MyEtherWallet Review | We Were Pleasantly Surprised! 🔥
8 min read
With a myriad of crypto wallets flooding the market, finding the right one can be a daunting task. Enter our comprehensive review of MyEtherWallet to help you decide if this is your next crypto wallet! We have reviewed everything from supported blockchains, cryptocurrencies, features, pros, cons and more!
MyEtherWallet was founded in 2015 by Taylor Manahan and Kosala Hemachandra, both software engineers who have been involved in blockchain since 2013. MyEtherWallet was launched in 2015 to provide an open-source wallet to seamlessly interface with the Ethereum ecosystem.
MyEtherWallet has become one of the most popular Ethereum wallets with over 1 million users that create, store and manage their ERC-20 tokens. MyEtherWallet has received funding som CrowdStart capital and has grown to a small team of over 25 employees.
MyEtherWallet allows users to create their own unique Ethereum wallet and access a variety of wallet types, including the MEW wallet mobile app and browser extension.
MyEtherWallet browser wallet called Enkrypt is compatible with multiple operating systems and available for several browsers such as Chrome, Brave, Firefox, Edge, Safari and Opera.
For those that want to download MyEtherWallet on mobile, it's available on Android and IOS where it has received over 500,000 download and solid rating of over 4.4 stars based on 9,000 reviews.
With the MyEtherWallet mobile wallet, users can easily send, receive and store assets in addition to buy crypto with their card. Additional features such as staking, swaps and NFT support are also available.
MyEtherWallet Crypto Wallet
To get started with MyEtherWallet, users can choose to either download the mobile app or the browser wallet. The mobile applications are available on Android and IOS and the browser wallet is available on Chrome, Firefox, Brave, Edge, Opera and Safari.
New users will have to create a wallet by following the instructions which includes creating a strong password and saving their private key.
The user experience on both mobile and browser is great with support for a wide range of features that are easy to navigate. In both cases this is a well designed non-custodial wallet that is pleasant to use for beginners.
One big difference between MyEtherWallet's Browser Wallet (Enkrypt) and the mobile app is that Enkrypt supports Bicoin and additional EVM-based and Substrate blockchains such as Polygon, Avalanche, Base, Optimism, Polkadot, Karura while the app only supports Ethereum.
MyEtherWallet Products & Features
When it comes to the available product features on MEW, they are mostly the same across the Enkrypt browser extension and the mobile apps.
As mentioned previously, the key difference is that the browser wallet Enkrypt supports all Ethereum-based EVM chains, Polkadot, and Substrate chains while the mobile wallet only supports Ethereum.
That difference aside, users can seamlessly take advantage of several features in the wallet. Users can of course access Web 3 Dapps such as Avee, Compound, Maker, OpenSea and many others by simply click the Dapps icon.
Users can easily create multiple accounts and switch Dapps and Blockchains in a single click. Users also have access to send, receive, store and showcase their NFTs within the app.
Beginners who do not hold any cryptocurrencies but that wish to buy with fiat, they can also do that either in the browser or in the mobile app via third-party providers such as Simplex, MoonPay, Link and others. Take into consideration that buying via third-party providers is of course more expensive than simply using a DEX or a CEX for crypto purchases.
Staking is also available for ETH and a selection of other coins and tokens but is currently only supported via the mobile apps and not the browser wallet.
The MEW mobile apps offer support for 1000s of ERC-20 tokens associated with the Ethereum blockchain such as ETH, AVEE, UNI, dYdX, COMP, YFI, USDC and many others.
Users of the Dekrypto browser wallet have access to even more coins and tokens to the additional exposure to blockchains such as Bitcoin, Polkadot, Avalanche, BSC, Optimism, Arbitrum, Kusama and many others.
One additional benefit of MEW and Enkrypt is that they provide integration with a wide range of hardware wallets including Ledger, Trezor, KeepKey, BitBox and a few others. This provides additional convenience for these hardware users that want easy access to the EVM and Substrate worlds.
When it comes to security features, MEW and Enkrypt are fully open source which means that everyone have access to the different Github repositories to inspect the code for themselves. The team also offers smaller size bug bounties to hackers who can identify and safely diclose security issues.
The wallets are of course non-custodial which means that each user is in control of their own assets. Your keys, your crypto. Usage is fully private as the team does not track any personally identifiable information, account address or asset balances.
Besides supporting multiple hardware wallet, MEW also allows it's users to easily create multiple accounts within their wallets and distribute their funds across them. This can be helpful when users want to explore more freely across new Dapps with less funds in the wallet.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.