Myetherwallet Review – 5 things you need to know before using it!

MyEtherWallet is a free and open-source platform that can help you create wallets for Ethereum storage.

Since it was first released in 2015, Ethereum has grown into one of the most popular cryptocurrencies in the market, second only to Bitcoin. If you want to store Ethereum and other similar altcoins, one of the best platforms you can use is MyEtherWallet.

Before we get started, you should know that MyEtherWallet isn’t actually a wallet in its own right. It’s a platform that can help you create wallets. If you would rather just use an established Ethereum wallet, you can go through our articles on the best hardware wallets and online wallets in the market. If security is important, I would personally recommend using Ledger Nano S and TREZOR for all your storage.

Now that we have that cleared up, let’s get back to MyEtherWallet.

What’s MyEtherWallet?

MyEtherWallet is an interface that interacts with the Ethereal blockchain and helps you create wallets online. You can create the wallet online, however, all your currencies and information will be stored in your computer offline.

Once the wallet is created, you can also link it with other platforms and wallets such as Ledger Nano S, TREZOR, and Jaxx.

myetherwallet

PART 1: Key Features

As mentioned already, MyEtherWallet isn’t a wallet, but rather it’s a platform that can generate wallets for Ethereum storage.

Once you enter MyEtherWallet, you can start working with the interface soon. The private key won’t be stored in the platform, and will be kept offline with you. The design is quite simple and basic, easy-to-navigate, and has features that allow you to send and receive Ethereum.

You also get an easy Ethereum-to-Bitcoin exchange option. As such, with a few clicks you’ll be able to convert your Ethereum to Bitcoin.

PART 2: How do I add currency to my wallet?

To add currency, simply follow these steps:

  1. Go to the MyEtherWallet website. Make sure you’ve entered the correct address to avoid any issues with phishing. To make sure the site is legit, make sure the URL is displayed in green as a badge of legitimacy.
  2. In the “Create a New Wallet” section, enter a password of your choice.
  3. You’ll receive a unique keystone file. Simply follow the setup process and make sure you save the keystone file and don’t lose it.
  4. Next, you’ll receive your private key. Make sure to print it out and keep it as a paper wallet somewhere safe. No one should be able to access it but you.
  5. Now, you have the option of using MyEtherWallet in conjunction with other hardware wallets or online wallets that are compatible with MEW, such as Ledger Nano S, TREZ
  6. OR, etc. If you want to use MEW individually, you can simply do so using the private key that you created earlier.
  7. Now you can sign into your account and verify all your information, such as the QR code, the account address, balance, etc. The account address is your “public key” and you can send it to others from whom you need payment.
  8. You can also transfer Ethereum from any other account you have by entering your MEW address.
  9. If you don’t yet have any Ethereum, you can purchase them from exchange platforms such as Coinmama or Coinbase. If you have currencies like Bitcoin, you can get them converted and send them over to Ethereum.

You can watch the following YouTube video for a detailed guide on how to use MyEtherWallet:

PART 3: Comparison and Alternatives

As mentioned earlier, MyEtherWallet isn’t meant for storage but for creating your own Ethereum wallets. Furthermore, it’s mostly meant for Ethereum, though it can accept certain other currencies.

If you want a proper wallet for storage, you can either try hardware wallets or online wallets. My personal recommendation would be to try Ledger Nano S or TREZOR, both of which are known for their reliability and safety.

WalletReviewTypeSecurityEase of UseCheck Website
Ledger Nano SLedger Nano S ReviewHardware WalletGreatDifficultCheck
TrezorTrezor ReviewHardware WalletGreatAverageCheck
KeepKeyKeepKey ReviewHardware WalletOkayEasyCheck
blockchain.infoBlockchain.info ReviewOnline WalletOkayOkayCheck
CoinomiCoinomi ReviewOnline WalletGoodEasyCheck
XapoXapo ReviewOnline WalletGoodAverageCheck
ExodusExodus ReviewOnline WalletOkayEasyCheck
JaxxJaxx ReviewOnline WalletGoodAverageCheck

FAQs

Which cryptocurrencies can I store?

You can only store Ethereum in the wallets created with MyEtherWallet.

Any common mistakes to be careful of?

Don’t store all your cryptocurrencies in a single wallet. As such, if one of them is compromised, all of them will be compromised. Additionally, don’t use online wallets for long-term large-quantity storage.

When you’re sending coins to someone, always make sure that the address has been entered correctly. It’s irreversible.

Can I cancel or reverse a transaction through MyEtherWallet?

No you can’t cancel or reverse a transaction after it has been executed. That’s why you need to be very careful about the address you’re sending it to.

Conclusion

MyEtherWallet is meant for those who want to generate their own offline wallet for storing Ethereum. It’s not a wallet that you can immediately start using and it needs some setting up.

If you’ve already used MyEtherWallet, please comment down below and let us know about your experience with this platform.

7.5 Total Score
Good

MyEtherWallet is the perfect platform wherein you can generate your own offline Ethereum wallet.

Security
7
Ease of Use
8
Support
8
Trust
8
PROS
  • Open Source.
  • Easy setup process.
  • Can be accessed online but the wallet is offline.
  • Complete privacy as they don’t store the wallet’s private key.
CONS
  • A lot of users have been targeted with phishing attacks.
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