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MyEtherWallet Review 2020: Beginners Guide to MEW v5

MyEtherWallet Review 2020: Beginners Guide to MEW v5

In this review, I go through MyEtherWallet v5 (MEW) with its brand new interface, which connects users to the Ethereum Blockchain. MEW is an open-source platform enabling users to generate secure wallets. Once created you can send and receive Ethereum and Ethereum based ERC20 tokens.

MyEtherWallet Review: How does MEW work?

With MyEtherwallet, tokens and funds are not stored on the platform (as they would be on an exchange). Therefore, you have control over your assets, making it a secure way to access your funds. It’s also a great wallet for users who are getting into ICOs as it supports ERC20 Tokens with the use of one Ethereum address.

If you are new to MyEtherWallet v5 and want to create a new wallet, the recommended way is to do this using MEWConnect.

MyEtherWallet V5 Review: How does MEW work?

How to Access MyEtherWallet

You can connect to MyEtherWallet using several different forms, this includes the likes of MEWconnect, Hardware devices, the chrome extension Metamask or via your Keystore file/private key (not a recommended way).

How to access MyEtherWallet MEW

Accessing MyEtherWallet via MEWconnect

MEWconnect is a “no hardware”, hardware wallet that you can use to connect to MyEtherWallet v5 securely. Your private keys are stored in a secure vault on your device and it is available to download from Google Play or the AppStore.

To access your wallet, select “MEWconnect” from MyEtherWallet.com

Open your MEWconnect app on your mobile device and click “Scan to Connect” from the dashboard in your app.

Scan the QR Code presented on your computer screen.

Your wallet will then appear on the screen, presenting you with your balance and transactions.

Accessing MyEtherWallet via Hardware

You can access your wallet by using a hardware wallet such as the likes of; Ledger Nano S, Trezor or KeepKey.

From MyEtherWallet select “Hardware

Select your hardware wallet from the list and click “Choose a Hardware“.

Connect your Hardware wallet to your computer using your associated cable and follow the steps on the screen.

Connect your Ledger Hardware Wallet to MyEtherWallet
Ledger Nano X - The secure hardware wallet

How to Receive Ethereum Using MyEtherWallet

One of the first things you may want to do, once you have initially created your account is to fund it. This is all done using your public address. Once you have accessed/created your wallet, your Ethereum address is displayed in the top of your screen on MyEtherWallet.com

If you want to receive funds this is the address to share. From this “Address” section of the screen, you can Scan the QR code, Print, or Copy the Address.

MyEtherWallet Ethereum Address

How to Send Ethereum using MyEtherWallet

When you have funds within your MEW wallet, you may need to send this outside of MEW. For example, you may be sending these across to an exchange or to another wallet. Once you have accessed MyEtherWallet, you will be shown on the dashboard. From the left-hand side of the screen select “Send”.

How to send Ethereum with MyEtherwallet

Enter the amount of Ethereum you would like to Send or click onto “Entire Balance” to send all funds.

Enter the address you would like to send your funds to, whether this is another individual or exchange platform, etc.

The transaction fee will then automatically show in the field below. You can edit these according to how quickly you need your transaction to complete.

Click “Send Transaction“.

Depending on how you have accessed your MyEtherWallet account, you may be prompted to verify the transaction, either via MEWconnect your hardware device.

Your funds have now been sent and you can view the transaction on Etherscan to check its okay.

Tip: Ensure that the address is exact and correct as transactions are not retrievable.

How to Exchange/Swap in MyEtherWallet

Within MyEtherWallet v5 you have the ability to exchange/swap from 1 cryptocurrency to the other. This all performed under “Swap” from the navigation pane on the right-hand side, once you have accessed your account.

how to swap or exchange in MyEtherWallet

Click onto the “From” dropdown to select the cryptocurrency type that you have and would like to Swap and enter the amount.

Click onto the “To” dropdown and select the cryptocurrency you would like to receive and the amount will automatically convert underneath.

Enter the address where you would like the funds to be sent to. This could be your MyEtherWallet address, depending on the type of cryptocurrency you are receiving and whether it is supported by that wallet.

At the bottom, all available exchanges for your Swap will appear with the associated rates and you can select the exchange you would like to use. A timer of 10 minutes will begin for you to review all your information, confirm the details, and send the transaction.

MEWconnect Tutorial: Hardware Wallet without the Hardware

MEWconnect from MyEtherWallet is a “no hardware”, hardware wallet that you can use to connect to MyEtherWallet v5 securely. Your private keys are stored in a secure vault on your device and it is available to download from Google Play or the AppStore.

MEWconnect by MyEtherWallet Tutorial
MEWconnect Tutorial: Hardware Wallet without Hardware

MEWconnect Tutorial: Hardware Wallet without Hardware

In this tutorial, I take a look at MEWconnect from MyEtherWallet. MEWconnect is a “no hardware”, hardware wallet that you can use to connect to MyEtherWallet v5 securely. Your private keys are stored in a secure vault on your device and it is available to download from Google Play or the AppStore.

How to Create a MEWconnect Wallet

If you are new to MyEtherWallet v5 and want to create a new wallet, the recommended way is to do this using MEWconnect. The first thing you’ll need to do is download the app from GooglePlay or the AppStore.

You’ll then need to enter a password for your wallet and confirm the password by re-entering. Your new wallet will then be created.

MEWConnect App Download for Android and Apple iOS

How to Buy Ethereum with MEWconnect

Within the MEWconnect App you can purchase Ethereum with a credit card (Visa or Mastercard) with Simplex.

In the top right-hand corner of your wallet, press “Buy Ether

How to buy Ethereum with MEWconnect

Enter the amount that you would like to purchase. Purchases must be above $50.00. Any fees will be included in the price.

Press “Buy with Credit Card“.

You will then be shown a Simplex checkout so that you can enter your credit card details.

Buy Ethereum with Credit Card on MEWconnect

Enter your credit card and billing details.

Accept the terms and conditions by clicking onto the tick box.

Press “Pay Now“.

Your Ethereum will then appear in your MEWconnect wallet.

How to back up MEWconnect wallet

How to Back up your MEWconnect Wallet

Once you have created your wallet it is really important that you back it up.

From the main screen, you will have the option to “Back Up” if you have not already done so.

You will then be prompted to write down the 12 words and confirm those words in a series of questions.

You can then use MEWconnect as a means to connect to MyEtherWallet.

How to Connect MEWconnect to MyEtherWallet

You can connect to MyEtherWallet using several different forms. To connect using MEWconnect select this option from your computer.

How to connect to MyEtherWallet to MEWconnect

Open your MEWconnect app on your mobile device.

Click “Scan to Connect” from the dashboard in your app.

Scan the QR Code presented on your computer screen.

Your wallet will then appear on the screen, presenting you with your balance and transactions.

Connect MEWConnect to MyEtherWallet

How to Receive Ethereum with MEWconnect

Once you have opened your MEWconnect app, your Ethereum address is displayed in the colour coded section of your mobile device on MEWconnect.

If you want to receive funds, this is the address to share. From this section, press onto the address.

From here, you can then share the address by copying, scanning the QR code or clicking onto “Share“.

MEWconnect Ethereum address

MyEtherWallet (MEW) v5 Tutorial

MyEtherWallet v5 also known as MEW, is a brand new interface that connects users to the Ethereum Blockchain. MEW is an open-source platform that, in conjunction with MEWconnect enables you to generate wallets safely and securely. With your wallet, you will be able to send and receive Ethereum and Ethereum based (ERC20) tokens and exchange/swap to other types of cryptocurrencies.

How to use MEW v5