For those of you who want a step by step for how to create a new wallet using this new MEW beta version, I’ll take you through the steps using the mnemonic phrase option.

I highly recommend watching the visual aid for this tutorial HERE

For those of you who are interested in learning more about the new tools you can access with this new update that will be covered in the second half of this post. If you are watching the video, check out the time tables listed down below.

There are a few different ways to access different kinds of wallets using MEW. For example you can access your Ethereum address associated with your hardware wallet by plugging in your hardware wallet and following the prompt, it’s very straight forward.
If you’re wondering why anyone would want to do this, it allows you to do things like conduct more advanced transactions, make swaps, purchase ENS domains and other things as well without having to move your coins from your hardware wallet.
MEW considers this a safer option than what I’ll be showing you today because you are protected with your physical device and your PIN.

When you first visit this site you’re presented with a number of warnings and other general information about this site and how you are solely responsible for keeping track of your passwords, keystore files and mnemonic phrases. MEW does not store any of this information which is good for you because you don’t have to worry about their methods of securing your information, but again, that responsibility now rests in your hands.

It looks like they’re pushing their MEWconnect app pretty hard here but I’m going to bypass that option.

If you choose to create a new wallet using the keystore file or mnemonic phrase options it is very highly recommended that you complete that entire process with your wifi and internet connection completely disconnected.

I will destroy the password and mnemonic phrases associated with the wallet I am setting up in this guide, so please don’t send any ETH or ERC20 tokens to it!

(Also, if you want to try and access it go ahead because I won’t be depositing anything into it.)

Ok so getting into this set up process

• First create a secure password.
  To make this easier on yourself use a password generator website and write it down.
• You’ll notice that you have a choice between creating a 12 or 24 word mnemonic phrase.
  The more words, the more secure this is, but remember that the overall security of this wallet will depend on how you choose to store these passwords and phrases.
• Write them down with pen and paper, make sure you write the correct word with the correct corresponding number, and store that information in a secure place that won’t get lost, destroyed or stolen.

Once you’ve gone through the set up process you’ll notice that you’ll have to again choose the method that you used to create the wallet and input your newly created password and mnemonic phrase.

For more clarification, I encourage you to watch this tutorial in video form here

Now you have a lot of options already.
You can choose which network you’d like to interact with. There’s Ethereum which is the Ethereum main net, Ethereum classic for those who want to transact with Ethereum classic coins, SingularDTV, and a host of other networks.

You’re also given what seems like an endless supply of public addresses to use. This is great because it helps you further decentralize your holdings.
It also lists the balances of each wallet making it easy for you to choose which wallet to interact with.
(If you want to switch between these different wallets you’ll need to input your password and phrases again.)

Once inside the wallet you have options like: changing the wallet, accessing the QR code associated with the wallet, creating a paper wallet which you can print out and store in a secure place.

The balances option also shows your holdings in terms of Bitcoin or REP.

To the right you’ll see a whole lot of ERC20 tokens. Their balances will show here if you have sent any to this particular address.
If the token you’re looking for somehow isn’t included in this list you can still manually adding it using the custom tokens link. If you don’t know how to do this, check this link to my video that goes over this process.

Now let’s take a gander at the swap tab.
Remember if you are swapping ETH for BTC you’ll need to provide your BTC address because remember, Bitcoin can’t be stored on an Ethereum wallet, it needs it’s own home and it’s your responsibility to provide that.
You can use Changelly or Bity for executing the swap and you can see the exchange rate of each as well as the fees that will be incurred.
You can also use the integration with Kyber to swap ETH for ERC 20 tokens and Simplex to purchase coins or tokens with your credit card. Kind of a one stop shop situation.

MEW is also setting itself up to be Dapp friendly and we’re seeing this with the ability to use the SafeSend tool.
This is a great tool that will analyze the address you would be sending your coins to. It will double check that the address isn’t associated with any known scams or scammers so it’s a little bit of a safety net for those who are feeling uncertain of the recipient. You will need to use a MetaMask plugin to use this feature however.

This is also where you can check out the ENS (Ethereum Name Service) option. This allows you to purchase, or more precisely, rent a specific name that you can use to represent your public wallet address. Making it easy for people to send you coins.

If you have any questions about any of these processes or other issues, please check out the help center link found at the bottom of the page. It’s full of a ton of information and common problems and really good insights.

Additional Reading/Links:

How to Add Custom Tokens on MEW
Learn about ENS

MEW medium blog
MEW Beta
MEW Help Center