Cons of MEW when compared to hardware wallets:
✗ Online wallets often give you access to cryptocurrency exchanges, which is not possible for the MEW wallet.
✗ MEW wallet cannot be accessed from all devices whereas online wallets can be
✗ MEW cannot be used for Bitcoin and other altcoins
MyEtherWallet Compared to Hardware Wallets (Offline Storage)
Hardware wallets use devices (like a USB) to store your private key. You can keep the device wherever you want, just make sure it’s kept secure. You can connect a hardware wallet to the internet to make a transaction and then take them offline again.
As we described earlier, MyEtherWallet works well with both of these hardware wallets. I recommend that you use MyEtherWallet along with these hardware wallets. However, if you are looking to use one without the other, then here are the pros and cons.
Pros of MEW when compared to online wallets:
✓ My ether wallet is free to use while the cost of hardware wallets cost between $90-100.
✓ My Ether Wallet offers a great, easy-to-use interface and many features that are not available with hardware wallets.
✓ Supports ERC-20 tokens
Cons of MEW when compared to online wallets:
✗ Hardware wallets are more secure than MEW wallet and provide different backup options to keep your private key secure
✗ Unlike the MEW wallet, hardware wallets support many cryptocurrencies such as Bitcoin, Ethereum and Litecoin, etc.
Now that we are coming towards the end of this guide, I would like to walk you through the step-by-step process for setting up your own My Ether Wallet.
MyEtherWallet review – Set up in 5 steps
Let’s look at the steps you need to follow to set up your wallet on MyEtherWallet.com.
Go to https://www.myetherwallet.com and make sure that the site you are on is real. If it is the real MyEtherWallet site then it will show “MYETHERWALLET LLC (US)” highlighted green in the website address bar. This is important to check as there have been many incidents where hackers have created similar looking websites to steal user’s private keys.
Make sure to bookmark the website once you find the real MyEtherwallet.com website. This will ensure that you don’t open the wrong My Ether Wallet site in the future. To do this, you must click the star in your website address bar.
You will see the option to ‘Create New Wallet’ on the home page of the MEW wallet. Or, you can click the menu option “New Wallet” to get to this page.
Once you are on this page, all you need to do is enter a password that you can remember. Then simply click on the “Create New Wallet” button.
Once you have clicked the “Create New Wallet” button, MyEtherWallet.com will generate a password-protected private key — also called a “KeyStore” file in UTC/JSON format.
You can use the KeyStore file to access your wallet, so it is extremely important to keep it safe. Store it in a location on your computer where you will remember.
Download the KeyStore file by clicking on the “Download KeyStore File (UTC / JSON)” button as shown below. After downloading, click the button “I understand. Continue”.
Once you have done that, you are given the private key to your new MEW on the next screen. This private key can be also be used to access your wallet.
For this reason, you need to keep it extra safe. Remember, anyone with your private key can unlock your wallet and steal your coins.
I recommend that you print your private key onto a piece of paper (shown below). This contains the details of your private key as well as a barcode that can be used to access your MEW wallet.
After you have safely stored your private key, you can check your wallet’s public address by clicking on the button “Save Your Address’.
Finally, after you click the “Save your address” button, you can view your public wallet address. You will then be asked, “How would you like to access your wallet?“
As you can see from the image below, MyEtherWallet.com provides you with several ways to access your wallet. We have already described most of these options earlier on in the guide.
In this example, we will access the wallet using the Keystore file.
After selecting the option ‘Keystore / JSON File’ you will then be asked to “Select wallet file…”. When you click the ‘Select wallet file…’ button, a window will open that allows you to select the KeyStore file from the location on your computer where you saved it.
Since the KeyStore file is nothing but a password protected the private key, you will be asked the same password that you used in Step 2 to unlock the KeyStore file. See the Image below.
After following all the steps above, you will be granted access to your wallet.
And that’s how easy it is to set up your own My Ether Wallet.
And there you have it, a full MyEtherWallet review. Now you can see why My Ether Wallet is one of the most popular Ethereum wallets available. It is super easy to use and lets you store Ethereum as well as ERC-20 tokens which is important for ICO investing.
You should have a clear understanding of the pros and cons of MyEtherWallet when compared to other wallets. And now be able to decide which wallet you should use.
If you decide to use My Ether Wallet, then you can quickly create your own MEW wallet using the step-by-step process in this guide.
No matter which wallet you use, you must always keep your private key safe. If your private key gets stolen or lost, you risk losing all your crypto!
So, is MyEtherWallet safe? This and other wallets are as safe as you want them to be. MEW offers good security, but the safety of your private key is your responsibility.
With that being said, I think My Ether Wallet is one of the best Ethereum wallets available. But, what are your thoughts? Will you be creating your own MEW wallet?