Ethereum remains one of the most widely used cryptocurrencies, especially for participating in token sales, airdrops, and bounty programs. To securely manage your ETH and other Ethereum-based assets, you need a reliable wallet. Two of the most trusted and widely used options are MyEtherWallet (MEW) and MetaMask.
This guide will walk you through how to use both wallets, send and receive ETH and tokens, and help you decide which wallet best fits your needs. It’s important to note that both wallets support all ERC-20 standard tokens, making them versatile tools for crypto enthusiasts.
What Is MyEtherWallet (MEW)?
MyEtherWallet, often abbreviated as MEW, is a web-based interface that allows users to interact directly with the Ethereum blockchain. It does not store your coins or private keys. Instead, it serves as a gateway to create and sign transactions securely.
MEW also supports connections to various Ethereum networks and nodes, such as Etherscan and Infura, making it a flexible tool for managing ETH and tokens.
How to Create an Ethereum Wallet with MyEtherWallet
Step 1:
Go to the official MyEtherWallet website. Always verify the URL to avoid phishing sites. Check for the padlock icon in the address bar and ensure the registered entity is MYETHERWALLET LLC.
Step 2:
On the main page, enter a strong password and click Create New Wallet.
Step 3:
Download the Keystore File. This encrypted file is essential for accessing your wallet. Store it securely, such as on a USB drive, and click I understand. Continue.
Step 4:
Save your Private Key. Write it down on paper or store it in an encrypted file. Never share this key with anyone.
Congratulations! You’ve successfully created an Ethereum wallet.
How to Access Your MyEtherWallet
Return to the MEW website and select View Wallet Info. You can access your wallet using one of two common methods:
Method 1: Keystore File
Choose Keystore / JSON File, upload your Keystore File, enter your password, and press Enter.
Method 2: Private Key
Select Private Key, paste your Private Key, and press Enter.
Once logged in, you can view your ETH balance and token holdings under Token Balances.
Sending and Receiving Funds with MyEtherWallet
To Receive Funds:
Share your Public Address (found under Your Address) with the sender. Use this address for airdrops, bounty programs, or ICO registrations.
To Send Funds:
Click Send Ether & Tokens. Enter the recipient’s address, the amount to send, and adjust the Gas Limit if necessary. Click Generate Transaction, then Send Transaction.
Transaction fees are typically low (around $0.02), and confirmations usually take 1–5 minutes.
What Is MetaMask?
MetaMask is a browser extension that acts as both an Ethereum wallet and a gateway to decentralized applications (dApps). It allows users to manage ETH and tokens directly from their browser without visiting external websites.
It supports browsers like Chrome, Firefox, Brave, and Opera, and integrates seamlessly with popular dApps and decentralized exchanges.
How to Set Up MetaMask
Step 1:
Install the MetaMask extension from your browser’s official store.
Step 2:
Click the MetaMask fox icon, accept the terms, and create a strong password.
Step 3:
Write down the 12-word seed phrase. This is crucial for wallet recovery. Store it offline in a secure location.
Step 4:
Confirm that you’ve saved the seed phrase to complete the setup.
Accessing and Using MetaMask
Each time you open your browser, enter your password to unlock MetaMask. The main dashboard displays your ETH and token balances.
To Receive Funds:
Click the fox icon, select Copy Address to clipboard, and share this address.
To Send Funds:
Click Send, enter the recipient’s address and the amount, adjust gas fees if needed, and confirm the transaction.
Restoring Your MetaMask Wallet
If you reinstall the browser or forget your password, use your seed phrase to recover your wallet:
Click Import Existing DEN, enter your 12-word seed phrase, set a new password, and click OK.
Importing MyEtherWallet into MetaMask
You can manage your MEW wallet within MetaMask for added convenience:
Click the account icon in MetaMask, choose Import Account, and enter either your Private Key or upload your Keystore File.
Managing Ethereum Classic Wallets
Ethereum Classic (ETC) can also be managed using similar tools:
- MyEtherWallet: Switch the network to ETC (epool.io) in the top-right corner.
- ClassicEtherWallet: Use the official ETC wallet at ethereumproject.github.io/etherwallet.
- ClassicMask: A MetaMask-style extension for ETC on Chrome.
How to View ERC-20 Tokens in Your Wallet
Sometimes, newly received tokens may not automatically appear in your wallet. Here’s how to check and add them:
Step 1:
Visit Etherscan.io and enter your wallet address.
Step 2:
Navigate to the Token Transfers tab to see all token transactions.
Step 3:
Note the token’s Contract Address and Decimals.
To Add Tokens in MEW:
Under Token Balances, click Add Custom Token, and enter the contract details.
To Add Tokens in MetaMask:
Go to the TOKENS tab, click ADD TOKEN, and enter the contract information.
MyEtherWallet vs. MetaMask: Which Should You Use?
Pros and Cons of MyEtherWallet
Pros:
- Enhanced security through direct blockchain interaction.
- Compatible with hardware wallets like Trezor and Ledger.
- No third-party control over keys.
Cons:
- More steps required for access.
- Higher risk if used on compromised devices.
Pros and Cons of MetaMask
Pros:
- Quick and easy access via browser.
- Supports multiple wallets and dApp interactions.
- User-friendly for daily use.
Cons:
- Less ideal for long-term storage due to always-online nature.
Conclusion
- Use MyEtherWallet for long-term, secure storage of ETH and tokens.
- Use MetaMask for frequent transactions, ICO participation, and dApp interactions.
For enhanced security in managing your assets, 👉 explore advanced wallet solutions.
Frequently Asked Questions
What is the difference between ETH and ERC-20 tokens?
ETH is the native cryptocurrency of the Ethereum blockchain. ERC-20 tokens are digital assets built on top of Ethereum, following a specific technical standard.
Can I use the same address for both MEW and MetaMask?
Yes, you can import your MEW wallet into MetaMask using your Private Key or Keystore File.
What happens if I lose my Private Key or seed phrase?
Without your Private Key or seed phrase, you cannot recover your wallet or funds. Always store backups securely offline.
Are these wallets free to use?
Yes, both wallets are free. However, blockchain transaction fees (gas) apply when sending funds.
Can I use MetaMask on mobile devices?
Yes, MetaMask offers a mobile app for iOS and Android devices.
How do I avoid phishing sites when using MEW?
Always bookmark the official MEW website and double-check the URL before entering any credentials.