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What is MyEtherWallet wallet?

    One of the most interesting points between forex trading and cryptocurrency trading is the difference in storage. At Forex, because leverage is used, so holding is a distant concept. Of course, it still is, but you will have to be in a position of account burning at any time, if your money is not enough to make a hole. In contrast to cryptocurrencies, by not using leverage, you can become a true "Holder" if you can.
    Find out more:
    And of course, owning cryptocurrencies is not a child's play. It requires you to abide by the maximum security measures to avoid being hacked. And MyEtherWallet is the tool created to prevent risks. So, what is MyEtherWallet? How is MyEtherWallet used? All of the above questions will be answered in the article below, let us learn more about this great tool.

    What is MyEtherWallet (MEW)?


    MyEtherWallet is a free application used for all coins like Ethereum or tokens running on the ERC20 platform. This can be considered the most popular ETH wallet software. Even though it's open source, you still have complete control over your own private keys, so the MyEtherWallet wallet addresses created by you belong to you.
    You can manage MyEtherWallet on the web interface or manage them through Ledger Nano S, Trezor, or MetaMask. In this article, we will show you how to manage MEW on the web version, other instructions will see you in the following articles.

    Discover the features of MEW

    Intuitive user interface

    Admittedly, MEW has an extremely friendly interface, even if you have never used MEW to transfer ETH or ERC-20 tokens, you can easily use them. In addition, MEW's setup has made it possible for users to switch from one option to another smoothly.
    Gas & Custom fee

    To be able to transfer tokens from one wallet to another, you will have to pay a certain fee called the Gas fee. This gas wallet may vary depending on the Gas Limit of each token. Normally, MEW will recommend about the Gas Limit and Gas Price suit while trading. The lower the Gas charge, the longer the time you will receive the coin, so if you want to receive the coin quickly, you should adjust this Gas charge a little higher to confirm your transaction faster.
    Add token ERC20

    Adding ERC20 tokens or custom tokens is one of the main features of MEW. However, many people are unaware of this function. And you must add tokens, if you want to transfer them to wallet addresses, or other exchanges.
    Integrated conversion
    Similar to the add token above, this integrated conversion feature is very little known You will find this option provided by KyberNetwork & Bity to help you exchange ETH for other tokens according to the price set by BITY. specified.

    Access different types of wallets via MEW
    Another interesting fact about MEW is that it gives you access to various Ethereum wallets that are set by default on MEW like Trezor or Ledger Nano S.
    Support of cryptocurrencies
    MEW wallets support ETH and all tokens running the ERC20 platform only through a single interface as you can see below:

    Also note, choose the correct token from the menu as well as the number of tokens you want to send, because if you send it wrong you will not get it back:

    Instructions on how to create a wallet MEW

    You must first access the MEW wallet application using the following link: https://www.myetherwallet.com/#generate-wallet
    Note: There are many scams around MEW, so be careful to choose the correct MEW wallet official link and never forget to check MYETHERWALLET LCC (US) in the address bar with secure https connection.
    When you first access the link in will look like this:

    To create a wallet, click on the "Create a New Wallet" line, now there will be an introduction to MEW wallet as I am doing here: D:

    Click Next continuously until it appears as shown below:

    Here will appear 3 options are also 3 ways to create MEW wallet for you including:
    MEWconnect: you will download and use on the phone. In the framework of the article I will ignore this form.
    How to create a MEW wallet using By Keystore
    This is the form you create a Password after creating it, click Next:

    This time it will appear to download the KeyStore file. The UTC file you just downloaded needs to be archived and secure. Do not change the name or content of the file in any case. Save the file to your hard drive offline or anywhere, without being hacked or stolen by others:

    Click Access My Wallet to log in to MEW wallet:

    A table with 4 options for you to log in to MEW wallet, please select the last one "Software"

    You select the first line of Keystore File, to use the downloaded file to log into the MEW wallet:

    Select the folder containing the downloaded file, click open as below:

    This will appear 1 table asking you to enter the password you created at the beginning: you enter is done:

    This approach is always thought to be a lack of security by the MyEtherWallet (MEW) website itself, but is actually the easiest to do. You just need to store the downloaded UTC file carefully, no one can steal your wallet address.

    Instructions on how to send ETH to other wallets

    So after you have logged in to MEW. This is the interface you see:

    To send ETH, click Send on the left

    There are 3 parts to note:
    Type: the type of coin you want to transfer, here is ETH
    Amount: the amount of ETH you transfer
    To Address: address of receiving ETH
    You fill in the 3 fields above, scroll down to see 1 item is "Transaction Fee". This is the place to adjust the Gas fee, usually for MEW or large gas fee adjustment so that the coin can be transferred quickly. However, if you want to make lower edits for less costly you can select "edit", then select Transaction Speed:

    When clicking on it will appear 1 table for you to adjust the gas with 3 levels: saving (Economy) is 10 Gwei, Normal is 15 Gwei and fast will be 20 Gwei:

    Complete all the above information, just click Send Transaction.
    Please check the address of the MEW wallet correctly before you press the send button, because many of your computers are infected with viruses, so after completing the above steps, Malware Automatically change wallet address MEW Your wallet to another MEW wallet. So please check carefully before sending it to you.

    Instructions on how to add tokens running ERC20 on MEW

    Click on the "Custom Tokens" line to add a new token to MEW. If you want to transfer tokens to other wallets, here's what you have to do:

    At this time, 1 table will appear as follows:

    As you can see above, there are 3 lines you need to fill out
    Token Contract Address: the contract address of the token you want to add
    Symbol: symbol of the abbreviation of the token (this you can set yourself)
    Decimals: Usually the ERC here is usually 18
    Thus, you are required to know the information above to fill out. So how to find the contract address of the ERC20 token you want to add?
    First of all, you need to note, to add a certain token to micro MEW, the token must be available in your MEW wallet, otherwise it will not be able to add.
    Assuming you already have the token you want to add to your MEW wallet, to find the address of the contract token you access the website: https://ethplorer.io/ (This is ETH's own website, so you can use it completely):

    After entering the Mew wallet address in the rectangle above, clicking the Ethplorer button, the wallet address and the token contained in that wallet will appear:

    To find the contract of the token, click on the token name as shown above:

    And this is all the information you need in sequence numbers 1,2 and 3. You copy this information into the Add Token section above, then click Save is done.
    So above is an introduction to the usage of MEW wallet. If you have any questions please leave a comment below we will reply you as soon as possible. Good luck!

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    Author: Tin Nguyen
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