MyEtherWallet (MEW) is a software-based crypto wallet designed for storing various cryptocurrencies. Primarily focused on Ethereum’s native asset, Ether, MEW also supports coins and tokens compatible with the Ethereum blockchain. Let’s delve into the details of MyEtherWallet in this MyEtherWallet review.
|Hot / Cold
|Custodial / Non-custodial
|Multiple – web, mobile app, browser extension
|Over 300 assets (coins, altcoins, tokens)
|Purchase, sale, exchange, DeFi services
|Between 0.7% and 3.25% for card purchases
|Available in French
MyEtherWallet serves as a free crypto wallet interface for storing cryptocurrencies. Depending on the wallet type and its security level, it can be used for small transactions or securing substantial crypto holdings.
Founded in 2015, MyEtherWallet initially focused on storing Ethereum coins. Over time, it expanded its offerings to include blockchains compatible with Ethereum. MEW has established partnerships with renowned entities such as Ledger, Trezor, and Simplex.
Describing the team behind MEW in their own words: “We are a team of crypto enthusiasts dedicated to bringing you the safest, most intuitive, and, dare we say, the prettiest way to manage your ETH and ERC20 tokens.”
MEW falls under the category of “software wallets.” Unlike “hardware wallets,” which are offline most of the time, a software wallet remains connected to the internet. This accessibility is advantageous, allowing users to keep their digital assets readily available. However, the continuous internet connection may pose security vulnerabilities. Most crypto users employ a combination of both software and hardware wallets to meet different needs.
It’s ideal to have both a hot wallet and a cold wallet that can communicate with each other. MyEtherWallet supports this by being compatible with leading hardware wallets in the market.
MyEtherWallet is an open-source, non-custodial wallet. In a non-custodial wallet, users retain complete control over the private keys associated with their wallet. This means users are entirely responsible for the security of their keys. MEW commits to not storing any user data, not even a backup.
MyEtherWallet is dedicated to the Ethereum blockchain and its compatible blockchains. It can handle ETH, ERC20 tokens (e.g., BAT, LINK, HOT, DAI), ERC721 tokens (NFTs), and coins/tokens from Ethereum Classic, Binance Smart Chain, and Polygon.
MyEtherWallet is available in three formats: desktop, the MyEtherWallet mobile app, and browser extension. MEW Web is the desktop interface accessible from any internet-connected device. MEW Wallet is the official mobile application, downloadable from App Store and Google Play. Enkrypt is a browser extension available on Chrome, Firefox, Brave, Microsoft Edge, and Opera, facilitating connections to various DeFi applications or NFT platforms.
MEW is compatible with eight hardware wallets, including Ledger, Trezor, BitBox02, Ether Cards, KeepKey, Finney, CoolWallet, and Billfodl. Users can access their hardware wallet through the MEW interface.
MEW offers more than just receiving and storing coins and tokens. It includes integrated features for cryptocurrency purchase, exchange, and access to decentralized finance (DeFi) applications.
You can purchase cryptocurrencies directly through MyEtherWallet. The advantage of this integrated service is that you don’t need to go through a crypto exchange to buy coins or tokens.
Here are the cryptocurrencies available for purchase on MyEtherWallet:
To buy cryptocurrencies on MyEtherWallet, you need to pay with a credit card. Purchase fees are charged in addition to network fees. The purchase fees vary depending on the currency used:
MyEtherWallet has a built-in feature for exchanging cryptocurrencies. You can exchange your coins and tokens based on the Ethereum blockchain or a compatible blockchain.
But that’s not all! You also have the option to make cross-chain exchanges. For example, you can exchange the ETH stored in your wallet for bitcoins. However, note that you cannot keep the BTC on MEW. During the exchange, you will need to provide a Bitcoin wallet address to receive your coins.
In any case, this integrated service saves you from having to transfer your funds through a crypto exchange to make the exchange.
Finally, MyEtherWallet allows users in Europe to sell their crypto for euros or Swiss francs. This service is provided through the Swiss exchange Bity.com.
The MyEtherWallet interface facilitates access to smart contracts and decentralized applications, opening the doors to decentralized finance. For instance, users can access staking services and generate passive income with their cryptocurrencies. They can also interact with smart contracts or deploy them on the Ethereum blockchain.
These features offered by MEW will likely be appreciated by advanced users with experience in blockchain and DeFi. However, less experienced users may find it challenging to navigate because the MyEtherWallet interface is not the most intuitive.
The best part – MyEtherWallet is free! Users can download the application or extension at no cost. Account creation, wallet usage, and crypto storage are all free. The only expenses involve blockchain transaction fees, a standard charge for any crypto transaction regardless of the platform, supporting the network’s operation.
In conclusion, MyEtherWallet stands as a versatile and user-friendly solution for managing Ethereum-based cryptocurrencies, offering a range of features while maintaining a non-custodial and free-to-use model.
About the author
A writer from the north of England, I've been fascinated by all things cryptocurrency since the early days of Bitcoin. I've written countless articles in the crypto space over the years, contributing to various websites in the process. I'm always reading and forever following the trends and expanding my knowledge so that I always have more to share!
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