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MyEtherWallet Review 2023
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Sinead Burgess
When cryptocurrencies really started to pick up steam after the success of Bitcoin (BTC) and Ethereum (ETH), many other blockchain-based cryptocurrencies appeared on the market. Currently, there are over 5,000 different altcoins on the crypto market but no coin has outshined the top two.
Along with the many cryptocurrencies came the need for crypto gadgets and storing devices or different wallet types like hardware wallets, software or hot wallets, paper wallets, mobile app wallets, and many more.
Today, we’ll talk about an Ethereum-related wallet, or more precisely, MyEtherWallet, developed by Kosala Hemachandra. We’ll provide you with its full review, including an overview of the wallet’s best features, safety measures, hardware wallet implementation, and much more.
As a teaser, we can say that the MyEtherWallet platform is an open-source platform that supports Ethereum-based cryptocurrencies and can be used to create personal crypto wallets and access some Ethereum features. Now let’s fish for more!
About MyEtherWallet
MyEtherWallet (MEW) is a free-of-charge, open-source Ethereum tool designed for creating wallets that function with the Ethereum network. For the sake of clarity, when addressing MyEtherWallet, we’ll be using the abbreviation MEW. The MEW tool was released in 2015 and since then, it has been utilized by many users of the Ethereum platform.
The MEW wallet – sometimes referred to as the MEW paper wallet, as the private keys are stored offline at all times – operates as a client-side interface tool that interacts with the Ethereum blockchain. The wallet is called a paper wallet because users can print their private keys on a QR code or on paper. There is a “print” prompt in the wallet’s dashboard. Contrary to what the name suggests, MEW is not an actual wallet but an interface from which users can create various wallets to store Ether, gas, and ERC-20 tokens and to interact with dApps on the Ethereum network.
Users can create their cryptocurrency wallets through MEW with ease but their asset information won’t be stored on the MEW database. Instead, it’s kept offline on the users’ personal computers for maximum protection.
In plain terms, MyEtherWallet provides a combination of easy access features that software crypto wallets provide while eliminating the exposure threats that are present with storing assets online and eliminating any fees aside from the blockchain fee that’s paid to the miners.
You can access MEW from their main website (www.myetherwallet.com). It’s recommended that you use the ‘https:// protocol to access the portal in order to avoid any phishing attacks that may reveal sensitive data about your assets. Despite it being an online desktop tool, MEW can be integrated with a plethora of different devices like Geth, Mist, Jaxx wallet, Ledger Nano S/X, MetaMask, and Trezor devices.
How to Create a MEW Crypto Wallet
There are three different ways to create a wallet through MEW: via a mobile app (MEWconnect), Keystore file/JSON file, and with a mnemonic phrase. The latter two choices can be used to create an Ethereum wallet from the main website and the whole setup is pretty straightforward as the friendly user interface will guide you through the whole process. The former one, on the other hand, requires a few extra steps that we’ll explain below for the sake of clarity.
The mobile app way is also considered safer because the mnemonic seed phrase/JSON file path can be subjected to hacker attacks if your PC isn’t properly protected. The last thing users would like is to have their mnemonic seed phrase in the hands of some remote attacker that’s going after their Ether tokens.
To create a wallet through MEWconnect, users should download the app from the designated app store, Play Store for Android devices or Apple Store for iOS devices.
When the app is downloaded and installed, users should open it and select the “Create a New Wallet” prompt. After this, they will be presented with a new window that will require them to create a password with the retype option for security. Once they choose a password, users should click on “Start Using MEWconnect” as a final step.
The wallet will have a brand new and unique address and will be backed up with a unique code. Users should also spare a few minutes to create a backup of their new wallet in case they forget their entry phrase. This is done through the prompt “Backup” in the wallet.
Conducting Transactions Through MEW
The MEW user interface has a beginner-friendly outline and both new and active users can scroll through the menus with ease. There are three main features when making transactions on the MEW platform that potential users should pay more attention to in order to avoid any costly mistakes. Those include the total amount of crypto to be sent, the gas limit (gas represents the fee; the more gas you add, the quicker the transactions will be conducted), and writing the correct account or wallet address of the recipient.
Conducting Transactions Through MEW
The MEW user interface has a beginner-friendly outline and both new and active users can scroll through the menus with ease. There are three main features when making transactions on the MEW platform that potential users should pay more attention to in order to avoid any costly mistakes. Those include the total amount of crypto to be sent, the gas limit (gas represents the fee; the more gas you add, the quicker the transactions will be conducted), and writing the correct account or wallet address of the recipient.
The MEW user interface has a beginner-friendly outline and both new and active users can scroll through the menus with ease. There are three main features when making transactions on the MEW platform that potential users should pay more attention to in order to avoid any costly mistakes. Those include the total amount of crypto to be sent, the gas limit (gas represents the fee; the more gas you add, the quicker the transactions will be conducted), and writing the correct account or wallet address of the recipient.
Users can make payments on the MEW network by either using the MEW website or the MEW connect mobile app. The whole process of sending payments is a breeze as the simple UI allows even beginners to be proficient at handling the wallet. Any payment shouldn’t take more than a couple of minutes. We’ll list the whole payment process below:
- From the main website or app, select “Send Ether and Tokens”
- Select the wallet access method and enter your account details.
- Enter the recipient’s address and the amount of Ether you want to spend in the “To” field.
- Choose your gas limit (remember that gas operates as a fee.).
- Last but not least, click on “Generate Transaction” and the payments will be in the processing phase.
Once initiated, transactions cannot be reversed. This is why it’s very important to provide the necessary credentials and do it correctly.
Supported Cryptocurrencies
MEW only supports cryptocurrencies from the Ethereum blockchain and ERC-20 tokens. Some of these include Basic Attention Token (BAT), Holo (HOT), OmiseGo (OMG), ChainLink (LINK), Augur (REP), Dai (DAI), and others.
Unfortunately, MEW doesn’t support Bitcoin but users can easily convert their ETH to BTC on any major cryptocurrency exchange like Coinbase or Binance and transfer the coins to their personal crypto wallet.
Ease of Use
As we stated earlier, MEW isn’t a wallet itself, but a wallet generator through the MEW software. Through the MEW software, users can create a hardware wallet to keep their assets offline for maximum protection. This is done by printing out their private keys just like they would using a paper crypto wallet, as the private keys aren’t stored on MEW’s database.
This unique feature allows users to have complete control over their keys and assets. On a side note, this means that the responsibility for the safety of your assets is in your hands.
Additionally, users can install an extension for Google Chrome for easy and quick access to the MEW network.
Is MEW Safe to Use?
Combining MEW With Hardware Wallets
Ledger devices like the Ledger Nano S are hardware wallets that act as cold storage for users’ private keys. These types of wallets are one of the safest methods for storing the gateway to your crypto as they require no internet connection to operate, making them impervious to remote attacks. We’ll show you how to combine your MEW wallet with an additional safety device, the Ledger Nano S.
First of all, users will have to purchase a Ledger device (the Ledger Nano S comes at a price of $59.00). It’s recommended that users purchase a brand new wallet from the official site because buying second-hand crypto wallets puts users’ assets at risk as they wouldn’t be able to find out whether the seller has spiked the wallet with any malware.
Once the user has purchased his Ledger device, the next step is to initialize their hardware wallet with the MEW network. This process is very simple and users need to follow these steps:
- Visit the official MEW site (myetherwallet.com)
- Sign in with their credentials and find the “Access My Wallet” prompt in the main menu.
- From the list, they should select the “Hardware” prompt.
- Users will be able to pick the hardware wallet of their choice.
- Once they click on their chosen wallet, the device will be linked with MEW and users will have access to additional safety features that the hardware wallet provides.
MEW Customer Support
MEW’s customer support revolves around their knowledge base, regularly updated by the support team. Users can read about any type of problem in the queries, ranging from account registration and security features to token generation and gas fees and limits.
If the knowledge base doesn’t solve your problem, you can contact the support team on their official email: [email protected]
Alternatively, users can reach out to the support team on social media on Facebook.
A Few Words Before You Go...
There are many online wallet providers in the world of crypto like Exodus and Coinbase but MEW holds its own ground against such competitors, especially because it’s simple to use and provides ample security and additional features for linking separate hardware devices.
This guide has covered pretty much everything there is to say about MEW, so if you’re an Ethereum user, we wholeheartedly recommend giving MyEtherWallet a chance, as it gives you complete control of your private keys, provides sufficient asset safety, and gives you access to the Ethereum network along with the smart contracts and dApps available on it.
frequently asked questions
Yes, MEW’s mobile app called MEWconnect is available on both Android and iOS devices.
Unfortunately, MEW doesn’t support any 2FA because 2FA was created for server-side applications to provide additional layers of account security and MEW is a client-side application, meaning that the private keys are stored with their users and need no protection on MEW’s part.
No, MEW is completely free to use and since it acts as a wallet creation tool for the Ethereum blockchain, there are no fees for withdrawals and deposits. This is MEW’s main advantage because it appeals to Ethereum users no matter whether they’re beginners or active investors. There is a blockchain transaction fee when users send Ether but that fee is paid to the miners on the network and not to MEW.
MEW is not a scam as it is a legit part of the Ethereum network. Plus, there’s no way that you can get scammed through MEW since you are in direct control of your private keys. The only safety concern users should have is the phishing attacks that have occurred in the past.