A cryptocurrency wallet is a program that allows crypto users to store and retrieve their digital asset holdings until they are ready to be released in the market. Most cryptocurrency exchanges have default crypto wallets that the traders can directly download from the exchange’s website.
Otherwise, if the cryptocurrency exchange is reliable, traders sometimes also keep their holdings in the exchange’s wallets instead of transferring them to their individual wallets.
But what if you can create your own cryptocurrency wallets instead of downloading one from a crypto exchange’s website? MyEtherWallet does exactly this; it has something very different to offer to crypto users. It is an open-source, free portal that allows crypto users to create new wallets on the Ethereum blockchain. In this MyEtherWallet Review, we bring you all the important facts of the portal, how it works, advanced features, pros and cons, etc.
Wallet name MyEtherWallet Type of Wallet Software & Paper Coins Accepted Ethereum (ETH), Ethereum Classic (ETC) and all other ERC-20 tokens Native Token No linked Exchange N/A Supported Hardware Wallet Yes Supported Countries 192 Languages English & Russian Charges 0 Mobile App Yes Cloud Storage No Cold Storage Yes Customer Support Email, FAQs, & Submit Form Support
What is MyEtherWallet?
MyEtherWallet as the name implies is not a crypto wallet in its general term, it is more like an interface (client side tool) that allows traders to store their Ethereum and Ethereum platform-related tokens and coins (ERC-20 tokens and Ethereum Classic tokens) within.
Unlike other cryptocurrency wallets that store crypto coins in their online wallet or web-based wallet itself, MEW (MyEtherWallet as it is more commonly known as) is a software that allows crypto coins to be stored in the trader’s personal computer instead of storing them online. MyEtherWallet is a completely free, open-source, user-friendly, client-side interface that allows users to interact with the Ethereum blockchain network directly and generate their own online crypto-wallets.
My Ether Wallet is also sometimes referred to as a ‘paper wallet’ because its private key is stored offline and therefore requires the users to print the private key on paper and keep it in safe places. MEW eliminates the risk of storing crypto holdings in online wallets, but then it puts a question on the safety of how safe the user’s personal computer is where the crypto holdings are held.
MyEtherWallet is not an exchange for cryptocurrency trading; it is only an Ethereum blockchain where users can generate the cryptographic keys and Ether wallets that are required to buy, store, and transact Ethereum coins and tokens. However, the wallets generated from this software can be used to settle various blockchain transactions, including those required in the crypto trading processes.
MEW Wallet brand itself as “Ethereum’s original wallet that is secure, intuitive and the prettiest way to manage Ether and ERC-20 coins and tokens”. MEW was launched in 2015, and very soon, the Ethereum platform rose to its popularity attracting around 1.2 million users every month during the ICO (Initial Coin Offering) boom when crypto startups raise funds via issuing ERC-20 tokens.
Quick Abstract of MyEtherWallet
Open-Source free portal. Allows users to create their own individual wallet. Exclusive portal for Ether and Ether related altcoins. Does not store funds or confidential data in the MyEtherWallet servers. Paper Wallet – Users need to store the private keys, and they are solely responsible for the safety of the private keys.
How Does MyEtherWallet Work?
MyEtherWallet is generated online via the MEW Software, but in itself, it is not an online wallet. MyEtherWallet allows users to store their digital assets offline in a hardware wallet. After users create an account, all the account details and the wallet information (private key) are not stored on the My Ether Wallet servers. Instead, the users can print it and store it as paper wallets or in their personal computers.
This entitles the users to have full control of the wallet and cryptocurrencies, which is not possible in the case of online wallets or hot wallets. MyEtherWallet’s servers do not own any responsibility towards the safety and security of the users’ funds; it is entirely on the users to keep the private key safe from the moment they are generated.
Here is how the MyEtherWallet works:
While Making a Transaction
The MEW Wallet interface is easy to use, and therefore traders can easily find their way around. There are three important things that users should be cautious about when making any transactions on the platform- the amount to be sent, the gas limit(the amount of Ether that needs to be spent to facilitate the transaction), and the account address of the recipient.
For Creating a New MyEtherWallet
MEW offers three ways to create a new Ethereum wallet (ETH wallet) – MEWconnect (a smartphone app), Mnemonic Phrase, and a Keystore/JSON file. The first option is reliable because the other two can be vulnerable at times; if hackers get hold of the user’s mnemonic phrase or Keystore file, they will have full control over the crypto holdings. To create MyEtherWallet via the MEWconnect app, the following steps should be followed:
Download the MEW connect app from Google Play Store or Apple Store, open it and click on the “Create New Wallet” tab.
Choose a strong password, retype it in the next step and then click on the “Start Using MEWconnect” button which will open the new MEWconnect wallet for you with the new wallet address that is backed by a unique code.
Create a backup for the MEWconnect wallet because you might need recovery if you lose the seed words. Select “Backup,” click on the “start” button, and write down the seed words.
For Making Payments Using the MyEtherWallet
Making payments using the MEW wallet is relatively easy and gets completed within a few minutes. Users can either use the MyEtherWallet website or the MEW connect app.
Select “Send Ether and Tokens” from the main menu. Select the method that you want to access your wallet with and enter your account details. Under the “To” field, enter the recipient’s address and the amount of Ether that you want to spend. Select the Gas Limit (transaction fee for processing the transactions); the higher the fees, the speedier the transactions. Click on “Generate Transaction,” and your payments will start processing. Transactions cannot be reversed once they are initiated. Therefore, traders must be sure that they have entered all the right information before clicking the “Generate Transactions” button.
Features of MyEtherWallet
MyEtherWallet provides the following core offerings to its clients, which makes the platform one of the favorites for both beginners as well as professional traders:
A Purely Ethereum Wallet (Not an Exchange)
While compiling this MyEtherWallet review, we found that the MEW interface is exclusively compatible with Ethereum and its related tokens and coins like the ERC-20 tokens and ETC, etc. Therefore, if users wish to convert Ether into any other crypto tokens like Bitcoin, they will have to find a cryptocurrency exchange.
MyEtherWallet is designed to work exclusively on the Ethereum network, and currently, the platform has no plans to explore its compatibility beyond the Ethereum network.
Compatible with Multiple OS
Considering the portal to be an open-source interface, My Ether Wallet is compatible with all the popular operating systems like Windows, Linux, Mac, etc., both on desktop and smartphones.
Zero Transaction Fees Structure
As the My Ether Wallet interface is not actually a crypto wallet in its original right, it does not charge any fees from its users; the portal is totally free.
MyEtherWallet Pros and Cons
Pros Cons Secure and autonomous. The Setup process is a bit confusing, especially for beginners. Compatible with multiple operating systems. Not as convenient as a hardware wallet. Open-source platform that is free to use. No live customer support. Can be used in conjunction with other popular hardware wallet. No two-factor authentication (2FA) employed as security measures. Google Chrome extensions can add functionality to the portal. Does not support non-Ethereum altcoins. No sensitive data stored in MEW servers, which gives the crypto holders full ownership of their private keys.
What Wallet Type is MyEtherWallet?
MyEtherWallet is more like a “paper wallet” where the users need to store the private key either in their personal computer or write it down on a piece of paper and keep it in a safe place.
How to Access a Wallet on MyEtherWallet?
MyEtherWallet (MEW) offers multiple ways for users to access their Ethereum wallet or other popular hardware wallets. They can easily do this by selecting the ‘Access My Wallet’ tab on the dashboard of the portal. The most recommended options are as follows:
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.