Last updated on July 23, 2019
When you selecting secure Ethereum wallet, you need to consider a few things such as security of wallet, popularity, ease of use, backup and recovery options, etc. In this guide will bring how to create secure Ethereum wallet using popular MyEtherWallet and Metamask in a step by step way.
If you don’t know what is Ethereum, Refer Ethereum guide
Let’s get dive in,
What is Ethereum wallet
Ethereum wallet is a coding mechanism to interact with Ethereum blockchain in a secure way that wallet is used to store your Ether(ETH), send Ether and receive Ether in a secure way. Ethereum wallet can be software or desktop, web or online, hardware, mobile according to the medium of wallet developed.
What are factors to consider selecting secure Ethereum wallet?
01.Security of wallet
- 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
- 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.
If you have more than 500$ crypto assets, recommend buying Ethereum support hardware wallets such as Trezor and Ledger.
Most popular MyEtherWallet, Metamask, Trust Wallet, Coinbase wallet, etc are free to use.
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 is the best secure Ethereum wallet?
There are a lot of Ethereum wallets 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|
Let’s get started to create secure Ethereum wallet secure way.
How to create secure Ethereum wallet using MyEtherWallet?
In this step by step guide, you will learn how to create Ethereum wallet using MyEtherWallet, Use of Key phrase, Use of MyEtherWallet features such as Buy Ether, Instant ERC 20 tokens exchange, etc.
Create secure Ethereum wallet
Let’s type MyEtherWallet.com on browser address bar right way. Scroll down and click “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.
Let’s refer this article to creating MEW wallet using 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 encryption version of the private key of your wallet.
After that there is toggle button password on and off, you can set a secondary password to 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 words using wrote 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 write down 12 words correctly and click “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 “Address” box and wallet balance will display under “Balance” box. Your public key can be used to receive the 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 balance you want to send in “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 to select “ Economy”. If you want a fast transaction you can select another two type which are cutting more Fees.
After that click on the “Save” button and close the popup.
Advance section no need to change, recommend keeping the default.
Now you set all details and click on “Send Transaction” button.
Now MyEtherWallet is generating new transaction confirm the transaction for broadcast to the Ethereum network.
Let a few minutes to confirm the transaction.
Note: please double check the receiver’s address because any Ethereum or cryptocurrency transaction can’t be reversed.
Special MyEtherWallet Services are other than Ethereum wallet.
01.Handling ERC 20 tokens
You can send, receive, and store your ERC 20 tokens in your Ethereum wallet secure way.
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 and many more.
How to create secure Ethereum wallet using Metamask
Metamask is one of the popular secure Ethereum wallets which is browser extension wallet currency available for Chrome, Firefox, Brave the cryptocurrency browser and Opera. Main benefits are easy to use, major browser support, the decentralized exchange supports, Dapps supports, Multiple Ethereum account supports, etc.
Create the 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/ 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|
|Coinmama||Global||5%||Credit/debit card, Wire transfer||Visit|
|Bitpanda||Europe||5%||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.
In this article discuss how to create secure Ethereum wallet using MyEtherWallet and Metamask. Also, you will learn another important fact when creating an Ethereum wallet.