In this article, I will help you to how to create Ethereum wallet step by step. So, I will explain each step in the creation of Metamask and MyEtherWallet. If you don’t know what is Ethereum, Refer Ethereum guide
Let’s get dive in,
What is Ethereum wallet
Ethereum wallet is a software to interact with Ethereum blockchain in a secure way that wallet is used to store, send, receive of the Ether in a secure way. Ethereum wallets can be categorized according to desktop, online, hardware, mobile.
Currently, there are many Ethereum based blockchain games such as Cryptokitties, 0xUniverse. So, if you want to play these games, you should use the ERC 721 supported Ethereum wallet.
What are the factors to consider when selecting Ethereum wallet?
01.Security of wallet
This is the most important factor to consider when selecting the Ethereum wallet. Normally, the wallet should contain the following security features.
- Use pin code, 2 FA to access the wallet other than directly using private key or seed or key phrase of the wallet
- Use the multi-signature feature to avoid cryptocurrency thefts
- A private key or seed phrase should be provided.
02.Backup and recovery options
When you lost or fail your wallet, you need to proper backup options to recover your funds. Popular wallets provide seed phase, a key phrase, private key as backup options. You need to consider this fact very seriously.
03.Ease of use and user-friendly interface
Your secure Ethereum wallet should be ease of use and user-friendly interface to perform regular wallets functions such as sending funds, receiving funds, etc to avoid bad experience and time-consuming process.
There are so many wallet types such as desktop, online, mobile, hardware wallets but all the wallets are not free especially hardware wallets. Ethereum hardware wallet is not free and you need to buy but hardware wallets give you greater security than any other wallets.
Also, you can use freely MyEtherWallet, Metamask, Trust Wallet, Coinbase wallet, etc.
05.The development team and history
Check the wallet developer team before any actions, find out their development history, reviews, expert’s talk about the particular wallets, etc. As an example If you find Android wallet, you can check Google play reviews to check particular wallets reputation.
What are the best Ethereum wallets?
There are a lot of Ethereum wallets that exist but here listed the most popular and reliable secure Ethereum wallet according above section explained.
|Trezor One||Hardware||69 EUR||Yes||Visit|
|Ledger Nano S||Hardware||59 USD||Yes||Visit|
|MyEtheWallet||Web||Free||Ether, ERC 20||Visit|
|MyCrypto||Software||Free||Ether, ERC 20||Visit|
|Metamask||Browser Extension||Free||Ether, ERC 20||Visit|
Let’s get started to how to create popular MEW wallet.
How to create Ethereum wallet using MyEtherWallet?
What is MyEtherWallet
MyEtherWallet or MEW is a free, client-side secure Ethereum wallet interface that supports Ethereum, ERC 20 tokens.
Recently MEW expands services such as a mobile app is known as MEWconnect, Crypto swap service, buy Ethereum with fiat currency, etc.
Major steps to create MEW wallet
Let’s type MyEtherWallet.com on browser address bar right way. Scroll down and click the “Create A New Wallet” tab middle of the page.
Then you will direct to “Create new wallet” and select “By Mnemonic Phrase” tab out of three.
I recommend you to refer this article to creating MEW wallet with KeyStore file.
There are 12 words display under “Password” and you can select a 24-word password if you want. Now you should write down or take a screenshot of “Password phrase” or you can print the 12 words and store it somewhere secure place. The mnemonic phrase is an encryption version of the private key of your wallet.
After that there is a toggle button password on and off, you can set a secondary password to further secure your wallet but it is optional.
Then click “I wrote down my Mnemonic phrase” button.
Then, a verification popup screen will come. Fill the rest of the words using written down words. Then click the “Verify” button.
Then you will receive a Success screen and click “Unlock” wallet button.
Access the wallet
Then you will direct to “Access by Software” and select “By Mnemonic Phrase” then click “Continue” button.
Next screen, fill the fields using the written down 12 words correctly and click the “Continue” button.
Then you will see “ Network and Address” There are two tabs, first select “1 Network” Select “ETH and MyEtherWallet.com”.
Then select “2 Address”, select “Ethereum” from “HD derivation path”.
Then select one of the Address and accept “terms”, Then click on “Access My Wallet”.
Then you will direct to your MyEtherWallet dashboard right way.
You can see your public key in under the “Address” box and wallet balance will display under the “Balance” box. Your public key can be used to receive funds from anywhere.
Click on “Send” on the left side of the dashboard.
Under send transaction, select Ether or Any other coin from the “Type” section and type the amount you want to send in the “Amount” field.
Then paste your receiver’s address in under the “To” address field.
After that, you need to set a transaction fee for your transaction under the “Transaction Fee” section. Here click the “Edit” link and Popup will come which is “Settings” and click on “Transaction speed” and then recommend selecting “ Economy”. If you want a fast transaction you can select another two but that will eat more fees from the wallet remaining balance.
After that click on the “Save” button and close the popup.
Advance section no need to change, recommend keeping the default.
After that, you set all details and click on “Send Transaction” button.
Then, MyEtherWallet is generating new transactions and confirmed the transaction to broadcast to the Ethereum network.
After that, you should wait a few seconds to validate the transaction. Also, you can view the transaction status on Etherscan using transaction hash.
Note: please double check the receiver’s address because any Ethereum or cryptocurrency transaction can’t be reversed.
MyEtherWallet services and features
01.Handling ERC 20 tokens
You can send, receive, and store your ERC 20 tokens in your Ethereum wallet secure way.
02.Token swap service
You can exchange your Ether or ERC 20 token for any other cryptocurrency using third party services like Simplex, Bity, Changelly and Kyber Network.
Some third-party support the Fiat currencies like EUR.
03. Supports the Dapps
Myetherwallet also supports Dapp services like MakerDao’s Oasis App, Uniswap exchange, etc.
04.Hardware wallet compatible
How to create Ethereum wallet using Metamask
What is Metamask?
Metamask is one of the popular Ethereum wallets which is browser extension currently, available for Chrome, Firefox, Brave, and Opera.
Metamask consists of many benefits such as easy to use, major browser support, the decentralized exchange supports, Dapps supports.
Also, you can handle many wallet addresses(Accounts) within same Metamask wallet.
Major steps to create Metamask wallet
Let’s go the Metamask.io website add extension according to your web browser. Let’s select chrome extension and you will direct to the chrome web store, then click add to chrome blue button.
After a few minutes, Metamask extension will be installed and a new tab will open which is welcome page. If you can’t see the welcome, please click the Metamask icon top right corner of the browser.
A select new tab, click the “Get Started” button.
Next screen clicks the “ Create a Wallet” button.
Next screen clicks “I Agree” button.
Next screen, you will see the little lock icon on the dark background, click on it to reveal your 12-word secrete phrase which is used to recover your wallet when your wallet deletes or crash or some things happen to your wallet. Then click the “Next” button.
Then you will direct to confirming your secret phrase. Select the words in the correct procedure and click on the “Confirm” button. If you fill it correctly, you will direct to “Congratulation” screen. Click on the “All done” button.
Access your Metamask wallet
Here you can restore your wallet using a secret phrase that you wrote down in previous steps.
Type the 12-word secrete phrase correct procedure. Fill the password section and click the “Restore” button.
If you correctly fill the above steps, you will direct to the wallet dashboard. Now you have created the wallet and you can do regular wallet actions such as to send, receive store funds right way. Let’s close the tab and you can access through the Metamask extension icon located in the top right corner of the web browser where you can do regular wallet task.
Also, you can directly transact with the Hardware wallets such as Trezor and Ledger secure way using Metamask Chrome web extension.
Where to buy Ethereum using Credit or Debit card?
Here are the most trusted and popular ethereum exchanges to buy Ethereum right way. Exchanges may ask your ID verification after being registered the exchanges and some of them not. Select your exchanges to Buy the Ethereum from the credit or debit card according to your region.
|Exchange||Supported Countries||Fee||Payment option||Website|
|Coinbase||US,Canada, Australia, Singapore, EU countries||3.99%||Credit/debit card,|
|Coinmama||Global||5%||Credit/debit card, Wire transfer||Visit|
|Bitpanda||Europe||~3%||Credit/debit card, Bank transfer||Visit|
If you don’t have the option to buy Ethereum, Comment below and we will help to find a proper exchange to buy Ethereum right way.
This article discusses how to create Ethereum wallet using MyEtherWallet and Metamask.
Helpful additional readings,