MyEtherWallet Review – Fees, Pros, Cons and Features

Known more fondly as MEW, MyEtherWallet is a platform that provides access to Ether and a multitude of ERC20 tokens that has enjoyed popularity amongst crypto investors for some time. The web-based application provides access to the Ethereum blockchain and lets you retain your private keys, promising a more secure experience than its counterparts.

In this review we have investigated this wallet’s fees, pros, cons and features in depth, and have found, however, that whilst MyEtherWallet is a reasonable service, there are better options for storing crypocurrencies, which offer higher security and better rates. Read on for a full review of this wallet, as well as an explanation of why we would recommend other providers.

What is MyEtherWallet?

MyEtherWallet is a web-based Ethereum and ERC20 token wallet that lets you get direct access to the Ethereum blockchain. This open-source wallet lets users retain their private keys, adding an extra layer of security compared to other web-based wallets. It also boasts of a huge community back up, developer support, and trust.

The wallet supports Ether, the native token of the Ethereum blockchain, and all other tokens created using the ERC20 protocol. The focus on one blockchain and the multitude of coins it supports has helped MyEtherWallet become a faster alternative to several multi-currency wallets.

Apart from its speed and security features, the wallet also features a unique and inspiring user-interface makes it easy to send and receive tokens, swap tokens and even connect it with hardware wallets like Ledger Nano S.

What wallet type is MyEtherWallet?

• Web-based
• Hot wallet (needs an internet connection to function)
• Open-source
• Ether and ERC20-only

What cryptocurrencies does MyEtherWallet support?

What fees does MyEtherWallet have?

The minimum amount of GAS needed for MyEtherWallet transaction is 0.000441 Ether.

• To get accepted into the next block: 40 GWEI
• To get accepted into the next few blocks : 20 GWEI
• To get accepted within the next few minutes:  2 GWEI

How to create a MyEtherWallet account?

Make sure to visit the official website https://www.myetherwallet.com.

Step 1: Click on create a new wallet

Step 2: You will be redirected to a new page where you will find a small tutorial

Step 3: Click Next to complete tutorial or click skip

Step 4: On the next screen, you will be given the option to create a new wallet via MEW Connect, KeyStore or Mnemonic Phrase. Of these, MEW Connect is the easiest option. The other two ask for a password to be created first.

Step 5: Choose MEW Connect and download MyEtherWallet companion app on your Android or iOS device. Alternatively, add a password for KeyStore or Mnemonic Phrase options.

Step 6: Save your phrase/key to your PC or USB.

Visit MyEtherWallet

How do I transfer coins to MyEtherWallet?

Once you have logged in to MyEtherWallet, you will have to add some tokens to it. Here is the process you need to follow.

1.  Open your MyEtherWallet
2. Go to ‘Send Ether & Tokens’ tab
3. You will see a tab for ‘token balances’ on the right corner. A long list of supported tokens is already available there. Simply click on the token of your choice or search using the search bar.
4. If your token is listed, click on it and add balance directly. Just go to your exchange account, add the MEW wallet address, fill the token amount you want to send to the wallet in a UBERT smart contract
5. Wait for the transaction to complete.
6. You are done!

What do I do if my token is not listed?

If your token is not listed, you can still use it on MEW.

1. To start, copy your MEW address and paste it on https://etherscan.io/
2. Click on the drop-down menu to see your token balance
3. Click on the address box
4. Now go back to MEW dashboard and click on “add custom tokens.”
5. Fill the following details- token symbol, contract, and decimals.
6. Click on “Save”
7. Your token should now appear on the list.
8. Go back to step 4 and add balance.

How do I send and receive cryptocurrency on MyEtherWallet?

How to send coins on MyEtherWallet:

To start sending cryptos, follow these steps:

1. Click on ‘send Ether & tokens’ tab
2. Click option you would like to choose- like MetaMask, Trezor, Ledger, KeyStore, private key, etc.
3.  On the next page, check your coin balance.
4. Copy/paste the wallet address of the receiver, add token amount and GAS
5. Click ‘Generate Transaction’. Then, click ‘I am sure.’ Your transaction is broadcast to the network. Click ‘verify the transaction.’

How to receive coins on MyEtherWallet

Receiving payments on MyEtherWallet is simple. Here is what to do:

1. Log into any exchange account/wallet that you would like to send tokens from.
2. Click on ‘Withdrawals.’
3. Find your public MEW wallet address
4. Add the wallet address to the withdrawal page, fill the number of tokens you want to send
5. Check the fees or deductions and hit send
6. Your tokens should receive your wallet within moments.

Want a step-by-step walkthrough? The video demo below should help you to get started using this wallet.

How safe is MyEtherWallet?

There are many searches for “is myetherwallet safe?” online, and the answer is yes and no. MyEtherWallet ensures to remind its users at all times that it is not a bank. The reminders are flashed on your screen when you create a new wallet. As Ethereum is the second most valuable blockchain in the world and MEW is a popular wallet, it’s a natural target for hackers. We consider eToro to be a much more secure wallet.

Here are the security features that the wallet offers users

Control of private keys

Unlike other wallets on the market, MEW allows you access to your private keys.

MEW Connect

The MEW Connect option is a wonderful new way for users to gain control of their cryptocurrency wallet. It comes in handy when you are creating a new wallet. MEW Connect allows you to connect your smartphone to your wallet. One will need to download the app on your Android or iOS smartphone, connect it with  MEW and you are done.  An extra layer of security is added for the users as their smartphone now provides them secure access to their wallets.

Hardware wallet connect

MEW easily connects with popular hardware wallets like the Ledger Nano S and Trezor.  Hardware wallets provide the highest degree of security to the users. Unlike a hot wallet, they remain disconnected from the internet and come with state-of-the-art security.

Offline transactions

One of the most interesting features of MEW is that it allows you to make transactions offline.  However, this option is considered better for power users instead of newbies. The wallet also provides extensive documentation on how to make transactions offline.

Save private keys

Unlike its counterparts, MEW allows you to save the private keys of your wallet which can either be stored on a USB drive or a paper wallet. Some people also prefer to write down the private keys on a piece of paper so that they cannot be accessed by hackers.

Even after all these measures, the users must ensure that they perform due diligence when interacting with their wallet. They must ensure that the website is secure and authentic without any spelling mistakes or typos. In addition to this, they must also activate two-factor authentication using Google Authenticator.  No phone numbers should ever be associated with your crypto wallet. If it is, then the user must ensure that the cell phone number is not connected to a Google account.

On its website, MEW asks users to double check all the links they click and turn on ad blockers so that no Google/Bing ads interfere with the service. It also suggests users beware of ETH giveaways and similar scams online. As an additional security measure, users are advised only to unlock their wallet when they have to send a transaction.

MyEtherWallet Pros and Cons

MyEtherWallet vs. other wallets – how does it compare?

In order to truly explore whether this wallet is a good option in comparison to its competitors, let’s compare it to some of the most popular wallets online.

MyEtherWallet vs. eToro

eToro is one of the most liked cryptocurrency wallets. It also boasts of an easy to use and highly intuitive interface and supports numerous altcoins. The eToro wallet was added to the services of the exchange only recently. It allows you to buy and/or sell assets, transfer them between wallets or to just store your assets for the long-term. In this eToro review you can see it is also known to be one of the safest exchanges out there meaning that if you were looking for a safe place to store your assets, the eToro wallet should definitely be taken into consideration.

MEW on the other hand, is quite prone to hacking attacks due to weak security measures. It also supports Ethereum and ECR 20 tokens only, large coins like Bitcoins cannot be stored on the wallet. eToro is much more flexible in that sense.

MyEtherWallet vs MetaMask

MetaMask is an Ethereum wallet designed to work as a browser extension. It is available for Chrome, Firefox, and Brave. The wallet can only hold Ether and ERC-20 tokens. It comes with built-in coin buying and Hierarchical Deterministic (HD) settings which lets you create an unlimited address.  On the other hand,  MEW can be accessed on any browser like Chrome or Firefox.  It also holds only Ether and ERC-20 tokens.

Both metamask and MEW are open source wallets. However, MetaMask is not a smart contract wallet, and the private keys of the user are stored right on the browser.  MEW servers do not store the users’ private keys, and they can be downloaded to the computer.  While MEW is considered a better wallet for smart contracts, MetaMask is considered an optimal way to quickly and easily connect to the Ethereum blockchain and it’s decentralized applications.

MyEtherWallet vs. Exodus

Exodus and MEW have nothing in common, except for the fact that they do not store users’ private keys.

Exodus is a desktop app that supports both Bitcoin and altcoins. It comes with a beautiful design and is renowned for its highly interactive interface. However, Exodus cannot connect to Ethereum smart contracts. It can only be used for sending or receiving Ether. The wallet is not 100% open source but uses some open source components. The wallet does not have any e browser or smartphone app version. Moreover, it does not support the Ethereum Classic. The wallet stores the users’ private keys on the local computer.

MEW is 100% open source and can be used on both desktop browsers and smartphone applications. It lets you get access to smart contracts apart from sending and receiving Ether and ERC-20 tokens. MEW does not have a desktop app.

FAQs