MyEtherWallet review 2021 | Experience and costs of the MyEtherWallet!

MyEtherWallet

When you have converted part of your assets into cryptocurrency, you obviously want to make sure that you are the only one who can access them. How do you keep a digital currency safe? We will explain everything about MyEtherWallet in this MyEtherWallet review.

Normally you would look at the possibilities of depositing your money at a bank, but a cryptocurrency, as a decentralized currency, works outside this traditional system.

MyEtherWallet - step-by-step plan

1 - Choose a broker: To trade crypto currencies you first need a good online broker (we recommend eToro!)
2 - Deposit money: Create a new account and complete your first money deposit.
3 - Choose your crypto: Search for the crypto currency you want to trade and start with one click on the button.
4 - Use your wallet: Store the crypto currency in your MyEtherWallet!

Want to start trading crypto currencies via a good and reliable broker? Create an account easily and start trading today!

The solution for storing your cryptocurrency are wallets that operate on the blockchain. Today we write a MyEtherWallet review, the best known Ether wallet on the market.

In the MyEtherWallet review we will look at how you can use this Ether wallet to store your Ethereum safely and securely, and what the different possibilities of My Ether Wallet are in doing so.

What is MyEtherWallet?

To start the MyEtherWallet review we would like to briefly explain the My Ether Wallet.

MyEtherWallet is a digital repository for your Ether. Ether is the name of the token ETH, fully written Ethereum, a digital token that uses blockchain technology. We know this blockchain from Bitcoin.

MyEtherWallet = Ethereum wallet. It is open source software where you can register a wallet for free to keep your Ethereum safe. The company was founded for this purpose in 2015 by Taylor Manahan and Koslala Hemachandra.

It is a fast, secure Ether wallet that values accessibility and ease of use. Among its users, MyEtherWallet is known as MEW.

MyEtherWallet h

How to Buy ETH for the Ethereum Wallet?

As a reader of this MyEtherWallet review, you undoubtedly own Ethereum or are considering buying the cryptocurrency to fill your Ethereum wallet. For those readers who are considering investing in Ethereum, we wrote the following step-by-step plan.

With that roadmap, you can easily find a place to buy ETH and we tell you how to move the purchased crypto to your storage wallet.

Step 1: Choosing a crypto exchange
Step 2: Register a new account
Step 3: Balance to buy Ethereum

Step 4: Search and buy Ethereum
Step 5: Store in Ethereum wallet
Start directly at eToro

Step 1: Choosing a crypto exchange

When you start investing in cryptocurrencies, the first question is how and where to buy them. The answer is an online broker / exchange. They help you convert your euros, dollars or other fiat into a cryptocurrency such as Bitcoin or Ethereum.

Due to the explosive growth of these cryptocurrencies, many exchanges have been created in recent years where you can buy crypto. There are, however, differences between them in speed and cost of purchase. The supply of crypto currencies may also differ widely.

When choosing a crypto exchange, make sure the crypto currency you want to buy is offered and at which transaction fees this is done.

For the MyEtherWallet review we look at crypto exchanges where you can buy Ethereum (abbreviated ETH or Ether). We have listed a number of suitable crypto exchanges for you, so you can choose one yourself:

eToro - innovative and social trading platform

eToro is a crypto exchange and stock broker that is popular worldwide and is itself based in Cyprus. In total eToro has millions of users, so it is a serious party!

At eToro, you can invest in trading products such as crypto coins (for example Ethereum), but also stocks, ETFs, CFDs, currencies and various commodities.

eTorod

Buying stocks and ETFs is also at 0% commission, while the low minimum starting amount is only $50 (€42)!

You can practice with a free demo account, or copy the best performing traders on eToro. So you can benefit from their experience.

eToro is based in Cyprus and therefore has a European license. The reliability of the broker is regulated by the supervision of the Cyprus Securities and Exchange Commission. (CySEC)

Advantages of eToro are a nice offer of various cryptocurrency, but also the extensive range in other trading products. It is also nice that eToro offers support in the form of analysis tools and video tutorials, so that even beginners learn how trading works.

We are enthusiastic about eToro! Are you too? Register an account quickly and for free via the green button!

Libertex - experienced Capital.com alternative

A competitor of Capital.com is Libertex. They too offer CFDs only.

Libertex is an experienced broker that has been offering services to investors for almost 25 years. So they have more experience than Capital.com. The number of products is a bit lower at 250, but still very diverse and more than enough for a diversified portfolio.

Investing at Libertex can be done within a few minutes from 100 Euros. You can pay by iDeal, creditcard or one of the other payment methods. Afterwards you will get direct access to the CFD crypto markets.

Do you want to buy Ethereum at a crypto exchange? Register an account with Libertex now!

Bitvavo - homegrown broker

There are also several exchanges active where you can buy crypto coins. How about Bitvavo, which is still in its infancy and has managed to shake up the market in just two years?

At Bitvavo, in addition to Ethereum (ETH), you can choose to buy, sell and store more than 50 different digital currencies. This makes it the largest (and cheapest) exchange.

Bitvavo

Of course, Bitvavo will add new popular coins to its range of trading products if necessary.

This does mean that you need to think about how you are going to store the purchased coins, the safest option for this is an external wallet, for example that of My Ether Wallet. You can also temporarily store the coins in the wallet at Bitvavo, but this makes your credit sensitive to hacks.

The biggest advantage of Bitvavo is its simple approach. The website is fully accessible and the developers have chosen to leave out as many unnecessary or confusing features as possible, which makes the crypto exchange interface look very clean.

Bitvavo also applies low transaction fees of up to 0.25 percent on Ethereum and the other crypto currencies. This makes them the cheapest.

One disadvantage is that Bitvavo does not have its own apps and only makes its services available through your browser. That is not always the most user-friendly way when you are on the road and want to view your Ether wallet.

Do you want to buy Ethereum at a crypto exchange? Register a new account with Bitvavo right away!

Capital.com - 3000+ trading products

Crypto exchange Capital.com has offices in England and Cyprus and is regulated by the British FCA and the CySEC of Cyprus. Because of this, you can safely invest in crypto there.

capital.com logo

In recent years, Capital.com has developed into a serious player in the field of exchanges and offers, in addition to crypto coins, CFDs on numerous shares, indexes, commodities and currencies.

In total there are more than 3000 different markets on which CFDs can be concluded.

At Capital.com you can trade 18 different cryptocurrencies including, of course, Etherheum. However, these are CFD contracts and not your own Ether for your MEW-wallet.

Registering an account at Capital.com is free and gives you access to 3000+ trading products, get started today!

Binance - the largest

Binance is the world's largest cryptocurrency exchange, where the highest amount of cryptocurrency is traded per 24 hours. Recently, this involved amounts of 20 billion euros and around 1.5 million transactions per second.

Impressive figures for a company of Chinese origin founded by Changpeng Zhao. Especially when you consider that Binance has only been active as a crypto exchange since 2017.

Binance

Binance's rapid growth has not gone unnoticed and has caused several legal wrangles over regulations and (inter)national legislation. Therefore, Binance is currently based in Malta.

Binance not only offers a lot of volume, but also the largest range of different cryptocurrencies. The exchange even has its own crypto currency - the Binance Coin (BNB) - which has seen a sharp rise in value in recent weeks. When you use their own coin, Binance halves the transaction fee from 0.1 percent to 0.05 percent.

Also at Binance, you own the purchased crypto yourself and it can be temporarily stored on the website or easily moved to a more secure address such as the My Ether Wallet.

Want to buy Ether at the biggest exchange in the world? By clicking on the green button, you can register an account at Binance immediately!

Step 2: Register a new account

Do you have your eye on a crypto exchange? Then now is the time to register a new account to buy the crypto with.

The registration process is 99 percent the same at most brokers, and the example below can usually be used. As an example, we use the crypto exchange eToro.

eTorod

You can visit eToro's website and register a new account via the 'sign up now' button.

After entering a username, password and email address, the exchange will email a verification link to you. You can click on it, after which you can use your account and some demo functions, if the selected exchange offers them.

To complete the account, you will need to send a copy of an identity document, link your bank account and complete a questionnaire (the KYC process) where you will be made aware of the risk of investing.

Step 3: Balance to buy Ethereum

After completing the profile, you can use the entire platform of the exchange and deposit funds to buy your crypto.

This is easily done with a payment method such as PayPal, iDeal and / or credit card. The number of payment methods may vary per exchange.

At eToro, the minimum deposit amount is €42 euro, the exchange then converts all euros to dollar prices and vice versa.

Step 4: Search and buy Ethereum

Now that the money is in your account, it's time to search for Ethereum through eToro's platform.

You do this easily with the search function at the top of the page. Search on the stock code ETH, Ether or Ethereum to find the crypto currency. You can set the price per ETH against other crypto as BTC but also against USD Dollars. eToro automatically converts this to euros.

On eToro's website, you can also choose to use the "trading" button to filter on "cryptocurrencies" and then select Ethereum.

After you have selected the price of Ethereum (ETH), you then choose to open a position.

Step 5: Storing in the Ethereum wallet

When buying CFDs in Ethereum over other crypto currencies, you don't need to keep anything, because you have entered into a contract about the future price of the currency instead of buying the cryptocurrency.

Did you buy the cryptocurrency yourself and do you now own some ETH? Then the MEW / My Ether Wallet offers a solution. In your own wallet, the coins are safe to keep. Also, you cannot lose them if the exchange used is ever hacked.

When creating the Ether Wallet, you receive your own unique code. When sending the purchased ETH to the Ethereum wallet, you enter this address at the exchange. Make sure you enter the address (the code) carefully and that the coins are sent to the right address.

Why use MyEtherWallet?

The MyEtherWallet review aims to inform you about My Ether Wallet and whether you should use it to store your Ethereum.

Now at the time of writing the MyEtherWallet review this wallet is already in use by numerous users. Why are these users enthusiastic?

spaceman MyEtherWallet

Why use MyEtherWallet?

The MyEtherWallet review aims to inform you about My Ether Wallet and whether you should use it to store your Ethereum.

Now at the time of writing the MyEtherWallet review this wallet is already in use by numerous users. Why are these users enthusiastic?

User-friendly interface

My Ether Wallet is known for its intuitive and user-focused interface that makes it extra pleasant to store and manage your Ethereum coins.

MEW is free and entirely focused on making it easier to interact with the Ethereum blockchain. MEW also allows you to manage other ERC20 tokens, which are other tokens that run on Ethereum's network.

Free and open source

My Ether Wallet is not only easy to use, but it is also completely open source as a platform. This sets it apart from many other Ether wallets and competitors. As a user you can generate an Ethereum wallet for free, interact with smart contracts and much more.

Built-in exchange


An extra - and perhaps unexpected - plus in our MyEtherWallet review is that you can not only store Ethereum in the wallet, but you can also guess from the same app. It allows you to swap your Ethereum for various other cryptocurrencies and/or even fiat.

How do I use MyEtherWallet?

For the MyEtherWallet review, the ease of use of the Ether Wallet is obviously of great importance.

My Ether Wallet has a number of different methods to generate a MEW wallet. The recommended way to create a My Ether Wallet is with the mobile MEW Wallet app.

After downloading the MEW Wallet app, enter a secure password and scan the QR code that appears on the My Ether Wallet webpage when you click 'access wallet'.

You can also access the MEW Wallet through different extensions for your web browser, MEW connect and the private key or Mnemonic phrase (not recommended).

View the Ethereum exchange rate at eToro

The MyEtherWallet review is not complete without confirming that the Ether wallet is also accessible by offline hardware wallets like Ledger, Trezor, FINNEY, BitBox, Secalot, Keepkey and XWallet.

Rather invest directly in cryptocurrencies? With the green button you can register within minutes and get started!

Supported crypto currencies

My Ether Wallet not only supports Ethereum, but also other coins built on the Ethereum blockchain. These tokens are called ERC20 coins.

In addition, My Ether Wallet supports Bitcoin in the sense that partner Bity makes it possible to swap ETH for BTC, but you need your own Bitcoin wallet to store them.

Below are some of the Ethereum assets and ERC20 coins that you can store with the MEW wallet. Bitcoin is not included, while Tether (USDT) and USD Coin (USDC) are supported.

eTorod

At eToro you can easily invest in different cryptocurrencies

Ethereum (ETH)
Ethereum Classic (ETC)

Tether (USDT)
USD Coin (USDC)

Basic Attention Token (BAT)
All other ERC20 tokens!

Advantages and disadvantages of MyEtherWallet

Pros

  • Completely open-source
  • Creating wallets is free of charge
  • Storing your Ethereum tokens as well
  • Nice, user-friendly interface
  • Reliable app for iOS and Android
  • Suitable for all ERC20 cryptocurrencies
  • MEW servers do not store sensitive data
  • Support for hardware wallets like Trezor

Cons

  • Not as secure as a hardware wallet itself
  • No support for Bitcoin storage
  • You cannot buy Ethereum on My Ether Wallet

Our first tip is a very important one: always pay attention when sending crypto tokens to and from wallets. The MyEtherWallet review is about MEW, and this wallet only supports Ethereum and related tokens.

When you try to transfer another cryptocurrency (for example Bitcoin, Litecoin or Ripple) to your MEW wallet you will lose it. For this you need a wallet that supports the cryptocurrency in question.

To get the hang of sending ETH transactions, we recommend always doing a small transaction the first time to see if it goes well.

MyEtherWallet review: Tips and tricks

Also, always make sure to enter the wallet address correctly, as it needs to be copied exactly for a successful transaction. MyEtherWallet offers tutorials and how-to videos on their website on how to do this.

In this way you will find out soon enough if you like MyEtherWallet as an option to store Ethereum.

Enthusiastic about MyEtherWallet? Do not wait any longer and start trading crypto currencies. Create an account at a broker today and start investing in crypto currencies immediately!

MyEtherWallet Review: Frequently Asked Questions

What is MyEtherWallet?

MyEtherWallet is a company that develops a platform for receiving, sending and storing Ethereum and crypto coins on the Ethereum blockchain.

The name of this platform is the MEW Wallet. This is a kind of wallet in which you can manage Ethereum. MyEtherWallet offers this wallet completely for free and it is open-source software which you can use from your smartphone with an app or desktop with extensions.

MyEtherWallet can also be linked to various extra secure hardware wallets such as Ledger and Trezor.

Is MyEtherWallet safe?

Yes, the MyEtherWallet has been proven over the years to be a safe wallet. However, it is important that you use a safe login code and do not share it with anyone. Also the private key - with which you can get the wallet back if you lose the login code - should be kept safely and not shared with others.

 

Which cryptocurrencies are supported by the MEW wallet?

MyEtherWallet - the name says it all - focuses on storing Ethereum. Ethereum-based tokens (the ERC20 crypto currencies) are also supported by the MEW Wallet. Bitcoin will not.

The supported tokens are:

Ethereum (ETH)
Ethereum classic (ETC)
Tether (USDT)
USD Coin (USDC)
Basic Attention Token (BAT)
+ all other ERC20 tokens

 

How do I access the wallet of MEW?

Through an extension in your web browser (Google Chrome) and/or the mobile app of MyEtherWallet for Android and iOS you can access the wallet. You can login by scanning a QR code, enter the login code and/or use the private key if one of the above methods is not possible.

Through your mobile phone you always have access to the MyEtherWallet and your Ethereum address. It is also possible to create a link with hardware wallets from which you can manage your wallet.

 

How do I withdraw my crypto from MyEtherWallet?

Within the MyEtherWallet you can exchange coins for fiat or Bitcoin (you need to send it to a Bitcoin wallet) or you can send it to another address from where you can withdraw it or exchange it for another currency. Make sure you enter the address correctly to avoid accidentally sending your crypto to someone else's address!

MyEtherWallet Review: Conclusion

As an Ethereum / Ether wallet, MyEtherWallet is an excellent option. This is due to the experience they have gained over the years and the open-source software and platform that have developed into a pleasant and accessible product.

In addition, MyEtherWallet is a reliable wallet for your Ethereum. You can easily send and receive Ethereum and ERC20 tokens at low risk.

For an extra layer of security, the MEW wallet can even be linked to a hardware wallet such as Ledger or Trezor. In that case, your ETH will be stored on the hardware wallet but can still be managed using MyEtherWallet.

We hope the MyEtherWallet review has helped you choose a suitable wallet for your Ethereum. If you would like to read more about the possibilities of storing your cryptocurrencies, you can also read one of our other articles.

MyEtherWallet Review Conclusion

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