Owning cryptocurrencies is no child’s play. It entails you to follow best security practices of the online as well as the crypto world.
There are all other sorts of dangers when you HODL cryptocurrencies on exchanges. One being exchange hacks.
But we are not here to discuss exchange hacks. Instead, we will discuss an Ethereum wallet, i.e. MyEtherWallet. If you HODL Ethereum or ERC20 tokens, the decision of choosing the right ETH wallet will decide the fate of your holdings.
MyEtherWallet is a free Ethereum & ERC20 wallet client that makes it easier for you to manage, store, receive, & transfer Ether and ERC20 tokens. Recommended by veterans of the industry, and CoinSutra, this speaks volumes about itself.
In this review, I will show you what this wallet has to offer to you and how you can keep your ETH and ERC20 tokens safe.
What Is MyEtherWallet (MEW)?
MyEtherWallet is a household name for those using Ethereum or ERC20 tokens.
But if you aren’t aware of MEW yet, here is a simple introduction to it:
MyEtherWallet is a free, open-source, client-side, hot wallet that allows you to interact with the Ethereum blockchain. And during this, you remain in full control of your private keys, and thus your funds.
Exploring Features Of MEW
- Intuitive UI
I have been using MEW for the last 2 years and have found its UI very helpful and user-friendly. Plus, they have made the wallet in a way that one will be able to move from one option to another in a smooth manner. Also, the same interface supports Ethereum & ERC20 so users will not have much of a learning curve. Learn here: How To Use MyEtherWallet Effectively?
- Custom Gas & Fee
MEW wallet suggests appropriate gas limit and gas price while sending a transaction.But if you are in a hurry, or are participating in an ICO, you can customize options to get your transaction confirmed faster. Note: This functionality is available for both ETH and ERC20 tokens.
- Add ERC20 Tokens
Adding ERC20 tokens or custom tokens is one of the main USPs of MEW. But many people aren’t aware of this functionality. This makes managing 100s and 1000s of ERC20 tokens easy & effective within a single wallet. That is why we have made this DIY guide for you: The Step-By-Step Guide To Adding A Custom Token In MyEtherWallet [MEW]
- Built-in Exchange
There is more:
When you get to know that a wallet has an inbuilt exchange, how do you feel?
I feel good as I can achieve so many things, including the crypto exchange from a single interface.
And MEW wallet has the same functionality available for its users. Under the swap section of MEW, you will find this option powered by KyberNetwork & Bity to help you exchange your ETH and other tokens.
- Acess Different Wallets via MEW
Another interesting fact about MEW is:
It allows you to access different Ethereum wallets that one has set-up in other wallets. For example, Trezor or Ledger Nano S. Some of these wallets that you can access via MEW are, MetaMask / Mist Ledger Wallet, TREZOR, Digital Bitbox, Keystore / JSON File, Mnemonic Phrase, Private Key.
- Manage ERC20 & Ether Both on MEW
Also, controlling your tokens and Ether from a single interface is quite handy and fun. Here is the first look of the wallet when you try to send/receive your ERC20 tokens and Ether.
MEW wallet supports ETH and all the ERC20 tokens. So it supports 1000s of crypto tokens via a single interface. Here is a sneak peek into some of the tokens that MEW supports:
Also, while sending ERC20 out of MEW, make sure you select the right token from the drop-down menu in ‘Amount to send’ field.
For example, if you are sending PAY tokens, you need to select PAY in the drop-down. If you are sending OMG, select OMG in the drop-down, and so on.
MEW allows you to connect with smart contracts in a private manner. It doesn’t collect any login information nor does it need any registration to get started.
It is a kind of self-hosted web wallet and hence can be used with any browser and operating system. Also, if you need Chrome extensions then that is also available for MEW.
|Supported Platforms||Web Wallet, Chrome Extension|
|Privacy||No registration or personal information needed|
|Smart Contracts Support||Yes|
Final Thoughts On MEW
MyEtherWallet is a popular wallet in the Ethereum world. It is so because of the reasons that I have shared in the article.
Apart from that, it had its fair share of criticisms. Hacked wallets and phishing attacks have affected MEW, but they have dealt with it well by educating users and issuing these guidelines (Source-MEW):
- Install EAL, MetaMask or Cryptonite by Metacert. Or, the MyEtherWallet Chrome Extension to block malicious websites.
- Always check the URL: https://www.myetherwallet.com.
- Always make sure the URL bar has MYETHERWALLET INC in green.
- Do not trust messages or links sent to you via email, Slack, Reddit, Twitter, etc.
- Always navigate directly to a site before you enter information. Do not enter information after clicking a link from a message or email.
- Install an AdBlocker and do not click ads on your search engine (e.g. Google).
Phishers usually send you a message with a link to a website that looks just like MyEtherWallet, EtherDelta, Paypal, or your bank but is not the real website. They steal your information and then steal your money. To combat that, one should follow the aforementioned tips.
At a very fundamental level, MEW makes management of ERC20 and ETH easy. But if you want to use MEW for exchanging crypto, deploying smart contracts or participating in ICOs, you can very well do so.
Lastly, there is one thing that I would want MEW to implement – keeping the wallet accessible when one moves from one option to another. (Currently, when one moves from one option to another in the start bar, it automatically logs you out).
Now, you let me know your thoughts on MEW? Have you used it before? How has your experience been What more features would you like to see in MEW? Waiting for your comments below:)
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