It is compatible with?
In addition to being accessible through a web browser, MyEtherWallet is also compatible with:
- Jaxx Wallet
- Ledger Nano S hardware wallet
- TREZOR wallet
Cost of MyEtherWallet
MyEtherWallet is completely free to use.
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
How this wallet does works?
MyEtherWallet is generated online using MEW software, but it is not itself an online wallet. After users create an account, not all account details and wallet information (private key) are stored on MEW’s servers. Instead, users can print it out and save it as a paper wallet or on their PCs.
This entitles the user to full control over the wallet and cryptocurrencies, which is not possible with online wallets or active wallets. MyEtherWallet servers are not responsible for the security of user funds; It is entirely up to the users to keep the private keys safe from the moment they are generated.
How to Use MyEtherWallet Safely
MyEtherWallet is an interface to the Ethereum network, not just an app. In terms of security and compatibility, MyEtherWallet can be used with any hardware wallet, i.e. Ledger or Trezor.
When MEW is used with a hardware wallet, MEW only acts as an interface for viewing balances and sending and receiving cryptocurrencies. Your private keys, where your assets are actually stored, never leave your hardware wallet offline.
This hardware wallet acts as your primary key and includes additional layers of security such as code encryption to ensure your private keys and phrases are never stolen from you. The code appears on the wallet screen, not on your computer screen, so viewers won’t be able to decipher your combination.
By itself, the security level of MyEtherWallet is very user-dependent. It is your responsibility to back up your keys to a safe and reliable place, such as an offline hardware wallet. You have the ability to access and send your ETH directly with a private key, mnemonic phrase, or key archive file.
But if you think properly, accessing an online wallet with your private key or Keystore file leaves you vulnerable to various types of online attacks. Therefore, the safest way to log into your MEW account is with a verified secure hardware wallet purchased from an authorized retailer.
Unsurprisingly, MEW has become one of the most popular services for Ethereum users and enthusiasts. The service comes with many functional features and is easy to use for interacting with the Ethereum network while offering enough security features to keep your crypto assets safe and have seamless compatibility with the best hardware wallets available.
- Security and autonomy.
- Very easy to use.
- This can be used on any operating system.
- Google Chrome extensions add functionality.
- Free to use.
- This wallet can be used in alignment with major cryptocurrency exchanges.
- The installation process can be confusing for some beginners.
- It is not as secure or convenient as a hardware wallet.
Ultimately, MyEtherWallet is a great starting point for users who need a wallet for any ERC20 token. It is perfect for users who feel more secure when they have full control over their private key and cryptocurrency exchanges do not want to rely on the security of their Ethereum wallets.