MyEtherWallet Review

Anisa Batabyal
| 06 May, 2020 | 2 min

MyEtherWallet, also known as MEW, is one of the reputed Ethereum web wallets, which has been there for a long time. Although you can create new wallets in the MEW browser, it doesn’t actually act like typical online wallets. All the information gets stored on the device with what you are accessing, not the MEW servers. In this way, it eliminates the vulnerabilities of storing funds online.

Table of Contents

What is MyEtherWallet?

MyEtherWallet is a web-based Ethereum wallet, which lets you have direct access to the Ethereum blockchain. This is an open-source wallet, which enables the users to retain their private keys, and this acts as an added layer of security. This is one of the faster alternatives to multi-currency wallets as its user- interface and speed make it easy for the users.

Features of MyEtherWallet (MEW)

#1 Intuitive UI

MyEtherWallet is a web-based wallet with a user-friendly and intuitive interface, which means one will be able to move from one option to another smoothly. The best part is that the same interface not only supports Ethereum but all the ERC20 tokens too.

#2 Custom Fee and Gas

MEW suggests an appropriate GAS fee for any transactions. If you are in a hurry or participating in any ICO, you can customize options to get your transactions confirmed much faster. This functionality is available for both- ETH and ERC20 tokens. You can add ERC20 tokens whenever you want to. You can manage all the ERC20 tokens easily and effectively from a single platform. 

#3 Built-in-exchange

Not only can you store tokens securely, but you can even trade from the same interface. They also have a swap section, which is powered by KyberNetwork and Bity. This feature helps you exchange Ethereum with other tokens.

#4 Access Different Wallets via MyEtherWallet

You can access different Ethereum wallets from MEW, with just a one-step setup process. Some of the wallets that you can access via MyEtherWallet are- Trezor or Ledger, MetaMask or Mist Ledger Wallet, etc.

#5 Supported Cryptocurrencies

MyEtherWallet supports all the ERC20 tokens, apart from Ethereum itself. It also supports Tether (USDT), Ethereum Classic (ETC), Basic Attention Token (BAT), and USD Coin (USDC). (MyEtherWallet Supported coins)

How to Setup MyEtherWallet(MEW)

Step 1

Firstly, you must know you can access MEW from both desktop and mobile phone. First, you go to www.myetherwallet.com, and you will see this page, where you’ll find these two options- “Access my wallet” if you already have one, or “Create a new wallet” if you want to create a new one. Let us take the latter, for example.

Step 2

Then you’ll get this screen, where there will be three options to create your wallet- MEW Connect, Keystore file, and Mnemonic phrase, which looks like this.

Out of these 3, MEW Connect is the recommended one. You can download it on both your MyEtherWallet Android device or MyEtherWallet iOS device. 

Step 3

You need to sign up with a secure password, and then you need to scan this QR code to access your wallet.

Note: You can access your wallet via different modes- browser extension, hardware wallets like Ledger, Trezor, KeepKey, etc., MEW Connect and private key or mnemonic phrase (which is not recommended). 

 

Step 4

After scanning the QR code, this window will show up:

Once you follow the above instructions, you will get this screen, where you can access your MEW wallet.

Here you can track your transactions, check your balance, and have total control over your funds at your fingertip.

You just need to access your wallet when you want to know how to send tokens from MyEtherWallet.

Frequently Asked Questions (FAQ)

1. How do I access MyEtherWallet?

You just need to sign in and then you can access MyEtherWallet easily, at your fingertip.

2. How does MyEtherWallet work?

MyEtherWallet works in a very simplified way. You can follow the steps given above.

3. What is MyEtherWallet (MEW)?

MyEtherWallet is a web-based Ethereum wallet, which lets you have direct access to the Ethereum blockchain.

4. How do I log into MyEtherWallet?

Just scan the QR code and sign into the account. Then follow the steps.

5. Can MyEtherWallet be hacked?

MyEtherWallet is secure with advanced technology but you need to be very private about the private keys, as it can be hacked if you let it loose.

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