What is MyEtherWallet? How to use MyEtherWallet

What is MyEtherWallet? How to use a wallet effectively? Why is this one of the most popular crypto storage products among investors? In this article, BHO Network will share the most helpful information to help you answer all these questions. Let's read the content below together!

Read more: What is a crypto wallet? All you need to know about crypto wallets

1. What is MyEtherWallet (MEW)?

MyEtherWallet (or MEW) is a website whose mission is to help you connect directly to the ETH blockchain. The platform does not store cryptocurrencies or accounts but acts as an intermediary. In addition, users can also keep a lot of Coins on the Blockchain of Ethereum and MyEtherWallet. The only device that developers accept for investors to use to buy Tokens.

2. MyEtherWallet

Features What are the characteristics of “What is MyEtherWallet? BHO Network and readers will learn more about this issue in the following content.

2.1 Full Ethereum Wallet

BHO Network found that MEW interface is compatible only with Ethereum, related Tokens and Coins like ERC20 and ETH Classic... So if the player wants to convert Ether to any Token for cryptocurrency like Bitcoin, you need to find an exchange.

MyEtherWallet is designed to work exclusively on the Ethereum network. The platform has no plans to explore other capabilities outside of the system.

2.2 Compatible with a large number of operating systems

The portal is an open source interface, MEW is compatible with all operating systems such as Windows, Linux, Mac,... both on computers and smartphones .

2.3 Zero Transaction Fee Structure

As MyEtherWallet interface is not a cryptocurrency wallet by its nature. The platform does not charge any fees from the users and the portal is completely free.

2.4 Offers both desktop and mobile

Anyone with internet can access versions MyEtherWallet Gateway, so no matter what device you are using it can be easily accessed. The MEW team has developed a Beta version of the app for iOS, but no official mobile product update is expected to roll out anytime soon.

2.5 Good security

The MyEtherWallet team always warns users to be very careful when entering the portal's protocol, which is “https://” and not “http://”. Many investors have been victims of phishing attacks that lead to data and digital assets theft.

Besides, MEW stores important files in offline cold storage and adds an extra layer of security for Coins and players' information.

Read more: What is a Multisig wallet? Why should we use it?

3. Reviews of MyEtherWallet

Look MyEtherWallet reviews to explain why e-wallets are most commonly used right now in the content below.

3.1 Advantages

The success of the platform comes from the advantages built by the publisher such as:

• Do not keep the user's Private Key and all assets are not retained on the server, so you can use it with peace of mind.
• The operation of receiving and transferring Tokens on the product is quick.
• Intuitive and straightforward interface.
• Supports almost all ERC20 Tokens.
• Coin transfer fees are relatively low. The system has the feature of customizing GAS fees.

3.2 Cons

Along with the above advantages, the MyEtherWallet wallet still has specific weaknesses such as:

• No essential protection features such as email confirmation and 2FA security.
• Currently the interface of the device does not support Vietnamese. This makes it harder for newcomers to work.
• You can't buy and sell directly on the system.

4. Cryptocurrencies that MyEtherWallet supports

What are the cryptocurrencies available on MyEtherWallet? The product only supports Ether (ETH) and Ethereum related Cryptos and tokens such as Ethereum Classic (ETC) and all ERC20 issued on Blockchain network such as Basic Attention Token (BAT), Chainlink (LINK), Holo (HOT), Dai (DAI), OmiseGo (OMG), Augur (REP),...

5. Instructions on how to create a MyEtherWallet wallet

You will see, that there are 3 ways to create a new MyEtherWallet wallet using MEWconnect. Keystore File and Mnemonic Phrase. In this article, BHO Network will share the process for users to choose the most suitable way.

5.1 Create a wallet with MEWconnect

This is a pretty simple way, first download the MEWconnect application (iOS/Android). After completing the process of creating a MyEtherWallet wallet on the phone, the user opens the App, presses the "CREATE NEW WALLET" button to create a new Wallet.

Continue, enter the password for the wallet on the phone.

Note: The password to login MyEtherWallet wallet should be recorded carefully.

After you have successfully created it, click “START USING MEWCONNECT.”

Next, users need to backup their MEW wallet, so that they can recover assets when they lose access. Click “Back up now” and “Start” to continue. The App will ask the user to enter the password to start the backup.

The application will display 24 Mnemonic Phrase, users should save these secret phrases. This is a random keyword just for you. Players can use these 24 words to log in to almost all Ethereum wallets such as Ledger Nano S, Trezor, Trust Wallet, Coinbase Wallet, Cipher Browser…

After saving the keyword, click on the arrow name in the upper corner. The next step is to confirm that the investor has protected the Private Key and select the elements corresponding to the position in the 24-word string. Then, the player clicks on the letter V in the upper corner to complete.

5.2 Creating a wallet with File KeyStore

To create a wallet with a File KeyStore, click “By Keystore File” and enter the Password.

Note: The password must be at least 9 characters, so “Password strength: Good” is ok.

Next, the user should click "Download Keystore File" to download the Keystore file to the laptop. You will then login to the wallet via this document. Users do not share with anyone.

However, this way of creating an account is considered not very safe because of the risk that investors can lose computers or damaged data.

5.3 Create a wallet with Mnemonic Phrase

First, you choose “By Mnemonic Pharase,” the screen will appear Mnemonic Pharase of the wallet. These words are used to login or recover. The user can select the 12 or 24 word version. After the user has carefully saved it, press “I Wrote Down my Mnemonic Phrase.”

The system will ask the player to confirm again to ensure the security key has been saved. Once done you can log in and use the device. As mentioned above, investors can use these 24 words to access almost all Ethereum wallets such as Ledger Nano S, Trezor, Trust Wallet, Coinbase Wallet, Cipher Browser…

6. Is there any way to access wallets on MyEtherWallet?

MyEtherWallet (MEW) provides multiple ways for users to log in to Ethereum wallets or other hardware wallets. Investors can easily do this by selecting the 'Access My Wallet' tab on the portal's dashboard. Recommended options are as follows:

• A hardware wallet like Ledger Nano S, Digital Bitbox, Trezor, Finney, etc
• Software wallet like Keystore/JSON File + password, Mnemonic Phrase + Extra Word (optional) and Private Key.
• MEW Wallet or MEW mobile apps for iOS and Android, wallets like WalletLink or WalletConnect.
• Web browser extensions such as MEW CX, MetaMask, etc.

Read more: What is Liquality Wallet? Detailed registration and usage instructions

7. How to use MyEtherWallet Wallet

The following content BHO Network wants to introduce to you in this section is how to use MyEtherWallet.

7.1 How to log in to MyEtherWallet

To login to MyEtherWallet, go to “Access my Wallet” at the player's homepage. Here, you will find there are many ways to log in. However, in this article, BHO Network will only guide 2 ways to login as follows:

Login with MewConnect

When a player chooses to log in with MEWConnect, a QR Code will appear on the screen. You need to open MEWConnect on your phone, press “SCAN TO CONNECT” and scan the QR code above.

Login with File Keystore / Mnemonic

In the “Access My Wallet” section, select Access by Software > Keystore File and then select "Continue."

Next, the user should upload the Keystore file. MyEtherWallet will ask you to enter your wallet's password and press "Access Wallet" to access it. If you choose Mnemonic Pharase then enter your 24 secret words. Then, the player clicks Continue.

With 1 chain of Mnemonic Pharase, you can manage dozens of wallet addresses at the same time. However, you should only use wallet addresses on the first page, not on the following pages. This is to avoid situations that are difficult to manage in the long run.

7.2 How to buy ETH on MyEtherWallet

Players follow the following sequence to buy ETH: Select "Buy Ether" > Click the amount you want to buy > Select "Next: Payment" to pay. There are 2 forms of payment: Apple Pay or Visa/MasterCard. Please choose the appropriate form.

7.3 How to receive ETH and ERC20 Token on MyEtherWallet

For users to receive Ethereum from others is very simple. Players need to get the ETH wallet address on MyEtherWallet, give it to someone else and transfer it in. After accessing MyEtherWallet you will see the interface “Send Ether and Tokens.”

Here the sequence of characters below "Account Address" is the ETH wallet address "Account Balance" is the amount of ETH you are holding. Investors get the address to buy ETH or give it to someone who wants to transfer.

7.4 How to send ETH and ERC20 Token on MyEtherWallet

How do players transfer Coins between wallets? Below, BHO Network will introduce the sequence of steps for you to understand better.

Step 1: Open MyEtherWallet -> Click "Send Transaction". Step 2: User fills in information to send ETH or Token.

• Type: Type of Coin.
• Amount: Amount to move.
• To Address: The address of the receiving wallet.
• Transaction Fee: Gwei transaction fee, you can click Edit to change the price.
• Gas Limit: Gas.

Step 3: You select “Send Transaction” and confirm to start transferring money.

7.5 How to Add ERC20 Tokens to Wallet

Next, you will be guided through the steps to be able to add Coins to your pocket.

Step 1: User opens MyEtherWallet.

Step 2: Under "Token" -> select "Custom Token" to add the type of Token you want.

Step 3: Then, you fill in the required Token information.

• Token Contract Address: Smart contract address.
• Token Symbol: Token Symbol.
• Decimals: The maximum number of decimals.

7.6 How to use the Swap feature on MyEtherWallet

The feature helps to convert Tokens to the Ethereum ecosystem. To flip any Coin on MEW, you will follow these steps: Click "Swap" >> Select Token and enter the amount >> "Swap."

7.7 Introducing some other features on the wallet

8. MyEtherWallet Wallet Security Guide

What is MyEtherWallet Security?? When using the device, you must ensure safety to avoid property loss. Therefore, BHO Network shares with readers the necessary work to do:

Password: Users who use passwords should follow the following factors:

• Have both letters and numbers.
• There are uppercase and lowercase characters.
• Password is 8 characters or more.
• The number sequence should contain special characters such as !, @,%,$,^…

File Keystore/JSON: This is a file that must be stored in a safe place. Please save it to a USB or a computer that cannot connect to the Internet.

Private Key Information: This is a standard line of digits but is essential to make a transaction. So please write it down on paper and keep it safe. In addition, you need to note a few more things such as:

• Do not access websites of unknown origin.
• Have copyrighted anti-virus software and keep your computer safe.
• Visit the official MyEtherWallet website and avoid fake sites.

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Above are the contents related to "What is MyEtherWallet?" that BHO Network just shared. Hopefully, readers have been provided valuable information before participating in the cryptocurrency market. For more helpful information about the financial market.