MyEtherWallet Review 2021 – Fees, Pros, Cons, Ethereum, ERC20

myetherwallet review

Through MyEtherWallet, you can store and manage your Ethereum and associated tokens or coins within. MyEtherWallet is quite a popular website when it comes to storing ETH, Bitcoins, or tokens. In actuality, MEW is not an actual cryptocurrency wallet. It is an “in-between” interface. In this article, we will talk about the MyEtherWallet review.

In this MyEtherWallet review, you will know about the pros and cons of MEW. Is it safe to use MyEtherWallet or not? How to access your MEW wallet and much more. But first, let’s discuss what is MyEtherWallet?

 

What Is MyEtherWallet MEW?

MyEtherWallet is a user-friendly interface that helps to interact with the Ethereum blockchain. MEW is an open-source platform on which you can generate Ethereum wallets. It also allows you to interact with smart contacts. It acts as a medium between exchanges. Many people call it a hardware wallet. You will understand what is MyEtherWallet through our MyEtherWallet review.

 

Features Of MyEtherWallet

  • You can transact Ethereum (ETH) and ERC20 tokens.
  • Have compatibility with various types of tokens.
  • It is an intuitive Ethereum Wallet.

So we hope you understand what is MyEtherWallet. Next, you will understand about the Chrome Extension of MEW in this review of MyEtherWallet.

MyEtherWallet Chrome Extension

MEW CX or MyEtherWallet Chrome Extension is a bit-sized extension of Chrome. You can easily access it from the toolbar. You can have the entirety of MEW through MEW CX. Besides, you need to accept permissions sent by Google Chrome.

But is MyEtherWallet chrome extension safe? Yes, MEW CX is safe as it will neither store nor share your personal information.

Features Of MyEtherWallet

  • Using the QuickSend feature of MyEtherWallet Chrome Extension, send your transactions in a quick manner.
  • You can create as well as manage your Ethereum Wallet.
  • Interact with Dapps

How To Install MyEtherWallet Chrome Extension

  1. Visit the download page of MEW CX on Google Chrome.
  2. Click on the button available on the homepage – “Add To Chrome”.
  3. In the toolbar section, click on the MyEtherWallet icon. You will get the toolbar once you have installed MEW CX.
  4. On a window, you will have to choose the method to access your MEW wallet.

Things To Remember While Installing MyEtherWallet Chrome Extension

  • Check the number of users or rating of the MEW CX provider.
  • Don’t download a fake client.

 

What Is MyEtherWallet Used For?

Know the usage of MEW in this MyEtherWallet review.

It is an interface through which you can store MyEtherWallet, or related coins and tokens. You can keep your ETH assets on a personal computer. MyEtherWallet is actually software-based. The interface is not online and free to use. Moreover, you can easily understand the working procedure of ether wallet.

Pros Of MyEtherWallet

  • The interface supports Ethereum as well as all its tokens or coins.
  • There is a lot of information available on the interface.
  • Very easy to use.
  • It is an open-source that is free of cost.
  • An “in-between” interface.

Cons Of MyEtherWallet

  • The interface doesn’t provide support to Altcoins or non-Ethereum coins.
  • It is not an actual cryptocurrency wallet.
  • A few safety concerns.

 

Is MyEtherWallet Safe?

Since MyEtherWallet is an interface for various types of ETH. Also, it is the most popular website in which you can manage an Ethereum wallet. But the question is MyEtherWallet safe? Let’s find out about MEW safety in our MyEtherWallet review.

Recently, hackers attacked MyEtherWallet that resulted in the draining of various users’ MyEtherWallet. Hence the question arises that should you use MyEtherWallet or not? No doubt that MyEtherWallet is safe to use. But one takes effective precautionary measures to keep their MEW safe. You must understand the risks that are present when you enter private keys on a website. You can also discuss on MyEtherWallet safe Reddit to understand more about MEW.

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How To Keep Your MyEtherWallet Safe?

After you create your MyEtherWallet account. It will generate a private and public key. These keys are not stored on the MEW site. You can use these keys for MyEtherWallet log in.

  1. Keep a backup of your private and public key in a reliable and safe offline place.
  2. Use hardware wallets such as Ledger Nano S or TREZOR to access your ETH.
  3. Access your Ethereum directly with mnemonic phrases, private keys, or key store files. But before keep a backup of your key.

 

Is Hardware Wallet Safe To Access MyEtherWallet Account?

By far the safest way to access MyEtherWallet is through a hardware wallet. As our MyEtherWallet review, these wallets are master having security layers.  For instance, code scramblers that make sure your private keys are safe, away from hackers. You must care about MyEtherWallet’s safety.

 

How Does Hardware Wallet Work?

  1. The hardware wallet’s screen displays the codes, not your computer.
  2. To decipher your codes and combinations will get difficult for onlookers then.
  3. If in case, you encounter a hacker while accessing a malicious site. Using a hardware wallet, you can protect your whole MEW balance from getting drained. Yet, there are chances that hackers will redirect your transaction into their wallets.
  4.  In these hardware wallets, you can store many coins and Ethereum. Coins include Bitcoin Cash, DASH, Bitcoin, ZCASH, and ERC20s.

 

MyEtherWallet Hacked – April 2018

In April 2018, hackers emptied the MEW of many users breaking the Internet’s infrastructure. MEW users clicked an unassigned SSL Certificate link directing them to a website. SSL Certificate claimed to be a verification service. Hence lured the users to click on the link. As a result, within a second, their MEW went empty.

The users who clicked the SSL verification link which redirected to a Russian server. With no time, the hackers drained the user’s wallet. Although MyEtherWallet managed to stop the attack. The hijackers stole a minimum of US$ 13,000 in Ethereum in the due course of 2 hours. Besides, the wallet of the hijackers already had at least US$ 17 million in ETH.

If you have concerns using MyEtherWallet, you may want to take a look at MyCrypto Wallet Review or the next alternative is Bitfi Wallet Review.

Next in the MyEtherWallet review is if MEW at fault for the DNS Phishing attack.

 

Is MyEtherWallet At Fault For The DNS Phishing Attack?

The recent MyEtherWallet attack can arouse that is MEW at fault for the DNS Phishing Attack. If you do not use MEW with safety then your MEW can be vulnerable for hackers to attack.

In April 2018, MyEtherWallet had suffered the Google DNS phishing attack. The popular Ethereum wallet experienced a loss of about 515 ETH. MyEtherWallet resolved the issue in less time. They claimed that MEW vulnerabilities have nothing to do with this security breach.

Since many users entered their private keys on those fake websites. Hence it resulted in the emptying of their MEW wallet. As hackers only compromise with accounts that used their keys on unprotected sites. Besides, if the users have accessed their MyEtherWallet using MetaMask or hardware wallet. Then the funds of the users would have been safe.

Also, the attackers even hijacked the Google Public Domain Name System (DNS) wallet service. The phishing attack would have been in control if users had used their MEW using another of its domain. So keeping your MyEtherWallet is in your hands.

 

What Coins Does MyEtherWallet Support?

MyEtherWallet can only support coins that are associated with Ethereum Network. It doesn’t support Altcoins, Bitcoins, or Litecoin. But, MEW supports Wrapped Bitcoin (WBTC) as it becomes a part of the Ethereum Network. In the MyEtherWallet review, we have listed down various assets of MEW.

MyEtherWallet (MEW) supports various assets such as:

  1. Ethereum
  2. Ethereum Classic
  3. ERC20 Tokens

Some of the ERC20 Tokens that MyEtherWallet supports are:

  • Basic Attention Token (BAT)
  • USD Coin (USDC)
  • Tether (USDT)
  • Chainlink (LINK)
  • Wrapped Bitcoin (WBTC)
  • Maker (MKR)
  • Single Collateral DAI (SAI)
  • adToken (ADT)
  • OmiseGO (OMG)
  • Augur (REP)

 

How To Use MyEtherWallet Access My Wallet Feature?

You have understood what is MyEtherWallet but let’s find out how to access your MEW? You can access your MyEtherWallet by following the below steps:

  1. Visit the MyEtherWallet official website myetherwallet.com. Make sure to check the authenticity of the website. Hackers might try to drain your MEW wallet by creating a look-alike website as bait.
  2. Click on the “Create New Wallet” available on the home page of MyEtherWallet. Enter a password and click on the button – “Create New Wallet”.
  3. MyEtherWallet.com will generate your private key which will be password-protected. The private key is also called a “KeyStore” file in JSON or UTC format.
  4. Download the KeyStore file in JSON or UTC format by clicking on the button. You must store it on your computer to keep it safe. Just remember where you store it for future use.
  5. On the next screen, you will receive your private key to access your MyEtherWallet. Then click on the “Save Your Address” button to check the public address of your MEW.
  6. You will be able to view your public address of MEW. Then, you will need to choose the way you need to access our wallet.

 

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Things To Remember While Accessing MyEtherWallet

You must keep a few things in mind while accessing your MyEtherWallet:

  1. You must check if www.myetherwallet.com safe lock icon appears on the browser
  2.  Read myetherwallet.com review before installing to ensure the authenticity of the website.
  3. Make sure that you bookmark that particular website. In this way, you can prevent yourself from falling into a trap.
  4. Keep your KeyStore files extremely safe as you will access your MEW with these files.
  5. You must keep your private key with extra safety. Your private key is the master key to access your MEW.
  6. Someone can unlock your wallet using the private key and drain your wallet.
  7. You can only access your KeyStore files using the password you used before. So, it is important to remember your password.

 

Hardware Wallet – Recommended

Hardware wallets use codes and devices to secure your MEW private key. You just need to make sure that your private key is safe. You can keep your private key wherever you want.  But don’t forget the place where you have hidden it. To make a transaction connect your hardware wallet with the internet. Make the transaction and offline again. Thus preventing any hacker attacks.

We have already mentioned that Ledger Nano S and TREZOR are the most popular hardware wallet. Your MEW will perform well and stay secure if you use any of these hardware wallets. There is a 100% chance that your ETH will remain safe in MyEtherWallet as your private key is safe.

  • With a hardware wallet, no one will be able to know your private keys.
  • The transaction process is only done on the hardware wallet. Hence, fewer chances of your ETH getting exposed.
  • You will receive a confirmation from the hardware wallet if you are making any transactions. Then only the wallet will proceed with the transaction. Finally, your computer software will receive a digital signature from the hardware wallet. This will be the process of transaction that is safe and secure.

 

Software – Not Recommended

We do not recommend using MyEtherWallet through computer software. As hijackers may try to capture your MEW ETH and you can lose them. As you know you can use MyEtherWallet desktop for windows through software.

The software can expose your private keys providing hackers easy access. Earlier, you were able to use your private keys through device storage. Thus making your MyEtherWallet vulnerable and hackers can attack your MEW.

As per our MyEtherWallet review, we are recommending hardware wallet over software.

 

Old MyEtherWallet Vs New MyEtherWallet

As of October 20, 2019, the Old MyEtherWallet advanced into New MyEtherWallet. MyEtherWallet review is incomplete if we don’t compare the Vintage and new MyEtherWallet. We have differentiated both based on the following parameters:

Old MyEtherWallet New MyEtherWallet
Functionality Less High
Interface Difficult to Access Easily Accessible
Data Storage Stored in MEW Not Stored in MEW.
Intuitiveness Less High
Security Security Issues High-Security Standards
Innovations Outdated Technology Focused on Future Innovations

 

New MyEtherWallet

The New MyEtherWallet does not monetize with user experience. Hence, it avoids tracking, advertisements, demographics, and emails. It doesn’t even store any users’ data. Besides, you will find various new updates in the New MyEtherWallet. For instance:

  •         Scheduled Transactions
  •         Exit to Fiat with Bity
  •         MakerDAO’s CDP protocol
  •         ENS Manager
  •         NFT Manager

 

How Do I Access My Old MyEtherWallet?

You can access your old MyEtherWallet using the same method as you do the new MyEtherWallet. To access the new MyEtherWallet, you don’t have to create a new wallet. You can use the same wallet as the old MyEtherWallet. You can access your old MyEtherWallet by following the below steps:

  1. Visit the MyEtherWallet official website.
  2. Select the “Access My Wallet” available on the homepage.
  3. You have to choose the same method of access as you used to before.
  4.  For instance, select ‘Software’, if you happened to use a KeyStore.
  5. It can be the JSON or UTC format. Then, you can connect by choosing the KeyStore option.
  6. You will be directed to your “Dashboard” page once you click on connect.
  7. Now send transactions, check balance, etc.

 

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Can MyEtherWallet Hold Bitcoin?

You cannot store Bitcoin or Litecoin in your MyEtherWallet. You can use this user-interface for ETH and related coins, or tokens. Since the Ethereum network doesn’t contain Bitcoin and Litecoin. Hence, MyEtherWallet doesn’t support or interact with these coins.

However, MyEtherWallet can hold Wrapped Bitcoin (WBTC). You can convert your Bitcoin into Wrapped Bitcoin (WBTC) and hold it in your MyEtherWallet. Wrapped Bitcoin becomes part of the Ethereum Network once converted.

 

MEW Wallet App

MyEtherWallet app for Android and iOS smartphones are well-developed. The MEW Wallet app is fast and secure to use.

Advantages of MEW Wallet App:

  •         You can keep your private key encrypted safely on your phone’s local vault.
  •         You will have a mnemonic phrase as a backup.
  •         You will be setting your MEW wallet with a pin or password. Only you can unlock your MEW, and only on your device.

MyEtherWallet is compatible and works on both Apple and Android devices. You can MyEtherWallet download your app by using the below links:

Device Direct Link
Apple Users MyEtherWallet/Apple
Android Users MyEtherWallet/Android

Frequently Asked Questions

Let’s take a quick look at MyEtherWallet MEW FAQ

How To Access MyEtherWallet?

You need to follow a few easy steps to access your MyEtherWallet (MEW). First, you need to enter the official website of MyEtherWallet. Then make a password that must be easy to remember. Once you have entered the password, you will get your KeyStore file.

KeyStore file will have all the information related to your MyEtherWallet. You must keep it safe and hidden. Once you save the file and click on submit. You will receive your private key. Using this private key you can access your MyEtherWallet.

 

Is MyEtherWallet Trustworthy?

MyEtherWallet is a secure option to store your Ethereum or related coins and tokens. It has become the most popular means of managing Ethereum platforms. In a way, MEW is safe. But it’s imperative to understand that using MyEtherWallet has risks. As you are working on a centralized website and entering your private keys.

 

How To Store MyEtherWallet Private Key Securely?

To store your MyEtherWallet Private Key securely, you must use hardware wallets. They are safe and use the highest measures of security. The private keys remain in the device itself. In this way, you can prevent hackers from draining your MEW account.

 

Takeaway – MEW Review

  1. MyEtherWallet is a user-friendly interface that helps to interact with the Ethereum blockchain.
  2. MEW CX or MyEtherWallet Chrome Extension is a bit-sized extension of Chrome.
  3. The interface supports Ethereum as well as all its tokens or coins.
  4. By far the safest way to access MyEtherWallet is through a hardware wallet.
  5. We do not recommend using MyEtherWallet through computer software. As hijackers may try to capture your MEW ETH and you can lose them.
  6. The New MyEtherWallet is safe to use as it avoids tracking, advertisements, demographics, and emails.
  7. You can access your Old MyEtherWallet using the same method as you do the new MyEtherWallet
  8. KeyStore file will have all the information related to your MyEtherWallet.
  9. MyEtherWallet is one of the safest wallets.
  10. Ledger Nano S and TREZOR are the most popular hardware wallet to keep your private key safe.

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