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