MyEtherWallet Review: Features and Functions
MyEtherWallet is a free storage space for digital coins powered by Ethereum (ETH).
The peculiarity of MEW is that it is an intermediary for making transactions with cryptocurrency.
The funds themselves are not stored on third-party servers, but on a local device to which only the owner has access. MyEtherWallet does not store cryptocurrency but provides the user with a private key and a public wallet address.
The owner of the wallet is personally responsible for the safety of funds.
Cryptocurrency is a hot topic today, as was a few years ago. It still attracts the attention and interest of a broad audience.
One of the first questions everyone asks after they get a little bit acquainted with it is how to store digital assets and ensure their security.
Due to the high interest in such solutions and crypto wallets, we have decided to do a MyEtherWallet review and provide you with an in-depth overview of this Ethereum wallet.
If you would like to know more about the main types of crypto wallets, check out the article
, which will explain what crypto wallets are and how they differ.
Let's start the My Ether Wallet review!
What Is MyEtherWallet?
Let’s start with the basics of the MyEtherWallet review and look at it from the view of a regular user.
Anyone interested in the Ethereum Wallet can visit MyEtherWallet Github and make suggestions regarding its features.
This blockchain is the second most popular platform after Bitcoin. Since it had been launched in July 2015, it has been developing rapidly and now is of high interest among crypto enthusiasts and cryptocurrency investors.
MEW was explicitly created for the ETH blockchain. This Ethereum wallet can be used to store ETH tokens and other digital assets that are issued on the ETH platform. It gained traction thanks to the ease of use and provided flexibility.
When you look deeper into the My Ether Wallet offline and online versions, you can see that it is a little different from the vast majority of ETH wallets.
It is not a full-fledged wallet but rather an interface that interacts with the ETH blockchain but operates on the client-side. Even though the Ethereum wallet allows you to create wallets online, all the information and funds are stored on the client-side, i.e., on your computer instead of the servers of MEW crypto wallet.
User-friendliness, ease of setup, and a high level of security set the wallet apart from the competitors. It provides you with all the benefits of an online Ethereum wallet while mitigating the vulnerabilities which usually come along with wallets that work on the server-side.
My Ether Wallet belongs to heavy wallets. For you, as for the end-user, it means the necessity to download the whole blockchain to your computer.
Also, the Ethereum wallet belongs to hot wallets. It is not possible to use MyEtherWallet offline and make a transaction without a connection to the internet.
In the My Ether Wallet review we mentioned that this wallet is a non-custodial one, you are the only person who has access to your private key.
ETH blockchain is different from Bitcoin. The main difference lies in the support of smart contracts. These are self-executing contracts which opened a whole new world for various industries. Up to date, smart contracts are used to represent patents, healthcare records, and other assets on a blockchain.
Very often, users are worried about the safety of their assets and ask the question “is MyEtherWallet safe?”. The following data will help you sleep tight at night, knowing that My Ether Wallet provides a high level of safety.
MEW was created in 2015, not long after ETH had been launched. Taylor Manahan and Kosala Hemachandra, also known to the crypto community by the names of “vhnuke” and “tayvano”, created the Ethereum wallet and have been developing and improving it since then.
It is essential to mention in our MyEtherWallet review that the wallet is popular among the top players on the crypto market.
MEW has partnered with many small and big companies. The list includes such famous names as Bity, Kyber Network, Changelly, and Simplex. All these companies specialize in crypto and provide services to exchange cryptocurrency for cryptocurrency, or crypto for fiat money. The most popular pairs include ETH for BTC and ETH for ERC-20 tokens.
Since the launch, a few significant updates were introduced, which are aimed at the security of the wallet.
One of them is a technology called MEWconnect. It allows to download Ethereum wallet Android, get registered with it, and enjoy the benefits of hardware-style security.
Much like MyEtherWallet 2FA security, it keeps your funds secure when you use an ERC20 wallet.
What is more, the MEW wallet allows creating wallets with other hardware wallets. The list of supported solutions includes Ledger, Trezor, and many more.
However, when you look at My Ether Wallet review, there is no doubt that its creators think about the security of the Ethereum wallet and funds stored with it. So, the answer to the question, “is MyEtherWallet offline safe? is a firm “yes.
The creators of the wallet have made it user-friendly, feature-rich, and secure.
The first step to its usage is the creation of a new account.
It is essential to mention in the MyEtherWallet review the possibility of phishing attacks. The risk of it can be mitigated with the help of secure protocol “https://.” Make sure you are using it instead of a more vulnerable and outdated “HTTP” protocol to keep MyEtherWallet secure.
MEW wallet offers three different options to create a wallet.
The first one is to create it with the help of MEWconnect, which is a recommended method and complies with three steps.
The other two methods are not recommended by the wallet team.
The creation of MyEtherWallet with the help of a Keystore File is supported only in the offline mode. In contrast, the invention with a Mnemonic Phrase is designed for experienced crypto holders.
Choose the option you are the most comfortable working with.
When you create a new wallet, you will be asked to choose a secure password, download the generated KeyStore, and get your private key. It would be best if you stored a private key when no one can access it.
After that, you can add the wallets you want to have access to. Right now, the platform supports such hardware wallets TREZOR, Ledger, and Digital Bitbox, and some software ones like Ethereum Wallet or Metamask.
Then you will need to sign in. You will be redirected to the main page where you will see the Ethereum address of the wallet and all the information regarding assets and transactions.
After that, MyEtherWallet will offer you to secure your account with a seed phrase. It would help if you wrote it down and immediately reenter it again.
When you have accomplished all of the above steps, you are ready to make transactions.
This wallet allows users to buy Ethereum with Visa and Mastercard bank cards.
Another critical option, which the vast majority of other wallets lack, is the one that helps to get a hint in case you have forgotten your MyEtherWallet mnemonic phrase or deleted a screenshot with it.
All you need to do is to enter the password to the registered account.
Is This Wallet Safe?
The security of any crypto wallet is vital, and MyEtherWallet is no different.
As MEW wallet is an interface for interacting with other wallets, its security largely depends on the end-users, how they access and manage it. Even though the creators of the Ethereum wallet did their best to guarantee its security, the situation when MyEtherWallet hacked is possible.
One of such hacks gained wide-ranging coverage.
It happened on the 24th of April, 2018, when it was under a phishing attack. Users were deceived, as they thought that they visited the official website of MyEtherWallet, but, in reality, they were redirected to a fake site.
Even though everyone talked about the hack at the time, MEW announced that the domain provider was guilty. The breach in its Domain Name System allows for the phishing attack to redirect users to a website created by a scammer successfully.
MEW Wallet Supported Coins
MEW crypto wallet is compatible with different coins and tokens, including ETH and ERC20 tokens, which run on the main ETH blockchain.
The list of MyEtherWallet supported coins includes such names ETC, Testnet ETH, UBQ, EXP, POA, TOMO, ELLA, ETSC, EGEM, CLO, GO, EOSC, AKA, ESN, PIRL, ETHO, ATH, ILT, WEB, and MUSICOIN.
Bitcoin support is not provided. The platform only allows swapping BTC for ETH or ETH for BTC. For this operation, you should have a Bitcoin account.
This is the safest and most convenient way to work with MyEtherWallet offline. The private key is stored inside the smartphone. The key is separate from where the transaction process takes place.
This solution provides more security for accessing the wallet than a private key, Keystore file, or mnemonic phrase, and does not require any additional hardware. The service developers themselves warn about this. With the application you can:
1. Buy Ethereum.
2. Store ETH and ERC-20 and ERC-721 tokens.
3. Connect to the web version of the wallet.
4. Sign transactions.
5. Buy Ethereum directly with Apple Pay.
6. Manage multiple accounts.
7. Visit an educational center.
8. Send transactions through the app.
MEW CX Browser Extension
To access the MyEtherWallet offline storage using the Google Chrome browser, install one of the available extensions: MEW CX, MetaMask, Dapper. The developers offer to install their product - MEW CX:
1. On the wallet access page, select MEW CX.
2. Click on the "Install MEW CX" button.
3. The widget page will open, where you will be asked to download the browser extension. Tap "Download MEW CX".
4. The Chrome widget store will open in a new window. Click "Add to Chrome".
5. When the program is installed, refresh the Mew access page.
Buy Ethereum With a Card
The MyEtherWallet service offers users an online service for quickly purchasing Ethereum using a Visa or MasterCard bank card:
- it will take only a few minutes to complete a purchase;
- fixed commission 1%;
- round-the-clock technical support works.
MyEtherWallet is a free place where you can store your Ethers and other tokens running on the Ethereum network. MEW helps users create their public address and protect it with a private key or mnemonic phrase, and then transfers responsibility for the security of funds directly to the user.
Access to the address created through MyEtherWallet is provided in different ways:
- through a proprietary application or browser extension MEW;
- through wallets and widgets of other companies that operate on the Ethereum network;
- through hardware wallets;
- through the browser directly using the KeyStore or mnemonic phrase.
The company also has services that allow you to work with cryptocurrency autonomously (without Internet access) and buy coins using Visa and MasterCard.
Hope this MyEtherWallet review was useful for you!
See you later :)