Today I’m going to talk about best Ethereum wallet to store ETH safely. If you cannot afford industry’s recommended way, hardware wallet to store your coins then here I come with a free alternative MyEtherWallet. This solution will help you store your cryptocurrency safely.
Ethereum is a thriving cryptocurrency and as of now it seems that it can perform well in the upcoming future. If you’re one of those early birds who invested in Ethereum some years back then you might be in good profit. However, if you’re willing to hold your ETH for some more months or years then cold storage such as paper wallet or hardware wallet, is a safe bet for you.
Similarly, software wallet such as MyEtherWallet – best Ethereum wallet – is also a way better option than keeping your Ehtereum on a web based exchange which can run away with your coins anytime or if it doesn’t then someone will steal all its assets.
Here on our blog, we strongly recommend you to use a hardware wallet such as Ledger Nano X to store your Ethereum and other coins; because as of now it’s the safest way to store cryptographic assets.
However, if due to some reasons you cannot afford a hardware wallet then don’t fret you still have other options to store your Ethereum safely for example you can use an Ethereum paper wallet generator or MyEtherWallet to store your coins.
Though these options are not safe as hardware wallets but way better than exchanges.
These options include paper wallet, software wallet, Ethereum wallet Android, and the like. In this post, I’ll show you how to store your ETH using MyEtherWallet mobile application, one of the best Ethereum wallet app.
MyEtherWallet is a very trustworthy platform to store ETH and ERC20 tokens.
Earlier it’s providing Ethereum paper wallet generator tool to store ETH offline. And now it’s upgraded its platform and started providing more reliable ways to store ETH and ERC20 tokens. MEW’s (MyEtherWallet) mobile app helps us store our coins for free.
After creating your Ethereum wallet using MEW mobile app, you’ll be able to store, send and receive coins directly from the app.
For your knowledge. MEW is an open-source platform backed by some experienced blockchain experts who work to provide free and secure atmosphere to the community.
Let’s discuss why should you transfer Ethereum from exchange to somewhere else.
If you’re holding your Ethereum on an exchange and they’re still safe then I must say that you’re so lucky. But I can’t say how long you will be.
To save your Ether, I strongly advise you to move your Ethereum from your exchange to a paper wallet, software or hardware wallet because exchanges can be exploited any time and you’ll end up losing your investment. For your information, your exchange is not responsible if you lose your coins.
If exchanges are not safe then where should I store my Ethereum?
As of now, the best and safest way to store Ethereum offline is a hardware wallet. A hardware wallet stores private keys of your cryptographic assets in an isolated space.
Yes, a hardware wallet costs you money but when you think of your coins then this cost is nothing. If you’ve invested a significant portion of your investment in Bitcoin, Etheruem, Ripple or other famous altcoins then a hardware wallet is must for you.
A hardware wallet can store more than one cryptocurrencies at a time. Here is a list of best hardware wallets.
Here are my recommended hardware wallets:
On the other hand, paper wallet and software wallet are also good options to store cryptocurrencies. If you cannot afford a cryptocurrency hardware wallet then you can opt other mentioned ways to keep your coins safe.
Now you’re all set. Let’s store your Ether using best Ethereum wallet generator platform.
Do you know? Exchange is a least safest way to store cryptocurrencies. If you can survive for more than three months with your crypto investment then must read this “What is the safest way to store cryptocurrencies?”
How to setup MyEtherWallet mobile app to create Ethereum wallet
First of all, open your phone’s app store and search for MEWconnect app. This app is available on Google Play Store as well as on IOS App Store. Once you get the app, install it to your smartphone. Make sure you install official MEWconnect app. It’s very important.
After installing the app MEW Ethereum wallet, open it.
On the app homepage, you’ll see two options: Create new wallet and Restore Wallet. Touch first option ‘Create New Wallet’ to setup a fresh Ethereum wallet.
Next, you’ll be asked to enter a password for your ETH wallet. Set a very strong password using special characters, lowercase and uppercase letters, and numbers. Also, jot it down. After entering the password, tap on small arrow appearing on the top right corner to proceed.
Wait till your app sets up your Ethereum wallet. Thereafter, tap on ‘Start using MEWCONNECT’.
After tapping on ‘Start using MEWCONNECT’, you’ll be redirected to your ETH wallet page. Now you can use it to send and receive Ethereum.
Wait! We’ve not finished yet. What if you uninstalled the app mistakenly? How would you recover your coins? For that purpose, we’ll need 24 words backup seed. Let’s write our back up seed.
Grab a pen and copy to write your recovery seed.
On your app homepage, you’ll see backup button, just tap on that.
Touch ‘Back Up Now’ button and then ‘Start’.
Enter your Ether wallet password to see your recovery seed.
On the next page, you’ll see your Ethereum wallet recovery phrase. Carefully jot it down on a piece of paper. Take your time and cross check, don’t assume words, write exactly you’re seeing on your screen.
After writing and carefully verifying your recovery seed words, tap to jump to next step.
To confirm you’ve written your recovery seed properly, app will ask you select some words according to your seed words order. Select all words carefully for example in above screenshot in ‘Let’s double check section’ I have been asked to select third, ninth, tenth and thirteenth words from my seed so I’ve selected them accordingly. Similarly you select all the asked words and then tap on tick appearing on the top right corner.
All set! You’re good to go.
Now you’ve setup your Ethereum wallet successfully. From app’s homepage, you can copy your ETH wallet address to receive coins.
Now go to your exchange and send your Ethereum to your newly created wallet address. First send a small amount to verify your wallet address and then move all of them to your app based software wallet.
How would I be able restore my Ethereum wallet after uninstalling the app?
Using your recovery phrase you can restore your Ethereum wallet using any of the compatible best Ethereum wallet generator. You’re not bound to use MEW app only. Using the same recovery phrase you can transfer your ETH to exchange or somewhere else.
There’s no doubt that MyEtherWallet is a best Ethereum wallet website. However, I advise you use hardware wallet instead. If you can survive on your Ethereum coins for more than 3 months then hardware wallet is worth buying. It doesn’t cost too much.
As of now, Ledger Nano X hardware wallet is available for only $135. This device is capable of storing up to 100 different coins and tokens at a
How to send Ethereum to your wallet
After creating your Ether wallet, visit your exchange from where you’ve bought your Ethereum and send Ethereum from your exchange to your newly create MyEhterWallet app. To get your MEWCONNECT ETH wallet address, you can tap on you ETH wallet.
After tapping on the wallet, your ETH wallet address along with QR code will pop-up on your mobile scree.
First send a small amount of Ether say 0.20 to your new wallet and then check your balance. If you receive the sent amount then you’re good to go.
Note: Ethereum transaction takes 20 minutes to 2 hours (approx.) therefore check your balance again if it does not appear in the first attempt.
Disclaimer: This information is for advance users. If you don’t know what are you doing then seek help from a friend. This post is for information purpose only. We’re not associated with above mentioned Ethereum wallet generator platform. We do not hold any legal or financial responsibility in any manner.