What is MyEtherWallet?

MyEtherWallet is a web-based Ethereum and ERC20 token wallet that lets you get direct access to the Ethereum blockchain. This open-source wallet lets users retain their private keys, adding an extra layer of security compared to other web-based wallets. It also boasts of a huge community back up, developer support, and trust.

The wallet supports Ether, the native token of the Ethereum blockchain, and all other tokens created using the ERC20 protocol. The focus on one blockchain and the multitude of coins it supports has helped MyEtherWallet become a faster alternative to several multi-currency wallets.Apart from its speed and security features, the wallet also features a unique and inspiring user-interface makes it easy to send and receive tokens, swap tokens and even connect it with hardware wallets like Ledger Nano S.

What wallet type is MyEtherWallet?

• Web-based
• Hot wallet (needs an internet connection to function)
• Open-source
• Ether and ERC20-only

How do I transfer coins to MyEtherWallet?

Once you have logged in to MyEtherWallet, you will have to add some tokens to it. Here is the process you need to follow.

• Open your MyEtherWallet
• Go to ‘Send Ether & Tokens’ tab
• You will see a tab for ‘token balances’ on the right corner. A long list of supported tokens is already available there. Simply click on the token of your choice or search using the search bar.
• If your token is listed, click on it and add balance directly. Just go to your exchange account, add the MEW wallet address, fill the token amount you want to send to the wallet in a UBERT smart contract
• Wait for the transaction to complete.
• You are done!

What do I do if my token is not listed?
If your token is not listed, you can still use it on MEW.

• To start, copy your MEW address and paste it on https://etherscan.io/
• Click on the drop-down menu to see your token balance
• Click on the address box
• Now go back to MEW dashboard and click on “add custom tokens.”
• Fill the following details- token symbol, contract, and decimals.
• Click on “Save”
• Your token should now appear on the list.
• Go back to step 4 and add balance.

How safe is MyEtherWallet?

There are many searches for “is myetherwallet safe?” online, and the answer is yes and no. MyEtherWallet ensures to remind its users at all times that it is not a bank. The reminders are flashed on your screen when you create a new wallet. As Ethereum is the second most valuable blockchain in the world and MEW is a popular wallet, it’s a natural target for hackers. We consider eToro to be a much more secure wallet.