After the launch of MyEtherWallet Version 5 (MEW -V5), people have become aware of the mobile application. MEW now does not need any hardware; instead, you can run it on your smartphones. This is a free companion and user-friendly application which will help you to secure your funds like never before. The app is available on your Google stores for android phones and also iOS Appstore.
Let us see how to use the new MEWconnect.
Firstly, we create a new Wallet with MEW connect. This is easy. Create a new wallet like the way you created on the device like Ledger or Trezor.
Once created you can transfer your funds from old wallet to the new if any. Otherwise, start afresh. This new wallet is called as ‘hardware wallet’ without any hardware because it adds all the required functionalities that a device would do.
Secondly, we create a backup. This needs to be done to secure the wallet in the long run. The 24 words present needs to be noted which will be required to recover your wallet.
Once these words are lost, it is impossible to recover the wallet. Also, it is very important to keep these words safe from others.
Do not restore the existing wallet on Connect. Instead, create a new one. Restoring the existing reduces the security benefits since the old private keys might be compromised.
One cannot restore the existing wallet with the private keys. However, you can restore the wallet in MEWconnect with a recovery phase.
E.g., Supposedly, you have created a new wallet and happen to lose your phone. In that case, you can recover the wallet by the 24 recover words that you noted when you created a backup. Now, if by any chance you do not have the words and have just created a password and saved it in a keystore file you will not be able to recover your wallet with these.
MEWConnect is more secure than the hardware because it stores the keystone files, private keys on the local and more secure vault on the mobile phone, I.e., far from the actual devices where transactions happen. Even though your cellphone is continuously in contact with the internet, the keys are not accessible or exposed.
Another essential security feature of MEWconnect is that it keeps its transactions away from the private keys. It never exposes the keys. So you always have to connect with the MEW website before making the transactions, unlike the banking apps that create a mirror of your account on the apps.
I hope the above-provided information is helpful. For a further detailed explanation, you can visit the following sites.
MEWconnect website, Video guides, MEW Knowledge Base