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How to Setup MyEtherWallet

Posted by
Ian Kane

Create an Ethereum blockchain wallet in minutes!

MyEtherWallet or MEW as it is commonly referred to is a free, open-source blockchain wallet that focuses on the Ethereum network. When it comes to sending, storing, or receiving ETH tokens and other digital assets issued on the Ethereum platform, MEW can provide an easy-to-use and flexible solution to display and manage your ERC-20 tokens.

Recently, MyEtherWallet added functionality for Binance Smart Chain BEP-20 tokens. Announcing the launch of a bridge that would help the users of the MEW wallet to move their funds to Binance Smart Chain and vice versa. With the option to move funds across ETH and BSC chains, users of MyEtherWallet can now choose the network that offers lower fees for transactions. It is hoped that this move will improve the usage of the MEW wallet in the long run as BSC has become a major player in both the DeFi and NFT spaces. 

Safety First

Just like all blockchain wallets, the process begins with the generation of a crypto wallet key. This key is the foundation of your wallet, offering full and continuing access to your account and all the funds. Your encrypted key is encrypted again with an access key depending on the method of access you use to unlock the MEW wallet mobile account. MEW wallet offers a pin code and biometric signature, such as a FaceID or fingerprint, as access methods used in the encryption process. This is where the process changes slightly depending on if you’re using an iOS or Android mobile device.

To make sure your key is protected, this encrypted key is encrypted again with a key generated from the Android Keystore section of your device, or the Secure Enclave if you’re using an iOS device. This specific key is not shared with us or any other apps on your phone, it is completely isolated architecturally within the local hardware of your mobile phone. After that, the super encrypted key is stored in a local SharedPreferences storage for Android devices, or the local KeyStore storage on iOS, which are also separated from the rest of the system on the software level. This process may seem like overkill, but it’s necessary for the security of your information. When you make a new wallet with our MEW wallet app, you can rest assured that no one has access to your private key.

In fact, MEW doesn’t even allow users to see their keys. Instead, it offers a 24-word recovery phrase for backing up accounts. This is generally viewed as the best method of recovery, which is used by most hardware wallets and wallet interfaces.

Let’s go! 

In this article, we will outline how to first set up a MEW wallet and then how to swap tokens using the MEW wallet. To begin exploring Ethereum on your mobile device, first, download the MEW wallet on your iOS or Android phone.

Setting up MyEtherWallet

TL:DR – https://www.youtube.com/watch?v=8G5s2xR8vL8

Step 1. Download and open the MEW wallet app.

Step 2. Select – Create a free wallet.

Step 3. Read the safety tips first and then click Create a wallet.

Step 4. Choose a strong pin code. You can also enable additional biometric access, such as a fingerprint or facial recognition at this point. 

Step 5. Wait for your account to generate, then select Start using MEW wallet.

Back-Up Your MyEtherWallet Account

This step is crucial if you plan on using your wallet in the long term. MEW cannot recover your account for you, so you must keep track of this information yourself.

Step 1. After creating your wallet, select ‘Back up Now’. Read the warning and continue. You can also head to ‘Settings’, then ‘View my recovery phrase’.

Step 2. Get a pen and a piece of paper, then write down the 24 words that appear. Keep these words in the same order as they appear, and double-check that it’s all spelled correctly. Ideally, you should write this phrase down 2 – 3 times on separate sheets of paper, stored in multiple secure locations. As mentioned, MEW cannot recover this phrase for you, and anyone that has access to it will have permanent access to your funds.

Step 3. Pass a quick test on the device, and you’re done!

Buy ETH to Start Exploring

Everything you make on the Ethereum blockchain requires ETH for gas. You’ll need to buy ETH to get started. Think of it as the base currency required to perform any and all actions with the wallet. 

Step 1. Select ‘Buy Ether’ on the main page of the MEW wallet app.

Step 2. Select the amount you’d like to buy, or enter a custom amount (up to $250 worth). If you’re using an iOS device in the US, Apple Pay makes buying ETH easy with MEW. 

Step 3. After being redirected to Wyre or Simplex, enter your details and finish the purchase.

Step 4. That’s it! Your new balance will reflect in your account shortly. 

Swap crypto using MyEtherWallet

MEW partnered with DEX.AG to build a decentralized token swap platform right in the MEW wallet app, allowing users to exchange ETH and other ERC-20 tokens without leaving their phones.

Step 1. Open the MEW wallet app.

Step 2. To find the Exchange section, click the arrow icon in the bottom center of the app.

Step 3. When you’re ready to begin, click ‘Swap Tokens’ in the top-left corner. Select the cryptos you’d like to swap and the amount you’re offering, then click ‘Find the best rate’.

Step 4. DEX.AG will list multiple exchanges that offer competitive rates. Choose the rate that works best for you, then select ‘Proceed with swap’. Make sure you review the details of your swap before continuing.

Step 5. Your swap will initiate shortly, with real-time updates in the Exchange section of the MEW wallet.

Step 6. Once your swap is completed, you’ll find your balance updated immediately. For full details of all the assets you hold, click on the colorful account card from your main page.

In summary 

MEW is an expanding suite of products offering complete access to all the Ethereum and Binance Smart Chain blockchains have to offer. With a web platform, a mobile app, a chrome extension, an explorer, and educational resources, MEW has all the tools to help newcomers and experienced users explore new Ethereum applications in a trusted environment.

MEW was one of the first wallets for the ETH ecosystem and has been around for a long time. While the website version recently upgraded for version 6.0, the wallet app has upgraded to 2.0 which takes into account that Ethereum would be scaling to a very large extent when its own version 2.0 releases next year.

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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, NIOX, AGIX, MATIC, MANA, SAFEMOON, SDAO, CAKE, HEX, LINK, GRT, CRO, OMI, GO, SHIBA INU, AND OCEAN. 

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