MyEtherWallet was set up in 2015 and has become a popular wallet in just a few years. Nowadays, some people keep their cryptocurrency in this software wallet. Approximately 1,2 million users became clients of the company during the ICO boom – a time period when it was common for crypto startups to raise funds by issuing ERC-20 tokens.
Recently, this crypto wallet has been in the center of attention again because its creators have developed a brand new platform. The main goal of the system is to allow crypto traders to convert cryptocurrency to fiat currencies such as the U.S. dollar or euro anonymously. If you are interested in this service, you will be happy to read this article and find out more about creating new wallets and being an anonymous investor who uses MyEtherWallet. In this MyEtherWallet review, we will start from the basics and will make it clear how exactly MyEtherWallet works and what its advantages are compared to other crypto wallets.
A brief review on MyEtherwallet
MyEtherWallet (also known as the MEW project) puts itself on the market as one of the most original Ethereum wallets. On the company’s website, it is claimed that it is the most intuitive and secure wallet even when compared to hardware wallets. MyEtherWallet is a name for those investors who use ERC20 tokens or Ethereum classic.
The key features of MyEtherWallet are that it is an open-source, free, client-side, hot wallet that was created for users to be able to connect their cryptocurrency wallet with the Ethereum blockchain. At the same time, compared to some unreliable networks, on MyEtherWallet, all your private keys, personal data, and savings are safe.
In fact, MyEtherWallet (MEW) has a website and also a Chrome extension version. Using the web version, you can trade Ether and other tokens through MyEtherWallet on services such as Digital Bitbox, Trezor, MetaMask, and Ledger Nano S or do it directly without the use of any additional networks.
Another important piece of information is that MEW is not an online wallet even though it is generated online. So how does it work? The thing is that you create a new account while being online, but after that, your private key and other important wallet information are not stored on the company’s servers. There are at least two ways of keeping this data for yourself: you can print it out and keep this document as a paper wallet or simply download this Keystore file on your desktop computer. However, the second option is not the best one.
The system of software wallets where private keys are not stored online definitely has advantages. In this case, an investor can control their cryptocurrency by putting on the wallet address by themselves and not being afraid of fraud. Not all online wallets offer this kind of service. In contrast, MyEtherWallet servers are free from any personal data from users. Only an investor is responsible for securing their private keys since the beginning of working with the network .
Key features of MyEtherWallet
In this section, we will take a look at some outstanding features of MyEtherWallet compared to other cryptocurrency wallets.
- Using a MEW address, an investor can access a few various crypto wallets.
MyEtherWallet allows its users to contact other wallets. The only thing that should be taken into consideration is that it is only possible to work with Ethereum wallets as well. However, the variety is wide. You can use Trezor or Ledger Nano S, for instance. Other less well-known wallets are Digital Bitbox, Mnemonic Phrase, MetaMask/Mist Ledger Wallet, Private Key, and Keystore/JSON File;
- Custom gas and fees
MyEtherWallet (MEW wallet) offers an adequate gas limit and gas price for transaction completion. However, in some cases, when a user needs to complete a transaction faster, or they are participating in an ICO, they have an option to customize the system so transactions will get enough confirmations faster than usual. There are no limitations concerning using this customization option; it is suitable for ERC20 tokens and ETH;
- Intuitive user interface
MEW wallet has a handy and user-friendly interface. I have been using MEW for the last 2 years and have found its UI very helpful and user-friendly. It is easy for even non-experienced users to switch from one option or mode to another one and complete transactions. What is also convenient is that the same system is enough to store Ethereum and ERC20 tokens, so there are not so many things to learn about this web-based wallet. You can find more information on how to use the service by clicking this link;
- Adding ERC20 tokens
Unfortunately, not many people understand how this function works and cannot get profits from using it. Adding ERC20 tokens or custom tokens is probably the most outstanding and important option that MEW offers. Even while working with a single wallet, it is easy to manage 100s and 1000s of ERC20 tokens. You can learn how to add Ethereum standard tokens custom tokens in your new Eth wallet here.
- Managing Ether and ERC20 tokens on the same MEW account address
Also, controlling your tokens and Ether from a single interface is quite handy and fun. Here is the first look of the wallet when you try to send/receive your ERC20 tokens and Ether;
- Built-in exchange
We have another great feature to introduce to you. MEW has some smart contracts with exchanges which means that you can exchange cryptocurrencies within the system and get used to a new interface. One of the exchange services that supports Ethereum is KyberNetwork. Enjoy exchanging ETH and other tokens.
Pros and Cons of MyEtherWallet
As a service provider, MyEtherWallet has both pros and cons. Let’s cover some of them to understand whether the MEW actual wallet is better or worse than popular hardware wallets based on the Ethereum blockchain or another system.
- MEW has a unique system of one interface for multiple tasks;
- Registering in the network and using MEW is absolutely free (no transaction fees are mandatory);
- MEW is open-source;
- MEW has a software-type wallet interface;
- MEW supports Ethereum and all ERC-20 tokens;
- The wallet remains reliable through the years;
- MEW is famous service, so there are many tutorials on how to use it on the Internet;
- Your private key is not stored on the MyEtherWallet servers;
- Supports another hardware wallet like Trezor and offline storage;
- New functions are still developed (for example, now there is no need for KYC when transacting small sums of money).
- MEW is, in fact, cannot count as a real cryptocurrency wallet;
- MEW servers do not work for non-Ethereum crypto coins like Bitcoin;
- Users have no direct access to the cryptocurrency exchange service;
- The authentication is very weak, and there is no two-phase system (2FA) which can be dangerous in case of phishing attacks on the hardware wallet;
- Some people lost their money because MEW suddenly stopped supporting particular crypto tokens;
- Support services are not developed;
- There were some phishing attacks reported, and DNS attacks are also possible because MEW is a well-known Ethereum wallet.
MyEtherWallet supports Ether (ETH), Ethereum Classic (ETC), and all the ERC20 tokens issued on the Ethereum platform. Some of the tokens are:
- Ox (ZRX)
- Basic Attention Token (BAT)
- Dai (DAI)
- OmiseGO (OMG)
- Mixin (XIN)
- Chainlink (LINK)
- Aurora (AOA)
- Holo (HOT)
- Augur (REP)
How to Create MyEtherWallet
- The first thing to do to create a new wallet is to access the MEW wallet page;
- As the next step, enter your own wallet password. After that, press the button “Create a new wallet.” The password will encrypt your private key. In the future, your password and private key will be required to log into the MEW wallet;
- You will see an instruction how to download the Keystore file on your computer;
- Make sure to go through the instruction carefully and only after that press the “Download Keystore File” button;
- Click “Continue”. Save the UTC file to an offline hard drive and make sure it is secure. The main thing is not to change the name of this file;
- Press the button “I understand. Continue”. Your private key will be shown to you;
- If you want to print it out, press “Print paper wallet” to get a paper wallet. Use this option only if you know how to keep paper wallets in the right way;
- Press “Save your address”;
- After all previous steps are completed, a new wallet is created. Now you are ready to store Ether and other tokens.
How to Add a Token to MyEtherWallet
Another essential operation of the MEW wallet that you should be aware of is adding tokens on the Ethereum blockchain. To do this, follow these simple rules:
- Go to the MyEtherWallet website or to the app;
- Log into your account and press the “Unlock your wallet” button;
- Switch to the “View wallet info’ section;
- Click on the “Add Custom Token” option on the right side of the page;
- After all, these are done, you will see a new custom token form. Fill in your contract address, the number of decimals, and the symbol of the token. This data can be found on the Ethereum blockchain explorer.
How to Pay With MyEtherWallet
- After entering the MyEtherWallet website, press “Send Ether & Tokens”;
- Log into your account;
- In the field “To,” you should write down the recipient’s wallet address;
- Fill in the sum of the payment;
- The gas limit is the transaction fee for completing the transaction. The higher the limit is, the faster your transaction will be completed;
- If you have filled in everything correctly, click “Generate transaction”;
- Wait for your transaction to be complete. The timing depends on the network activity, too.
MyEtherWallet is completely free to use. There are no compulsory fees needed to be paid when using the wallet for storing cryptocurrency. However, the service will require a fee from you when you want to make a payment and send money to another user.
The actual amount of the fee may differ depending on your needs. For example, when you want your transaction to be done faster than usual, you will pay a larger amount of money. If you are not in a hurry, you will not need to pay a lot. Generally, fees are minimal, so you do not have to worry about major additional spendings while using MEW.
MyEtherWallet’s interface is user-friendly. Everything is easy to find, so it will not take a lot of time for newcomers to learn how to use the website. From the beginning, creating an account and logging into it are elementary processes. It is clear how to keep your private key because you will be given all the needed instructions automatically.
Customer Support Services
Unfortunately, the MyEtherWallet website does not have a live support service (provided in the chat or by calling managers). The only options available are going through the already existing FAQ section on the website (also called Knowledge Base) and sending an email to the official address email@example.com.
How safe is MEW?
MyEtherWallet was designed to have a lot of security options to make all transactions safe and clients to be satisfied. It is only possible to log into the account by entering a password and a private key. Since the wallet is not an online system, users’ private keys are not stored anywhere except for their own wallet in the form of the document that should be uploaded or printed out. Security is also added by working with other hardware wallets like Trezor and Ledger Nano S. Hardware wallets mentioned are resistant to phishing attacks. MEW is rather a safe wallet since it keeps all personal information and private key safe.
Can MyEtherWallet hold Bitcoin?
It is not possible to hold Bitcoin or Litecoin on MyEtherWallet. MyEtherWallet only supports Ethereum. Bitcoin and Litecoin do not belong to the Ethereum network. That is why WEM cannot store these cryptocurrencies. But MyEtherWallet supports all Ethereum tokens (ETH and ERC20 tokens). When accessing your wallet, you can take a look at all options of networks and cryptocurrencies that MEW supports. MEW only provides an opportunity to swat Bitcoin but not to store it in the wallet.
How to use Etherdelta with MyEtherWallet?
Etherdelta and MyEtherWallet are already connected, so you do not need to do anything special to access both systems and interact with them. In fact, the main goal of MyEtherWallet is to provide a free, user-friendly interface and secure access to it. It will allow users to interact with the Ethereum blockchain and other networks like Etherdelta. You can transfer tokens from one network to another. The process of completing transactions and payments is described above. Generally, MEW is an open-source platform that allows you to generate wallets, interact with smart contracts, and deal with many more tasks.
Is MyEtherWallet a scam?
When talking about different crypto wallets and networks, the same questions appear: how safe is the service? Is this service a scam? Have any frauds taken place on the website? The same refers to the MEW. If you are wondering if MyEtherWallet is safe or not, we will try to answer this question here in our MyEtherWallet review.
Is MyEtherWallet safe not only for experienced traders but also for newcomers? Yes, it is. Users can create wallets without additional help and authenticate transactions offline. Offline methods of completing transactions are much safer than online ones.
We hope you have found this MyEtherWallet review useful. Do not be afraid to try the MEW wallet. The service has a lot of pros that have been mentioned in the article above. For instance, users can interact with the Ethereum network directly. The MyEtherWallet also allows the same direct connection with various hardware wallets like Trezor, the official Ethereum Wallet, and Ledger.