MyEtherWallet (MEW) is a universal wallet for Ethereum cryptocurrencies and other tokens of the ERC-20, BEP-20 and Polygon standard. It is developed as an open source software and is available in three versions: a web version, a mobile application and a web browser extension.

One of the key features of MEW is its non-custodial nature, which means that users have full control over their funds, and the wallet does not store their personal keys. In addition, MEW provides access to the built-in Web3 browser, which allows you to interact with decentralized applications (dApps) and conduct various operations on the Ethereum blockchain.

Users can also benefit from integration with leading cryptocurrency exchangers and fiat providers, which allows them to safely and conveniently buy cryptocurrency for national currencies. In addition, MEW provides an opportunity to engage in Ethereum staking, which allows the user to earn income for participating in network security.

In general, MyEtherWallet is a powerful tool for managing cryptocurrency assets on the Ethereum blockchain and provides users with a wide range of functions and capabilities.

The functionality and technical characteristics of the MyEtherWallet crypto wallet

The MyEtherWallet crypto wallet offers a standard selection of services. Users can buy crypto with public money (fiat), exchange tokens, use a Web3 browser to interact with decentralized applications, connect a wallet for trading on DEX exchanges, etc. There is

also the possibility of integration with Trezor and Ledger hardware wallets. There is no synchronization of MyEtherWallet with Metamask.

Cryptocurrency

MyEtherWallet provides a wide range of opportunities for working with cryptocurrencies:

• Buying and Selling ETH for Fiat: Users can purchase and sell Ethereum (ETH) for national currencies through integrated crypto exchanges and payment providers.

• Token exchange: The wallet has a function for exchanging various tokens, which allows users to easily exchange various cryptocurrency assets among themselves.

• Using bridges for cross-chain exchange: Users can use bridges to conduct cross-chain transactions, ensuring the free movement of tokens between different blockchains.

Although MyEtherWallet does not provide its own fiat gateway, it integrates popular crypto exchanges and payment services, which allows users to choose the most convenient options for them to buy and sell cryptocurrencies. However, some of these providers may require a verification process. In addition, when buying with a bank card, basic tokens such as Ethereum (ETH) are available, which provides ample opportunities to use the wallet for transactions with cryptocurrencies.

NFT

MyEtherWallet has a built—in Web3-enabled browser that allows users to interact with various decentralized applications (dApps), including the largest NFT marketplace, OpenSea. This marketplace provides the opportunity to buy and sell non-interchangeable tokens (NFT), which are displayed directly in the wallet after purchase.

DApp applications

The built-in Web3 browser in MyEtherWallet provides quick access to a variety of decentralized applications (dApps). Here are some of the useful services available through this browser:

• Looks Rare: A popular marketplace for buying and selling non-interchangeable tokens (NFT).

• Raible: Another well-known NFT trading service.

• Multichain: A platform for cross-chain token exchange between different blockchains.

• Aave: A service for cryptocurrency lending that allows you to borrow and provide crypto assets.

Swaps 

Swaps are the exchange of tokens from one or different networks. You can quickly exchange cryptocurrency in the MyEtherWallet wallet. To do this, click the "Exchange" button, select the token you are giving at the top, and the one you want to receive at the bottom. Please note that the exchange is conducted by a third party. A blockchain fee and an intermediary fee are charged for the operation. 

Cross-chain exchange is only available on the Multichain service. There is a quick access button in the "Exchange" section. You can also use bridges on any decentralized exchange, for example, Uniswap.

Steaking

Staking is a method of generating passive income in which tokens are frozen on the user's account for a certain period of time, for which he receives rewards. Frozen coins are used to ensure the health of the blockchain. 

Only ETH staking is available on MyEtherWallet. The minimum deposit is 32 tokens. ETH 2.0 staking in the wallet has not yet been implemented, but it is promised to be added in the near future.

The MEW extension for Google Chrome

MyEtherWallet is also available for use directly in the browser with a special permission called "Enkrypt". This extension is practically no different from the MyEtherWallet application and offers the same features and capabilities. It supports the same tokens and networks as the main application.

The "Enkrypt" extension is designed for convenient interaction with Web3 directly from your Internet browser. It provides convenient access to your wallet and allows you to carry out various operations with cryptocurrency directly through the browser window, without requiring the installation of additional applications.

Mobile application

MyEtherWallet offers the ability to install on mobile devices through the App Store for iOS version 15.0 and above and through Google Play for Android version 6.0 and above. The size of the application's installation file is about 150 MB, which is acceptable for most modern devices.

On the official MyEtherWallet website, you can find direct links to the app's pages in the App Store and Google Play, which makes it easier for users to find and install it.

Reviews of the MyEtherWallet app are generally positive. It is especially worth noting that the iOS version received a higher rating than the Android version, which may be due to differences in the optimization of the application for different platforms. Some users note that the Android version may be slightly slower, but this does not greatly affect the overall experience of using the application.

Commissions and fees

In MyEtherWallet, the commission is charged only for transactions — the exchange and transfer of tokens. Its size depends on the type of coin, the amount and the network load. The user pays the blockchain fee (gas fee), and the wallet itself does not charge anything additionally. The commission amount changes regularly and is indicated on the main screen in the corner on the right, where there is a button with an image of a gas station.

Transaction fees

• Gas fee: The blockchain fee (gas fee) varies depending on the current load of the Ethereum network and the type of transaction.

• Commission visualization: The amount of the current commission can be seen on the main screen of the MyEtherWallet application. To do this, click on the button with the image of a gas station.

Commissions for the purchase of cryptocurrencies and withdrawal of fiat

• Purchase of cryptocurrency: A commission is charged for the purchase of cryptocurrency by bank card, consisting of a gas fee and a fee from a fiat provider. On average, the purchase fee is 1.5% of the transaction amount.

• Withdrawal of funds to fiat: A fee is also charged for the withdrawal of cryptocurrencies into the state currency (fiat), including the collection of the blockchain and the collection of the fiat provider. The withdrawal fee can reach up to 3%.

Advantages and features

• No additional fees: MyEtherWallet does not charge additional fees for its services other than the standard blockchain fees.

• Commission transparency: Users can always see the current amount of the gas commission, which allows them to make informed decisions when making transactions.

• Integration with fiat providers: Despite the lack of its own fiat gateway, MyEtherWallet is integrated with popular providers, giving users a choice between different intermediaries for buying and withdrawing funds.

Thus, MyEtherWallet provides its users with a transparent and convenient commission system, where all fees are limited only to the necessary transaction costs.

Safety

MyEtherWallet is an open source wallet that provides users with a high level of privacy and security. It is important to note that the wallet does not collect personal information about users and does not store their private keys. The application does not provide two-factor authentication, and registration or verification is not required to use it.

On the official MyEtherWallet website, information about the security measures used is limited. However, it is known that the company encourages the discovery of vulnerabilities in the source code of the wallet and pays rewards for such finds. However, the responsibility for the safety of the cryptocurrency lies with the user himself.

To access accounts in MyEtherWallet, a private key or a passphrase is used, which is known only to the account holder and stored only on his device. Wallet developers do not have access to this information, which excludes the possibility of massive hacks of crypto wallets.

Thus, MyEtherWallet provides users with a high level of security and privacy, focusing on user control over their funds.

Support Service

In the MyEtherWallet wallet application, users can use the support contact form, which is located in the Settings and Support section. In this form, the user can leave their request and specify an email address for feedback. Please note that the support service is available for communication from Monday to Friday. Responses usually arrive within a few hours, although it can take a long time. It is also important to note that communication with support is carried out exclusively in English.

Reviews

Reviews of the MEW Wallet crypto wallet are easy to find in various sources, including Google Play, where there are several thousand of them. The general trend of reviews about MyEtherWallet.com it tends to be positive or neutral. Users note the good choice of cryptocurrencies and the user-friendly interface of the application. However, some Android users complain of malfunctions that can lead to incorrect display of the commission amount and delays in updating the balance. Such problems are not observed in iOS users.

One of the strong aspects of the wallet is the ability to withdraw funds to the card, which is a significant advantage for users. At the same time, the absence of DEX exchanges in the list of integrated decentralized services remains a disadvantage, according to some customers.

Conclusion

MyEtherWallet is a simple and convenient service for working with cryptocurrency, which is especially suitable for users interested in basic functions such as cryptocurrency transfer and token exchange. However, before conducting operations with the exchange of tokens, it is worth considering the choice, since transactions pass through third parties, which can lead to an increase in the commission.

The wallet has a friendly interface, supports the Russian language and provides access to a convenient Web3 browser. In general, after testing the application, we can conclude that MyEtherWallet is a reliable choice for users looking for a simple and effective solution for working with cryptocurrency.