Ethereum is one of the major cryptocurrency platforms, holding the second-largest place in the market after Bitcoin. If you are looking to start investing in Ethereum, you will need to select a secure, fully-functional wallet that allows you to safeguard and manage your assets. One of the best options available is MyEtherWallet. Below, we’ll take a look at this wallet’s features, and evaluate its strengths and weaknesses to help you determine whether it is a suitable wallet according to your needs.
What is MyEtherWallet?
MyEtherWallet (MEW) is an open source wallet that allows its users to interact with the Ethereum blockchain network, allowing you to store and manage Ether, ERC20 tokens and collectibles such as NFTs. It is available online, as a browser extension and as a mobile app (for iOS and Android devices), allowing you to conveniently manage your investments or complete swaps on-the-go.
Using MyEtherWallet for Ethereum, you’ll be able to:
- Safely store your Ether private keys, ERC20 Tokens and NFTs and interact with any smart contract on Ethereum.
- Earn on your deposits with Aave, open a vault with MakerDAO, or register and manage your ENS domains on the DApp store.
- Access your wallet directly from the web or on the mobile app using a personal PIN code (with the possibility of recovering your device using a recovery phrase).
- Purchase, send and receive Ether and complete cross-chain swaps right from your wallet.
- Increase security by using supported hardware wallets including Ledger and Trezor.
- Allows you to cash out Ether to Fiat currencies, through MEW’s partnership with Bity.
- Learn more about Ethereum and how to navigate your wallet by taking advantage of a library of educational resources.
Ethereum investors will find there are many advantages to using MEW. It’s user-friendly interface and wide accessibility makes it very suitable for beginners. Security wise, MyEtherWallet is a non-custodial wallet, meaning that you are the only one in control of your private keys. However, keeping your keys on an online device always poses a certain level of risk, which is why MEW allows you to store your private keys offline using a hardware wallet, with support for some of the most popular devices.
As a downside, MEW is built for the Ethereum network, which makes it less suitable for those looking to also invest elsewhere, especially considering there are other wallets supporting multiple cryptocurrencies. If you are looking to invest in Ethereum as well as some other alt coins, then MyEtherWallet will not be the best choice for you.
MEW: The Verdict
Overall, MyEtherWallet is a convenient and secure tool allowing you to protect and manage your Ether and ERC20 tokens. It is considered generally secure, with the additional advantage of supporting hardware wallets for the cold storage of your keys. Plus, it allows you to conveniently purchase Ether and swap tokens right from the wallet and even cash out Ether to fiat currencies. However, if you are looking to invest in cryptocurrencies outside the Ethereum network, a wallet supporting multiple currencies will be a better choice.