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Once you have typed in your PIN and confirmed it, your Ethereum wallet will be generated.
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To start using the full scope of the wallet, however, you will need to click on ‘Create Wallet’ on the ‘Create a free wallet’ page, where you are asked to choose a six-digit PIN. Unlike most mobile cryptocurrency wallets, MEW lets you immediately browse the wallet’s features and functionalities.
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To set up MEW Wallet, look for it in your phone’s app store and download the mobile application.
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For additional security, you can also choose to add an extra word.Īlternatively, you could download MEW Wallet on your smartphone (available for Android and iOS). Finally, you are asked to log on with the twelve words of your mnemonic phrase. Using the mnemonic phrase, for example, you are required to write down the words and then type in three to verify your wallet creation. To set up a web wallet, you can choose between logging onto your MEW wallet using a Keystore file you save on your computer or using a twelve-word mnemonic phrase. There, you click on “Create A New Wallet.” Then, you have the choice between downloading the mobile app, buying a hardware wallet you can connect to MyEtherWallet, or you can create a web wallet. To use MyEtherWallet online, you need to access Always check that you are using the official domain! You can set up MyEtherWallet as a web-based interface or as a mobile wallet. MyEtherWallet is a free, open-source, client-side wallet, which means that anyone can download MEW and use it without having to deal with know your client (KYC) procedures or providing any personal information. MyEtherWallet was hacked in 2018, which led to a loss of funds for users. Having said that, MyEtherWallet users have been targeted by phishing campaigns for years as MEW has predominantly established itself as a web wallet, making it an easier target for phishing scams. Moreover, the company encourages users to connect a hardware wallet to MEW for increased security. While MEW doesn’t provide two-factor authentication, it allows you to choose a 13th word in addition to the twelve-word mnemonic phrase to access and/or recover the wallet.
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Additionally, the open-source code of MEW has been worked on and vetted to ensure the security and usability of the software. The company does not store any funds on behalf of its customers. MyEtherWallet is a non-custodial, open-source Ethereum wallet.Īs a non-custodial wallet, users have complete control over their private keys, as well as over the funds they hold in MEW. Users based in Europe can also sell cryptocurrency for euros and Swiss francs using MEW, thanks to its partnership with Switzerland-based exchange. Additionally, MyEtherWallet users can sign and verify messages using MEW on the Ethereum blockchain. Moreover, MEW users can also interact with and deploy smart contracts, enabling advanced Ethereum users to build on the Ethereum blockchain. What’s more, MEW users can stake ETH and purchase and manage blockchain-based ENS domains by accessing the interface’s connected DApp ecosystem as well as hundreds of other DApps using the MEW mobile wallet. For example, ETH holders can swap their tokens for Bitcoin (BTC). Additionally, users can engage in cross-chain swaps to swap tokens across blockchains. MEW users can also swap tokens using the built-in swap function that allows the swapping of Ethereum-based tokens. As such, MEW allows users to store, send, and receive ETH, ERC-20 tokens, and NFTs. The founders of MEW built the client-side interface to enable users to experience the Ethereum ecosystem. As the wallet’s name suggests, MyEtherWallet is an Ethereum wallet.
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