MyEtherWallet is one of Ethereum’s original and most trusted wallets. This MyEtherWallet review is an up-to-date, detailed analysis of MyEtherWallet containing everything you need to know about MyEtherWallet and whether it’s the right wallet for you.
Let’s find out!
MyEtherWallet was founded in 2015 with the intention of providing Ethereum users with an open-source, client-side interface for interacting with the Ethereum ecosystem. MyEtherWallet, based in Los Angeles, quickly rose to prominence as the go-to Ethereum wallet, especially for ICO investors looking to store multiple ERC-20 tokens in a single wallet.
MEW now allows users to deploy smart contracts, trade Ethereum-based assets, stake Ethereum (ETH), manage their NFT collection, and keep track of all of their Ethereum tokens in one place.
MEW also supports a number of EVM-compatible blockchains. An EVM-compatible blockchain allows developers to create smart contracts that are compatible with the Ethereum Virtual Machine (EVM), allowing dApps to be easily deployed on other blockchains and facilitating blockchain interoperability.
In addition, crypto assets held on EVM-compatible blockchains can typically be transferred to other EVM chains via cross-chain bridges. EVM-compatible chains include BNB Smart Chain and Polygon. MyEtherWallet is best for advanced users who are familiar with the Ethereum ecosystem.
What is MyEtherWallet?
MyEtherWallet (MEW) is a multi-platform Ethereum wallet that allows users to store Ether (ETH), ERC-20 tokens, and non-fungible tokens (NFTs). MEW users can also buy, sell, swap, and exchange cryptocurrency directly from the wallet’s interface.
To provide full access to the Ethereum ecosystem, the open-source wallet also allows users to interact with smart contracts and decentralized applications (DApps).
Pros and Cons of MyEtherWallet
- A pool of features for Ethereum-based crypto assets: Users can store, send, and receive a wide range of Ethereum-based crypto assets.
- Access to decentralized applications (dApps): MyEtherWallet users can interact with smart contracts and decentralized applications (dApps).
- Supports Non-fungible tokens (NFT’s): Users can manage non-fungible tokens (NFTs) within the wallet interface.
- Supports all Ethereum-compatible networks: The non-custodial wallet supports other Ethereum-compatible networks, such as Ethereum Classic, Binance Smart Chain, and Polygon.
- Educational resources: MyEtherWallet has a pool of educational resources for users looking to learn more about the Blockchain and cryptocurrency industry.
- Hardware wallet support: MyEtherWallet comes fully integrated with hardware wallet providers such as Ledger and Trezor that can securely house your coins within a physical piece of hardware.
- No support for non-Ethereum altcoins: MEW web and mobile only support digital assets running on Ethereum and Ethereum-compatible blockchains.
- Susceptible to Phishing: MEW users have been repeatedly targeted with phishing scams. So do well to cross-check the domain before visiting and Interacting with the platform.
MyEtherWallet review: How MyEtherWallet works
MyEtherWallet enables users to store their digital assets in a hardware wallet offline. All account details and wallet information (private key) are not stored on the MyEtherWallet servers after users create an account. Instead, users can print it and keep it in paper wallets or on their computers.
This gives users complete control over their wallets and cryptocurrencies, which is not possible with online or hot wallets. The servers of MyEtherWallet bear no responsibility for the safety and security of the users’ funds; it is entirely up to the users to keep the private keys secure from the time they are generated.
How to use MyEtherWallet
MyEtherWallet can be configured as a web-based or mobile wallet. To use MyEtherWallet online, navigate to www.myetherwallet.com. Make sure you’re using the official domain!
You then select “Create A New Wallet.” Then you have the option of downloading the mobile app, purchasing a hardware wallet that can be linked to MyEtherWallet, or creating a web wallet.
You have the option of logging into your MEW wallet using a Keystore file saved on your computer or a twelve-word mnemonic phrase to set up a web wallet.
Using the mnemonic phrase, for example, you must write down the words and then type in three to verify the creation of your wallet. Finally, you are asked to log in using your mnemonic phrase’s twelve words.
MyEtherWallet review: Create MyEtherWallet
This MyEtherWallet review displays a detailed guide on how to get started with MyEtherWallet.
Download the MEW app from the Google Play Store or Apple Store, open it and click on the “Create New Wallet” tab.
On the next page, make sure you read the disclaimer, then scroll down and click on “Create a Wallet.”
Now you’ll need to create a 6-digit pin to access your account.
You can also enable biometrics by clicking on “Enable Biometric Unlock” to set up two options for accessing your account.
Touch the fingerprint sensor to scan your finger so you can sign in to your MyEtherWallet with your pin or fingerprint authorization. Then click on “Start Using MEW.”
On the home page, you’ll be prompted to back up your 12 key phrases so click on “BACKUP NOW.”
Click on “Backup Now” again on the next page, then click on “Start” to write down your 12 key phrases in order.
Now you can write down your 24 key phrases in order and click on “Next.” On the next page, select the right words according to their order. When you’re done, click on “Finish.”
Now click on “Done,” and you’re all set up. Then you can proceed to buy cryptocurrencies.
To add a custom token to MyEtherWallet, you can click on your wallet, then click on the search bar, and input the name of the token you’re looking for. If you do not receive a response, please click here for more information. You can also visit here to send and receive tokens on MyEtherWallet.
MyEtherWallet review: How to connect MyEtherWallet to Metamask
MetaMask allows users to name their separate wallets, see funds within the extension and offers the option to import the private key information of a previously created wallet if desired.
To connect MEW with MetaMask:
assuming you already have a MetaMask wallet. If not, you can check out our Metamask review to set up your Metamask wallet in no time.
Log in to your MetaMask wallet via their Chrome Extension.
On the MEW front page, select ‘Access My Wallet.”
Select the ‘Browser Extension’ option to connect.
Read and accept the ‘Terms and Conditions,” then select ‘Access My Wallet’.
Confirm the connection in the MetaMask pop-up window, and you’re all done.
The mobile app version of MyEtherWallet comes with all the same bells and whistles as the web-based interface, enabling users to manage their Ethereum-based assets with just a few taps on their smartphone.
Additionally, MEW Wallet users can connect to a wide range of DApps within the app’s interface and connect to DApps on computer devices using WEM Web. The app also has a ⭐ rating of 4.1 on playstore with over 50 thousand downloads.
The below screenshot displays MyEtherWallet review consumer report from a user on playstore.
MyEtherWallet review: MyEtherWallet Supported Coins
MyEtherWallet is an Ethereum-focused wallet, so all of the tokens supported are related to Ethereum in some way. The wallet can be used to store Ether, ERC-20 tokens, and non-fungible tokens (crypto-collectibles). MEW also supports the ability for users to swap ETH for BTC using their partner service Bity, however, the user must provide a different wallet to receive the Bitcoin from the swap.
A partial list of tokens supported by MEW includes:
- Ether (ETH)
- Ethereum Classic (ETC)
- Basic Attention Token (BAT)
- Chainlink (LINK)
- Holo (HOT)
- Dai (DAI)
- OmiseGo (OMG)
- Augur (REP)
- Tether (USDT)
- True USD (TUSD)
MyEtherWallet review Customer Service
The MyEtherWallet team regularly updates the knowledge base of the platform by adding questions to the FAQ section of the MyEtherWallet website. Users can find ready solutions to their queries related to registration, account creation, security measures, and token generation, amongst others. It also has live chat functionality for its users and an email address, “support@myEtherWallet.com,” where users can send an email to connect with the customer care team.
Is MyEtherWallet safe?
The ability of a wallet to be safe cannot be overemphasized. As a non-custodial wallet, users have complete control over their private keys, as well as the funds they hold in MEW. The company does not store any funds on behalf of its customers. Additionally, the open-source code of MEW has been worked on and vetted to ensure the security and usability of the software.
The company encourages users to connect a hardware wallet to MEW for increased security. Some of these include well-known brands like Ledger and Trezor. MyEtherWallet also supports these hardware wallets: KeepKey, CoolWallet, FINNEY, BitBox, Xwallet, Secalot, and BC Vault. If a user decides to use their mobile device as their main storage solution via the Android or iOS app, then their private keys will be encrypted and stored on the phone.
However, MyEtherWallet users have been targeted by phishing campaigns for years, as MEW has predominantly established itself as a web wallet, making it an easier target for phishing scams. MyEtherWallet was hacked in 2018, which led to a loss of funds for users.
MyEtherWallet review: Bottom line
According to this MyEtherWallet review, it is a multi-platform Ethereum wallet interface that allows you to manage and interact with Ethereum applications.
The wallet’s user-friendly interface makes it simple to use for beginners while also providing advanced users with a wide range of features and functionalities.