Thu. Dec 12th, 2019

MyEtherWallet Review

MyEtherWallet (MEW)

7.1

COST

9.0/10

COIN & TOKEN AVAILABILITY

7.5/10

FUNCTIONALITY (FEATURES AND SPEED)

7.5/10

SAFETY /SECURITY

7.5/10

INTUITIVE USER EXPERIENCE AND DESIGN

7.0/10

CUSTOMER SUPPORT

4.0/10

Strengths

  • Its a great Ethereum / ERC20 wallet that's withstood the test of time and remains reliable.
  • Open source and low cost
  • Many online tutorials on how to use MyEtherWallet (MEW)
  • No sensitive data stored on the MyEtherWallet servers and you have full ownership of your private key (and hence full control over your crypto)
  • Supports offline storage and integration with Trezor and many other hard wallet for increased security
  • New features being developed- eg. no need for KYC for transacting small amounts

Weaknesses

  • No Two-Factor Authentication (2FA)
  • Reports of people having lost their EOS because MEW no longer supported the cryptocurrency.
  • No phone or online customer support
  • Instances of phising attacks reported and website is susceptible to DNS attacks since it is a popular Ethereum wallet

Updated: December 2019

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MyEtherWallet (or “MEW”) brand themselves as “Ethereum’s original wallet” and claim to be the “most secure, most intuitive, and dare we say prettiest” way to manage ether and ERC-20 tokens. 

Launched in 2015, MyEtherWallet rose in popularity very quickly, attracting around 1.2 million monthly users during the ICO boom when it was common for crypto startups to raise funds by issuing ERC-20 tokens.

Now, all eyes are on MyEtherWallet again after recently developing a new platform for allowing investors to convert their crypto holdings to fiat money anonymously

So, do you also want to learn how to create new wallets and maintain your anonymity with MyEtherWallet? We lay everything down for you in this review. 

But first, let’s take a look at what MyEtherWallet is exactly, and how it works.  

Table of contents

What is MyEtherWallet? and what makes it stand out?
How does MyEtherWallet work? 
– User interface
– How to create MyEtherWallet
– How to add a token to MyEtherWallet
– How to make payments via MyEtherWallet

Supported Currencies 
How much does MyEtherWallet Charge?
Countries Accepted
Is MyEtherWallet safe?
Our Verdict on MyEtherWallet

Frequently Asked Questions

What is MyEtherWallet? and what makes it stand out?

MyEtherWallet describe themselves as a free, open-source, client-side tool that securely interacts with the Ethereum blockchain to allow its users to generate their own cryptocurrency wallets online.

But MyEtherWallet or “MEW“, as they prefer to be called, is not like most other crypto wallets. It is actually a go-between tool that directly interfaces with the Ethereum blockchain to allow its users to generate what is known as a paper wallet.

It is referred to as a paper wallet becuase the private key is stored offline; the process actually involves you printing the private key onto paper and storing it somewhere safe, which puts you in full control of your cryptocurrency.

While this eliminates the risk associated with storing your crypto holdings online, it really boils down to how secure your computer is. Your PC is vulnerable to phising attacks and hackers may even install maleware that tracks your keyboard (known as keystroke logging or keyboard capturing). We will discuss security features further below.

The fact that Myetherwallet is free of charge, simple to use, and secure from the perspective that it is a paper based wallet (that may also be integrated with hardware wallets such as Trezor for added protection) makes it stand out.

But the other reason why many people like MEW is because of its flexibility with regards to storing all types of ERC 20 tokens and the fact that it puts you in full control of your digital assets since you own the private key.

Let’s also not forget that MEW also allows you to transact crypto anonymously in a legitmiate way without the need for undergoing a tedious KYC process.

How does MyEtherWallet work? 

MyEtherWallet is generated online, but it’s not an online wallet. That’s because after you create an account, the wallet information, such as your private key is not stored on MyEtherWallet’s servers. You have the option to print it and store it as a paper wallet or, less advisably, store it on your computer. In short, you’re in full control of your wallet and cryptocurrencies, which is not necessarily the case with online wallets, which could in extreme cases can be confiscated.  

MyEtherWallet servers do not store any user details. As such, your private key’s safety is your sole responsibility from the moment you generate it.  

User Interface

MyEtherWallet’s interface is simple in design and friendly enough for new users to navigate and find their way around.

Creating an account is fairly easy and quick, with users being reminded throughout the process to save, protect, not share, and back up their private key.

When making a transaction, there’s only three details of info you have to fill in:

1. Amount to be sent;

2. Address of the recipient, and;

3. Amount of Ether to be spent to facilitate the transaction (gas limit).  

How to create MyEtherWallet

MyEtherWallet provides three ways to create a new ETH wallet. These are:

1. MEWconnect, a smartphone app (Recommended);

2. Keystore/JSON file, and;

3. Mnemonic Phrase.

MyEtherWallet recommends creating your wallet with the smartphone app and strongly discourages the other two options. 

That’s because if someone gets hold of your mnemonic phrase or Keystore file, they have full and permanent control over your crypto. And a hacker can use a brute force attack (guessing your password many times until they get it right) to access your wallet if your password is not strong enough. 

To create MyEtherWallet, download the MEWconnect app on Google Play or Apple Store. 

  • Open the app and click ‘Create New Wallet‘ 
  • Choose a strong password 

This is a very significant step, so take your time. Think of a password that can’t be guessed by anyone else, ever. Write it down on a notebook or paper so that you don’t forget it. 

  • Type in the password again. 
  • Click Start using MEWconnect‘. 

You now have a MEWconnect wallet. You will be taken to a screen that has your new wallet address backed by a unique color-code. 

It’s not enough to create a MEWconnect wallet – you need to back it up. To do so, follow these steps: 

  • Select Back Up’ on the wallets homepage 
  • Click ‘Back Up Now
  • Get a pen and paper, and press Start
  • Type in your password
  • Write down your seed words

The seed words are recovery words meant to recover your wallet. They are everything when it comes to your wallet’s security – they determine the future of your funds. Whatever you do, don’t lose them

  • Pass the seed word check test 
  • You are now backed up. 

How to add a token to MyEtherWallet

When you want to add a token on the Ethereum blockchain to your wallet, follow these steps: 

·         Go to the MyEtherWallet website or the MEWconnect app

·         Log in and click on ‘Unlock Your Wallet

·         Go to the ‘View Wallet Info’ tab

·         On the right side, click on ‘Add Custom Token’ under ‘Token Balances’.

A new custom token form will appear and you’ll be asked to provide three pieces of information: the contract address, the number of decimals, and token symbol. You can find this info on an Ethereum blockchain explorer, e.g., Etherscan.

How to make payments via MyEtherWallet

·         From the MyEtherWallet website or app, click ‘Send Ether & Tokens’ from the menu

·         Select the method by which you wish to access your wallet and enter the required details to access your account 

·         Enter the wallet address of the recipient into the “To” field 

·         Enter the amount of ether you’d like to spend

The ‘Gas limit’ is the transaction fee for executing the transaction. Choosing a higher fee will speed up the transaction while working with the default setting will yield an average transaction 

·         Double-check your info. Once a transaction goes through, it’s irreversible. 

·         If you’re satisfied with the information, click ‘Generate Transaction’.

Your transaction’s speed will depend on several factors, such as network activity and the amount of transaction fees paid.

Here’s a good introduction we found on YouTube that describes how to use MyEtherWallet.  

However, there are numerous useful video tutorials that you may find directly on MyEtherWallet’s website.

Supported Currencies 

MyEtherWallet supports Ether (ETH), Ethereum Classic (ETC), and all the ERC20 tokens issued on the Ethereum platform. Some of the tokens are: 

·         Basic Attention Token (BAT)

·         Augur (REP)

·         OmiseGO (OMG)

·         Chainlink (LINK)

·         Holo (HOT)

·         0x (ZRX)

·         IOST

·         Aurora (AOA)

·         Dai (DAI)

·         Mixin (XIN)

How much does MyEtherWallet Charge?

MyEtherWallet doesn’t charge any fees. The only fee you will be charged is when you send Ether, and those go to the miners working on the Ethereum blockchain. 

Countries Accepted

MyEtherWallet is an open-source platform, which means it’s free for all, regardless of country. Of course, check the legality of using MyEtherWallet or similar products in your country. 

Is MyEtherWallet safe?

MyEtherWallet offers a broad range of security options to users. Your account is secured with a password and a private key, which is generated once you open an account. It is highly recommended that you make a backup of this key and store it offline. 

And as long as you do not store the private keys that are generated for you on your computer then its relatively safe. MEW also supports hardware wallets such as Ledger Nano S and Trezor for added security.

These hardware wallets are renown for being immune to phishing attacks, viruses, and keyloggers. Still, you should make a backup key and store it in a separate location, like a safety box.   

Alternatively, you can use MetaMask, which is an Ethereum browser extension that’s free and helps you unlock MyEtherWallet quicker and easier. It even alerts you when you open a blacklisted phishing site (and there are many). 

Customer Support 

The MyEtherWallet website features a regularly updated Knowledge Base, which has an extensive FAQ section for the most common questions.

Users can also send an email to the customer care team via support@myetherwallet.com. The platform currently doesn’t have a live chat option or phone support. 

A quick look at the wallet’s Facebook page revealed general satisfaction of MyEtherWallet’s customer support, with phrases like “highly effective and helpful” and “nothing but positive things” being used to describe it.   

Our Verdict on MyEtherWallet

MyEtherWallet offers Ethereum enthusiasts with a safe wallet. It is free and its open-source policy makes it an attractive storage option, as does its intuitive interface.

That said, your experience will depend on how you to adhere to the safety precautions suggested by the platform. Take extra care of your private keys, don’t share them with anyone, and always create a backup. 

Frequently Asked Questions

How to transact anonymously?

MyEtherWallet’s latest MEW V5 wallet allows users to exchange up to 5,000 Swiss Francs ($4,995) worth of cryptocurrencies to Euros and Swiss Francs needing to go through a KYC process inside the wallet. The is possible from any part of the world, as MEW is utilising Bity’s fiat to crypto gateway. Bity is a fully regulated brokerage company based in Switzerland.

Can you buy Bitcoin (BTC) with MyEtherWallet?

No, although you have the functiaonlity to swap your Ether (ETH) for Bitcoin (BTC).

Bitcoin (BTC) operates on its own blockchain and therefore MEW does not support the cryptocurrency. However, through its partnership with Bity, MEW have added a function that allows you to swap your Ethereum (ETH) into Bitcoin (BTC). Before you do this, make sure you have another wallet that supports Bitcoin (BTC). Otherwise you won’t be able to receive the BTC funds.

MEW only supports Ethereum (ETH), Ethereum Classic (ETC), and any other Ethereum Standard tokens (ERC 20). MEW’s recommends using Bity.com or Shapeshift.io to convert crypto into Ethereum, and vice versa.

Can you buy Crypto on MEW using a credit card?

Yes, as a matter of fact if you go to homepage of MEW, there is “Buy Ethereum” icon at the top which actually redirects you to the simplex payment system where you can easily purchase Ethereum with a Mastercard or Visa.

Does MEW have Two-Factor Authentication (2FA)?

No. MEW is a client-side application that does not store any user private keys on its servers. Users own their private keys, giving them full control and direct access to the Ethereum blockchain to authenticate transactions. Two-factor Authentication (2FA) is used for server-side applications.

What happens if MyEtherWallet goes down?

MEW is an interface that allows its users to interact directly with the Ethereum blockchain and as such if MyEtherWallet had to go down for some inexplicable reason, users would need to find an alternative source to access the Ethereum blockchain.

Still have Questions? Or want to share your feedback on MEW?

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