MyEtherWallet is the most popular online Ethereum wallet because it supports ERC-20 tokens and that makes it perfect to use if you want to participate in an ICO as many Initial Coin Offerings are based on Ethereum. In this guide we’ll show you how to create a new wallet, back it up to keep safe your digital assets and how to send a transaction.
Step 1: Go to https://www.myetherwallet.com/
Make sure that you are on a computer you trust and that you access the website via an HTTPS address. If you’re using Chrome, you should see a green lock notification in the address bar:
Step 2: Create New Wallet
The first thing you see is on the top menu is Create New Wallet. Enter a strong password, fill in the form, make sure to remember it by heart, and then press the button ‘Create New Wallet’.
We recommend creating a strong password, using upper and lower-case letters, and also numbers and symbols. Do not lose this password. Losing this password is equivalent to losing all of the ETH and other tokens stored in your account.
Step 3: Save Your Keystore File
You have 3 ways of doing this. You can download .JSON file with an encrypted version of the private key which is compatible with geth, mist and myetherwallet and requires a password to decrypt (Keystore). You can also store unencrypted version of your private key by downloading it in a .JSON file or by copy pasting it from the website.
We recommend you use the Keystore (encrypted) feature, which provides an additional layer of security to your wallet.
Follow the instructions to save your keystore file. This file contains your private and public keys and is required every time you want to access your account. Click ‘Download Keystore File’ and save the file somewhere on your computer or on a thumb drive for extra security.
Step 4: Unlock your wallet to see your address
As you can see, there are many ways of accessing your wallet, you can paste or type in your private key, then click ‘Unlock’. Another option is to use the keystore file you saved on your computer earlier, then enter your password and then you’ll be able to click ‘Unlock’.
Now you have full access to your Ethereum Wallet! It was simple, right? Save Your Public Address. You will need to provide this public address during your registration for the token sale event. Do not lose
your password and the keystore file, as you will need to use them in the token sale event
If you want to access your wallet again, go to www.myetherwallet.com and click on ‘View Wallet Info’.
Step 5: Purchase your first Ether (if you don’t have any in your wallet)
Now you can actually start using your wallet. In order to fill your wallet with the Ether (ETH) needed to purchase tokens offered on an ICO, you will need a cryptocurrency exchange. There are many exchanges out there but we recommend Coinbase because it’s one of the biggest cryptocurrency exchanges. For more information read how to buy Bitcoin & Ethereum.
Step 6: Send ETH to the Token Sale Address
Whether you already had a wallet full of cryptocurrency, or have just recently created one using the first two steps from this article, you are now ready to participate in the ICO. The next thing you need to do is visit the ICO website in order to know the official contract address used to participate in the token sale of any given project. Again, make sure you are in the official website.
Now all you have to do is fill out the Wallet address you want to send Ether to, and how much you want to send. In the “Gas Limit” field, change the minimum amount to 200,000 gas. This will ensure that your transaction is processed. Click “Generate transaction” and then “Send transaction”.
A popup will appear. Click “Send Transaction.” MyEtherWallet will ask you to confirm the transaction. If the data is correct and you wish to proceed, click “Yes, I am sure! Make transaction.” DO NOT click on this button more than once.
Congratulations! You have now purchased the amount of tokens that corresponds to the amount of ETH you sent.