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How to set up your token wallet

27 august 2017, 20:06

So you've started buying all these new interesting ICOs, but most of them are not yet available on exchanges and don't have any dedicated wallets, so how can you store them? Well, most of them are probably ERC-20 tokens. The best existing way for creating your wallet is through a site called MyEtherWallet. Not only you can create your new wallet there, but also access it through the site. But don't worry, it's not one of these suspicious online wallets, this site doesn't store any information or private keys and has no access to your wallet. You can generate your address there and then keep it as a cold storage.

1. Going to the site

However ridiculously easy that step looks like, it's very important to make sure you are at the real MyEtherWallet site, as any other site, even if it looks just the same, both by design and by address can turn out to be a scam phising site that will steal your tokens.

How to set up your token wallet

Make sure there is a proper certificate and always access it through https, the site itself also gives you an information that you securely connected to the proper one.

2. Generate your wallet

How to set up your token wallet

There will be few possible ways of accessing your wallet, so to make it as secure as possible, you also need to create a password for it. Remember to not lose it! But it is also important not to save it anywhere on your computer or email as all of these can be hacked.


3. Safe the file

How to set up your token wallet

It is an encrypted file that stores information about your wallet. You will need it later to access the wallet. It's good to store it securely, the best idea would be to have it on external USB that you don't plug to any suspicious computers. But a file alone won't make a hacker steal your tokens, as there is also a password protection that you've set up in the previous step. Never store the file and password in the same place! 


4. Save your private keys

How to set up your token wallet

These will be the most important random numbers and letters in your life, as this is your actual wallet. With this key anyone can access it. For sure don't generate it, print screen and then post in a tutorial on the Internet for the whole world to see (fortunately this is a random empty address for the sake of this article, or is it...?).


5. Done!

You are now the owner of brand new, fresh wallet that waits for new tokens to pour into it! You can access it through this site, but also from any other ether wallet, you can also just store it as a cold paper wallet.


If you want to access the wallet through MyEtherWallet, you've got few options:

How to set up your token wallet

Everything we've just set up is the keystore file (+ password) option. But as you can see, you can configure it even with devices like Trezor or Ledger.

Choose the file, type your password and you are in! You can already use it for storing your ethereum tokens, but it can be set up to most of the upcoming ICOs, in the next article we will explain how to add custom tokens.

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