What is Ethereum Wallet? How to create & use an ERC-20 Wallet
Ethereum is a decentralized and open-source blockchain platform that allows the usage of smart contracts, which leads to the existence of DeFi.
To be able to skin in this blockchain, of course, you will need an Ethereum Wallet. In today's article, I will show you the details on how to create an Ethereum Wallet.
What is Ethereum Wallet?
The Ethereum wallet is where ETH, ERC20 standard tokens are stored on the Ethereum blockchain. You can send and receive ETH, ERC20 standard tokens as well as interact with applications on the Ethereum platform.
In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
What is included in an Ethereum Wallet address?
An Ethereum Wallet has 3 extremely important pieces of information you must note:
Wallet address: A sequence of numbers and characters used to send assets to the Ethereum wallet. Others can transfer coins to you through the wallet address you provide. A Ethereum(ETH ERC20) wallet address will have the following format: 0x52c8E69037D189A35071D9bbF911e514caf7e4D2
Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: lecture estate tube tunnel decade toe flash army red nice bottle trap.
Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0x633dbc90740c3bbb331b6918e3af36e6863dd1ce3c8f4f54a3697dd4b7201f5e.
To visualize, you can imagine that the Ethereum wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.
The difference here is that with a bank account, other people will know your personal information. As for the Ethereum wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Ethereum Wallet Review
There are many wallets on the market that support creating the Ethereum blockchain. Let's take a look at some outstanding Ethereum wallets in the crypto world.
Coin98 Super App
Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...
Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing ETH, ERC20 standard tokens here.
MetaMask
MetaMask is a decentralized wallet based on the Ethereum ecosystem, as well as an add-on plugin that allows users to run DApps right on their browser. Metamask allows you to store mainnet ETH and interact with Ethereum dApps. Despite the disadvantages such as not being able to log in to many wallet addresses, as well as manually updating assets, MetaMask is still a trusted destination for many people around the world.
Create a MetaMask wallet here: metamask.io
Exodus
Exodus is the multi-cryptocurrency desktop–mobile wallet. It supports about 100 cryptocurrencies including Ethereum and the built-in Exchange allows users to trade with just a few taps.
Create an Exodus wallet here: exodus.com
Coinbase Wallet
Coinbase Wallet is a centralized wallet that supports more than 4,000 assets. Coinbase Wallet allows you to enable Ethereum in the wallet app, which would be able to perform transactions and access dapps on the Ethereum network. Besides cryptocurrency, Coinbase Wallet also supports users to store their NFTs right in the wallet.
Create the Coinbase wallet here: coinbase.com
How to create an Ethereum Wallet
This tutorial will guide you on how to create a new Ethereum wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.
Coin98 Super App
Download and access the app
Ethereum wallet is now available on the Coin98 Super App for both iOS and Android users:
iOS: ios.coin98.com
Android: android.coin98.com
After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.
Create the Ethereum wallet
Step 1: Open the application, at the homepage click the Wallet icon → Manage.
Step 2: Click Add Wallet and click on the Ethereum icon to create an Ethereum Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase/Private Key in a safe place.
Note: These are CRUCIAL information that directly affects control over your assets.
Copy and paste the Passphrase/Private key into the Confirmation box.
Tick the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
Tick the two remaining boxes to confirm that you understand the risks if you lose your Passphrase/Private key.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Ethereum wallet.
Coin98 Extension Wallet
Installation instructions
You can access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide HERE.
Create the Ethereum wallet
Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface click Manage. Click Add Wallet.
Step 2: Select the Ethereum icon → Create Wallet.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Backup the Passphrase/Private key in a safe place.
Select Create Wallet.
After that, you can also go to Manage → Manage All Wallets to check the newly created Ethereum wallet.
How to use Ethereum wallet
Add ETH and ERC20 tokens to the Ethereum wallet
This process is similar on both the mobile version and the extension, so you can follow these steps for both.
Option 1
Step 1: Click the Ethereum wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code address and send your assets to this address.
Option 2
Step 1: Click the search icon on the main screen.
Step 2: Enter ETH, ERC20 token in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.
You can send ETH, ERC20 tokens to the address copied in step 3.
Send ETH, ERC20 tokens
This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send ETH stored in the mobile wallet.
Step 1: Click the Ethereum wallet.
Step 2: Choose Send.
Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface, select the Ethereum wallet you want to send from.
Note:
The gas fee for each transaction is paid with ETH, approximately khoảng 0.00063 ETH.
The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Swap ETH or ERC20 tokens
How to swap ETH or ERC20 tokens on the Coin98 Super App
Step 1: On the Coin98 Super App main interface, click Swap.
Step 2: Choose Ethereum to start trading.
Then you need to insert the following information:
Select the wallet that holds the coin/token you want to swap.
Select the token you want to swap from the list. We will take ETH and USDT for this example but you can choose other tokens as needed.
For those that haven’t been listed on the Coin98 Super App, you can still trade using their contract addresses.
Step 3: Choose the swapping amount. Before swapping, please kindly check the information in the Review Order section. Then select Approve (if this is your first trade) → Swap to complete.
How to connect the Coin98 Extension Wallet for trading ETH or ERC20 tokens on Coin98 Exchange
Step 1: Access Coin98 Exchange at: exchange.coin98.com
Step 2: To select an AMM, please click one of the two positions highlighted in the picture below.
Choose Uniswap or SushiSwap.
Step 3: Select the token you want to trade in the token search bar. We will take SUSHI and ETH for this example but you can choose other tokens as needed.
Step 4: Choose the swapping amount. Before swapping, please kindly check the information in the Review Order section. Then select Approve (if this is your first trade) → Swap to complete.
Step 5: Choose Confirm if you agree with the fee and want to make this transaction.
How to access Ethereum DApps through the DApp Browser on the Coin98 Super App
The Multi-chain DApp Browser on the Coin98 Super App is the gateway for users to experience multichain decentralized applications simply, quickly and securely.
Coin98 Multi-chain DApp Browser has been integrated with many Dapp on the Ethereum blockchain.
Exchanges: Uniswap, SushiSwap, DODO, KyberSwap, OpenOcean,...
Finance: Aave, Curve, Compound, Zerion, Yearn.Finance, InsurAce,...
Launchpads: DuckStarter, Poolz,…
Games: My Crypto Heroes, Plato Farm, Gods Unchained, CryptoKitties,…
NFTs: WGMI, OpenSea, Rarible, Icy.tools,…
Farm and Stake: LuaSwap, DuckFarm, Harvest Finance, OGN Staking,...
Cross-chain bridge: Synapse, iSwap, cBridge, Multichain, RenBridge,…
Utilities: Snapshot, Bidali, Inverse Finance, ENS App,…
The Coin98 Super App optimizes the user experience by arranging DApps in the most intuitive and logical categories. Now, users can search and access their favorite DApps on the Ethereum ecosystem by following these steps:
Step 1: After logging in to your Coin98 account, click Browser on the home screen.
Step 2: In the Dapp Browser, you can select your favorite Ethereum Dapp by following these steps:
Option 1: Enter the Dapp name or URL in the search bar.
Option 2: Click the Ethereum logo on the Dapp Brower’s main interface, Ethereum
Dapps that are integrated will be shown according to the DeFi service that Dapp provided. After that, tap the DApp logo to access.
Using the Ethereum Wallet Explorer to check the transaction history
Ethereum Wallet explorer is the Blockchain Explorer for Ethereum Ecosystem, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.
Ethereum Explorers that are commonly used by many users include:
Etherscan: etherscan.io
Ethplorer: ethplorer.io
Learn more: How to use Etherscan
Some notes when using the Ethereum wallet
Is it safe to store ETH, ERC20 standard tokens on the Ethereum wallet?
Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.
Is there a fee to transfer ETH, ERC20 tokens?
Sending ETH, ERC20 tokens from an Ethereum Wallet will cost the blockchain platform fee in ETH.
Is it possible to create multiple Ethereum wallets?
Yes! You can create as many Ethereumwallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Ethereum wallets.
Can Ethereum wallet store other coins?
Ethereum wallet can store ETH, ERC20 standard tokens supported by the Ethereum blockchain platform. In addition, do not transfer any coins on other blockchain platforms to your Ethereum wallet if you do not want to lose your assets
What is the best Ethereum wallet app?
For those who mainly interact with the EVM blockchain, Coinbase or MetaMask will be one of the options worth considering.
For those who use a lot of blockchain platforms and Solana is among them, the Coin98 Super App or Exodus is a great choice for you.
Summary
With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on the Ethereum blockchain. Hope the tutorial can help you to easily create and use the Ethereum (ETH ERC20) Wallet.
If you have any questions regarding this tutorial, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible!
See you in our future posts!