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Cryptocurrency Wallet MyEtherWallet

 MyEtherWallet (MEW)

MyEtherWallet, also known as the MEW wallet, is one of the most popular Ethereum wallets. MyEtherWallet is considered a highly flexible user interface to access the Ethereum blockchain network. It is a free-to-use, open-source platform that allows users to create cryptocurrency wallets that operate securely on the Ethereum network. 

Talking in more technical terms, MyEtherWallet is deemed a client-side interface that allows you to create wallets online before storing your digital assets offline in a hardware wallet, eliminating the security vulnerabilities of housing Ethereum in a web-based wallet.

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.

MEW is a client-side interface that interacts with the Ethereum blockchain.

MyEtherWallet Details

Website: https://www.myetherwallet.com/

Pricing: Free. You will be charged transaction fees when you send ether, but those go to the miners working on the Ethereum blockchain and not to MEW.

Payment Method: There is a send transaction box in the interface to input an ether amount. The equivalent value is shown in the bottom left making it instantaneous to see current exchange rates.

Features: Allows users to interact with the Ethereum blockchain directly from a web browser.

Other Benefits: No one at MyEtherWallet will ever hold access to the keys.

Hard Wallet or Digital Wallet or Both: Digital/ Software/ Web-based,/ Hot wallet (needs an internet connection to function)

Desktop or Mobile App: Both

Control Rating: You control

Type of Verification: HD

Vulnerable or Secure Environment: Secure

Privacy Rating: High privacy

Security: Private Key Ownership, Two Factor Authentication, Less secure and more vulnerable to phishing attacks

Coins accepted: Ethereum (ETH), Ethereum Classic (ETC) and all other ERC-20 tokens

Linked Exchange: n/a

Countries: Available in 192 countries

Languages: 18 languages available

Mobile compatibility: Beta iOS app launched

Open-source: Yes

Compatible with: Geth, Mist, MetaMask, Jaxx Wallet, Ledger Nano S hardware wallet, TREZOR wallet


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

MyEtherWallet Pros and Cons

Pros:

  • Easy to use
  • Free open-source software
  • Give control of the use of the private keys
  • Compatible with Changelly exchange
  • Provides token swap facility
  • Allows users to store any custom ERC 20 tokens
  • Supports offline transactions
  • Never store the password or private keys for your wallet on the MyEtherWallet servers
  • Thorough documentation available, including how-to videos
  • Accessible through the web, but your actual wallet lives on your computer, not on MEW servers
  • Compatible with many popular hardware wallets

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
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