On their website, MyEther refers to their web-based wallet as ‘Ethereum’s Original Wallet,’ specially designed to help individuals keep their private keys safe and interact with the Ethereum blockchain. Commonly referred to as the MEW Wallet, the open-sourced platform was designed to help crypto investors and traders manage their Ethereum and ERC-20 tokens. And despite the fact that it is a hot web-based wallet, it continues to enjoy massive popularity within the crypto community.
In this MyEther Wallet review, we will be seeking answers to what draws crypto users to the wallet. We will vet the crypto wallet’s features, security, cost, and ease of use before telling you if it is fit for use.
MyEther Wallet Key features
Web-based: MyEther Wallet is a hot, online-based crypto wallet that stores your private keys in your PC, mobile app, or offline in a USB Drive.
Launched a mobile app: MyEther wallet recently launched a mobile application for both Android and iOS users, dubbed MEWconnect. It has all the features and benefits of the MyEther app, with the added advantage of being available on the move.
Access to Ethereum blockchain: Unlike most crypto wallets that will only give you access to a storage unit for your digital assets, MyEther gives you access to the Ethereum blockchain network. You can also use the app to exchange Ethereum based coins and interact with all the network features like smart contracts, Decentralized apps, and ENS as well as sign and verify messages.
Compatible with hardware wallet: MyEther crypto wallet will also integrate with all popular hardware wallets like Ledger Nano, Trezor, and KeepKey. This not only adds an extra layer of security to the company but also makes it possible for you to hold more than just the Ethereum based coins and tokens.
Offline transactions: The MyEther crypto wallet is unique in the sense that it is available for offline transactions. You do not need to be online to send or receive different coins and wallets to the wallet.
Save private keys offline: Since its establishment, MyEther crypto wallet has undergone several operational and security adjustments. One of these is the ability to store private keys offline. Instead of maintaining your private keys over the cloud, you can now save them offline in a flash disk or written in a piece of paper.
Compatible with popular browsers: MyEther wallet is also compatible with all the popular browsers, including Firefox, Chrome, and Brave. You can access your ether wallet via MyEther wallet website or the different browser extensions.
Compatible with exchanges: You can also integrate the MyEther wallet with different crypto exchanges, including Changelly, that allow you to buy and sell your digital assets for other crypto or fiat currencies.
Security features
Password protection: Like most other online and offline crypto wallet, MyEther has a password as the foremost form deterrence against authorized access to the private keys stored therein. You will need to set this password during the wallet installation and activation stage.
Recovery Keystore: In addition to the password is yet another security layer that – the Keystore recovery seed. It’s a set of words generated by the wallet during setup, and it comes in handy should you forget your password.
Open-sourced technology: MyEther has open-sourced the technology used to develop this crypto wallet. This has encouraged cryptocurrency and bitcoin enthusiasts to vet it exhaustively and come up with security improvement recommendations that have helped make it one of the most secure web-based wallets.
Highly encrypted: MyEther wallet further encrypts the private keys and addresses stored in your crypto wallet as well as its associated passwords. This keeps the private keys stored therein safe from malware.
Does not collect private data: In yet another privacy approach, MyEther crypto wallet collects no more of your personal information than is necessary. The crypto wallet company further provides its clients with the assurance of not sharing this data with third parties.
Currencies supported
MyEther is an Ethereum wallet that will only support Ethereum, Ethereum Classic, and ERC 20 coins and tokens. Its compatibility with numerous hardware wallets like Ledger Nano and Trezor that support 1000s of coins has, however, expanded the wallet’s currency support exponentially.
MyEtherWallet wallet cost and other fees
You will not be charged a fee for downloading, installing, and interacting with MyEther wallet or the MEWconnect smartphone app.
MyEther is also one of the few crypto wallets that won’t impose fees for cryptocurrency transactions conducted within its platform. You will only have to pay negligible fees that go straight to Eth miners and not the platform itself.
The minimum fee for a transaction is usually 0.000441 Ether, but you can always choose custom fees if you wish to have your transaction processed in the shortest time possible. For acceptance into the next block, you pay 40 GWEI, acceptance into the next few blocks costs 20 GWEI, while acceptance within the next few minutes costs 2 GWEI.
*Note: 1,000,000 GWEI = 0.001 ETH
Setting up the MyEther Wallet :
How to install MyEther Wallet:
Step 1: Start by accessing the MyEther crypto wallet website and selecting the create new wallet option.
Step 2: On the next page, you will find a small tutorial on how to engage with the MyEther wallet. You can view the tutorial or simply skip.
Step 3: Next is the create a new wallet page that gives you the option of creating the wallet online or via the smartphone app.
Step 4: If you choose to create an account online, you first need to create and verify your wallet password before generating the recovery seed. If you chose the MEWconnect smartphone app, you have to start by downloading the app from the MyEther website, proceed to create a password, after which the app will provide you with the recovery seed.
Step 5: Save your recovery seed to your PC or USB
Sending and receiving coins:
To Send tokens from your MyEther Wallet:
Step 1: Open the web-based wallet account and click “Send Ether &Tokens.”
Step 2: Choose the payment account i.e., your private keys or connected hardware wallets
Step 3: Paste the wallet address, number of tokens you wish to send, and GAS.
Step 4: Click ‘Generate Transaction,” confirm recipient details and verify the transaction.
To receive payments into your MyEther Wallet:
Step 1: Log into your MyEther wallet.
Step 2: Click on the “Receive Ether & Tokens” tab to get your receiving address.
Step 3: Send the address to whoever is sending you the coins
Step 4: Receive Ether and supported ERC 20 tokens from
MyEther Wallet pros and cons
Pros:
- Its open-source protocol keeps it highly secure and ahead of the competition.
- The wallet is compatible with most hardware wallets, including Trezor and Ledger Nano.
- The wallet supports both online and offline transactions.
- New privacy settings make it possible to store your wallet’s recovery phrase heavily encrypted offline on PC or USB disk.
- MyEther wallet is also compatible with such exchanges as Changelly making the transfer of funds and currency conversions relatively easy.
Cons:
- MyEther is a hot wallet, and this exposes it to possible hacking and phishing attacks.
- One may consider the MyEther app relatively complicated to set up and use
- Will only support Ethereum and ER20 tokens, leaving behind popular currencies like Bitcoin.
- The web-based wallet isn’t as secure and hard to breach as the hardware wallets.
MyEther Wallet compared to competitors:
MyEther ranks fairly when compared to such other online wallets as Coinbase and eToro. These two are exchange linked and have two key advantages over MyEther. First, they are exchange linked and therefore expose the trader to more trade and investment opportunities. Secondly, they support all the popular coins and currencies and even host initial coin offerings. Unlike the two, however, MyEther wallet’s protocol is open source, making it safer and more secure, plus it also has both online and offline transaction processing features.
Customer support:
MyEther has an elaborate and detailed FAQ page, as well as tutorial videos that explain how the site works in detail. Their website is also available in both English and Russian languages. They also have a live chat tool on the website and are easily accessible the different social media platforms.
Verdict: Does MyEtherWallet live to its reputation?
MyEther Wallet is one of the safest and most versatile web-based Ethereum blockchain wallets available today. Some of its key strengths lie in its compatibility with several hardware wallets that complement its security and the number of cryptos and tokens it can support. It also is one of the few crypto wallets with a companion smartphone app, both of which give you access to not just the wallet but the Ethereum blockchain. It, therefore, is our opinion that while its online nature puts it at a higher risk of hacking and phishing attacks than hardware wallets, it still is a reputable wallet and fit for beginners and active traders looking for a wallet that allows for fast transaction processing.