallet.com and select “Transfer ether and tokens” at the top.
- Unlock your wallet.
- Enter the recipient's address and transfer amount. Select a token or ETH from the list. Check the entered data and click “Create transaction”.
- Click "Submit Transaction".
- Check the information again and click “Yes, I’m sure. Execute." If the balance is sufficient, a TXID will be sent to track the status in the browser.
Cryptocurrency exchange in MEW
MyEtherWallet users can also exchange cryptocurrencies : the service partners with reliable providers such as Changelly and DEX.AG, offering favorable quotes.
To exchange cryptocurrency in MEW, select the Swap and go to the exchange interface.
Then everything is standard:
- We indicate the direction of exchange : what currency we give and what currency we want to receive;
- We indicate the amount ;
- Enter the address to which you want to send funds and click Continue .
Cryptocurrency exchange
The system then gives time for the user to check and confirm the data before submitting the transaction.
Transaction Fee (Gas Fee)
The commission (gas) for including transactions in a block is calculated using the formula:
Gas Fee=gas limit*gas price.
- Gas limit – the maximum amount of gas that will be spent to confirm a transaction on the blockchain network, the standard value is 21000.
- Gas price (Gwei) – gas price, recommended values can be found on the ethgasstation.info service. As of August 28, 2022, the parameters are as follows: at a gas price of 4 Gwei or more, the transaction is confirmed on average in 2 minutes (Fast); from 4–2.3 Gwei – within 5 minutes (Standard). Gas price changes depending on network congestion.
- Example: let's calculate the commission paid (GAS FEE) for fast confirmation (Fast): 4 Gwei*21000= 0.000000004 ETH*21000=0.000084ETH or $0.02. The calculator can be found here.
- In the MyEtherWallet wallet, to change the gas price (Gwei), you just need to move the slider to the right or left, setting your value. Gas limit by default has a standard value of 21000.
- The commission does not depend on the amount of cryptocurrency transferred.
Conclusion
MyEtherWallet is a service that is necessary for those who actively participate in ICOs, receive and send tokens on the Ethereum blockchain. As is clear from the review, MEW is not a wallet; it does not store cryptocurrency. Its main goal is to ensure the relationship between the user and the Ethereum network through the site interface.
The service generates a private key, from which a public address is created. The most important thing when using MyEtherWallet is not to end up on a phishing site. You also need to be wary of the theft of your private key or file+password.
We recommend logging in through the MetaMask extension. Installing it will take a couple of minutes, but this method is the safest for working with MEW. If there is a need to transfer and store large amounts, it is advisable to buy a hardware device that is compatible with the MyEtherWallet wallet.
