My Ether Wallet or MEW is a highly flexible user interface, which allows specific access to the Ethereum blockchain network. This free-to-use, open-source platform is your one-stop-shop for accessing the thousands of ERC-20 tokens. It also allows users to add their cryptocurrency to the list, which only helps in making the wallet more versatile.
This quick guide about My Ether Wallet shall cover the coins supported, fees charged, how to set it up, and other features.
Better security than others
Better control over private keys
Supports most ERC-20 tokens
Multi-device access not supported
Not for Bitcoin and altcoins
What Coins Are Supported by My Ether Wallet?
MEW supports ETH and most ERC-20 tokens. Users can access thousands of tokens via this single interface. Some of the more popular tokens include MKR, BAT, CRO, USDC, TUSD, REP, OMG, LINK, PAX, HOT, ZIL, NPXS, IOST.
MEW has access to an in-built exchange, which allows quick token swaps. You can easily exchange ETH and other tokens through the MEW functionality powered by KyberNetwork & Bity.
Fees Charged By My Ether Wallet
MEW is just an access point for transactions on the Ethereum blockchain. It does not charge any fees from its users. The portal is free of charge and open-source.
Step-by-step Guide for Setting up My Ether Wallet
It takes less than a few minutes to set up MEW.
Go to the original MEW site. You would know the site is real if it says “MYETHERWALLET LLC (US)” in green in the site address bar. This is important since hackers have created fake websites to steal private keys.
Click on the ‘Create New Wallet’ on the home page or select the “New Wallet” option from the menu. You will have the option to create a new wallet by MEWconnect, Keystore file, and Mnemonic phrase.
We clicked on the Keystore file. All you need to do next is enter a password and click on the create wallet button.
A password-protected private key — also called a “KeyStore” file will be created by My Ether Wallet. This key is in UTC/JSON format.
It is very important to keep this key safe since it is the only file, which will grant you access to your wallet. Make sure you remember the location where you store it in your computer.
You can download the file by clicking on the “Download KeyStore File” button.
You would be given the private key to your new MEW on the next screen. This key can be used as a second access to your wallet. Make sure you keep it safe and remember that anyone who has your private key can unlock your wallet and steal your assets.
Check your wallet’s public address by clicking on the “Save Your Address" button. Once you are done copying the public address to your wallet, you would be prompted with “How would you like to access your wallet?”
There are several ways to access your wallet.
You need to make sure you select the most comfortable for you. Many people prefer accessing their wallets with the KeyStore file. While you also have the option to use your Private Key, this is not recommended.
How Is Customer Support?
MEW operates a regularly updated Knowledge Base. This features an increasing library of FAQs and other articles. You can find anything here from getting started to take care of security measures. There is no live chat functionality offered by MEW yet.
How Is the My Ether Wallet Design?
The user interface is something you want to write home about. It is helpful and very simplistic in design. The best part is the number of prompts that you get to help you along the way. Their color palette is easy on the eye and you just get a good feeling using it.
The wallet is created in such a way that you never get stuck. You can seamlessly move from one option to the next smoothly. Also, since the interface is the same that supports ERC-20 tokens and Ethereum, you will not have much of a learning curve.
Who should use My Ether Wallet?
MEW can easily interact with hardware wallets. This makes the process of storing, buying, and selling ETH and other ERC-20 tokens easy. This wallet is particularly beneficial to those who indulge in transacting high-value amounts of cryptocurrency.