MyEtherWallet Review

MyEtherWallet Ratings at a Glance

The founders of MEW built the client-side interface to enable users to capture the wide range of opportunities in the Ethereum ecosystem, both on the MEW web wallet and the mobile MEW wallet app. MEW allows users to store, send and receive ETH, ERC-20 tokens and non-fungible tokens (NFTs).

Source - Myetherwallet.com

Creating a New MEW wallet:

MEW offers four unique ways to create a new Ethereum wallet (ETH Wallet): MEW Wallet app, buying a hardware wallet such as Ledger or Trezor and using it with MEW, and software methods such as a mnemonic phrase and a Keystore/JSON file. Software methods are not recommended for inexperienced users.

Making Payments Using MEW

Making payments while using MEW is relatively straightforward and gets completed within a few minutes. Users can either use the MEW website or the MEW Wallet app. Here are a few key steps before you can make a payment:

• Access your wallet on MEW web or open MEW wallet app.
• Find ‘Send’ button on the MEW web dashboard or the ‘up’ arrow in your MEW wallet app.
• Enter the recipient’s address and the amount of ETH that you want to spend.

Accessing a Wallet on MEW

MEW offers multiple ways for users to access their Ethereum wallet or popular hardware wallets. First, select “Access My Wallet” on the home page of the web portal. The most recommended options are:

• MEW wallet app (can be used on its own and with MEW web)
• Hardware wallets like Ledger Nano S, Trezor
• Mobile applications 
• Browser extensions
• Software such as KeyStore and JSON file

If you have general inquiries, check this link.

Transferring Coins to MEW:

1. Download MEW wallet for iOS and Android and create a wallet

From either the desktop experience or mobile experience you can then receive tokens, or purchase via MEW’s purchasing partners.

MyEtherWallet offers email support, a long list of support articles and tutorials and a chatbot on its website. 

You can download the MEW Wallet app on your smartphone (available for Android and iOS). To set up MEW Wallet app, look for it in your phone’s app store and download the mobile application.

The mobile app version of MEW comes with the same core features as the web-based interface, enabling users to manage their Ethereum-based assets with just a few taps on their mobile phone.

Before you can start using the features of MEW wallet, you need to click on “Create Wallet” on the “Create a free wallet” page, where you are asked to choose a six-digit PIN. Once you have obtained your PIN and confirmed it, your Ethereum wallet will be generated. Make sure to back up the wallet by writing down your recovery phrase.

MEW users can connect their account to a wide range of decentralized applications (dApps) within the app’s interface.

MEW provides the following core offerings to its users, which makes the platform one of the favorites for both professional and beginner traders:

1. Compatible with Multiple OSs

Given that the portal is an open-source interface, MEW is compatible with all popular operating systems like macOS, Windows, Linux and others, both on desktop and mobile.

As MEW is a tool for interfacing with Ethereum the portal is completely free to use. 

As the Ethereum ecosystem continues to evolve, so too does MEW. At present, users can capitalize on a wide range of features that MEW offers. On MEW, you can buy Ethereum and Ethereum-related cryptocurrency with a bank card, swap tokens, stake Ether (ETH), exchange tokens across blockchains, manage your NFT collection and interact with dApps.

MEW does not store any user data making it a secure, non custodial solution. Users are in complete control of their assets. On the mobile experience the security is second only to hardware wallets.

The founders of MEW built the client-side interface to enable users to positively experience the Ethereum ecosystem. However, many users have reported that the setup process is a bit confusing, especially for beginners. The platform offers a variety of video tutorials to check out if something seems intimidating.  

In terms of more advanced users, MEW is a great option. MEW users can stake ETH and manage and purchase blockchain-based ENS domains by accessing the interface’s connected DApp ecosystem, in addition to hundreds of other dApps using the MEW Wallet app.

Additionally, while MEW is an Ethereum-based interface, it is possible for users to engage in cross-chain swaps to swap tokens across blockchains. For example, ETH holders can swap their tokens for Bitcoin, Litecoin, or Dogecoin, but they need to have another wallet that supports these. 

MEW supports Ethereum, all Ethereum based cryptocurrencies, and many Ethereum Layer 2s/sidechains. Ethereum is the second-most popular cryptocurrency in the world. It can be argued that most MEW users know what they’re getting into straight from the get-go – most people who use MEW do so because they use Ethereum and all the decentralized applications (like NFTs, DeFi, and staking) that are built on it.

MyEtherWallet vs Competitors

MEW is rivaled by many other cryptocurrency wallets in terms of reputation; however, these often underperform in terms of functionality and customer support. A few alternatives to MEW include Coinbase Wallet, Trust Wallet and Exodus.

Overall, MEW is a powerful interface that allows you to manage your Ethereum-based assets and interact with a variety of Ethereum applications. It’s free and open source, which makes it an attractive option for both beginner and experienced investors. 

Frequently Asked Questions