MyEtherWallet, created by the renowned software provider MyEtherWallet, stands out as a robust cryptocurrency wallet solution. Established in 2015 and headquartered in Los Angeles, USA, this software caters to the requirements of medium to large enterprises, particularly those within the financial and blockchain sectors. MyEtherWallet is a unified version suitable for both extensive business operations and lighter activities. This cloud-based solution offers essential features like private key generation, secure transaction management, token exchange, and account administration. The notable advantages encompass heightened security, user-friendly interface, control and adaptability, compatibility with all Ethereum assets, and free accessibility.
To know more about this unique digital coin wallet solution, let’s delve into our complete review of MyEtherWallet!
MyEtherWallet Pros and Cons
Pros
Secure and autonomous
Compatible with multiple operating systems
Free, open-source platform
It can be used in conjunction with other popular hardware wallet
Google Chrome extensions can add functionality to the portal
No sensitive data is stored in MEW servers
Cons
Confusing setup process
Less convenient than hardware wallets
No live customer support
No two-factor authentication (2FA)
Does not support non-Ethereum altcoins.
What is MyEtherWallet?
MyEtherWallet is more like an interface (client-side tool) that allows users to store their Ethereum and Ethereum-blockchain-based tokens and coins (ERC-20 tokens and Ethereum Classic tokens). Unlike various cryptocurrency wallets that hold crypto coins within their online or web-based storage, MEW (commonly referred to as MyEtherWallet) allows traders to store cryptocurrency on their personal computers rather than keeping them in an online repository. It is also called the “paper wallet” due to its private key being stored offline and, therefore, requires traders to print the private key on paper and preserve it in safe places.
However, it’s noteworthy that MyEtherWallet is not a cryptocurrency exchange; it rather serves as an Ethereum blockchain. Users can create cryptographic keys and Ether wallets for acquiring, storing, and conducting transactions with Ethereum coins and tokens. Still, the wallets generated by this software can be utilised for various blockchain transactions, encompassing those essential in cryptocurrency trading processes.
How Does MyEtherWallet Work?
MyEtherWallet allows users to store their digital assets offline in a hardware wallet. After creating an account, the user’s details and the wallet information (private key) will not be stored on MyEtherWallet’s servers. Instead, users can print and preserve it as paper wallets or on their personal computers.
In this way, a user will have full control of the wallet and cryptocurrencies, which is not possible in the cases of online wallets or hot wallets. MyEtherWallet’s servers, therefore, take no responsibility for the safety and security of the user’s funds.
Now, let’s see how MyEtherWallet works:
Creating a New MyEtherWallet
MEW offers three ways to create a new Ethereum wallet, including an Enkrypt browser extension, MEW wallet app (a mobile application), a hardware wallet, and software methods like Mnemonic Phrase or Keystore/JSON file.
However, the software options are not recommended as they should only be used in offline settings and can be vulnerable to hackers at times.
Accessing your MyEtherWallet
After creating an account, users may choose among various ways to access their Ethereum wallet or other popular hardware wallets on MyEtherWallet.
They can simply do this by selecting the ‘Access My Wallet’ tab on the dashboard of the portal, then select one of the options that appear on the screen:
- Hardware Wallets like Ledger Nano S, Digital Bitbox, Trezor, Finney, etc.
- Software wallets like Keystore/JSON File + password, Mnemonic Phrase + extra word (optional) and Private Key.
- MEW wallets or MEW’s official mobile application for iOS and Android, and wallets like WalletLink or WalletConnect.
- Web 3 Browser Extensions like MEW CX, MetaMask, etc.
After successfully accessing your wallet, you may see this interface appear on your screen with all the necessary information.
Buy and sell ETH and ERC-20 tokens
With MyEtherWallet, users can freely buy, send, and receive all supported ETH and ERC-23 tokens. Users should not encounter any challenges as both the process and the interface are straightforward:
Step#1 – Navigate to your wallet and click on the “Buy Crypto”
Step#2 – Choose your targeting tokens and deposit your amounts. Remember to choose the destination of your transaction.
Step#3 – Click on “Buy Now” and you are done!
Swap tokens
MyEtherWallet provides users with swap tools via its interface. First, users need to access their account and select the “Swap Assets”.
Then, they will be navigated to the “Swap with MEW” screen, readily to swap any supported tokens they want.
Key Features of MyEtherWallet
MyEtherWallet offers essential features that cater to both novice and experienced traders. Key attributes include:
Exclusive Ethereum Functionality (Not an Exchange):
MyEtherWallet is specifically designed for Ethereum and its associated tokens, such as ERC-20 tokens and ETC. Users seeking to convert Ether to other cryptocurrencies like Bitcoin need to use a separate cryptocurrency exchange, as MyEtherWallet is exclusively focused on the Ethereum network.
Compatibility Across Multiple Operating Systems:
As an open-source interface, MyEtherWallet is compatible with popular operating systems, including Windows, Linux, and Mac, on both desktop and mobile devices.
Zero Transaction Fees:
MyEtherWallet operates without transaction fees, as it functions as an interface rather than a standalone crypto wallet. The platform is entirely free for users.
Availability in Both Mobile and Desktop Versions:
Accessible with a robust internet connection, MyEtherWallet can be used on various devices, whether desktop or mobile. MyEtherWallet ensures an adaptable user interface for convenient access to the Ethereum blockchain network.
Security Measures:
MyEtherWallet emphasises user caution, recommending the use of the secure protocol ‘https://’ instead of ‘http://’ to mitigate phishing attacks. Phishing attacks, often resulting in the loss of confidential data and digital assets, can be avoided through this careful protocol usage. Additionally, MyEtherWallet stores confidential data in offline cold storage, enhancing security by providing an extra layer of protection for client funds and Ethereum investors’ sensitive information.
What Cryptocurrencies Does MyEtherWallet Support?
MyEtherWallet exclusively accommodates Ether (ETH) and cryptocurrencies associated with the Ethereum ecosystem. This includes Ethereum Classic (ETC) and all ERC20 tokens that are issued on the Ethereum blockchain network, such as Basic Attention Token (BAT), Chainlink (LINK), PancakeSwap (CAKE), UniSwap (UNI), Polygon (MATIC), Augur (REP), and others.
MyEtherWallet Pricing System
One significant benefit of MyEtherWallet is that it is completely free. Users can create a wallet, handle transactions, and create smart contracts without incurring any costs. The open-source nature of the platform ensures users have access to a transparent and dependable solution without any financial burden, providing exceptional value and extensive accessibility for both individual Ethereum asset owners and blockchain enterprises.
MyEtherWallet Customer Support
The MyEtherWallet team consistently enhances the platform’s Knowledge Base by incorporating frequently asked questions into the FAQ section on the website. Traders can access solutions to various issues, including registration, account creation, security measures, token generation, and Gas fees. Notably, during our review, we did not find a live chat feature on MyEtherWallet. However, users can contact the customer care team via the dedicated email address “[email protected].”
Upon inspecting the wallet’s Facebook page, customer feedback indicates general satisfaction with the support team, using expressions like “highly effective and helpful” or “nothing but positive things.” This suggests that the customer service team is responsive and approachable.
Is MyEtherWallet for you?
MyEtherWallet enables users to safely manage their Ethereum assets and smart contracts, offering an enhanced level of control and security for their private keys. Serving as a transparent, open-source solution, it ensures a user-friendly experience with its intuitive interface and diverse set of features, proving advantageous for both Ethereum traders and blockchain companies.
Most online reviews for MyEtherWallet lean heavily towards the positive side. Users commonly praise the product for its cost-free model, expressing that the value it provides surpasses expectations for free software. They are particularly impressed by the extensive features the software offers, such as the user-friendly interface, secure private key generation, and smart contract manager, all of which significantly enhance their efficiency in cryptocurrency operations. The ease of use is another frequently applauded aspect, with users finding the intuitive interface accessible even for those lacking advanced technical knowledge.
In terms of customer service, reviewers widely commend the timely and effective support provided by the MyEtherWallet team. One area identified for potential improvement is the mobile application experience, which users believe could benefit from enhancements. Among approximately 500 online reviews, around 80% express positivity, with many outrightly endorsing the software for its outstanding performance. The consensus seems to settle on an overall score of 4.5 out of 5, underscoring the invaluable service that MyEtherWallet offers its users.
Below are some reviews received about MyEtherWallet from users:
“One of the first and most trusted Ethereum Wallets Out There. Constantly Updating, Great New UI, Secure, Many Features, Keeping Up With The New Times, Browser, Dapps, Customizable, Online Interface, Andriod, Just All Around An OG of Ether Wallets.”
“I liked how simple it was to use the app and how smooth it ran on my device.”
“I Cant Say To Much Of Anything Bad About It Truthfully, Not Because There Might Not Be But Because MackDaddy Metamask came along and I just started using that for most crypto outside of exchanges, Cause MetaMask Was And Still Is The OG Of The Broswer Wallets, That Bad Boy had a vision and boy were they right, ahead of there time, and Capitilized on it big time. I Wonder if MEW has a browser extention. If not then that would be the only complain. But by this time now, Im sure they do.”
“My etherwallet is not geared towards non-technical users, I understand the rationale behind this. It is hard to use to ensure that security is not compromised at any stage for convenience.”
Determining whether MyEtherWallet is the right fit depends on specific needs. For those seeking a cost-effective yet advanced solution for managing Ethereum tokens and engaging with the Ethereum blockchain, MyEtherWallet is considered an excellent choice. Renowned for its stability, security, and user-friendly design, it caters to both individual and business users, offering an optimal experience. However, a thorough needs assessment and requirements gathering process is essential before deciding.
FAQs
How Secure Is MyEtherWallet?
MyEtherWallet provides users with a comprehensive set of security features. Upon creating an account, users receive a private key and password to secure their account. It is the user’s responsibility to safeguard the private key, as these are not stored on MyEtherWallet servers to preclude hacking.
What Coins Does MyEtherWallet Support?
MyEtherWallet exclusively supports Ether (ETH) and cryptocurrencies related to Ethereum, including tokens like Ethereum Classic (ETC) and ERC20 tokens on the Ethereum blockchain.
What Is MyEtherWallet Used for?
MyEtherWallet serves as a secure platform for storing, sending, and receiving Ethereum, ERC20 tokens, and other digital assets. Additionally, it enables users to engage directly with Ethereum smart contracts.
Can MEW Work With Other Wallets?
MEW Wallet is compatible with various wallet types, including hardware wallets like Ledger Nano S, Trezor, Finney, Digital BitBox, and others. It also supports third-party wallets such as MetaMask. The platform offers multiple methods to access Ethereum wallets, accessible by selecting the “Access My Wallet” option from the website’s dashboard.