New review of the MEW crypto wallet

MyEtherWallet – an open-source wallet for working with the Ethereum cryptocurrency (Ethereum, ETH) and tokens created in the blockchain of the same name. The editors of Profinvestment.com have prepared a detailed review of the cryptocurrency service. The peculiarity of the MEW website is that it is simply a shell for carrying out transactions on the blockchain network, while all private keys are created locally on the device (third parties do not have access to them). MyEtherWallet does not store cryptocurrency, but provides the opportunity to obtain a private key and address, so all responsibility for the security of the received data lies with the owner of the wallet. To work, it is not necessary to go to the MyEtherWallet website, since it can work autonomously - you need to download the file with the wallet to your computer from the official repository. There is no need to download the blockchain network.

Official website: www.myetherwallet.com.

History of MEW

MyEtherWallet is a free place to store digital coins powered by Ethereum (ETH). The peculiarity of MEW is that it is an intermediary for transactions with cryptocurrency. The funds themselves are stored not on third-party servers, but on a local device, to which only the owner has access. MyEtherWallet does not store cryptocurrency, but provides the user with a private key and a public wallet address. The owner of the wallet bears full responsibility for the safety of funds.

A public wallet address is an address that acts as a wallet. The user uses the address for cryptocurrency transfers. A private key is a randomly generated unique number. It is used to access coins, so only the owner of the wallet should know it.

The MEW project appeared in 2015, shortly after the launch of Ethereum. Kosala Hemachandra and Taylor Monahan are behind its development. After three years of successful cooperation, the founders parted ways in 2022. Taylor Monahan and most of the team have created a new independent project, MyCrypto, which is a fork or copy of MyEtherWallet. Kosala Hemachandra informed users about this. He blogged:

"Yes! MyEtherwallet remains an independent company. We have not dissolved or renamed or are associated with MyCrypto."

The conflict became the starting point for the development of MEW and led to many updates:

in the summer of 2022, a beta version of MEWconnect was introduced - a hardware wallet in the form of an application for mobile phones;
in the same year, MEWconnect appeared in the AppStore;
at the beginning of 2022, the official MEWconnect became available for Android smartphones on GooglePlay;
in February 2022, the wallet was completely updated to version MEW V5 - a new blockchain portal interface, completely redesigned inside and out*
MEWtopia was opened in July 2022 . It is educational to help beginners begin to interact more easily with blockchain;
in September 2022, the official MEW Wallet for smartphones became available. The developers have improved MEWconnect , added new features and released a separate application.

MyEtherWallet supports WalletLink and WalletConnect connection protocols. This allows you to connect to the Ethereum network using various wallets. Each of these wallets has its own connection processes, but it always comes down to the same action - scanning a QR code with the app to connect to MEW.

WalletLink is the connection protocol used by the Coinbase Wallet mobile app.

WalletConnect is another connection protocol that is already used by more than 20 mobile wallets, such as Trust Wallet, MetaMask, Coinomi.

Comparison with MyCrypto

One of the founders of the MyEtherWallet service announced on February 8, 2022 that he was leaving the project and creating a new one – MyCrypto. At first glance, it is extremely difficult to find significant differences between MEW and MyCrypto.

The interface of both services is similar: in both cases, a design with a minimum number of unnecessary elements is used. The wallet creation process and functionality are also identical. In MyCrypto you can send and receive ETH, make offline transactions, exchange cryptocurrencies, etc.

Currently, MyCrypto has the opportunity to participate in beta testing of the new version, which offers users:

Changed interface.
New ways to access your account.
“Broadcast Signed Transaction” function.

When choosing between MyEtherWallet and MyCrypto, it is best to choose the first option, since it is already a finished product that has won the trust of users with its reliability.

How to create a new wallet

The official website of the wallet is https://www.myetherwallet.com.

On the main page, click on the “Create a new wallet” button under the image of the astronaut, or click on the “New wallet” item from the top menu.

Important: Bookmark the site when you find the real site. This will ensure that you do not open a fake MEW site in the future.

The system will warn you that MyEtherWallet is an open source interface that allows you to interact with the blockchain. At the same time, control over all operations, funds and keys is completely in your hands. The system does not store your data, funds or keys.

After studying a brief introduction from the creators of the service, the system will offer three available options for working with MEW.

MEW Wallet app

This is the most secure and convenient method of working with MyEtherWallet. The private key is stored inside the smartphone. The key is separated from the place where the transaction process takes place. This solution provides greater security for wallet access than a private key, keystore file, or mnemonic phrase, and does not require any additional hardware. The service developers themselves warn about this. With the application you can:

Buy Ethereum.
Store ETH and ERC-20 and ERC-721 tokens.
Connect to the web version of the wallet.
Sign transactions.
Buy Ethereum directly through Apple Pay.
Manage multiple accounts.
Visit the educational center.
Send transactions through the application.

Go to the AppStore or Google Play. Find the MEW Wallet app. Download and install it on your device. Open the program and click on “Create a free wallet”.

Create a password. You can also make an additional pin using biometric data - a fingerprint.

The service does not ensure data security. If you forget your password, access to your wallet will be lost forever. Write down your password and keep it in a safe place.

Reminder: Keep a backup of your wallet and mnemonic phrase in a place that only you know about. They will be required if you lose access to your wallet.

Click on “Start using mew wallet”.

Key storage file

This method allows you to use your wallet from your computer, but the developers recommend this option only for experienced users.

Click on “key storage file” on the wallet creation page and create a password that is at least 9 characters long. Use numbers, Latin letters and symbols. Tap "Next".

Download the storage file (KeyStore file) by clicking on the button of the same name. Next, using the downloaded file, you will be able to access your wallet.

Save your password and storage file , otherwise you will forever lose access to your wallet.

Mnemonic phrase

Another way to use MyEtherWallet using a PC. Click on “mnemonic phrase” on the wallet creation page. The site will open a list of 12 or 24 words to choose from. This is your vault access phrase. Write it down somewhere or print it out and keep it in a safe place. There is an option to add an additional word/phrase to the phrase for greater security. The additional word is created by the user himself.

This method is not secure and is not recommended for online use - only for advanced offline users.

After the phrase has been copied, click “I wrote down my mnemonic phrase .

The system will ask you to confirm that you have saved your mnemonic phrase. Fill in the missing words and enter an additional word if you have enabled this option. Then tap “Confirm” . If everything is entered correctly, you will be prompted to “Unlock wallet” . Using a mnemonic phrase, you will be able to access the vault.

MEW wallet is an application with which even your grandmother will start buying crypto

Cryptocurrencies are a hype topic. Yes, from time to time they collapse deeply, then every iron screams because of it, and then they grow again, someone becomes a millionaire, and again every coffee maker broadcasts about it. Many would like to try to “enter crypto,” but are afraid to do so because they don’t understand anything. And someone wants, does not understand anything, but is NOT afraid. And then he bites his elbows. There are a lot of scammers and financial pyramids in the field of cryptocurrencies - just remember the recent issue with Finiko, when after a ton of incredible promises to investors, the head of this shady company, Kirill Doronin, was put on a bottle and arrested. There are also well-respected crypto exchanges like Coinbase or Binance, but with their own nuances. For example, they offer minimal or no fees, but store users' coins in their own wallets. If something happens to the exchange, then users will no longer see their money. The solution is to cooperate with reliable services and store money in your own wallet. And if it’s scary and unclear, then... you’ve already been taken care of.

This is what I mean. For six months we have been working on promoting the MEW wallet application for purchasing cryptocurrency. The application is unique, it has no analogues. Firstly, MEW wallet turns the user’s smartphone into a safe - all keys are stored only on it, protected by a long passphrase, there is no way to “recover” the password via SMS or anything else. Secondly, the application is not only safe, but also created specifically for beginners who have never dealt with cryptocurrencies. MEW wallet has a convenient and intuitive interface, there are tips, a help section in the form of comics, support in Russian, and so on. At the same time, “accessible” and “for beginners” does not at all mean a “primitive” application. The full functionality of the Ethereum cryptocurrency is supported, which, by the way, is not just a cryptocurrency, but the entire Internet of the future. But let's talk about everything in order.

What is MEW wallet?

MEW wallet is a mobile application for MyEtherWallet, one of the oldest services for working with Ethereum. The oldest is, of course, a strong word. Ethereum (Ethereum, Ethereum, ETH is the second most popular cryptocurrency in the world) has existed since 2015, and MyEtherWallet has been working almost since the advent of this blockchain. Now the service is considered the default tool for working with Ether.

MEW wallet mobile app released in 2022. It was initially created as audience-friendly and unlike the others. The development is led by Alex Komarov, a native of Russia, a product designer with experience working in the Valley. Applications from Komarov’s studio have been demonstrated more than once at Apple events, which speaks volumes about their level.

Who needs MEW wallet and why?

As already mentioned, MEW wallet is popular not only due to its excellent interface. The application makes the seemingly complex topic of cryptography close and accessible to almost everyone. Gives you access to use all the features of Ether, including the most current ones. But what to do with these opportunities is something everyone chooses for themselves. Some people just want to get acquainted with new technologies. Someone is interested in alternative financial systems. Someone wants to find a way for long-term storage of available funds (there are countries where annual inflation exceeds 500%). Some people dream of getting rich quick - and some even succeed!

Ups and downs are normal for crypto. Analysts consider periods of strong declines to be successful for buying, because growth will not be long in coming anyway. For example, at the end of June, during a fall as deep as Tim Cook’s ass, someone invested as much as a billion dollars into Ethereum. And they weren’t afraid!

In principle, a drop of even 50-70% is not considered a crisis in the crypto world; this is normal functioning of the market. There have been periods with significant drops, such as in 2018-2020. But even then MyEtherWallet did not give up and continued to “cut” the service.

By the way, every time the Ether rate falls, a sharp surge in purchases is noted in the MEW wallet application. There are no details, since the developers do not have the number of transactions or the size of the operations, and do not track the movement of funds, but they could see the fact itself. These statistics indicate that among MEW wallet users there are many “old-timers” who are not afraid of crises.

By the way, it was we who prompted the MEW team to create a lost profit calculator in the footer of the app’s landing page. Cool thing - you enter the amount and date when you would invest - and see how much you would earn. It’s interesting to play around, even if you don’t plan to buy crypto.

Our traditional disclaimer: this post does not constitute financial advice. I cannot advise anyone to invest in cryptocurrency. High investment returns are always associated with high risks. Obviously, you don’t need to buy crypto with all your savings. Have fun only with free funds that you don’t mind losing if you fail.

Why Ethereum?

The most famous cryptocurrency is Bitcoin. Because she was the very first. If we draw parallels, then Bitcoin is like e-mail – a useful thing, you can receive and send letters (buy and sell coins), but that’s all. But Ethereum is like the whole Internet. It is based on e-mail (again, if we draw an analogy), and various websites, services, databases, and so on. It has enormous development potential and a lot of opportunities.

Ethereum is a new and modern cryptocurrency. Without going into complicated details, its main feature is its support for smart contracts. They can be compared to a secure transaction on sites selling services, for example, YouDo. The buyer pays immediately, but the funds are frozen by the service and transferred to the recipient only after confirmation of fulfillment of obligations. This way, no one can set anyone up. In the Ethereum blockchain system, everything works similarly; the transfer of values (money, digital property, content, etc.) occurs automatically and without deception.

Decentralized applications (dApps) are created on the basis of “smart contracts”. They can be anything - from online games to financial services (deposits, loans, credits). Applications have an internal currency based on Ether - so-called DeFi tokens. Tokens are traded in the system like shares; you can also make money by changing their rate, even if the rate of Ether itself stands still.

In fact, on the basis of this blockchain it is possible to create an independent financial system that will not depend on politics and the state. And since everything is decentralized, the services do not have one owner. It is impossible for the founder to run away with the money or suddenly change the conditions for investors to unfavorable ones.

In the near future, the Ethereum 2.0 protocol with increased network throughput will be fully launched. It will scale the original blockchain and make it even more convenient. Among other things, developers will be able to create decentralized versions of popular applications: Facebook, Twitter, and even Vkontakte. The result will be a completely free Internet, which the authorities will not be able to influence and block someone, even if he writes something that, in their opinion, is inappropriate.

Another difference is that Bitcoin reserves, like gold reserves, are not infinite. The amount of Ether is also limited, but it has a slight inflation. Ethereum underwent a major upgrade (fork) in August, and transaction fees are calculated differently. A certain part of the Ether is “burned” when paying, we are talking about the so-called social commission. Thus, the total amount of Ether after this fork began to decline. So Bitcoin is strictly limited (21 million coins), and Ethereum is a deflationary currency, the total supply of which decreases over time. Accordingly, the value of each coin increases.

MyEtherWallet fundamentally does not support other blockchains that are incompatible with Ethereum (Bitcoin, EOS, Cosmos and others). To do it as well as with Ether, it will take a lot of effort and time. It’s better to “cut” qualitatively what is already being done. Moreover, Ether is constantly evolving.

The purpose of the service is not to sell people as many different cryptocoins as possible and earn money on commissions, but to create a convenient interface to the decentralized Internet of the future. Now Ether and the blockchain networks created on its basis (such as BSC, Polygon, Skale) represent the most efficient system both in technical terms and in terms of popularity - there is a wide audience of users and developers. It is important to develop not in breadth, but in depth. So that MEW wallet is not just a “buy and sell” wallet, but an application for the full use of all the capabilities of Ethereum - DeFi applications, staking and much more.

MEW wallet is a single mobile application for Ethereum. And for beginners

MEW wallet is used by more than 3.5 million people worldwide every month. There are no analogues that are equally convenient - neither for working with Ethereum, nor even for working with Bitcoin. Even your grandmother can install the free MEW wallet application on her smartphone, go through instructions, scroll through the “help” and start buying Ether and tokens. Many cryptocurrency apps look like mobile versions of websites, with small fonts and buttons. MEW wallet is a completely different matter; a lot of work has been done on the design.

MEW wallet is an application that any beginner simply must choose. Something like how banking utilities were at first monstrous and incomprehensible, and then Rocketbank and Tinkoff appeared and radically changed the situation. You can also recall software like Tinkoff Investments. There is no need to call the stock exchange and shout, just open a regular program on your smartphone and buy yourself shares in Sberbank or Gazprom. And then sell it if you want. That’s the case with MEW wallet, but crypto plays the leading role.

The company understands that not all users are familiar with the topic. So they pay great attention to security, constantly reminding you how to be careful with your wallet, how to make a backup, and so on.

What makes MyEtherWallet stand out is its MEWtopia knowledge base, a huge encyclopedia about everything related to Ethereum. MEWtopia has not yet been fully translated into Russian, but it is a matter of time. And in the MEW wallet application, brief instructions are available in Russian in the form of comics - clearly and understandably.

“Not your keys, not your money.” About safety

The most important! The MyEtherWallet service and the MEW wallet application are not a crypto exchange, but an interface for working with Ethereum. Of course, you can use the command line, different sites, or exchanges. But a convenient mobile application that is always at hand is much better.

From the fact that MEW wallet is an interface, the main feature of the program follows - all cryptocurrency purchased by users is stored only on their smartphones, locally. Exchanges store your money in their wallets (for example, the popular Coinbase and Binance). You never know what happens to the stock exchange - you can say goodbye to your investments. Another important consequence is that in MEW wallet no one has access to your wallet. The system does not store passwords, account status and transaction details are available only to users, and developers are physically unable to obtain such information, even if someone persistently asks them.

There have been cases when American intelligence agencies contacted the company for information. The guys from MyEtherWallet are law-abiding, cooperative and provide complete information. True, this “complete” information is extremely scarce. MEW only has data that is already available on the public blockchain. But all important and personal data is stored only on users’ devices - no one sees them or logs them.

When creating a MEW wallet, the user is provided with a 24-word passphrase, on the basis of which a key is generated. It is recommended to write down the passphrase and hide it securely. In principle, there is no way to restore access to the wallet through support, because the creators have nothing to do with the users’ money and passwords. Cryptocurrency experts say about this: “Not your keys - not your coins” (not your keys - not your money). Your passwords and passphrases are entirely your business. The recent story of the “diversion” of money from 6,000 clients of the Coinbase exchange only confirmed this.

As already mentioned, MEW does not track specific transactions, but judging by information from the public blockchain, users can exchange millions of dollars in a single transaction, invest 2,000 units of Ether in a single transaction into staking (more on that below). And these are not isolated cases. Users store crazy funds in MyEtherWallet wallets. This means they trust the service.

About fabulous idiots

The user's phone acts as a safe - that's clear. But you probably have a question: can someone hack the service from the outside and, for example, direct transactions to other wallets or come up with some other nasty things. There have been no major vulnerabilities in the history of MyEtherWallet and MEW wallet. There are small ones, but they are quickly corrected. The service also has a bounty program: if an enthusiastic programmer finds a critical bug, he will receive up to $2,000.

The mobile application uses triple encryption using Secure enclave / Local keychain (iOS) or Secure Keystore (Android). This is one of the most secure ways to store keys, only a hardware wallet is better. Sometimes in support of MEW they write something like “You stole my money!” or “Hackers hacked my wallet, return it!” But it turns out that users are becoming victims of phishing - they are tricked into giving them a passphrase that can be used to restore accounts on another device. After all, it is logical that if someone hacked the encryption technology of iOS or Android, then he can hack ANY application. Well, or go to Apple / Google and get a million dollars from the bug detection program. And why would he steal some measly 0.2 Ether?

In general, the application is as safe as possible, and great attention is paid to this. And the rest is the human factor. I remembered a recent story, when a system administrator from Kirov with an income of 28 thousand for the whole family borrowed money from his mother and bought crypts for 260 thousand rubles. For what? He came across a message from the fake Elon Musk, who promised to double the amount sent. The counter was ticking on the site, everything was given a couple of hours, so the fabulous idiot who dreamed of getting fabulously rich didn’t take a closer look, bought Ether and Dogecoins and sent them to the scammers. As a result, the hero of the story asked for advice on where to get a loan without interest, so that he could give his mother the money and not talk about what happened. He bought ether using the MEW wallet, but the developers, with all their sympathy, could not help him. The friend himself sent the funds to the accounts of the attackers, and all transactions on the blockchain are final and not tracked.

Based on this, the main tips for a novice cryptocurrency enthusiast:

1. Always make a backup in the application. Write down the 24-word passphrase on a piece of paper and keep it offline in a safe place. Never save it on your phone as a screenshot or on your computer. Don’t tell anyone that the piece of paper with the code actually exists. Never enter a passphrase anywhere, except when you bought a new phone (or, alternatively, reset the old one) and want to restore your MEW wallet in the MEW wallet application.

2. Do not use rooted or jailbroken phones to store cryptocurrencies.

3. If you are offered something very attractive (for example, to send twice as much money in return), do not fall for it. The more attractive the offer, the more likely it is to be a scammer.

4. Read carefully (down to every letter and number) to avoid becoming a victim of phishing.

Why is MEW wallet good specifically for Russians?

MEW wallet is used all over the world. Moreover, the coverage is even - it cannot be said that any country is the clear leader in downloads. However, the largest number of users are in the USA, China, Japan, Russia, and Nigeria (here, most likely, all this is due to the high instability of the official currency, which forces people to keep their savings in crypto).

As already mentioned, recently the MEW wallet team has been focusing on working with the Russian market. MEW wallet is traditionally popular in Russia - the country is one of the top three in terms of downloads of the application, in the web version Russians take first place in unique visits, and there are many articles about the service on the RuNet. Moreover, noticeable growth began somewhere in 2016. Perhaps the instability of the national currency, interest in risk and everything new matters, perhaps a certain number of people with free funds have appeared who do not mind investing in cryptocurrencies. Yes, and there are plenty of gullible idiots, to be honest.

The MEW wallet application is completely Russified, there are instructions, the MEWtopia knowledge base (so far partially in Russian), there are no problems with using ruble cards, there is a display of account balances and exchange rates in rubles.

A separate help team has been created for Russian-speaking users. A support chat is available, you can type in a request from the website or by email. The developers promptly respond to all comments in the AppStore and Google Play, fix bugs, and communicate with users on Twitter and Telegram. Moreover, they will help not only with questions about the operation of the program, but also in general, if something is unclear to someone about cryptocurrencies, tokens, stablecoins. Responsive guys!

By the way, the MEW wallet application team is mostly Russian-speaking, although they are scattered around the world.

What else can you do in MEW wallet

MEW wallet is a “full cycle” application. Just like the AMP agency. You can get acquainted with Ether, buy and safely store cryptocurrency, purchase and exchange tokens, monitor rates and monitor the effectiveness of investments in the “Markets” section.

All available Ethereum functions are supported, including the newest ones, for example, staking (analogous to high-interest deposits) - a long-awaited feature of Ethereum 2.0, which is already available in a preliminary version. For now, staking is more likely for “believers” in Ether, because money can only be deposited, but not withdrawn. And the minimum threshold is very high - 32 Ether. However, there are already many such “religious” ones.

You can buy ether through the Simplex payment system using a bank card. This system is reliable and has a license for financial transactions in the EU.

If you have Bitcoins lying around, there is an interesting option - the ability to purchase ether by giving Bitcoins as collateral. Your ETH earnings will grow along with Bitcoin. If you wish, you can “take” BTC back without losing anything due to the difference in rates.

The program offers a convenient search for tokens; there are more than 1000 of them. The price of tokens changes depending on the success of the application that issued them. Tokens may be different. For example, there are stablecoins. This is an analogue of “classical” stable currencies (dollar, euro, pound, etc.) in the world of blockchain. You can invest in stablecoins without leaving the crypto and wait out the period of its decline.

The MEW wallet version for Android includes dApp Browser, a special browser for using decentralized applications and services running on smart contracts. It will also appear for Yabloko fans in the near future.

How do they make money?

A convenient, safe, free application available to every beginner... But does Alex Komarov have to pay for something to maintain his villa? Certainly. MEW wallet receives profit in the form of commissions when purchasing Ethereum and exchanging tokens. The commission for purchasing Ether is small - 1.25% -1.5% (depending on the country). The total commission for a purchase is 5.25%, it mainly goes to the service’s partners, and they spend money on maintaining compliance departments, analyzing and searching for unreliable transactions. Also, part of the commission goes to maintaining the infrastructure that converts crypto into fiat money and back. Of course, there are monsters like Binance that do the same thing, but they have such an incredible number of services and such a powerful platform that they can drop deposit fees to zero, since they “recoup” on commissions for trading, withdrawal, and loans under leverage and so on.

It is important to realize that popular exchanges (Coinbase, Binance, etc.) store your coins in their wallets and charge a withdrawal fee. If something happens to their wallets, your savings will be lost. In addition, exchanges may limit withdrawals and assign additional commissions. MEW wallet relies on independence, even using decentralized exchanges to exchange tokens - to reduce the risk that someone will be able to limit or freeze transactions. As this, for example, happened in a related industry - in the Robinhood app during the hype around GameStop. Then users who bought “meme” shares of GME were deprived of the opportunity to sell them - Robinhood was forced to limit transactions with GME under pressure from the National Securities Clearing Corporation.

It is impossible to put pressure on decentralized exchanges; they work in strict accordance with blockchain algorithms - there is no administrator whom a financial operator can call and demand changes to the operation of the service. And no one can change the algorithms on their own either. And tokens and cryptocurrencies are stored in the MEW wallet on your device.

As for the token exchange fee, it is 2.5% plus the cost of the Ethereum transaction (varies depending on the current load, usually a few dollars, but sometimes it can skyrocket). For MEW wallet users, commissions are almost invisible, because the application selects the most profitable rate through an aggregator of decentralized exchanges.

Obviously, MEW wallet is not an ideal option for trading. For these purposes, centralized platforms like Binance are better suited; they have low commissions and a large number of tokens (including those not based on Ethereum). Well, MEW wallet is an application for ordinary people who are not interested in trading. Why? Because according to statistics, about 90% of retail traders lose money. Yes, there are stories about how someone made a lot of money, but the majority, who have lost their funds, are embarrassed to talk about their mistakes.

MEW wallet is more suitable for “playing for the long haul”. If you want to acquire Ether and actually own it, then you need to keep the coins in a non-custodial wallet. Of course, all blockchain capabilities are supported, users can change, send, receive, and withdraw funds. However, the emphasis is still on ensuring that only the user has control. This is why decentralized exchanges (smart contracts based on Ethereum) are used. Such exchanges do not require access to accounts, do not ask for personal information, do not look at what country the user is in, and so on.

Instead of a conclusion

Well, if you've read this far, then I'm guessing you found it interesting. And it will be even more interesting, because we worked with MEW wallet for six months from March to August. And we bombarded thematic and not so thematic portals with our theses, made integrations with popular bloggers. Was it difficult? Yes. Did everything work out? I won't tell you yet. More precisely, I’ll make a seed for the next article in the “cases” section. Spoiler alert: based on the results of the first part of the campaign, the client decided to continue working with us. So stay tuned for new crypto creatives! Well, you can download MEW wallet to your smartphone here: iOS | Android.

How to access Ethereum

In addition to creating a new wallet, the Myetherwallet service allows you to connect to an existing one. MEW provides a mobile app, Google Chrome extension, or integration with hardware wallets. a Keystore file on your computer or remember one of the access codes:

pin from the MEWconnect application (MEW Wallet);
mnemonic phrase;
private key.

MEWconnect

A free smartphone app that provides hardware wallet functionality on your mobile device. It is an older version of the application compared to MEW Wallet.

Official website of the MEWconnect application - https://mewconnect.myetherwallet.com

Algorithm for synchronizing the wallet with the application:

On the wallet access page, select MEWconnect.
Download and install the MEWconnect app.
Open the application and at the bottom of the phone screen click the “Scan to Connect” .
Scan the QR code from your computer using your phone.

This is a secure way to access your cryptocurrency as your private key is stored in encrypted local storage on your mobile device.

Hardware (cold) wallet

Represents a separate device similar to a flash drive. Works without Internet access and uses strict security measures to encrypt the private key within the device itself. Such wallets are also called “cold” wallets.

Users of most hardware wallets do not receive their private key, but instead receive a 24-word mnemonic phrase for recovery and synchronization purposes.

The average cost of hardware wallets is $50-200.

Devices are accompanied by a PIN code or password that is used to unlock. All information about each wallet is stored on physical media.

MEW CX browser extension

To gain access to the MyEtherWallet storage using the Google Chrome browser , install one of the available extensions: MEW CX, MetaMask, Dapper. The developers offer to install their product – MEW CX:

On the wallet access page, select MEW CX.
Click on the “Install MEW CX” button.
The widget page will open, where you will be asked to download the browser extension. Tap “Download MEW CX”.
The Chrome Widget Store will open in a new window. Click "Add to Chrome".
Once the program is installed, refresh the Mew access page.

Programmatic access (not recommended option)

This method of gaining access to your token storage based on the Ethereum network is not only the oldest and simplest, but also the most unreliable. It allows you to interact with your account directly on the MyEtherWallet website through any browser.

Important: Since the MyEtherWallet administration does not protect your data and funds, by accessing the site in this way, you risk giving access to your wallet to hackers.

Safety and recommendations for use

To use MyEtherWallet safely, the developers recommend paying attention to the following things.

Phishing sites are the main problem that users face. There are many fraudulent sites where, under the guise of MyEtherWallet, attackers gain access to an account or provide addresses by sending assets to which they disappear. You should be careful when going to the site, and also check the authenticity of the site in the browser line.
Increased security from phishing sites using EAL, PhishFort or Cryptonite services.
Messages from the MyEtherWallet team. Customer service never sends emails to users first.
Suspicious actions. In case of doubtful actions or questions, contact customer support.
Using a VPN connection. There have been recorded cases of loss of funds in wallets using VPN services.
Keys and passwords are not stored on servers, but only by the user. The responsibility for storing the keys rests with the user. For increased security, you should write down the keys and make a backup copy. Do not store the mnemonic phrase on the computer.
Transactions are irreversible. When sending funds to other wallets, check the correctness of the entered data. Otherwise, transactions cannot be canceled and funds cannot be returned.

Reviews and discussions

MetaMask and MyEtherWallet

An extension for Google Chrome that allows you to make payments and transfers on the Ethereum blockchain, as well as work with cryptocurrency exchanges and DeFi.

DeFi is decentralized finance. Allows cryptocurrency traders to build loan/lending relationships where the subject is digital currency.

For the convenience of users, MyEtherWallet offers support for MetaMask in its interface. Using the plugin, you can carry out operations with coins directly from your crypto wallet:

Find the MetaMask extension in the Google Chrome app store and install it.
Create a MetaMask wallet following the instructions in the plugin.
Login to the MetaMask repository.
On the main page of the MEW website, click on “Wallet Access”.
Tap on “Browser Extension”.
Read the terms of use and accept them.
Click on "Wallet Access".
Confirm your connection in the MetaMask pop-up window.

Advantages and disadvantages

Like any other crypto wallet, the MyEtherWallet service has its advantages and disadvantages. Let's look at the pros and cons of MEW in more detail.

pros

Anonymity. To work with the service, you do not need to provide personal data: first name, last name, e-mail, phone number. This allows transactions to be carried out completely anonymously.
Integration with other wallets. For ease of use and increased security, you can integrate the MEW crypto wallet with other services.
Ease of use. To use the service there is no need to download additional software to your computer. The entire work process takes place on the website.
Currency exchange. If necessary, you can quickly exchange BTC for ETH and vice versa.
High level of security.
No limits on storing funds.
Ability to add a token to your wallet.
Minimalistic interface with Russian language support.
Support for working with smart contracts.
No connection to the operating system.

Minuses

Lack of account recovery function. Registration of a wallet on MyEtherWallet is carried out without specifying personal data for the sake of anonymity. For this reason, it is impossible to restore access to your account in the event of data loss.
Support for a limited number of cryptocurrencies. MEW allows you to work only with the Ethereum cryptocurrency, its forks and ERC-20 standard tokens.

Sending and receiving transactions

How to send a transaction

To send a transaction and withdraw money from the MEW wallet you need a wallet, a recipient storage address that accepts Ethereum and cryptocurrency to pay fees or gas. Before withdrawing coins from your wallet, it is recommended to have at least 0.01 ETH to pay for 2-3 transactions. If you send NFT tokens, it is recommended to keep 0.1 ETH in your wallet, since the commission for sending such tokens is higher.

Important parameters for sending a transaction are the gas limit and gas price. The total commission consists of two values. The minimum commission for executing one standard transaction is 0.000441 ETH.

Gas limit - the maximum amount of gas that a user can spend per transaction.

Gas price is the cost of one unit of gas.

Gas is a transaction fee on the Ethereum blockchain, which is measured only in ETH tokens. It is used as payment to miners who confirm transactions by adding them to blocks. The commission is paid regardless of whether your transaction is confirmed or not. Read more about this in the official support center.

Algorithm for sending a transaction:

Open the wallet using any of the available methods: hardware, MEW Wallet, using a browser extension, through software access.
Click on the "Submit Transaction" button.
Specify the coin you want to send, as well as the amount and recipient's address. Commission (Gas) will be generated automatically depending on the load on the blockchain.
Click on “Submit Transaction” and confirm your intention.

After completing the transaction, copy its hash. It will be useful for tracking its confirmation on the Etherscan website.

How to check your balance

If you need to check your cryptocurrency balance, you do not have to log into your MyEtherWallet wallet every time. It is not safe. Instead, you have the opportunity to find out your transaction history and balance using Ethereum network explorers. For example, Ethplorer or Etherscan. To find out the balance, you only need to enter your wallet address, that is, the public key.

The wallet address is a combination of 42 characters. It starts with “0x...”.

Algorithm for working with the browser:

Go to the browser's website.
Enter your wallet address into the search bar.
The wallet overview page will open.

If you chose Ethplorer , then you will see your ETH balance on the left in the “Address Information” section. On the right you will find the balance of your other tokens in your wallet.
If you chose Etherscan , then in the “Overview” section you will find data on the balance and cost of ether. In the “Token” section you can find the balances of other coins that are in your wallet. The tabs at the bottom of the screen display your transaction history.

How to check transaction status

Go to one of the Ethereum blockchain browser sites: Ethplorer or Etherscan.

Enter the transaction hash into the search bar.

The hash is a unique operation code. It consists of numbers and letters of the Latin alphabet. You can view it directly in your MEW wallet. It displays the entire transaction history of Ether and other tokens.

How to get Ethereum to your wallet

To receive coins to your MEW wallet you will need its public address:

Log in to your wallet using one of the available methods.
Click on the "Receive" button.
Copy the public wallet address or QR code.
Use the address or code to send coins from any storage, exchange or exchanger that works with the Ethereum blockchain.

How to send Ether or tokens with MyEtherWallet

Using the MyEtherWallet wallet interface, you can send Ethereum (ETH) cryptocurrency or a token to another address. The recipient may be an exchange, cryptocurrency exchanger, or any other third party.

Instructions on how to send ether (token):

Go to myetherwallet.com and select “Transfer ether and tokens” at the top.
Unlock your wallet.
Enter the recipient's address and transfer amount. Select a token or ETH from the list. Check the entered data and click “Create transaction”.
Click "Submit Transaction".
Check the information again and click “Yes, I’m sure. Execute." If the balance is sufficient, a TXID will be sent to track the status in the browser.

Buy Ethereum via card

The MyEtherWallet service offers users an online service for quickly purchasing Ethereum using a Visa or MasterCard bank card:

It will only take a few minutes to make a purchase;
fixed commission 1%;
24/7 technical support is available.

Buying Ethereum via a bank card has become possible thanks to the integration of MEW with the Finnish company Simplex, which provides payment processing worldwide.

Go to the official website - https://ccswap.myetherwallet.com/#/.

Set the amount of Ether you want to buy. The service will calculate the price for it in one of the available currencies: rubles , dollars, euros, pounds and others. The exchange rate is set by MEW itself with a markup of approximately 11%. For comparison: in May 2022, 1 ETH on Binance costs $201.53, and on MEW it costs $225.17.

Enter the address of the wallet to which you plan to receive coins.
Confirm that you are not a robot and click Continue.
Enter your card details and fill out your contact information. Then tap "Pay Now".
Confirm the payment following the instructions of the system.

Instructions: Login to MEW using MEWconnect

MEWconnect is a method of connecting to MyEthereumWallet website or DApps by scanning a QR code.

To log into your MEW wallet via the MEWconnect protocol:

Download the MEWconnect application to your mobile device;
Create and confirm a password;
We wait while the system generates the address and private key;
Click Start using MEWconnect/Start using me MEWconnect ;
We create a mnemonic phrase consisting of 24 words and immediately pass the test;
After installing the application on your phone, go to the website and select MEW Wallet ;
We scan the QR code to access the wallet using MEWconnect;

Scanning a QR code to log into MEW
In the future, when sending funds, the MEW user will have to confirm on his smartphone the address from which the transfer is made and the one to which the money will be received, and confirm the transaction by entering a password. And then confirm it on your computer.

Thus, it will not be possible to enter the wallet and make any transaction with the funds stored in it without a smartphone . And this is another level of security for digital assets.

What tokens are stored in the wallet

MEW provides support for all ERC-20 tokens and Ethereum cryptocurrency in particular.

It is possible to exchange Ethereum for Bitcoin and vice versa thanks to our partner Bity . However, the MEW wallet itself does not support Bitcoin, so in the case of such an exchange, a wallet that supports BTC is required.

ERC-20 coins, the MEW wallet stores NFT (ERC-721) . All ERC-20 tokens are identical and fungible. For example, 1 ETH equals 1 ETH. ERC-721 – unique tokens. Each of these coins has no analogues and varies in value. ERC-721 is primarily used for hoarding or collecting. These tokens are also used in metaverses, for example, Decentraland . They first appeared in 2022 in the Ethereum-based game Cryptokitties . Users bought unique crypto kittens. Later, cryptomonsters and cryptopuppies appeared.

MEW makes it easy to purchase Ethereum and then exchange it for special virtual reality coins.

The wallet also supports DeFi collateral instrument. By using ETH, you can provide collateral for DAI tokens. Or register a cryptocurrency domain. The ENS service is used for this. It assigns a custom domain linked to your wallet account address.

Additional features

Exchange

To exchange currency, go to the “Exchange” section. Here you can exchange ETH or BTC for REP and BTC.

Important! The rate of digital currencies during exchange is dynamic. It depends on market quotes of the currency.

Working with smart contracts

One of the main advantages of the MEW crypto wallet over its competitors is the ability to work with smart contracts.

To get started, go to the “Contract” section.

You can enter the ICO by entering the contract address and its ABI. You can also select an existing contract from the general list.

To list your ICO on the Ethereum platform, click “Publish Contract”. Specify the bytecode and gas limit. Sending a smart contract to the blockchain is considered a standard transaction.

ENS

MyEtherWallet functionality allows users to personalize their account by specifying a unique address. To do this, go to the ENS (EthereumNameService) section. In the information entry field, enter the name of the crypto wallet in the domainname.eth format. This name will be displayed instead of the standard name like “0x52sd84sx...”.

By clicking “RegisterSubdomain”, you can register a subdomain. It will appear in the format sub.domainname.eth.

DomainSale

In the DomainSale section you can buy and sell a crypto wallet domain. To sell you need:

Transfer your domain to DomainSale. This is necessary to confirm that you are the owner of the rights to the domain.
Set the exact or auction price. Once you indicate the exact price, it cannot be changed. The domain will be sold for the specified price.

When adding a lot to the auction, indicate the starting price. For selling a domain, you will be charged a 10% commission.

Complete the auction.

Checking TX Status

In the “CheckTXStatus” section you can check the transaction execution status. To do this, enter the transaction code in the information entry field.

If the blockchain is overloaded, you can cancel the operation.

MEW Offline

To ensure the safety of using MyEtherWallet, the developers have made it possible to use it via a PC without an Internet connection. The computer used to carry out transactions must not be connected to the World Wide Web. The user creates a wallet offline and sends transactions to another computer that has access to the Internet. This way, your sensitive information (eg private key, keystore file, mnemonic phrase) is stored on the offline device and is never transferred from it.

There are two ways to use MEW offline, by using it as a Progressive Web App (PWA) or by downloading the client. Read more about this in service support.

PWA is a technology that transforms a website in a browser into a mobile application.

Staking

Staking is available to users to support the operation of the network and rewards are awarded for this. The menu immediately indicates the expected reward, which depends on how many coins are allocated for staking. The minimum amount to participate is 32 ETH.

You can start staking in the MEW Wallet mobile app. To do this you need the following.

With the application open, click “Contributions” at the bottom of the screen, then “Start.”
Select a bet that is a multiple of 32 ETH.
Click “Enable Staking”. Staking is activated and validators are prepared for about 20 seconds.
We send the selected number of coins, and then confirm “Confirm”. Participation in staking is confirmed and you can receive interest.

User reviews about MyEtherWallet

The Russian-language site otzovik.com gave MyEtherWallet a rating of 50% based on six reviews. This means that half of users recommend the wallet. Among the advantages of the wallet, site visitors cite a large number of supported coins and high wallet protection. The most common disadvantage found in reviews of the MEW wallet is the difficulty of registration for beginners in cryptocurrencies.

Reviews of the MyEtherWallet wallet on the English-language site trustpilot.com are similar - rating 2.6/5. In total, site users left 7 reviews.

Personal Area

In your personal account, in the top menu of MyEtherWallet, a minimum amount of information is collected:

Interface language.
Gas price. This item can be edited manually by indicating your cost. The lower the indicator, the slower the transaction speed.
Network selection function. The default is Ethereum. You can change the network by selecting the appropriate option from the list.

In the “Wallet Information” section you can find:

wallet address;
Keystore file used to confirm MEW wallet actions;
private key in unencrypted form;
function of receiving a wallet in printed form;
wallet address in QR code format;
transaction history;
current balance.

Similar wallets

In addition to MyEtherWallet, cryptocurrency can be stored in other electronic and hardware wallets, which differ in functionality and list of supported coins. Below are examples of electronic and hardware crypto wallets.

Jaxx

Jaxx is a cryptocurrency wallet from the Canadian company Decentral Inc. The first version of the wallet was released in 2016. Jaxx Liberty is available as an iOS or Android app, browser extension, or desktop version. The wallet does not support fiat currencies, but allows you to store more than 85 types of cryptocurrencies. Jaxx also partners with the ShapeShift exchange, allowing users to trade and buy coins through the wallet interface. Measures available to account holders to protect their funds - a password and a 12-word backup phrase.

Ledger

Ledger is a French company that has been producing hardware wallets for cryptocurrencies since 2014. Ledger wallets are physical devices that store cryptocurrency. The company's main products are Ledger Nano S and Ledger Nano X storages, as well as the Ledger Live application. The Nano X is newer and more expensive than the Nano S. The Ledger Nano X not only supports USB connectivity, but also connects to a smartphone via Bluetooth. Ledger's hardware wallets are hack-resistant and can be restored in case of loss.

Cryptocurrency exchange in MEW

MyEtherWallet users can also exchange cryptocurrencies : the service partners with reliable providers such as Changelly and DEX.AG, offering favorable quotes.

To exchange cryptocurrency in MEW, select the Swap and go to the exchange interface.

Then everything is standard:

We indicate the direction of exchange : what currency we give and what currency we want to receive;
We indicate the amount ;
Enter the address to which you want to send funds and click Continue .

Cryptocurrency exchange

The system then gives time for the user to check and confirm the data before submitting the transaction.

What is Ethereum

Ethereum is a platform designed to create decentralized online services based on the blockchain and has its own digital currency, ETH. Ethereum was originally launched as an exchanger for ETH to BTC, but today people all over the world actively use this system to pay for goods or services without leaving home, and thousands of developers are making new types of applications based on Ethereum: cryptocurrency wallets, advanced games, financial programs, decentralized markets with the ability to trade a variety of coins.

How to withdraw money from Payeer to a Sberbank card

According to statistics, this financial structure has the largest number of clients in Russia. The number of our compatriots actively using Payer has already exceeded 120 million people.

But before you figure out how to transfer money from Payeer to a Sberbank card, it’s worth learning more about the benefits of the service. Understand why it is so attractive to customers. And its advantages are quite significant:

Confidentiality. The vast majority of payment services in Russia have introduced mandatory customer verification into their rules. Without this, transactions become impossible. If the payer carries out verification, it is done solely at the request of the client. This blitz system will not require the provision of a scanned passport or other documentation.
Wide range of possibilities. You can send money using this system to almost any country in the world. Moreover, the transaction itself is distinguished by its speed and minimal commission (this distinguishes it favorably from Western Union).
Simplicity and accessibility. The developers tried to simplify the service interface as much as possible and make it understandable to any potential client. The blitz service also has its own internal exchanger, which makes it possible to pay for the purchase of any goods over the Internet.

Expert opinion

Zolotareva Maria Vasilievna, expert on banking products

A multi-currency crypto wallet with which you can buy, sell and store cryptocurrency. Mercuryo supports Bitcoin, Ethereum, USDT and other cryptocurrencies (about 8 coins in total). And if you still have questions, ask them to me!

Transaction fees

Before sending a transaction, the system prompts you to familiarize yourself with the gas limit that will be spent on it. It is known that in the world of cryptocurrencies, not a single transaction is complete without a commission. This commission is calculated using the gas limit formula multiplied by the current gas price. The user pays a commission in the amount that will be spent on confirming the transaction when it is completed on the blockchain network.

The price of gas depends on network congestion and determines the speed at which your transaction progresses: if you need to make a transfer faster, you pay more for gas. Accordingly, if the network is currently heavily overloaded, the cost of gas will be quite high. You can navigate based on the gas price standard, which during the quiet period of the network is 21,000 Gwei (the denomination of Ethereum coins).

MEW Wallet users can set the amount of gas themselves and, accordingly, the commission amount. If you want to transfer the amount to another balance as quickly as possible, move the slider in the corresponding wallet window. You will have to pay more for this, but the recipient will not have to wait long for your transfer. Accelerating transactions for an increased commission is also convenient for traders who want to quickly conclude a transaction on the exchange in conditions that are convenient at the moment.

The amount of the commission depends only on the degree of network congestion, and not on the number of tokens. Therefore, at a time, with a small payment, you can withdraw any number of coins. As you can see, replenishing your balance and withdrawing crypto through MEW Wallet is quite simple, you just need to work out this process a little in practice.

Interface overview

My Ether Wallet, a service for creating Ethereum wallets, has a basic main menu. It is located at the top of the page. In addition to the button for opening a new crypto wallet, the purpose of which was discussed above, there are also tabs here:

transfer of ether and tokens;
exchange ETH for BTC and vice versa;
offline transfer – allows you to make a secure withdrawal of funds while disconnected from the Internet;
check transfer status – helps track the transfer status of Ethereum in case it is submitted for participation in the ICO;
information about the status of the wallet, where the account balance is displayed in ETH and in tokens, the total amount of funds transferred to BTC and fiat money (English pound, euro, dollar, Swiss franc). Here you can see a list of all supported crypto-assets based on the ERC-20 algorithm or add your own, which will be credited to the user after participating in the ICO;
Help on basic questions and some other tabs.

Figure 6. MEW Main Menu

In the upper right corner you can set the price of gas, which is paid to miners for carrying out transactions. This field already contains the average value, which guarantees inclusion in the block. If the transaction deadline is not urgent, then the default value can be left unchanged. If a faster transfer is required, the price of gas will have to increase.

The right drop-down menu indicates the network or pool through which you will need to transfer funds. By tracking current gas prices for different pools, you can find the cheapest transaction option.

The service footer provides a base for working with the resource, lists the conditions under which MEW provides its services, and displays information about the development team. Here you can also find contacts for assistance from the support service.

What cryptocurrencies does it support?

MEW is designed for transfers and storage of Ethereum and tokens issued on the ERC-20 algorithm. At the time of writing the review, there were more than 450 coins available in the list. Among them:

Ethereum (ETH);
Ethereum Classic (ETC);
Binance coin (BNB);
EOS (EOS);
TRON (TRX);
OmiseGO (OMG);
Icon (ICX);
0x (ZRX);
Gnosis (GNO);
Storj (STORJ) and others.

If the list of tokens available on MEW does not include the one you need, but it is definitely issued on ERC-20, you can add it manually after authorization. To do this, go to the “Wallet Information” tab of the main menu. In the right vertical column under the balance, select “Add your token”.

Figure 7. Adding a new token

In the form that appears, you will need to fill out 3 simple fields. Data for the first and third fields is taken from the website etherscan.io/tokens/. The letter designation of the coin is also entered.

Figure 8. Data for adding a coin

If you need to add cryptocurrency purchased during the ICO to MEW, then the information is taken from the crowdfunding organizers.

FAQ

How to sell tokens with Myetherwallet?

It will not be possible to sell cryptocurrency directly from MEW Wallet, because the wallet is not suitable for trading. To sell, you need to take one more intermediate step - first transfer the tokens to an exchange where you can enter into a contract. As in other cases, withdrawals from MEW Wallet to the exchange are made to the address of your exchange wallet according to the same scheme as a transfer to an exchanger or another user.

What currencies can you store on Myetherwallet?

MEW Wallet is suitable for storing Ethereum coins and tokens created on the same blockchain. You should not try to transfer other coins to MEW Wallet - this step may lead to permanent loss of tokens. If you want to get another cryptocurrency, transfer Ether to a crypto exchanger and exchange it for the desired coins.

How to withdraw money from Binance to a card?

There are several ways to withdraw funds from this exchange. We will focus on the simplest of them - the direct transfer of coins into fiat money. To do this, go to the “Fiat and Spot” tab in the exchange wallet, and then select the type of fiat money you want to receive on the card. The next step is to click in the window that opens on the type of card where you want to make a withdrawal (bank card). From time to time, the exchange undergoes technical work, so withdrawals to the card may not be available for a short period.