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MyEtherWallet. Download and install AppStore and GooglePlay
MyEtherWallet – is a popular wallet that is used to store ETH, ERC-20 and ERC-721 tokens based on the Ethereum blockchain. In addition to the well-known web wallet, MyEther has a mobile app available for Android and iOS devices.
The MyEtherWallet or MEW Wallet app allows users to buy and send cryptocurrencies with ease and mobility. Users can get the app from the Apple AppStore, Google Play or Samsung’s Galaxy Store, create their wallet and buy Ethereum (ETH) using their own exchange.
The following cryptocurrencies that can be received, sent and stored in MyEther Wallet are currently supported: ETH, ERC-20 and ERC-721 tokens.
The first step in creating a MyEtherWallet is to download it from the respective app store.
Next, you can start downloading to your mobile device.
Once downloaded, you can open the MyEtherWallet app.
The first window you will see is the “Create a free wallet” page. Here you can create a new wallet or restore an existing one. If this is your first MyEther wallet or you want to create a new wallet, you need to click the “Create Free Wallet” button.
If you want to restore an existing wallet using recovery phrases, then you need to click on the “Restore” button.
Setting the pin code
The next step is to set the pin code for the wallet, which will be required to access the wallet.
MyEther Wallet also includes the ability to utilize your device’s existing security features, such as Face ID and Touch ID for iPhone users.
Enabling these features depends on the user’s security situation and how safe these features are for the user.
Customizing recovery phrases
The next step is to set up recovery phrases. This is one of the most important steps as it ensures the most complete security of the wallet.
It is highly recommended that you perform this step. If the device is lost or compromised, this information will be the only way to regain access to the wallet and its balances.
Write down the phrases in the order in which they appear, ensuring that you keep the paper version in a safe place. It is recommended that you use pen and paper for this purpose and ensure that the paper is kept in a safe place.
Once you have recorded the recovery phrases, you need to confirm that you have recorded them correctly.
MEW will then ask you to confirm a few phrases.
After confirming the recovery phrases, you will have full access to your wallet and will be taken to the main wallet page.
From this page you can send and receive coins. The two arrows pointing upwards (outgoing) and inwards (incoming) are used for this purpose.
The downward pointing arrow shows the address of your depsoit wallet. You will need to copy and paste this address and give it to the person who sends you coins.
By clicking on the receive arrow, you will see the address of your wallet. It is this address that you need to specify to the sender of the cryptocurrency.
It is highly recommended that you copy and paste this information as entering it may result in errors and loss of coins.
Buying cryptocurrency and sending it to your wallet
To place an order to buy cryptocurrency:
Select the cryptocurrency you would like to purchase and enter the amount you would like to spend to buy the coin.
In the “Your wallet information” field, enter the address of the cryptocurrency wallet to which you want to receive cryptocurrency.
Finalize your order and make payment to our account.
Once you have double checked your order and wallet information, click the “Next Step” button to continue.
Simple and effective layout
Free to use
Contains useful information
Allows storage of any custom ERC 20 tokens
Allows the user to control the private key
Potentially can be difficult to set up for novice users
Supports ETH, ERC-20 and ERC-721 tokens only
MyEtherWallet is a great tool for users interested in Ethereum and related tokens. It provides tremendous access to the Ethereum network and interaction with interesting features such as DApps and NFT.
The disadvantages include the restriction on the use of ETH, ERC-20 and ERC-721 tokens, as well as the fact that some features may be useless for beginners. In addition, the use of a mobile platform opens up potential risks, as the loss of a device can lead to the loss of all assets in the wallet if the appropriate backup information has not been created.
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