Back To Crypto Resources

What is MyEtherWallet?

What is MyEtherWallet?

Since its launch in 2015, MyEtherWallet (MEW) has gained a lot of popularity in the crypto sphere, becoming one of the most widely celebrated Ethereum software wallets.

MyEtherWallet is a free and open-source interface for Ethereum and ERC20 tokens that allows users to directly interact with the Ethereum blockchain on just their web browsers.

It’s among the most popular sites for creating and managing Ethereum wallets.

The service provides users with a public address where they can receive coins and tokens from anyone. Also, it provides users with a quick way to send crypto assets via a private key (secret password).

When compared with other online or software wallets, MEW offers improved security and more control over your own wallet and private keys. When using MEW, you don’t use typical login information such as a site password or account, and you don’t store information on the site.

MyEtherWallet is easy to use, thanks to its non-impressive yet very practical GUI (graphical user interface).

MyEtherWallet Is Compatible With:

In addition to allowing you to access it in a web browser, MEW can be configured and accessed with:

Using MyEtherWallet in conjunction with a hardware wallet is the only way to guarantee 100% security on the platform

How Much MEW Costs

MEW is completely free.

The only charges are standard transaction fees for buying and selling coins that go to the miners who work on the Ethereum blockchain, not to MyEtherWallet. 

Cryptocurrencies Supported

  •         Ether (ETH)

  •         Ethereum Classic (ETC)

  •         A standard Ethereum token (ERC-20) issued on the platform.

How To Use MyEtherWallet Securely

MyEtherWallet is an interface in the Ethereum network, not just a single application. In terms of security and compatibility, MyEtherWallet can be configured with hardware wallets, namely Ledger or Trezor

Please click here for guidance on how to configure MEW with your Ledger or Trezor Wallet.

When MEW is used with a hardware wallet, MEW acts only as an interface to view your balances, and send and receive cryptocurrency. Your private key– where your assets are actually stored– never leaves your offline hardware wallet.

These hardware wallets act as a master key, and include added layers of security such as code scrambles to ensure that your private keys and phrases are never stolen from you. The codes appear on the wallets’ screens, rather than on your computer screen, so an onlooker would not be able to decipher your combinations.

On its own, MyEtherWallet’s security level largely depends on the user. It’s your responsibility to backup your keys in a safe and reliable place, such as an offline hardware wallet. You have the option to access and send your ETH directly with private keys, mnemonic phrases, or key store files.

However, accessing an online wallet with your private key or keystore file leaves you vulnerable to online attacks. As such, the most secure way to access your MEW account is with a verified secure hardware wallet purchased from an authorized retailer

It’s no surprise that MEW has become one of the most popular services for Ethereum users and fans. The service comes with a lot of functional and easy-to-use features for interacting with the Ethereum network while offering enough security features to keep you crypto assets safe, and seamless compatibility with the top hardware wallets available. 

Leave a comment