The founders of MEW built the client-side interface to enable users to capture the wide range of opportunities in the Ethereum ecosystem, both on the MEW web wallet and the mobile MEW wallet app. MEW allows users to store, send and receive ETH, ERC-20 tokens and non-fungible tokens (NFTs).
Source – Myetherwallet.com
Creating a New MEW wallet:
MEW offers four unique ways to create a new Ethereum wallet (ETH Wallet): MEW Wallet app, buying a hardware wallet such as Ledger or Trezor and using it with MEW, and software methods such as a mnemonic phrase and a Keystore/JSON file. Software methods are not recommended for inexperienced users.
Making Payments Using MEW
Making payments while using MEW is relatively straightforward and gets completed within a few minutes. Users can either use the MEW website or the MEW Wallet app. Here are a few key steps before you can make a payment:
- Access your wallet on MEW web or open MEW wallet app.
- Find ‘Send’ button on the MEW web dashboard or the ‘up’ arrow in your MEW wallet app.
- Enter the recipient’s address and the amount of ETH that you want to spend.
Accessing a Wallet on MEW
MEW offers multiple ways for users to access their Ethereum wallet or popular hardware wallets. First, select “Access My Wallet” on the home page of the web portal. The most recommended options are:
- MEW wallet app (can be used on its own and with MEW web)
- Hardware wallets like Ledger Nano S, Trezor
- Mobile applications
- Browser extensions
- Software such as KeyStore and JSON file
If you have general inquiries, check this link.
Transferring Coins to MEW:
- Download MEW wallet for iOS and Android and create a wallet
- Write down the recovery phrase
- View and copy the receiving address by clicking the down arrow on the account card
- Send coins from other wallets to the MEW address, or buy crypto directly in the app
- Alternatively, connect to MyEtherWallet.com to manage and buy crypto in the web dashboard
From either the desktop experience or mobile experience you can then receive tokens, or purchase via MEW’s purchasing partners.
MyEtherWallet offers email support, a long list of support articles and tutorials and a chatbot on its website.
You can download the MEW Wallet app on your smartphone (available for Android and iOS). To set up MEW Wallet app, look for it in your phone’s app store and download the mobile application.
The mobile app version of MEW comes with the same core features as the web-based interface, enabling users to manage their Ethereum-based assets with just a few taps on their mobile phone.
Before you can start using the features of MEW wallet, you need to click on “Create Wallet” on the “Create a free wallet” page, where you are asked to choose a six-digit PIN. Once you have obtained your PIN and confirmed it, your Ethereum wallet will be generated. Make sure to back up the wallet by writing down your recovery phrase.
MEW users can connect their account to a wide range of decentralized applications (dApps) within the app’s interface.
MEW provides the following core offerings to its users, which makes the platform one of the favorites for both professional and beginner traders:
- Compatible with Multiple OSs
Given that the portal is an open-source interface, MEW is compatible with all popular operating systems like macOS, Windows, Linux and others, both on desktop and mobile.
- Free
As MEW is a tool for interfacing with Ethereum the portal is completely free to use.
- High Levels of Versatility
As the Ethereum ecosystem continues to evolve, so too does MEW. At present, users can capitalize on a wide range of features that MEW offers. On MEW, you can buy Ethereum and Ethereum-related cryptocurrency with a bank card, swap tokens, stake Ether (ETH), exchange tokens across blockchains, manage your NFT collection and interact with dApps.
- Security
MEW does not store any user data making it a secure, non custodial solution. Users are in complete control of their assets. On the mobile experience the security is second only to hardware wallets.
The founders of MEW built the client-side interface to enable users to positively experience the Ethereum ecosystem. However, many users have reported that the setup process is a bit confusing, especially for beginners. The platform offers a variety of video tutorials to check out if something seems intimidating.
In terms of more advanced users, MEW is a great option. MEW users can stake ETH and manage and purchase blockchain-based ENS domains by accessing the interface’s connected DApp ecosystem, in addition to hundreds of other dApps using the MEW Wallet app.
Additionally, while MEW is an Ethereum-based interface, it is possible for users to engage in cross-chain swaps to swap tokens across blockchains. For example, ETH holders can swap their tokens for Bitcoin, Litecoin, or Dogecoin, but they need to have another wallet that supports these.
MEW supports Ethereum, all Ethereum based cryptocurrencies, and many Ethereum Layer 2s/sidechains. Ethereum is the second-most popular cryptocurrency in the world. It can be argued that most MEW users know what they’re getting into straight from the get-go – most people who use MEW do so because they use Ethereum and all the decentralized applications (like NFTs, DeFi, and staking) that are built on it.
MyEtherWallet vs Competitors
MEW is rivaled by many other cryptocurrency wallets in terms of reputation; however, these often underperform in terms of functionality and customer support. A few alternatives to MEW include Coinbase Wallet, Trust Wallet and Exodus.
securely through MyEtherWallet’s
website
Non Custodial Wallet Solution
MyEtherWallet (MEW) is a free, open-source interface that helps you interact with the Ethereum blockchain. The platform is easy to use and allows you to interact with smart contracts, generate wallets, store your Ether and Ethereum-based coins and tokens, earn rewards and much more.
MEW was launched in 2015 and quickly gained popularity, attracting millions of users during the initial coin offering (ICO) boom in 2017. It established itself as one of the best Ethereum wallets as it enabled users to store any newly issued ERC-20 tokens.
The Los Angeles, California-based company has continually improved the platform by adding new features and functionalities to MEW over the years, including an iOS and Android wallet app called MEW wallet. MEW has been able to stay ahead of the curve and provide users with new experiences in the fast-growing Ethereum ecosystem. MEW brands itself as Ethereum’s original wallet and a secure and intuitive way to manage Ether and ERC-20 coins and tokens.
Best For
- Dedicated-currency wallet for users seeking interaction with the Ethereum blockchain
- Users seeking a non custodial wallet solution
- Interacting with hardware wallets
- Swapping for other ERC-20 tokens through their decentralized exchange partners
- Supports all ERC-20 tokens
- Open source
- Easy to use
- No data collected or stored in MEW servers, you have complete control
- A true non custodial wallet
- Does not currently support non-Ethereum altcoins
- No two-factor authentication (2FA) employed as security measures
- The web experience can be a confusing setup process, especially for beginners
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
securely through Exodus Wallet’s
website
Staking Crypto + Earning Rewards
Founded in 2015, Exodus is a multiasset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone. Available for desktop and mobile, Exodus allows users to secure, manage and exchange cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and more across an industry-leading 10,000-plus asset pairs from a beautiful, easy-to-use wallet. The noncustodial functionality is encrypted locally on users’ own devices, ensuring privacy, security and complete control over their wealth. Exodus is on a mission to empower half the world to exit the traditional finance system by 2030.
Best For
- Newcomers to the cryptocurrency world
- Ease of use
- Trezor integration
- Free
- Huge selection of cryptocurrencies
- Excellent 24/7 customer support
- No personal info needed
- FTX app not available on the mobile app
Overall, MEW is a powerful interface that allows you to manage your Ethereum-based assets and interact with a variety of Ethereum applications. It’s free and open source, which makes it an attractive option for both beginner and experienced investors.
Frequently Asked Questions
Can MyEtherWallet be trusted?
1
Can MyEtherWallet be trusted?
asked
James Wells
1
The user’s account is secured with keys that are immediately generated as soon as the account is created, and can be in the form of a recovery phrase, a private key, or a keystore file. Since the keys are not stored on MEW’s online servers, it’s the user’s responsibility to keep their keys safe.
answered
Benzinga
What coins does MyEtherWallet support?
1
What coins does MyEtherWallet support?
asked
James Wells
1
MyEtherWallet is a multi-platform wallet that supports Ether (ETH), Ethereum-related assets such as Ethereum Classic (ETC), all ERC-20 tokens on the Ethereum blockchain, and Ethereum Layer2 solutions/sidechains like Polygon and Binance Smart Chain.
answered
Benzinga
