MyEtherWallet is a “do-it-yourself-&-secure-it-yourself” FREE Ethereum wallet that is extremely easy to use. In this guide, we will list out the steps of participating in an Initial Coin Offering (ICO) with MyEtherWallet. Note that the steps are similar to sending a normal transaction with MyEtherWallet.
We will be using the credentials generated in this guide. Please proceed to copy down the details and download the files.
Step 1: Proceed to MyEtherWallet.com
Step 2: CHECK that you are at https://www.myetherwallet.com
Step 3: Check that you are at the “Send Ether & Tokens” tab
Now, there are a few methods of accessing your Ethereum account and issuing a transaction. In this guide, we will be covering the usage of:
- Keystore File (Steps appended with “A”)
- Private Key (Steps appended with “B”)
Step 4A: Select Keystore File (RECOMMENDED)
Step 5A: Enter password for the encrypted keystore file
Step 4A: Select Private Key
Step 5A: Unlock wallet with private key
Step 6: Check that you have come to the following page
Step 7: Key in the crowdsale/ICO contract address and the amount of Ether to send. (Do NOT keep the gas limit at 21,000)
Note: Gas is the maximum transaction fee for your transaction. Do not confuse with gas price. If the gas limit is set too low, the transaction will fail (& the transaction fee will be eaten).
A normal transaction will only require 21,000 gas. But, if you are sending to a crowdsale/ICO contract, you WILL need a higher gas limit (or your transaction will fail). The ICO organisers will normally state the recommended gas limit on their ICO webpage.
Step 8: Send the transaction! (click on the big blue button)
Note: If the transaction fails, you may want to increase the gas limit.
Note 2: HELP! MyEtherWallet site is NOT responding!! The ICO will close in 1 minute and I will miss out on the opportunity! Use EtherScan to broadcast the signed transaction. Refer to this guide – Using EtherScan To Broadcast Transactions.
Note 3: Visit this guide – View Tokens Balance With MyEtherWallet to view the tokens that you have purchased.