What is MyEtherWallet.com? Is it a reliable platform? Is it one that will meet your current needs as it proposes? We shall be addressing all of that and more in today’s review about this platform. Hopefully, by the time we are getting to the end of the review, you will be in a good position to decide whether this platform is one that you can rely on or not.
- What is MyEtherWallet.com?
- Which are some of the best features to expect from this platform?
- Which cryptocurrencies does MEW support?
- What can be said about the security that is offered by MyEtherWallet?
- Which operating systems does it support?
- Is MyEtherWallet Genuine or Is It a Scam?
- Pros and Cons
Name of the platform: MyEtherWallet
Official Website URL: https://www.myetherwallet.com/
Overall Rating: (2.5 / 5)
Recommended: Not Recommended
What is MyEtherWallet.com (MEW)?
MyEtherWallet (MEW) Exists as a user-friendly interface that makes it possible for its users to interact with the ethereum blockchain. Its users can manage their Ether and ERC-20 tokens quite easily, through the Apple and Android smartphones. The Ethereum wallet presented has the much-needed simplicity, when it comes to the creation of an account for first-time customers, as well as those who are still discovering how to use cryptos.
The good thing is that the users of MEW have full control of the funds stored in the wallet, hence they can buy Ether from within the app at any time. All they have to do is to connect their MEW account to the bank card or to their Apple Pay account. MEW is designed to offer the capability to switch between several payment accounts just to guarantee privacy and convenience.
MyEtherWallet’s mobile app can be used together with MyEtherWallet to facilitate their access to extra functionality including Decentralized Finance (DeFi) protocols, as well as the capability to swap between tokens.
Which are some of the best features to expect from this platform
MyEtherWallet’s presence and effectiveness in the market is mainly based on its capability to deliver ease-of-use when it comes to enabling customers to get started with ethereum. The fact that MEW focuses on simplicity makes it possible for not only those who are interested in using ethereum to have an easy time but for everyone else who is interested in learning about how the cryptocurrency system operates to do so effectively.
In addition to having an interface that is easy to understand, MEW also has an impressive collection of educational material that new and regular users can rely on to expand their knowledge of cryptocurrencies. This platform charges relatively higher fees for the buying and selling of cryptocurrencies within the app, but it makes up for that by making sure that the exchange process is simplified, to the extent that new cryptocurrency users can access and possess their very first cryptos in a short time.
In addition to having quite a collection of features that make it easy for new users to manage their cryptocurrencies, MyEtherWallet also allows the clients to gain access to an impressive collection of decentralized apps. Regardless of whether somebody wants to buy ENS Domains, acquire DAI, or even manage their Crypto Kitties, MEW is out to make all this possible via their MyEtherWallet.com web portal.
Which cryptocurrencies does MEW support?
As you can already tell by the name, MyEtherWallet is mainly focused on bringing to the market tokens that are related to Ethereum in one way or another. one came therefore use MEW to store their:
- ERC-20 Tokens.
- Non-fungible tokens
MEW is also designed in such a way that it enables its users to swap their ETH for BTC, by partnering with other services such as Bity. The users must, however, be ready to provide a wallet for a different wallet to receive their BTC from the swap process.
The tokens supported by this platform include Ether, Augur, DAI, USDTm TUSD, Maker, Chainlink, OmiseGO, Status, and Golem.
What can be said about the security that is offered by MyEtherWallet?
The reinforcement of security measures on crypto wallets and exchange platforms can be quite complicated at times since most people have varying preferences. Some will not simply download and install a certain app because they are not comfortable with sharing certain details. This is understandable since there have been some cases of hacking, in which customers’ details fell in the wrong hands, along with their money. MEW takes care of this by letting the users store their own private keys, and by making them understand the importance of backing up the keys.
Unfortunately, when it comes to security on this platform, things have been a bit shaky. There was a time when MEW users lost an estimated $150,000 worth of cryptos in a well-organized coax. They have been working to regain the trust but the fact that MEW is already a target by hackers is reason enough for someone to keep off from it.
Which operating systems does it support?
You can access MyEtherWallet through a web browser in technically any desktop environment. With a Windows, Linux, or macOS operating system, you can access your account at any time. There is also an app that can be accessed via Android and Apple smartphones. This essentially means that you can access MEW from literally any device that you have since most of the digital devices that we have in the present day world mainly fall in the above categories.
Is MyEtherWallet Genuine or Is It a Scam?
The details I have gathered about MyEtherWallet all point to it being a genuine platform. Its existence in the crypto industry is definitely very obvious, in the way it is offering access to Ether-based tokens. The fact that it has already been a target of hackers is yet another reason behind why we cannot say that it does not exist or it is not delivering the promised services.
On Trustpilot, MEW has a rating of (2.5/5) stars, which is considerably low, and one that only shows that customers are not very happy with the services rendered. If you are still in need of a crypto wallet service provider that you can trust and that is reliable, have a look at what my personal best wallet has to offer:
Pros and cons
- Ease of use is guaranteed
- Access to decentralized apps is guaranteed.
- Users can easily purchase and swap tokens ( besides ETH)
- Poor consumer ratings
- Missing security features such as 2FA
Final Words and Verdict
Verdict: Legit (But Not Recommended– At least not until they upgrade their security measures)
Overall Rating: (2.5 / 5)
MyEtherWallet is an ethereum-oriented platform that seeks to deliver the ease-of-use that customers need. It has made it possible for people to access decentralized apps, which are growing gin popularity as more and more people adopt the use of blockchain technology. Whereas MEW’s intentions in the market are good, it still has a long way to go in as far as customer satisfaction and security are concerned. In its place, I would recommend that you have a look at the alternative below ( Hopefully MEW will rectify the areas in which they are not performing well).
Thank you for reading through my review about what MyEtherWallet.com is. I hope you now know if it is one you will be using to achieve your crypto storage and swapping objectives or not. If you have any further questions, let me know by dropping them in the comments section right away!
Eric, Investor, and Blogger at Start Make Stop Waste!