MyEtherWallet (MEW) Review: Is it legit, safe and trustworthy for UAE citizens and residents?
A cryptocurrency wallet is a piece of software that enables users of
cryptocurrencies to safely store and access their holdings of digital assets
until such time as they are ready to be traded on a market. The majority of
cryptocurrency exchanges provide their customers with default coin wallets that
can be downloaded immediately from the exchange's website. Alternately, if the
cryptocurrency exchange is credible, traders will occasionally maintain their
holdings in the exchange's wallets rather than moving them to their own personal
wallets. This occurs when traders do not wish to transfer their holdings. But
what if I told you that you could make your own cryptocurrency wallets rather
than downloading one from the website of a cryptocurrency exchange?
MyEtherWallet accomplishes just this, and it also provides cryptocurrency users
with something completely distinct to take advantage of. Users of
cryptocurrencies have the ability to establish new wallets on the Ethereum
blockchain through the use of this open-source and free interface. In this
review of MyEtherWallet, we will cover all the essential aspects of the website,
including its functionality, advanced features, positives and negatives, and
more. Visit MEW Website.
As the name suggests, MyEtherWallet is not a cryptocurrency wallet in the traditional sense; rather, it is more of an interface (client side tool) that enables traders to store their Ethereum as well as tokens and coins related to the Ethereum platform (ERC-20 tokens and Ethereum Classic tokens) within it. MEW, or MyEtherWallet as it is more commonly known, is software that, in contrast to other cryptocurrency wallets, enables the trader to store cryptocurrency on their own personal computer rather than storing it online in an online wallet or web-based wallet. Other cryptocurrency wallets store crypto coins in their own online wallets or web-based wallets. MyEtherWallet is an entirely free, open-source, user-friendly, client-side interface that enables users to interact with the Ethereum blockchain network directly and generate their very own online cryptocurrency wallets. MyEtherWallet was developed by the community and is designed to be as user-friendly as possible.
Because its private key is maintained offline, My Ether Wallet is sometimes frequently referred to as a "paper wallet." This is because the users are required to print the private key on paper and store it in secure locations. The usage of MEW avoids the danger that comes with putting cryptocurrency holdings in online wallets; nonetheless, this raises the question of how secure the user's home computer is, which is where the cryptocurrency holdings are stored.
MEW Wallet markets itself as "Ethereum's first wallet" and advertises itself as "the most secure, user-friendly, and aesthetically pleasing solution to manage Ether and ERC-20 currencies and tokens." During the ICO (Initial Coin Offering) craze, which is when crypto businesses obtain funding by issuing ERC-20 tokens, MEW was released in 2015, and very soon after that, the Ethereum platform surged to its popularity, garnering roughly 1.2 million users per month.
An Overview of MyEtherWallet in a Nutshell:
Free and open-source software site.
Users are given the ability to design their own own unique wallets.
The only official gateway for Ether and other cryptocurrencies closely linked to Ether.
MyEtherWallet's servers do not store any user money or sensitive information of any kind.
Users of a paper wallet are exclusively responsible for ensuring the security of their private keys and are required to safely keep their private key pair.
MyEtherWallet is not in and of itself an online wallet; rather, it is produced online through the use of the MEW Software. Users of MyEtherWallet are given the option of storing their digital assets in an offline wallet called a hardware wallet. After an account has been created by a user, the account data as well as the information regarding the wallet (private key) are not saved on the servers that make up My Ether Wallet. Instead, the users may print it off and save it on their personal PCs or as paper wallets on their own printers.
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Because of this, users are granted the ability to exercise complete control over their wallets and the cryptocurrencies stored within them, which is not achievable with online wallets or hot wallets. The servers used by MyEtherWallet do not bear any responsibility for the safety and security of the users' cash in any way; it is completely the users' duty to safeguard their private keys from the moment they are created onward.
The operation of the MyEtherWallet may be summarized as follows:
Since the user interface of the MEW Wallet is straightforward, merchants won't have any trouble finding their way around. When conducting any type of transaction on the platform, users should exercise extreme caution with regard to the following three crucial aspects: the amount that is to be sent, the gas limit (which refers to the amount of Ether that needs to be spent to facilitate the transaction), and the account address of the recipient.
MEW allows users to generate a new Ethereum wallet (ETH wallet) in one of three different ways: by using MEWconnect (an app for smartphones), a mnemonic phrase, or a Keystore/JSON file. The first choice is trustworthy because the other two can, at times, be vulnerable; if hackers get a hold of the user's mnemonic phrase or Keystore file, they will have complete control over the crypto holdings. The first choice is reliable because the other two may, at times, be vulnerable. The following procedures need to be carried out in order to set up MyEtherWallet utilizing the MEWconnect app:
After installing the MEW connect app from the Google Play Store or the Apple Store, launch the application, then navigate to the app's main menu to select the "Create New Wallet" option.
Pick a secure password, retype it in the following step, and then click the "Start Using MEWconnect" button. This will cause the new MEWconnect wallet to be opened for you, complete with the new wallet address and the unique code that backs it.
You should make a backup of the MEWconnect wallet in case you end up losing the seed words since you could require recovery in that event. Make sure that "Backup" is selected, then click the "start" button, and finally jot down the seed words.
For the Purpose of Making Payments Utilizing the MyEtherWallet application
Using the MEW wallet to make payments is a straightforward process that takes only a few moments to finish and requires no effort. Users have the option of accessing their wallets using the MyEtherWallet website or the MEW connect mobile app.
From the main menu, select the option to "Send Ether and Tokens."
Choose the means through which you wish to gain access to your wallet, and then input the relevant account information.
In the "To" section, enter the address of the person you wish to send ether to together with the desired quantity of ether to send.
Choose your Gas Limit (the transaction cost that will be charged in order to conduct the transactions); the greater the fees, the more quickly the transactions will be processed.
When you click the "Generate Transaction" button, the processing of your payments will begin. After they have been started, transactions are irreversible and cannot be undone. Traders are obligated to double check their entries before clicking the "Generate Transactions" button to ensure that they have provided accurate information in every field.
The fact that MyEtherWallet delivers the following essential services to its customers is one of the reasons why this platform is considered to be one of the best options for both amateur and experienced investors alike:
While conducting research for our MyEtherWallet review, we discovered that the MEW interface is only compatible with Ethereum and the tokens and coins that are directly associated with Ethereum, such as ERC-20 tokens and ETC, amongst other cryptocurrencies. Therefore, users who want to convert Ether into other cryptocurrencies, like as Bitcoin, will need to locate a cryptocurrency exchange in order to do this task.
MyEtherWallet was developed only for use on the Ethereum network, and at the moment, the platform does not have any intentions to investigate whether or not it is compatible with any other networks outside Ethereum.
Due to the fact that the site utilizes an open-source user interface, My Ether Wallet is suitable for use on desktop computers as well as mobile devices running a variety of operating systems, including but not limited to Windows, Linux, and Mac.
Because the My Ether Wallet interface is not technically a cryptocurrency wallet in its own right, it does not charge any fees to its customers; instead, the portal is completely free of charge.
Because the MyEtherWallet portal is available to everyone with a reliable internet connection, you will have no trouble accessing your new MEW portal on either your desktop computer or your mobile device, regardless of the type of device you are using. The MEW team has released a beta version of the MyEtherWallet app for iOS, however there are currently no upgrades available for any official mobile apps that are scheduled to be released in the near future. MyEtherWallet gives its users the ability to effortlessly access the Ethereum blockchain network by providing a user experience that can be customized.
In order for customers to avoid falling victim to phishing scams, the MyEtherWallet team always advises users to exercise extreme caution while inputting the protocol for the portal, which is 'https://' and not 'http://'. Simply because they put in the incorrect protocol, many users have fallen victim to phishing attempts, which has led to the loss of personal data and even the loss of digital assets. These assaults were successful because the users entered in the incorrect protocol.
Aside from that, MEW stores confidential data in cold storage offline (instead of storing them in an online hot wallet), which provides an additional layer of security to the funds of clients as well as confidential information of Ethereum investors. This is because MEW stores confidential data offline.
MyEtherWallet's Strengths and Weaknesses:
Safe and free to act on its own.
The procedure of setting up is quite complicated, particularly for those who are just starting off.
Suitable for use on a number of different operating systems.
A physical wallet is far more handy in this regard.
platform with open source code that is completely free to use.
There is no live customer help available.
Compatible for usage in combination with a variety of other well-known hardware wallets. No security measures, including two-factor authentication (2FA), were put into place.
Functionality may be added to the portal through the use of Google Chrome extensions. Does not support alternative cryptocurrencies that are not Ethereum.
No sensitive data is ever saved on the MEW servers, which ensures that crypto holders always have complete control over their private keys.
MyEtherWallet is more comparable to a "paper wallet," in which the user must either save the private key on their own personal computer or write it down on paper and store it in a secure location.
Users of MyEtherWallet (MEW) have many options for accessing their Ethereum wallets or other popular hardware wallets because to the platform's versatility. They are able to accomplish this quickly and conveniently by clicking the tab labeled "Access My Wallet" located on the dashboard of the portal. The following are the choices that come highly recommended:
Hardware Wallets like Ledger Nano S, Digital Bitbox, Trezor, Finney, etc.
Software wallets such as the Keystore/JSON File plus a password, the Mnemonic Phrase plus an additional word (optional), and the Private Key.
MEW wallets, the official mobile application for MEW, which is available for iOS and Android, and other wallets such as WalletLink and WalletConnect are examples.
Web 3 Browser Extensions like MEW CX, MetaMask, etc.
The following procedures need to be carried out in order to add coins to the MyEtherWallet account:
Before adding money to their MyEtherWallet accounts, investors are strongly urged to first review the site's protocol, since this is a requirement before doing so. They ought to be working using the "https://" protocol rather than the "http" protocol. In addition to this, check to see that the "MYEtherWALLET LLC [US]" certificate appears in a green font in the URL bar.
You may either create a new wallet by clicking on the "Create a New Wallet" button or by selecting "New Wallet" from the main menu. Either way, you will be prompted to create a new wallet.
Pick a Password that Is Difficult to Crack. Please choose a robust password that contains both letters and numbers.
In order to build a one-of-a-kind Keystore file for your MyEtherWallet, My Ether Wallet will make use of the password that you supply. Before you download the Keystore file, make sure to keep track of your private keys by carefully following the on-screen instructions provided. When the procedure is finished, you will be given your private key, which you can either save on your own computer or print off on a piece of paper to use as a "paper wallet" and keep secretly until the process is finished. If other individuals are able to get their hands on the private keys, they will be able to simply access your wallet and take control of your cash.
After you have verified that you have safeguarded your private key, you will be prompted to customise your account by deciding who will have access to it. MEW Wallet is compatible with software wallets such as the Mist browser in addition to hardware wallets like as TREZOR, Ledger, and Digital Bitbox. Users are able to access the new wallet even if they do not already own a wallet interface that is compatible with MyEtherWallet and may be utilized in combination with it. Nevertheless, this only applies in the event that MEW makes use of the Keystore file that the users had previously generated.
You can access your account using the way that is most convenient for you. When the wallet is unlocked, you will be able to view private information like as the details of your account, the wallet address (also known as the public key), the current amount on the account, and a one-of-a-kind QR code.
Transfer existing Ether coins - Traders who already possess Ethereum standard tokens in another account or on any cryptocurrency exchange can easily move the funds into their wallet by sending them to the new MEW address. If they do this, the funds will be transferred from the other account or exchange into their wallet.
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Since traders are unable to purchase Ether (ETH) directly through MyEtherWallet, they will need to acquire some Ether before they can fund their newly established MEW account. If they do not already own Ether, the traders will be required to do so. If, on the other hand, they possess another cryptocurrency, such as Bitcoin (BTC), they are able to trade it in for Ether on any of the prominent cryptocurrency exchanges, they can do so.
Only Ethereum (ETH) and cryptocurrencies and tokens related to Ethereum, such as Ethereum Classic (ETC) and all ERC20 tokens issued on the Ethereum blockchain network, such as Basic Attention Token (BAT), Chainlink (LINK), Holo (HOT), Dai (DAI), OmiseGo (OMG), Augur (REP), etc. are supported by MyEtherWallet.
The team of MyEtherWallet periodically adds new questions to the Frequently Asked Questions area of the MyEtherWallet website. This action brings the platform's Knowledge Base up to date. Traders may get immediate replies to their questions about registering, creating accounts, taking security precautions, generating tokens, paying for gas, and other connected topics. However, when conducting research for this review, we were unable to locate any live chat capability that is made available to MyEtherWallet's users. Users can get in touch with the customer service staff by sending an email to the support address "support@myEtherwallet.com," which is a dedicated email address for that purpose.
A cursory examination of the social media (Facebook) page for the wallet revealed that the customers are generally satisfied with the support team. These customers have expressed their happiness by using phrases such as "highly effective and helpful" or "nothing but positive things," which suggests that the customer service team is approachable and responsive.
Consequently, investors in the Ethereum blockchain can use MyEtherWallet since it is a secure and superior cryptocurrency wallet. Due to the fact that its protocol is free and open-source, Ethereum investors may find it to be an appealing storage solution.
Users of MyEtherWallet have access to a comprehensive selection of safety features and settings. The account of the user is protected by a private key and a password, both of which are instantaneously produced the moment the user creates an account for themselves. Since the private key is not kept on the MyEtherWaller servers, it is the user's duty to ensure that it is kept in a secure location.
Ether (ETH) and other Ethereum-related cryptocurrencies and ether tokens, such as Ethereum Classic (ETC) and ERC20 tokens on the Ethereum blockchain, are the only digital assets that may be stored in a MyEtherWallet.
MyEtherWallet is a digital wallet that allows users to safely store Ethereum, ERC20 tokens, and other digital assets, as well as engage directly with Ethereum smart contracts. It also allows users to send and receive Ethereum and other digital assets.
MEW Wallet is compatible with a wide variety of alternative wallet types, including hardware wallets like as the Ledger Nano S, Trezor, Finney, Digital BitBox, and others, as well as third-party wallets such as MetaMask. Additionally, it gives users several access points to their Ethereum wallets, which may be accessed by selecting the "Access My Wallet" option on the website's dashboard.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.