As the cryptocurrency space continues to expand at a rapid rate, it comes as no surprise that new coins and tokens are hitting the market on an almost daily basis. As investors portfolios grow, so too does the importance of moving assets off of exchanges and into more secure forms of storage. In this tutorial we will cover the use of MyEtherWallet (MEW), as well as how to add new tokens to your wallet that may not already appear in the list of existing tokens on MEW.
MEW is a web-based wallet, and is a common storage option for ERC-20 tokens only, ERC-20 tokens being any token that is built upon the Ethereum smart contracts platform. MEW offers secure wallet generation, where you, the user, are in possession of your private key. Any ERC-20 token can be sent to your MEW wallet, however as new tokens hit the market, they will not always show up in the list of existing tokens. Luckily, the method of adding your desired token to this list is fairly straightforward.
1: Creating a MEW wallet
- Visit myetherwallet.com using your browser. Be sure that you are on the correct site before proceeding. Once you are sure you are on the correct site, bookmark it, and use that bookmark any time you visit the site. This will ensure you do not accidentally end up on a phishing site.
- On the main menu pictured above, select “New wallet”.
- You will be asked to enter a password. Be sure you come up with a strong one, and store it somewhere safe. Click “Create New Wallet”.
- Next you will be asked to download your Keystore/Json file. Again, keep it safe and do not share it. Once you have downloaded it, you will be given the option to continue. Click “I understand. Continue.”
- Lastly, you will be given your private key. Click “Save Your Address”. It is very important that you print it or write it down, and store it somewhere very secure. Do not keep it online, and do not share it with anyone.
- You have now created your MEW wallet! Next let’s move on to accessing and managing your wallet
2: Unlocking and accessing your wallet
- After you have saved your password, you will be asked to unlock your wallet. There are several methods of doing this, but we will stick to using the saved “keystore file” from earlier. Select the “Keystore / JON file option pictured below.
- You will be prompted to “Select Wallet File” as shown below.
- Once you have selected your wallet file, you will be prompted to enter the password that you had secured earlier. Enter it, and unlock your wallet.
- You should now see your wallet information, including your address which you will use to send and receive tokens, as well as your token balances. To access your wallet from now on, you can click either “Send Ether & Tokens” or “View Wallet Info” on the main menu of MyEtherWallet. *Note: You will need to have ETH in your wallet when sending other ERC-20 tokens in order to pay transaction fees*
3: Adding new tokens to MEW using Ethplorer
- First make sure that the token you are trying to send is not already on the list by clicking “Show all tokens” on the right side of your screen (below Token Balances).
- If it is not, visit the Ethplorer.io link that appears right beneath “How to see your tokens”.
- Once you are on Ethplorer, you will see a search bar in the upper right hand corner of the screen. Enter your desired tokens ticker symbol here. For example, HPB (for High Performance Blockchain). You should then be able to select it from the drop-down list that appears.
- Back on your MEW wallet, select the “Add Custom Token” tab.
- Copy/paste the Token Contract Address from Ethplorer (this address will appear directly under “Contract Information”) and enter it into the corresponding field in MEW.
- Enter the Token Symbol, in this case HPB.
- Enter the decimal number, which can be found on the Ethplorer page under the tokens listed information on the right side of the page.
- Hit “save” back on MEW. You have now successfully added your new token!
Hopefully this will help you get started with MEW, and one step closer to the secure storage of your precious tokens. Happy trading!
“A good investor is an educated investor” – Sam Capizzi aka Cryptosomniac
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