MyEtherWallet Review 2019: Fees, Pros, Cons and Features

MyEtherWallet Review 2019: Fees, Pros, Cons and Features
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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. One of such services is the Coinbase wallet. Read on for a full review of this wallet, as well as an explanation of why we would recommend other providers.

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 Quick Guide: Create a MyEtherWallet in 5 Minutes

  • Create an account on myetherwallet.com
  • Create your wallet with a safe password
  • Save your Keystore file
  • Save your Private Key
  • Unlock your wallet
  • Your wallet is now unlocked and ready to use

❌Unlike Coinbase, MyEtherWallet is not a regulated platform, therefore security risks still persist.

Try Coinbase Instead

Is MyEtherWallet Recommended?

❌In our review, we have not found MyEtherWallet to be the best option for storing Ethereum, or any other cryptocurrency. The Coinbase wallet is a much more safer service, regulated by financial authorities, providing a safer experience.

If you still have doubts as to what the best service for storing your cryptos is, you can compare the best cryptocurrency wallets here.

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?

  • Ethereum (ETH)
  • Testnet Ethereum (testnet ETH)
  • Ethereum Classic (ETC)
  • ST
  • ADST
  • ADT
  • ADX
  • ANT
  • ARC
  • BAT
  • BeerCoin
  • BCDN
  • BNC
  • BNT
  • BQX
  • CAT
  • CFI
  • CRB
  • CREDO
  • CTL
  • CryptoCarbon
  • CVC
  • DAO
  • DDF
  • DGD
  • DGX 1.0
  • DICE
  • DRP
  • DNT
  • EDG
  • EMV
  • EOS
  • FAM
  • FUN
  • GNO
  • GNT
  • GUP
  • GT
  • HKG
  • HMQ
  • ICN
  • JET
  • JetCoins
  • LUN
  • MCAP
  • MCO
  • MGO
  • MDA
  • MIT
  • MKR
  • MLN
  • MNE
  • MSP
  • MTL
  • MYST
  • NET
  • NMR
  • NxC
  • OAX
  • OMG
  • PAY
  • PLBT
  • PTOY
  • PLU
  • QAU
  • QRL
  • REP
  • RLC
  • RLT
  • ROUND
  • SGEL
  • SGT
  • SHIT
  • SKIN
  • SKO1
  • SNGLS
  • SNM
  • SNT
  • SRC
  • STORJ
  • SWT
  • SNC
  • TaaS
  • TFL
  • TIME
  • TIX
  • TKN
  • TRST
  • Unicorn
  • VSL
  • VSM
  • VERI
  • VRS
  • WINGS
  • XAUR
  • XID
  • XRL
  • Any other customized ERC20 tokens

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?

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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.

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

Pros:

  • Easy to use
  • Free open source software
  • Give the uses control of the private keys
  • Compatible with ledger Nano S and  Trezor hardware wallet
  • Compatible with Changelly exchange
  • Provides token swap facility
  • Allows users to store any custom ERC 20 tokens
  • Comes with extensive educational resources
  • Accessible through the web
  • Supports offline transactions

Cons:

  • Hot wallet, prone to hacking and phishing attacks
  • Difficult to set up for newbies
  • Only supports Ethereum and ECR 20 tokens – Bitcoin and other large coins are not supported
  • MEW does not give users access to cryptocurrency exchanges
  • Being an offline wallet, it cannot be accessed from all devices unlike online wallets
  • Not as secure as hardware wallets such as Ledger  Nano S or TREZOR

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 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.

MyEtherWallet vs. Jaxx

Jaxx is one of the most liked cryptocurrency wallets. It also boasts of an easy to use and highly intuitive interface and supports numerous altcoins. However, just like Exodus, Jaxx is not a smart contract wallet which means that you will only be able to send and receive Ether using the wallet.  However, it supports both Ethereum and Ethereum Classic. The private keys are not shared with wallets’ servers and stored on the user’s machine instead. Jaxx is not an open source wallet. However, it’s code is available on its website.

MEW provides support only to Ethereum-based cryptocurrencies. It supports smart contracts and is 100% open source which means that its code can be assessed by the community.

FAQs

What is MEW connect?
  • MEW Connect is the official smartphone application of MyEtherWallet.  It works as a companion app to the wallet and is free to use. Using MEW connect users can create a new wallet and keep up their Holdings completely secure.  The app is available on both iOS and Android. Just like the web-based wallet comma the application does not depend on centralized service and creates no databases. It talks to the web-based application via p2p communication.  It is a secure free and open source.
How much GAS does MEW charge?

MEW  allows users to send ethereum or ERC 20 tokens free of charge. However as the transactions are sent on the ethereum blockchain, users have to pay GAS.  This fee is paid in ether and users must have at least 0.01  ETH to make at least two to three transactions.

What should I do before moving a large amount of ether?

The wallet suggests that users send a test transaction of a small amount to the destination wallet before making a large transaction. This will help in ensuring that the funds reach the right address. It also recommends users to utilize MetaMask or EtherAddressLookup to double-check transactions. They can also use hardware wallets like Ledger Nano S and Trezor to make fund movement even more secure.

How do I send Ether using MyEtherWallet?

To send a transaction a user must go to the ‘send Ether and tokens’ page.  Next click on ‘access your wallet and unlock’ it.  Next enter the destination address,  the amount you want to send and click on ‘generate a transaction.’  Next click on ‘send transaction.’ A popup will appear.  Double check the transaction and click on “Yes, I am sure! Make the transaction.”  Your transaction ID will be generated, and it will soon be added to the ethereum blockchain.

I lost my private key. What do I do?

MyEtherWallet does not store the private key of the users. It is only an interface that allows users to connect to the Ethereum blockchain and has access only to public information available on the blockchain. The private key always remains with the users which means that if the key is lost, the MEW will not be able to recover it. It also means that the user will not be able to reset their password, reverse or cancel transactions. The wallet will also not be able to send Ether or other tokens from one address to another.

What is the difference between MEW and an exchange?

MEW is a client-side interface that allows users to interact with the Ethereum blockchain. It is not a centralized entity that stores the private keys of the users for them, like an exchange. Instead, it lets users retain full control of their keys. Exchanges provide people a chance to buy and sell digital currencies. MEW provides similar functions via its Changelly integrations and swaps but remains a dedicated ETH and ERC-20 wallet.

Is MEW safe?

MyEtherWallet is safe, secure and 100% open-sourced platform which makes it a community project rather than a proprietary secret. It lets users connect with MetaMask and hardware wallets like Ledger Nano S and Trezor. MEW Connect also offers another layer of security. Additionally, it lets users make offline transactions as well

 

MyEtherWallet can be connected to browser extension wallets like MetaMask and hardware wallets like Trezor and Ledger Nano S with ease.

20 thoughts on “MyEtherWallet Review 2019: Fees, Pros, Cons and Features

    1. Hello Jessica. Thank you for getting in touch. MEW Connect is simply the software’s mobile app. It is free to download and you can access it any time. The app is available for both iPhones and Androids. It is definitely convenient to have if you have a MyEtherWallet account because it will allow you to access your wallet from wherever you are, without needing a laptop. I hope that helps.

    1. Hello Martha. Thank you for your question. We definitely recommend hardware wallets when it comes to long term storage. What you should remember about the difference between the two is that software wallets are accessed online whereas hardware wallets are not. The fact that hardware wallets are offline makes it impossible for hackers to access the private keys so there is no way they can steal the funds in it. As for software wallets, even though they try to take the necessary security measures to stop that from happening, they can still be easy targets.

    1. Hello Joe. Thank you for your question. No, MyEtherWallet does not allow you to do that, but there are two exchanges that allow you to pay for Bitcoin with your credit card. These are eToro and Coinbase, so if you really want to link your credit card to your wallet, one of these two exchanges is definitely the way to go. Between the two, we recommend Coinbase, but feel free to make your decision after you’ve read our eToro and Coinbase reviews.

  1. Hello. Thank you for this review. I was thinking about signing up on MyEtherWallet but you convinced me about going for Coinbase instead how do I sign up on it?

    1. Hello Robert. Thank you for your question. Creating an account on Coinbase is really simple. All you have to do is go on the official website, where you will normally find a registration form. You will be required to insert your full name, email address, password, phone number and confirmation that you’ve read the terms and conditions. After that, you can click on “create account”. At this point, you will be asked to go through the verification process. You will have to provide proof of identity with a copy of your passport and wait a couple of days for them to approve your request. You can then make your first deposit, download the Coinbase wallet and buy the coins you want to store in it.

  2. I wanted to create a MyEtherWallet account but I think I cannot afford to spend so much as a minimum deposit. Can you suggest any cheaper options?

    1. Hello Eddy. Thank you for your question. The thing is that most of the exchanges we recommend have average minimum deposits of $200-$250 and there is a good reason for that. The exchanges that require lower minimum deposits, in nine cases out of ten have much higher fees than the exchanges that require higher deposits. That means that in the long term, you spend much more on exchanges with lower deposits than you do on the ones we recommend. So if you intend to save up money and currently cannot afford to spend these amounts, I suggest waiting a while, just until you can make this investment.

    1. Hello Mathias. Thank you for your question. I am afraid you will not be able to do that unless all your cryptocurrencies are Ethereum-based. If you are planning to store currencies that are not Ethereum-based, it is definitely a good idea to find an exchange that allows you to store them all in one wallet instead of having a wallet per currency type. The platforms that allow you to do that are Exodus and Jaxx. If you sign up on them and want to send cryptocurrencies to your new wallets, please remember to send them to the right addresses, so Ethereum to an Ethereum wallet address, Bitcoin to a Bitcoin wallet address and so on. Make sure you do not mix addresses or you will lose your funds.

    1. Hello Grace. Thank you for getting in touch. MyEtherWallet is not one of those exchanges that store private keys for you. Its function is to allow users access to the Ethereum blockchain but it is your responsibility to store your private keys to your wallet. That means that if you lose them, MyEtherWallet will not be able to recover them for you or to reset your passwords. That also means that you will not be able to carry out operations such as transactions, moving cryptocurrencies to another wallet and so on.

  3. Hello. I’ve been considering creating a wallet to store cryptocurrencies lately and I am very keen on creating one on MyEtherWallet but I am not entirely sure. How does MyEtherWallet compare with other established wallets, such as the Coinbase one?

    1. Hello Isabel. Thank you for your question. Even though we consider MyEtherWallet to be a fairly good exchange to store cryptocurrencies on, we believe Coinbase to be a better one. First of all, Coinbase not only has a user-friendly interface, a fast and efficient sign up and verification process but it is also a regulated exchange and a highly reliable one. Coinbase also allows users to purchase currencies such as Bitcoin, Ethereum and all the major ones and store them in a wallet, whilst MyEtherWallet does not offer such function. Finally, Coinbase is perfect for beginners because it offers the copy trading option, which not many platforms on the market allow to do. You can find out all the details about the exchange on our Coinbase
      review
      .

  4. Hello. I have been thinking about creating an account on MyEtherWallet lately. My question is: would I be able to link my Ethereum wallet to my credit card?

    1. Hello Tom. Thank you for your question. You will not be able to do that on MyEtherWallet and most of other exchange platforms that allow you to create storage wallets. Two platforms that allow you to do that are eToro and Coinbase, so if you consider it a necessity to link your wallet to your credit card, then we definitely suggest going for one of those two platforms instead. Feel free to read through our Coinbase and eToro reviews to find out everything you need to know about them.

    1. Hello Ale927. Thank you for your question. MyEtherWallet is an Ethereum and ERC20 wallet where you can store Ethereum, ADT, PAY, SGT, TKN and many other ERC20 tokens. MyEthereWallet is a very safe digital wallet that lets users keep their private keys to access the wallet, which is an extra security measure that not many other online wallets take. Like all wallets of this kind, MyEtherWallet can be subjected to hacking attacks. That is definitely a risk to be aware of. However, something that has to be appreciated about this wallet is that several measures to ensure that your currencies are safe from hackers were taken. These include not only the control of private keys but also the availability of offline transactions as well as features like MEW Connect and Hardware wallet connect.

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