There are two ways, both have the same meaning.
Mein Name ist ........ (Name)
Ich heiße .....(Name).
Wie heißen Sie? (polite form)
Wie heißt du? (informal)
Wie ist Ihr Name? (polite)
Wie ist dein Name? (informal)
Pronunciation: 'ei' is always pronounced (ai), and the 'ß' is pronounced like a very strong, sharp s. For the 'w', the upper part of the teeth should touch the lower part of the lips.
Alles klar?