MyEtherWallet Crypto Wallet Review: Is It a Viable Platform?

MyEtherWallet

MyEtherWallet (MEW) is a gateway to the Ethereum blockchain. You can utilize the portal to make an Ethereum address and wallets for sending, receiving, storing, and transacting Ether coins and tokens. MEW gives you total control of your coins. So, you can send them to anyone, wherever, whenever without brokers, minimums, or limits.

What is MyEtherWallet?

MyEtherWallet is an open-source, client-side interface that helps you to work directly with the Ethereum blockchain. For that reason, it is not necessary to join a centralized exchange. 

MyEtherWallet Summary
Wallet nameMyEtherWallet
Wallet’s typeDecentralized
Supported coinsAll Ethereum assets, including ETH and ERC20 tokens
Supported Hardware WalletYes
Mobile AppYes
LanguagesEnglish and Russian
ChargesCharges zero fees for sending or receiving ETH assets, but asks for a network fee

How does MyEtherWallet work?

The software essentially acts as a wallet. However, unlike other assets that enable clients to store their digital coins online, MEW stores them offline. Once you register, your account details, including the private keys, are not kept on MEW’s servers. Rather, all your assets are stored in your personal computer or a hardware wallet.

Features of MyEtherWallet

MEW has a variety of features, which we have compiled below:

  • Supports additional Ethereum-compatible networks, including Ethereum Classic (ETC), Polygon, and Binance Smart chain.
  • Provides cross-chain swaps for a variety of popular coins. For instance, swap between Ether and Bitcoin, Litecoin, or DOGE.
  • Works with Bity to make it possible for anyone to cash out their Ether for Euros or Swiss Francs.
  • Comes with an NFT manager that allows you to view and manage all your collectibles and domains.
  • Automatically supports most ERC20 tokens through its API.
  • Supports smart contracts. 
  • Is fully integrated with hardware wallet providers like Ether Cards, Trezor, Finney, and Bitbox.

What kind of wallet is MyEtherWallet?

MEW is a cold wallet. This means that it stores your coins, private key, and address offline. 

How to send cryptocurrencies using MyEtherWallet

To send coins using this platform, you are advised to follow several steps:

  1. Access your wallet.
  2. Choose the button: ‘Send Transaction’ situated on the left-side of the screen.
  3. Locate the currency type you want to send in the drop-down menu, enter the amount and the receiving address.
  4. Select the transaction speed you prefer in the ‘Network fee section.’
  5. The Advanced can be utilized to edit the Gas limit manually and Add data. 
  6. Click next to confirm the details of the transaction. 
  7. Your transaction has been posted! For your records, copy your transaction hash. 

MyEtherWallet privacy

The vendor says that the user is in charge of their own security and privacy. They recommend that you take several measures to maintain your wallet’s security and avoid phishing/scams. Some of these measures include buying a hardware wallet, using MEW offline, installing Cryptonite, not giving your private key to anyone, etc. 

Does MyEtherWallet charge fees?

Since MyEtherWallet only acts as an access point to transact on the Ethereum blockchain, it is absolutely free. Only a network fee is charged. 

Customer support & reviews

The team offers customer support. It has a Knowledge Base page that covers a variety of topics related to MEW, such as registration, fund storage, security measures, etc. You can also email the team directly with your questions. 

We found several customer reviews for MEW on Trustpilot, and they are all negative. The platform is labeled a scam. One of the customers says that he has lost a lot of money on the interface, and none of the customer support reps could explain this loss. The other client states that the software takes money but does not deliver the cryptos. 

Customer reviews.

MyEtherWallet pricing

MyEtherWallet does not have any pricing options because joining the platform free of charge. All you have to do is to complete the registration process, and you are good to go.  

MyEtherWallet vs competitors

What sets a crypto wallet apart like MEW from its competitors include factors like user interface, security, efficiency, customer support, features, user reviews, etc. So, in order to have a competitive advantage over other platforms, the goal is to excel in the aforementioned areas and much more. Some of the competitors to MEW include Exodus, Trust Wallet, Coinbase Wallet, G2 Deals, and Jaxx.

Final thoughts

Final thoughts
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Anyone interested in interacting with the Ethereum blockchain can easily subscribe to MEW free of charge. Then, you can begin enjoying the numerous services offered. However, some customers have pointed out that the portal can cause you to lose money, and the support team can go missing when that happens.
Anyone interested in interacting with the Ethereum blockchain can easily subscribe to MEW free of charge. Then, you can begin enjoying the numerous services offered. However, some customers have pointed out that the portal can cause you to lose money, and the support team can go missing when that happens.

Pros

  • Open source and is free to use
  • Supports a variety of hardware wallets
  • Offers cross-chain swaps

Cons

  • No live customer support
  • Negative user reviews
  • Only supports Ethereum altcoins
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