MyEtherWallet, commonly known as MEW, is a free, open-source platform that provides a user-friendly interface for creating wallets for Ethereum-based tokens. The platform itself does not hold users' funds or data. Instead, assets and personal information are stored on the user's device, while MyEtherWallet generates and manages wallet addresses. This approach aims to enhance the security of funds and gives users complete control over their assets and data. Many of these features are accessible through the MEWconnect mobile application.
What Is MyEtherWallet?
Launched in 2015 by Taylor Monahan and Kosala Hemachandra—the latter being the current CEO—MyEtherWallet is headquartered in Los Angeles. The wallet is available globally, with support for 18 languages, though it may be restricted in a few countries. Many consider it one of the most popular wallet platforms for Ethereum storage. Initially an online wallet, it has evolved into a device-based solution.
The platform collaborates with numerous partners to offer features like swaps and device-based storage. Notable partners include Trezor, Ledger, Kyber Network, Simplex, and Changelly.
Supported Tokens
MyEtherWallet operates exclusively on the Ethereum network. As a result, it supports only Ethereum-based coins, including hundreds of ERC20 tokens. Users can freely configure recovery conditions, access methods, and even swap tokens directly within the wallet interface.
Is MyEtherWallet Secure?
In 2017, a fake MyEtherWallet app appeared on the App Store, leading to the theft of users' personal information. In 2018, hackers created a phishing website that mimicked MyEtherWallet, briefly redirecting users and stealing funds worth $150,000. These incidents highlighted that while MyEtherWallet's core security is robust, attackers often use side channels to compromise user accounts.
In response, the company has enhanced its protective measures. MyEtherWallet recommends using the wallet offline, employing the MEWconnect security protocol, or opting for a hardware wallet from its partners. Chrome users are advised to install extensions like EAL, PhishFort, or Cryptonite to detect potentially dangerous web pages—though this offers limited protection for users of other browsers.
Users must never share their private keys, seed phrases, or keystore files with anyone. These should only be used offline. The application supports two-factor authentication and anti-phishing protection and does not collect user data. If a device is lost, access can be restored via a 24-word seed phrase or a keystore file.
While MyEtherWallet provides solid security features, users must take responsibility for safeguarding their seed phrases and devices. The platform's security options, though not unlimited, are reliable and effective.
MEWconnect
One of the company's latest and most notable products is MEWconnect, described as a "hardware wallet without the hardware." This mobile app enhances the security of wallets created on MyEtherWallet by keeping assets and transaction data on an isolated device. The app is available for Android and iOS.
MEWconnect operates as a peer-to-peer platform, meaning users are solely responsible for their wallet's security. The company cannot expose funds through mismanagement or security breaches. Private keys are encrypted within the app, and connections to the browser are secured through encrypted channels. No registration is required, helping to maintain privacy and data security.
MyEtherWallet Fees
Transactions incur mining fees, which are relatively small and paid exclusively in ETH. Without ETH in the account, transactions cannot be executed. Users can pay higher fees to prioritize transaction speed.
For example, paying 40 GWEI ensures inclusion in the next block, while 20 GWEI may place the transaction in one of the subsequent blocks. Users willing to wait can pay as little as 2 GWEI. The minimum fee charged by MyEtherWallet is 0.000441 ETH.
Support for Side Products
A unique feature of MyEtherWallet is its support for third-party hardware and software products. While this requires additional trust from users, it also expands functionality accessible through a single interface.
Supported hardware and software wallets include Trezor, Ledger Wallet, Billfodl, FINNEY, BitBox, Secalot, KeepKey, CoolWallet, and BC Vault.
MyEtherWallet also integrates with currency exchange platforms like Bity, Kyber Network, Simplex, and Changelly. This allows users to swap currencies directly within the interface, including conversions between fiat and cryptocurrencies. Additionally, users can access platforms like Ethercard and State of The DApps.
How to Create a New MyEtherWallet
Setting up a new MyEtherWallet is straightforward:
- Visit the official myetherwallet.com website.
- Near the bottom of the homepage, locate the blue section labeled "Create a New Wallet." Existing users can use the "Access Wallet" box.
- After clicking "Create New Wallet," review the security warnings and recommendations. Click "Get Started" to proceed.
- On the next page, choose from options like MyEtherWallet Wallet, Keystore File, or Mnemonic Phrase. The software can be downloaded from Apple Store, Google Play, or Galaxy Store.
- Save or write down the private key or seed phrase carefully. Losing this may result in permanent loss of access to the wallet.
👉 Explore secure wallet setup methods
Funding a MyEtherWallet Account
To fund an account:
- Open the application and click "Send Ether & Tokens."
- On the right tab, select from the list of supported tokens.
- Click on the desired asset to reveal the associated wallet address.
- Use an exchange or another platform to send the desired amount of coins to this address. Transactions are executed via UBERT smart contracts.
- Once completed, the coins will appear in the MyEtherWallet address.
If a token isn't listed, users can select "Add Custom Token" and provide the token symbol, contract type, and decimals. After filling this information, the token can be sent using the standard procedure.
Sending Coins from a MyEtherWallet Account
To send tokens:
- Navigate to the "Send Ether & Tokens" tab on the MEW website or app.
- Select the currency and amount, then paste the recipient's wallet address into the "To" field.
- In the "Gas Limit" field, choose the amount to spend on fees to prioritize the transaction or leave it to be processed later.
- Double-check all fields for accuracy, as errors can be costly and irreversible.
- Click "Generate Transaction." Depending on the gas fee paid, the transaction will complete immediately or within minutes.
Frequently Asked Questions
What is MyEtherWallet?
MyEtherWallet is an open-source interface for managing Ethereum-based tokens. It allows users to generate wallets, store assets securely, and interact with the Ethereum blockchain without holding funds or data on its servers.
Is MyEtherWallet free to use?
Yes, creating and accessing a wallet is free. However, transaction fees (mining fees) apply when sending tokens or interacting with the blockchain, payable in ETH.
Can I use MyEtherWallet for Bitcoin or other non-ERC20 tokens?
No, MyEtherWallet exclusively supports Ethereum-based tokens, including ETH and all ERC20 standard tokens. It does not support Bitcoin or other non-Ethereum cryptocurrencies.
How do I recover a lost wallet?
Access can be restored using the 24-word seed phrase or keystore file generated during wallet creation. Keep these secure and offline, as losing them may result in permanent loss of access.
What makes MEWconnect different?
MEWconnect enhances security by acting as a mobile-based hardware wallet alternative. It encrypts private keys and secures connections between the app and browser, reducing exposure to online threats.
Are there alternatives to MyEtherWallet?
Yes, other popular Ethereum wallets include MetaMask, Trust Wallet, and Ledger Live. However, MyEtherWallet remains a preferred choice for its open-source nature and extensive partner integrations.