How to Use MyEtherWallet with a Trezor or a Ledger Hardware Wallet
MyEtherWallet (MEW) is a free open source interface for generating Ethereum wallets for Ether and ERC20 Tokens.
When you use MEW with a hardware wallet, MEW serves as the interface that allows you to send and receive coins and view your balances. The private key that is used to own all of your digital assets will still be stored offline on your hardware wallet.
This guide will show you how to use MEW with the following hardware wallets: Ledger Nano S, Ledger Blue, Trezor Model T and Trezor One. These hardware wallets support all Ethereum, Ethereum Classic and all ERC20 tokens. You will need to have first initialized your hardware wallet.
- Go to myetherwallet.com.
- The welcome screen will come up with a message about MyEtherWallet. You may exit out of this.
- Click on either “Send Ether & Tokens” or “View Wallet Info.” Both of these options will display your account balance(s) and your public key that is needed to receive assets to your hardware wallet.
- “Send Ether & Tokens” also allows you to send assets from your hardware wallet, and “View Wallet Info” also displays your public key as a QR code and allows you to print this out.
Connecting to a Ledger Hardware Wallet
- Under where it asks “How would you like to access your wallet?” select “Ledger Wallet.”
- Plug your Ledger Nano S into your computer, enter your pin code and then select the Ethereum app (by clicking both buttons at the same). Your Ledger Nano S should read “Use wallet to view accounts.”
- You may now click “Connect to Ledger Wallet.”
Select the HD derivation path. Both m/44'/60'/0'/0 and m/44'/60'/0' will work.
- However, if you use Ledger Live for managing Ether and you would like Ledger Live and MEW to have the same Ether accounts then you need to choose m/44'/60'/0'/0.
- If you use the Ledger Ethereum Chrome App for managing Ether and you would like the chrome app and MEW to have the same Ether accounts then you need to choose m/44'/60'/0'.
This is not relevant if you just want to use MEW for ERC20 tokens, because using MEW is the only way to manage ERC20 tokens with a Ledger Wallet. So in this case, you may choose either path.
Connecting to a Trezor Hardware Wallet
- Under where it asks “How would you like to access your wallet?” select “TREZOR.”
- Plug your Trezor Wallet into your computer and select “Connect to Trezor.”
- Enter in your pin code on your Trezor device. Two new screens on MEW will come up; click “Allow” and then “Export.”
- Select HD derivation path m/44'/60'/0'/0.
The rest of the instructions are the same for both Ledger and Trezor Hardware Wallets:
Sending and Receiving Ethereum Assets
- Scroll down and select an address. You can receive your Ether and all of your various ERC20 tokens into one address, or you can use multiple addresses. The address or addresses you choose do not matter.
- Click “Unlock your wallet.”
- You can now view your balances and send and receive assets.
- To receive Ethereum assets into your hardware wallet, copy your “Account Address” and paste this address into the wallet or exchange your Ethereum assets are being stored in, and then click send. (Note that this is the same address that you selected in the previous step). Under the address you can click “Display address on Trezor (or Ledger)” to have this address display on your hardware wallet’s screen. You can then confirm that the address on your hardware wallet matches the address that you have pasted into the exchange or wallet.
- To send Ethereum assets from your hardware wallet to another wallet or an individual, than you will need the receiving public address. Once you have that public address, copy and paste it into MEW under “To Address.”
- You can then select the “Amount to Send.”
- To send an ERC20 token, click on the drop down arrow next to ETH (Under “Amount to Send) and then select the specific ERC20 token.
- You can use the Gas Limit that is provided.
- When you are ready to send, click on “Generate Transaction.”
Accessing ERC20 Tokens with MEW
- As explained earlier, you can send all of your ERC20 tokens to the same public address that is being displayed under “Account Address.”
- After you have sent your ERC20 tokens to this address, you will need to manually select the ERC20 tokens from a list in MEW.
- Scroll down to where it shows “Token Balances.”
- Under “How to See Your Tokens” click on “Show All Tokens.”
- A long list of ERC20 tokens in alphabetical order will be displayed.
- Scroll down to find your token(s) or use Control+F (Windows), Command+F (Mac) to bring up a search bar and then type in the abbreviation for that coin.
- Then click on “Click to Load” for each token that you have sent to your hardware wallet. The amount of the token that you have sent over will then be displayed.
- After you have loaded all of your ERC20 tokens that were sent to your hardware wallet, scroll up the list of tokens and click “Only Show Balances” so that only ERC20 tokens with a balance will be displayed.
- Once your ERC20 tokens have been sent to your hardware wallet using MEW, and you have loaded them, the balances will automatically appear when you sign in to MEW with your hardware wallet (you will not have to load each one again).
How to Add a Custom Token
- MEW supports all ERC20 tokens and Ethereum based assets. If a token is not listed under the “Show All Tokens” list, than you can still store it on your hardware wallet using MEW.
- Under “How to See Your Tokens,” click on “Add Custom Token.”
- Then click on either etherscan.io or ethplore.io (the process is the same for each site). This will open a new tab.
- As an example we will add the custom token IHF (Invictus Hyperion Fund).
- Leave MEW open and go to the new tab of etherscan.io (or ethplorer.io).
- In the search bar, type in the abbreviation of the token (in this case IHF). The full name of the token will be displayed. Click on the full name.
- Highlight and copy the contact address and take note of the decimals.
- Now go back to the MEW tab you left open.
- In “Token Contract Address,” paste in the contract address that you just copied.
- Enter the token abbreviation for “Token Symbol.”
- Enter the “Decimals” number that was displayed in etherscan or ethplorer.
- Then click “Save.”
- You have now added a custom ERC20k token. If you have sent an amount to your hardware wallet, then the balance will be displayed. The balance of this custom token should now automatically be displayed when you login to MEW with your hardware wallet.
Paying the Transaction Fee and Selecting the Gas Limit and Gas Price.
Ethereum is a network known as a blockchain and Ether is the asset that is the fuel for this network. Whenever you send Ether, send ERC20 tokens or interact with a contract, you need to pay a transaction fee (TX fee).
This TX fee is measured in “Gas” and it is paid in Ether. The total cost of a TX fee is the Gas Limit * Gas Price. Whenever you make a transaction with MEW, you will need to have at least a small amount of Ether within that address to cover the TX fee.
If you are trying to send an Ethereum asset from your hardware wallet (using MEW) and you get the error: “Cannot send due to Insufficient funds,” it means you do not have enough Ether available in that address.
A standard TX fee for sending Ether will be 0.00042 ETH and for sending ERC20 tokens will be 0.001 ETH - 0.002 ETH.
An easy solution is to send 0.01 ETH to the MEW “Account Address” of your hardware wallet (this is referring to the same public address that you use to receive all Ethereum assets into your hardware wallet). You will now have enough Ether for any transaction.
You will notice that you can change the Gas Limit. For sending Ether, you can use the default 21000. For sending an ERC20 token, you can use the amount that MEW automatically recommends. If the recommended amount for an ERC20 token is not enough and an error occurs, then you can change the Gas Limit to 200000 (five zeroes). You do not need to worry about a higher fee, because extra Gas that is not used, and the Ether that pays for it, will be returned to your wallet.
You have the option to select a higher “Gas Price” to have the transaction complete faster or a lower “Gas Price” but have the transaction complete slower. The Gas Price is measured in Gwei which is a small unit of Ether: 1 Ethereum is worth 1 Billion Gwei. To change the Gas Price, click on “Gas Price: 41 Gwei” and scroll for a higher or lower Gwei.
You now have all the information necessary to use MyEtherWallet with a Trezor or a Ledger hardware wallet! If you do not already have a hardware wallet, take the first and most critical step of securing your Ethereum assets now by purchasing one here:
Trezor Model T
Ledger Nano S