Could someone point us to information on how to receive / send Mastercoins at this point in time?

We would like to obtain MSC but with ambigous info on what kind of Bitcoin addresses can even receive them, cannot risk losing the precious BTC for using a wrong type of BTC wallet.

- can Mastercoins be received to an Electrum address with its private key known to the owner?
- does Mastercoin receiving address need to be brand new ie. never seen in the network?

Thanks.