Understanding the Basics of MyEtherWallet Security

Are you a crypto enthusiast looking to take control of your finances? MyEtherWallet (MEW) lets users store, send, and receive Ether and other Ethereum-based tokens. This guide will walk you through the necessary steps to start using myetherwallet.

First, you’ll need to get a wallet address. You can generate one either by using the MEW web wallet or by downloading their app for your device. The web wallet is an easy way to get started and will let you store up to 5 different tokens. To use the app, download it from your phone’s App Store or Google Play and follow the simple instructions.

Creating an Account

The first step in getting started with MEW is creating an account. To do so, go to https://www.myetherwallet.com/. On the homepage click “Create New Wallet” and follow the step-by-step instructions. Be sure to save your password in a secure location as it is essential for accessing your wallet later on. Also, make sure that you save the Keystore File (UTC/JSON) in a secure location as well since this is another way of accessing your wallet if you forget your password.  Note that MEW does not store or know your private key so it’s important to keep track of this information yourself and not store it on any cloud computing services like Google Drive or Dropbox. 

Securing Your Wallet

Although there is no guarantee that a wallet can be hacked, taking additional steps can increase security by reducing the chances of someone stealing funds from your wallet. The most common security measure is two-factor authentication (2FA). Two-factor authentication adds an extra layer of protection when logging into accounts by requiring both something that you know (such as a password) and something that you have (such as a mobile phone). There are several 2FA options available for MEW including Google Authenticator, Authy App, Yubikey hardware token, Ledger Nano S & X hardware wallets, and MetaMask browser extension. Each option provides different levels of security so consider which one best fits your needs before making a decision. 

Recovering Funds from an Existing Wallet                                                                                                                                                                                         

 If you already have Ether or ERC20 tokens stored in another wallet such as Coinbase or Mist, then those funds can easily be recovered using MEW’s recovery feature. All you need is the 12 word seed phrase associated with the existing wallet and then follow the step-by-step instructions at https://www.myetherwallet.com/#welcome . With this feature, users can also recover funds from presale wallets created prior to July 2015 by entering their private key instead of their seed phrase when prompted during recovery process..  Once complete all assets will be viewable within MEW interface and ready for use! 

MyEtherWallet offers users an easy way to securely store Ether and other Ethereum based tokens without having to worry about losing access due their coins being stored on an exchange or someone else’s server where they have no control over them. By following these simple steps outlined above anyone can get started quickly with MyEtherWallet! Just remember always write down/save/back up your passwords & 12 word phrases somewhere very safe offline so if anything happens online then at least we still have access our funds offline! Good luck!