There are numerous options when it comes to choosing your crypto wallet. Why not just pick the first one that comes your way or that one that was recommended by someone on Reddit? For starters, you need to understand crypto and understanding security is the most important thing. That is why we recommend reading about all the features that different wallets offer. Based on that research you can choose something that is most suitable for you.
In this step-by-step tutorial we will present you how easy it is to set-up MyEtherWallet (MEW) account. It is important to realize that although MEW is an online solution it does not hold your private key. This is a blessing and a curse at the same time. By holding on to your private key you actually own your crypto but you need to make extra precautionary steps to stay safe. If you use services that don't give you a private key, you are not the owner, they are! We recommend using services where you have your own private key but beware: use common security steps to prevent losing your access to your crypto - it happens too often.
Visit https://www.myetherwallet.com. This is the homepage that will greet you:
You can make as many wallets as you would like. Of course we don't recommend having too much. You can make this one as your testing one so that you get familiar with the process and after we are done you can make a brand new one for the real purpose.
2. Create New Wallet
As you enter MEW website you will be invited to create a new wallet. Choose your password wisely. Try to make it hard for computers to understand, try to memorize it and write it down. For this purpose I choose “myetherwallettutorial” which is a bad example and you should put more effort in it! This password encrypts your private key. This does not act as a seed to generate your keys. You will need this password to unlock your private key (which will be stored in an encrypted file - Keystore File).
3. Save your Keystore File.
This is important. You need to download Keystore File. This file contains your private key and you can open it with a password you´ve set up in step 2. It is not recommended that you have this file on the same computer. Make a backup on a secure USB drive and store it somewhere safe. Do not share this piece of information with anyone! Think of this file as a master key to your windowless house. You have one door and one master key. If you lose it no one can help you get in the house.
Do not continue with the next step if you haven't made the backup. Seriously.
4. Save your Private Key.
This is the code of all codes. Print it out or write it down. You can also copy/paste and make a file on your dedicated USB drive as a backup. Backup is crucial! Do not store your Private key on your computer in a Word file or .txt file. This way it can be easily read by malicious programs you might have on your computer.
5. Access to your wallet
There are many possibilities how to enter your MEW account. Here, we are going to show you only two that are satisfactory: > Keystore / JSON File > > Choose “Keystore / JSON File”. On the right MEW will ask you to choose a file from your computer (or USB drive). You will need to enter your password. If correct, the “Unlock” button will appear on the right. Click on it and you are now inside your wallet.
> Private Key > > You could access your wallet by entering your private key. Choose “Private key”, find your private key (on a piece of paper, USB drive or on your computer) and enter it in the box. The “Unlock” button will appear on the right. Don´t forget that your private key is now stored on your “clipboard” and that you can mistakenly copy/paste it somewhere else and lose all your cryptocurrencies. If you choose to enter MEW via this step we recommend typing your private key directly to the box or use cut/copy option.
6. Inside of your wallet
Here you can see your public address which is the string of numbers and letters that you can share. Everyone who will want to send you Ether or other cryptocurrencies will need this address. You never share your private key that was generated in the step 4!
There you go! You created your first MEW account.