Beginner’s Guide to Using MyEtherWallet

When it comes to crypto, many investors prefer a personalized approach, which means total control over their wallets and transactions. Thankfully, a handful of platforms out there that let you do just that. MyEtherWallet is one of them.

MyEtherWallet has been around since 2015, a testament to its foresight and staying power—especially now that more crypto wallets and apps are springing up like mushrooms. It was once a niche platform that attracted people with in-depth technical knowledge about crypto. However, MyEtherWallet has been redesigned to help newcomers transition to the blockchain world.^[1]

If you want to learn more about MyEtherWallet, check out this comprehensive guide.

What is MyEtherWallet?

Dubbed Ethereum’s original wallet, MyEtherWallet or MEW is an open-source, non-custodial, and client-side platform that allows you to directly interact with the Ethereum blockchain. This means you have total control over your crypto assets.

To understand MyEtherWallet’s nature, let’s dissect its primary qualities:

Open-source – MyEtherWallet is democratized among programmers and people interested in the blockchain. Anyone can access, copy, or make suggestions to MyEtherWallet’s code on GitHub.^[2]
Non-custodial – This means you’re the only person who has control over your virtual assets. MyEtherWallet can’t access your account or even freeze it. It can’t keep you from moving your crypto whenever you want.
Client-side – MyEtherWallet doesn’t collect or store your personal information.

On top of these things, MEW doesn’t see your funds or your IP. With this setup, you are solely in charge of your wallet’s security and privacy.

What are the Uses of MyEtherWallet?

With MyEtherWallet, you can do plenty of things, such as the following:

Create a unique Ethereum wallet
Send and receive Ethereum tokens
Swap different cryptocurrencies
Explore decentralized applications (dapps)^[3]
Deploy and interact with smart contracts

What are the Cryptocurrencies Supported by MyEtherWallet?

Currently, you can buy and sell the following cryptocurrencies on MyEtherWallet:

Ethereum (ETH)
Tether (USDT)
USD Coin (USDC)
Binance Coin (BNB)
Polygon (MATIC)

How to Create a Wallet on MyEtherWallet

MEW is available on four channels: desktop via its official website, Android, iOS, and cold wallet. Here are the MyEtherWallet sign-up instructions for each of these channels.

👨‍🚀 Creating an Ethereum Wallet with a Hardware Wallet and the MyEtherWallet Website

If you already have a hardware wallet like Ledger or Trezor, you can access it using the MyEtherWallet website. Otherwise, you’ll need to get one and set it up with MyEtherWallet. Here’s how to do it:

Get a MEW-compatible hardware wallet. On MyEtherWallet’s homepage, click the Create a New Wallet button.
On the next page, click Buy a Hardware Wallet.
Select the hardware wallet you want. You’ll be then redirected to that wallet’s website to complete the purchase.
Once you have your hardware wallet delivered to you, unbox it and connect it to your computer.
Go to MEW’s website and click the Access My Wallet button. Then choose the option that says Hardware.
On the next page, select your wallet. Follow the succeeding prompts to complete the set-up.

👨‍🚀 Creating an Ethereum Wallet Using MyEtherWallet on Android or iOS

Got an Android or IOS device? Great! Create your MyEtherWallet using your mobile phone through the following steps:

Download the MEW wallet app from Google Play Store or the App Store.
Open your MEW wallet app.
Click Create a free wallet.
Read the tips. After that, click the Create a wallet button.
Key in your PIN. Make sure it’s strong and not easy to guess. Depending on your device or operating system, you may also enable biometric access, such as facial recognition or fingerprint.
Wait for the system to generate your account. Tap Start using MEW wallet for Android or Finish for iOS.

👨‍🚀 Creating a Cold Wallet Using MyEtherWallet

If you feel like you’re not going to use your MEW wallet for a long time or you’re just going to use it to store ETH and ERC20 tokens, you can create a cold wallet instead. Here are the steps you need to take:

Download the MEW wallet app from the apps store.
Open your MEW wallet app.
Click Create a free wallet.
Read the tips. After that, click the Create a wallet button.
Key in a strong PIN.
Wait for the system to generate your account. Then, click Start Using Mew Wallet.
A message will appear prompting you to back up your wallet. Tap Back Up Now.
Click Start. Write down the 24 words that will appear. Make sure to write them down in the same order and spell them correctly. You may also take a quick test to verify if you’ve written down the words correctly.
Once done, you’ll be redirected to your MyEtherWallet dashboard. Copy your wallet’s public address. This is an important step, as you need this address to send ETH and ERC20 tokens to your wallet.
After that, delete the app from your phone.

Note: MEW recommends writing the 24-word phrase on up to three separate sheets of paper. Store these sheets of paper in safe and secure places.

How to Buy Crypto Using MyEtherWallet

Collect crypto assets using your MEW wallet. Here are the instructions based on the platform you prefer.

👨‍🚀 Buying Crypto Using the MyEtherWallet Website

If you prefer transacting via desktop, the MEW website makes a reliable tool. Here’s how you can buy crypto on MyEtherWallet’s web portal.

myetherwallet - buy crypto on website

Go to the MyEtherWallet website.
Click Access my Wallet.
Once you’re on your MEW dashboard, click Buy/Sell, which is located on the left side of the screen.
You’ll then see the Buy window. Choose the crypto that you want to buy and your preferred currency. Enter the desired amount.
Click Buy Now.
On the next page, choose from MyEtherWallet’s integrated payment providers: MoonPay or Simplex. If this is your first time using either of the two, you may want to create an account first.
Provide your payment details. Then, select Buy Now.
Check your email to see if you’ve already received a confirmation message.

Note: When you’re buying Crypto using Simplex, remember that the minimum purchase amount is US$50 (around ₱2,900). You can only buy ETH worth US$20,000 (around ₱1,179,000) daily. The monthly limit, on the other hand, is US$50,000 (around ₱2,900,000).

👨‍🚀 Buying Crypto Using MyEtherWallet on Android or iOS

Buying crypto on the go? Use your Android or iOS device to make some orders. Here’s what you need to do:

Open your MEW wallet app. Click the Swap icon found at the bottom of the screen.
Tap Buy Ether.
On the next page, choose the currency that you want to use to purchase ETH. Then choose the amount you want to buy.
Tap the Buy Now button.
Choose between MEW’s two payment providers: MoonPay and Simplex.
Follow the succeeding prompts to complete the purchase.

How to Sell Crypto Using MyEtherWallet

Selling your crypto on MyEtherWallet is simple and seamless. Similar to buying crypto, the selling feature is available on the MyEtherWallet website, Android, and iOS.

👨‍🚀 Selling Crypto Using the MyEtherWallet Website

Transactions via the MyEtherWallet website require the use of MoonPay. Follow these steps:

Go to the MyEtherWallet website.
Click Access my Wallet.
Once you’re on your MEW dashboard, click Buy/Sell, which is located on the left side of the screen.
You’ll then see the Sell window. Choose the crypto you want to sell and the amount.
Select or add the bank account where you want your sale to be deposited. Once done, click Sell Now.
You’ll be redirected to the Order Confirmation page on MoonPay. Review the details of your order. Remember that when you click the View Deposit Details button, you’ll get the address to manually send and sell your sale proceeds to. Copy this address carefully.
Go back to your MyEtherWallet dashboard. Click the Send icon.
Choose the currency you’re sending and the amount. Enter the address you’ve copied from the Order Confirmation page.
Double-check the details. Once you’re good, click the Send button to complete the sale.

👨‍🚀 Selling Crypto Using MyEtherWallet on Android or iOS

As long as your mobile device is connected to the internet, you can sell your crypto anytime, anywhere. Here’s what you need to do:

Open your MEW wallet app. Click the Swap icon found at the bottom of the screen.
Tap Sell Crypto.
You’ll be redirected to MoonPay. Once there, choose the currency you want to sell and input the amount. Tap Continue.
Enter your email address. If you don’t have a MoonPay account yet, go ahead and enter your email address to register. Just follow the prompts to create an account.
Read MoonPay’s Privacy Policy. Then, tap the Continue button.
Choose the bank where you want your sale proceeds to be deposited.
Input your banking credentials to connect your bank account to MoonPay. Then click Submit.
Choose the account where the sale proceeds will be deposited. Tap Continue.
Review the details of your sell order. If everything is good, tap Continue.
If you’re using an Android device, you may be asked to verify your bank account by entering your Social Security number.
Click Sell Now if you’re good with the sell order details.
On the next page, click View Deposit Details. You’ll see the address for the deposit.
Copy the address, and go back to the MyEtherWallet app to complete the transaction.
After completing the transaction, go back to the MoonPay window and click the I’ve sent my crypto button.

MyEtherWallet FAQs

To make the most of MyEtherWallet, take note of these points:

1. Is MyEtherWallet legit?

Yes. It’s been featured in leading digital financial publications such as Forbes and Investopedia. It has also partnered with leading brands in the crypto industry such as Ledger, Trezor, Sirin Labs, BitBox, and Simplex, among others.

However, remember to proceed with utmost caution even if a platform is legit. Always do your due diligence.

2. Can I use MetaMask with MyEtherWallet?

Yes. MyEtherWallet recognizes the fact that many investors use MetaMask for its simplicity but still want the functionality offered by MEW. As such, MEW offers support for MetaMask wallets in its platform.

Here’s what you need to do to use MetaMask with MyEtherWallet:

Download the MetaMask Chrome extension.
On MEW’s homepage, click Access My Wallet.
Choose the Browser Extension option to start the linking process.
Read and accept the Terms and Conditions. After that, click Access My Wallet.
A MetaMask pop-up window will appear. Confirm your connection there.

3. How can I send crypto using MyEtherWallet?

It’s simple. Here are the steps to remember:

On MEW’s homepage, click the Access My Wallet option.
Select your access method.
On your MEW dashboard, select Send Transaction, found on the left side of the screen.
From the drop-down menu, select your preferred currency.
Enter the amount and the address to where you want to send the funds.
Select your transaction speed.
On the next page, review your transaction details. Then click the Confirm & Send button.

4. Can I store NFTs on MyEtherWallet?

Yes. Just like popular NFT apps, MEW lets you collect and store NFTs. You can directly manage your assets on your Android or iOS app.

Final Thoughts

Whether you’re an avid Ethereum investor or constantly working with smart contracts, you need a reliable platform to get things done. MyEtherWallet may be the tool you’re looking for. Other than its features, what makes MEW an attractive and viable option is it gives you full control over your assets and transactions. It also can’t access your data.

But before you dive right into it, we recommend you read more MyEtherWallet reviews. Better yet, ask someone who already uses this platform.

Sources:

^[1] MyEtherWallet Releases a Full Redesign (Forbes, 2019)
^[2] MyEtherWallet on GitHub
^[3] Introduction to Dapps

DISCLAIMER: Information published on this blog or elsewhere on www.moneymax.ph should be used for general information purposes only and does not constitute investment advice, performance data or any solicitation or recommendation that any security, investment product, transaction or investment strategy is suitable for any specific person. This material does not take into account your financial situation, risk tolerance level, investment experience or objectives; all of which are unique to you.

You should be aware that the value of virtual currencies (VCs) including cryptocurrencies may fluctuate greatly. As with any other type of investment, you should know and fully understand VCs before investing in such a product. You should only buy if you are prepared to accept the risk of losing all of the money you put into VCs.

Before acting on information on this blog, we suggest consulting an independent professional to advise you on the risks of any decision and the extent of any exposure to loss.

MyEtherWallet: What It is and How to Use It

Jay Pagkatotohan