MyEtherWallet Review ▷ Our experience with the MEW! 
Our Myetherwallet Guide is designed to give you simple information on how to set up and use the most popular Ethereum and ERC20 token wallets. In the crypto market, over 80% of tokens are ERC20 tokens. This makes a wallet like Myetherwallet invaluable for almost every crypto investor. We always advise you to be very careful before using crypto currency wallets, you should always do your research.
What is Myetherwallet?
MEW is a website where you can generate and access your own Ethereum and ERC20 wallet. It is the most commonly used Ethereum wallet. ERC20 tokens are tokens for crypto projects based on the Ethereum network. Currently over 500 crypto projects are built on Ethereum and are ERC20 tokens.
Don't think of MEW as a bank: you do not have access to your token or wallet details. Think of Myetherwallet as an interface through which you can interact with your personal wallet. This means that you and you alone are responsible for keeping your crypto secure and controlling your wallet. MEW will not be able to help you if something goes wrong.
Why would you need Myetherwallet?
Stock exchanges are essentially unregulated banks that store your tokens for you as a third party. It is a question of trust.
Crypto can be seen similar to gold, you "own" it only when you are in possession of the property. In our opinion, it is best to control your own crypto currency and not to be dependent on stock markets. This is where Myetherwallet comes in. Furthermore, many ICO's use ERC20 tokens and you can only participate if you have your own ERC20 wallet.
Terminology you should know
Private Key: Think of this as a complex password that proves that you own the tokens and are authorized to access your wallet. It is extremely important that you never share the private key with anyone. If someone finds out your private key, they can access your wallet and do whatever they want. A private key is essentially the same as the pin to your bank account; you should treat it the same way.
You will receive a private key for your wallet. Do not lose it. Otherwise you will probably lose access to your wallet.
Public key: A public key is essentially identical to your bank account number. The public key is required for another person to transfer money to your Wallet.
Keystore file: This is an encrypted file that stores your private key. Your password protects this file when creating a wallet on Myetherwallet. Make sure that you keep it safe and never share it with others.
How to set up and use Myetherwallet?
1) Go to Myetherwallet First make sure you see "Safe" next to the URL bar, i.e. you are on the real website. Make sure you bookmark the page, as there are many Myetherwallet phishing sites that are trying to get access to your money.
Create a wallet on MEW. Make sure you are on the official website.
2) Enter a secure password This password protects your keystore file, which stores your private key. Make a note of this password. We recommend that you write it down on paper to be as secure as possible. For security reasons, do not store this password on your computer.
3) Click on "Create New Wallet". You will then be prompted to download your Keystore file. Download it and keep it safe. For maximum security, we personally move the Keystore file to a flash memory and delete all traces of it from our computer.
When you are finished, simply click on the "I understand, Next" button.
4) You will then see your private key. We recommend that you do NOT save it on your computer.
Locate your private MEW key and create your paper wallet.
Instead, print a copy or two of the PaperWallet. Laminate it, keep it safe. "Your Address" is your personal public key and "Your Private Key" is your private key.
5) You will then be asked how you want to access your wallet. We recommend a hardware bag like Trezor or Ledger for maximum security. Why are hardware bags more secure? The private key is securely stored in your hardware wallet. Another advantage is that access to your wallet is much easier and faster.
We will show you later in this guide how to integrate Trezor and Ledger with Myetherwallet. For now, we assume that you want to use the completely free Keystore/JSON File method. Choose this option.
Upload your keystore file by clicking on "Select Wallet File", entering your password and clicking on "Unlock".
Unlock your MEW-Wallet with your keystore file and password.
6) You will then see your crypto credit. If you want to see your other ERC 20 tokens, you have to click on "Show all tokens" to display them in MEW.
Top Tip: For maximum security, it is best to access your Myetherwallet as rarely as possible. If you save your public address on your computer, you can view your wallet balance at any time without having to access your wallet:
So you can see your wallet balance with your public key:
- Our public key: 0xC34aCa9F36B3963c924F0FFA06C311004EC9D404
- In this example, the URL to display your token balance would look like this: https://ethplorer.io/address/0xC34aCa9F36B3963c924F0FFA06C311004EC9D404
Keep your MEW wallet as safe as possible by using Ethplorer to check your token balances.
7) To send Ethereum or ERC20 tokens, simply click on the "Send Ether & Token" tab on Myetherwallet. Upload your keystore file and enter your password as described in step 5 of this guide.
- Address: Is the public key for the person you want to send Ethereum or other tokens.
- Amount to send: You can select the token type in the drop-down list if you want to send a specific ERC20 token.
- Gas limit: Gas is the fee paid to the miners of the Ethereum network to process your transaction. If you are not participating in an ICO, we recommend that you limit the gas limit to 21,000. Do not worry about the large gas limit. At the time of writing, 21,000 gas equals a fee of $0.055 for Fiat transactions.
Top Tip: You can check the USD/EUR costs of an Ethereum transaction on Ethgas Station.
How to use a Ledger Nano S with Myetherwallet?
If you are thinking about buying or setting up a ledger, please read our special Ledger Guide. If you already have your ledger in operation, please read on.
For your ledger to work with MEW, you must activate browser support on your device. If you enable browser support, you will not have access to the Ethereum App. To switch between using the Ledger Ethereum App and MEW, simply enable and disable browser support. If you disable browser support, you can use the Ledger Ethereum App again.
1. unlock your ledger
This step is self-explanatory and is therefore not listed here.
2. choose Ethereum.
Open the Ethereum app in your ledger.
3. press both buttons when you see the "Use Wallet to view account" screen
4. select settings.
5. browser support
Selection of browser support in the ledger for MEW compatibility
6. select Yes.
Activate the browser support. This enables you to use MEW with your ledger.
When you sign in to Myetherwallet, simply select the Ledger Wallet option. The next step is exactly the same as using a keystore file.
How to use Trezor with Myetherwallet?
Trezor has made it very easy for users. All you need to do is select Trezor as the method for accessing your Myetherwallet account. You will be prompted to export the public key for ether account #1, select Export.
The next steps with Myetherwallet and how it works will be exactly the same as described earlier in this guide.