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MyEtherWallet is an open-source interface which enables users to interact directly with the Ethereum blockchain, without the need to join a centralised exchange. But is this interface all that it’s cracked up to be? I’ve created this honest MyEtherWallet review to tell you everything that you need to know about the MEW platform.
What Is MyEtherWallet?
Often abbreviated to MEW, MyEtherWallet is a free, client-side interface that allows you to store your Ethereum and Ethereum-related coins and tokens, whilst interacting with the Ethereum blockchain. The platform prides itself on being easy to use, with a comprehensive knowledge base that can be tapped into at any time.
The interface is open-source, meaning that anyone can view, copy and suggest edits to its code. This level of transparency helps to provide reassurance regarding the building blocks of the platform, as well as its security.
Although MyEtherWallet is a software, your coins are kept on your personal computer, rather than being online. This helps to enhance the security of the platform.
Many different types of hardware wallet are compatible with MyEtherWallet. These include Ledger Nano S and Trezor. This makes MyEtherWallet a versatile platform which is used by traders across the globe.
What Can You Do With MyEtherWallet?
MyEtherWallet has a wide range of features that are enjoyed by its users. Some of the things that you can do with MyEtherWallet include:
- Create your own unique Ethereum wallet to store cryptocurrency.
- Send and receive a range of cryptocurrencies.
- Trade a growing number of cryptocurrencies such as ETH, ETC and ERC20 tokens.
- Create and interact with smart contracts.
- Send cryptocurrency offline through the Offline Helper.
- Access a wide variety of wallet types, including the MEW wallet mobile app, the MEW CX browser extension and the MetaMask Chrome extension.
- Access a broad selection of educational material from the Knowledge Base.
Pros And Cons Of MyEtherWallet
Before we delve deeper into the functionality of MyEtherWallet, let’s take a look at some of the pros and cons of this platform.
|✅ Free to use||❌ Beware of phishing attacks|
|✅ Open-source interface||❌ Not a cryptocurrency wallet in its own right|
|✅ Comprehensive Knowledge Base||❌ Limited coins supported|
|✅ Offline and cold storage transactions supported|
|✅ Sensitive data not stored by servers|
Advantages Of MyEtherWallet
The good news is that there are many advantages of MyEtherWallet, making it a promising platform. Here are some of the key advantages.
Free To Use
One of the biggest advantages of MyEtherWallet is that it is completely free to register an account and to use. There is a small transaction fee which is charged for making payments, but this is minimal.
The MyEtherWallet platform is open-source. This means that anyone can view, copy and make suggestions to the platform’s code, which is done through GitHub.
Comprehensive Knowledge Base
Another key advantage of MyEtherWallet is that there is a comprehensive Knowledge Base which features a wide range of FAQs and ‘how-to’ videos. These range from getting started and security measures through to tokens and Gas fees. You will never be left stuck with MyEtherWallet.
Offline And Cold Storage Transactions Supported
To increase security, MyEtherWallet supports both cold storage and offline transactions. For example, you can run MyEtherWallet on your local computer, without connecting to the internet. You can generate a wallet whilst offline and then use a different computer to send transactions. This makes MyEtherWallet a highly secure option for Ethereum investors.
Sensitive Data Not Stored By Servers
MyEtherWallet is a client-side platform, meaning that it does not store sensitive data on servers. There are not any behind-the-scenes servers, and the platform does not have access to your funds or even your IP address. This means that MEW users are in complete control of their own security and privacy.
Disadvantages Of MyEtherWallet
Despite the many advantages of MyEtherWallet, there are also some disadvantages that you should be aware of. These need to be balanced against the pros before you make an educated decision about whether this is the right platform for you.
Beware Of Phishing Attacks
Although the MyEtherWallet has some strong security protocols in place to keep your funds secure, there have been reports of several phishing attacks, so you’ll need to remain alert. One of the most important security measures is to ensure that you always access the MEW portal through the https:// protocol. This is because many that have accessed the platform through the http:// portal have been the victims of phishing attacks, leading to the loss of sensitive data and digital assets.
Not A Cryptocurrency Wallet In Its Own Right
The MyEtherWallet portal is not a cryptocurrency wallet in its own right: It is solely an access point to transact on the Ethereum blockchain. However, it gives users the ability to create wallets of their own and to authenticate transactions 100% offline, increasing the security of transacting Ether.
Limited Coins Supported
One of the main disadvantages of MyEtherWallet is its limitations when it comes to the coins supported. As it stands, MyEtherWallet only supports Ethereum, Ethereum Classic, Testnet Ethereum and other Ethereum Standard (ERC-20) tokens. If you want to use any other type of crypto coin, you’ll need to convert it into Ethereum first using a cryptocurrency exchange such as Bity.com or Shapeshift.io.
Since the MEW interface has been designed to work on the Ethereum network, there are currently no plans to extend its compatibility to other types of cryptocurrencies.
Where Are Funds Stored With MyEtherWallet?
We have already mentioned that MyEtherWallet is not a cryptocurrency wallet in its own right. However, you might be wondering where the funds are actually stored, since they are not held by MyEtherWallet.
When you use any site, exchange, hardware wallet or interface which is based on the blockchain, the cryptocurrency is stored on the blockchain itself. So, when you use MEW, all Ethereum coins and tokens are stored on the Ethereum blockchain. Platforms and hardware wallets simply allow you to interact with the blockchain in a simplified way.
The Ethereum blockchain is not owned by a centralised entity. Instead, it is verified and maintained by thousands of remote ‘miners’ who keep the blockchain in order.
When you use MyEtherWallet, it pulls your wallet information from the blockchain itself. That’s why it doesn’t need behind-the-scenes servers. It’s simply a piece of software which collates all of your wallet information and allows you to interact with the blockchain easily and efficiently.
Which Cryptocurrencies Can Be Stored In MEW?
The MyEtherWallet interface has been specifically designed to operate on the Ethereum network. For this reason, it is designed only for use with Ethereum cryptocurrencies. The Knowledge Base notes that if you want to use any other type of crypto coin, you’ll need to convert it into Ethereum first using a cryptocurrency exchange such as Bity.com or Shapeshift.io.
Cryptocurrencies which can be stored in MyEtherWallet include:
- Ether (ETH)
- Ethereum Classic (ETC)
- Any standard Ethereum token (ERC-20) issued on the Ethereum platform
As we’ve already mentioned earlier, MyEtherWallet is completely free to register with and to use. However, there is a small transaction fee which is charged when you make a payment to someone, which is paid to the miners working on the Ethereum blockchain. It’s worth noting that this fee is minimal, so isn’t worth worrying about too much.
Is MyEtherWallet Safe?
Many people wonder whether MyEtherWallet is safe, and it’s an important question to ask. Although there have been many reports of phishing attacks within MEW, it is a safe and secure platform, providing it is used in the right way.
MyEtherWallet gives users the ability to create their own unique wallets and to authenticate transactions 100% offline. This is a far more secure way of dealing with Ethereum than going through a web browser where your sensitive details could be manipulated or stolen by cyber criminals.
The key to keeping your digital assets safe when using MyEtherWallet is to use the platform as a tool for interfacing directly with the Ethereum network, rather than using it as a standalone application. You can do this by connecting the interface with a hardware wallet such as Trezor, Ledger Nano S or the official Ethereum Wallet.
How To Stay Safe With MyEtherWallet
We’ve discussed the phishing attacks that have been carried out through MyEtherWallet in the past, so it’s important to know how to protect your digital assets when using this platform. Let’s take a look at a few tips to help you to stay safe when using MyEtherWallet.
- When using a private key, be sure to keep them on physical paper and offline computers. This information is extremely sensitive, so don’t risk keeping it on an online computer where it could be hacked.
- The most secure way to access MyEtherWallet funds is through a hardware wallet. Examples of trustworthy hardware wallets include Ledger Nano S and Trezor.
- Always check the URL that you are using to ensure that it is correct. Even if you have bookmarked the URL, you should still check it every time.
- The URL should have a secure padlock on the left. If you click that padlock, it should read “Certificate (Valid) Issued to: MyEtherWallet Inc [US]”.
- If you receive any messages from MyEtherWallet, do not trust them. MEW do not hold personal information, so it is likely to be a scam. MyEtherWallet do not email their users unless replying to a query.
- You can install EAL, PhishFort or Cryptonite to block malicious websites.
- Install an adblocker and never click on any ads that you see on your search engine.
- Do your research. If something doesn’t appear to be quite right, don’t trust it until you’ve done your research. The chances are, it’ll already be being spoken about by the community.
Is There An Alternative To MyEtherWallet?
If you’re involved with trading Ethereum, MyEtherWallet, in combination with a hardware wallet, is a safe and effective way to buy, sell and store Ethereum. This is because it enables users to make transactions offline, increasing the security of the process.
However, the process of owning and storing Ethereum and other ERC-20 tokens can be laborious and time consuming. There is another way of profiting on the price moves of Ethereum and other types of cryptocurrencies, without needing to physically own and store the currency: copy trading.
Through copy trading, you can invest in and sell a wide range of different cryptocurrencies, as well as ForEx and stocks, without needing to watch graphs and follow trends. You can simply choose an experienced trader to follow and let them do the hard work. It really is an effective way to create a passive income.
What Is MyEtherWallet Used For?
MyEtherWallet is an open-source platform which allows you to manage your Ethereum funds. It can be used to store, send and receive Ethereum coins and ERC-20 tokens, as well as interacting with smart contracts.
Does MyEtherWallet Hold Bitcoin?
MyEtherWallet has been designed to work specifically on the Ethereum network, meaning that it is only compatible with Ethereum coins and ERC-20 tokens. Therefore, it does not hold Bitcoin. The Knowledge Base notes that if you want to use any other type of cryptocurrency, such as Bitcoin, you’ll need to convert it into Ethereum first using a cryptocurrency exchange.
Is MEW Wallet Legit?
MyEtherWallet is generally safe. However, you can enhance its safety and security by combining it with a hardware wallet such as Ledger Nano S or Trezor. You can then use MyEtherWallet to set up transactions offline which are signed with your hardware wallet. Providing you use MEW in the right way, it is a safe, secure and efficient way to interact with the Ethereum blockchain.
MyEtherWallet: The Verdict
MyEtherWallet provides users with an easy way to interact with the Ethereum blockchain. When combined with a hardware wallet, it provides high levels of security, helping to protect your digital assets from cyber criminals.
However, the platform is designed to operate on the Ethereum network, meaning that the cryptocurrencies you can store with this wallet are limited. You have also still got all the hard work of physically storing and transacting your currency to make a profit.
If you’re looking for a simple and efficient way to create a passive income stream, I’d suggest taking a look at my guide to the top three rated copy trading services.