MyEtherWallet: Review And Pros & Cons

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MyEtherWallet is considered a highly flexible user interface to access the Ethereum blockchain network. It is a free-to-use, open-source platform that allows users to create cryptocurrency wallets that operate securely on the Ethereum network. Released back in July 2015, the Ethereum platform has expanded rapidly in popularity, primarily due to its flexibility for developers looking to build decentralised applications (dApps).

Contrary to what some beginner cryptocurrency investors in Ethereum may believe, MyEtherWallet is not a crypto wallet in its own right. Instead, it is a go-between that makes it easy for individuals to store Ether and other ERC-20 assets on the Ethereum platform. Although it is accessible via the web, users’ cryptocurrency wallets are stored directly on their computers, not on the MyEtherWallet servers.

Talking in more technical terms, MyEtherWallet is deemed a client-side interface that allows you to create wallets online before storing your digital assets offline in a hardware wallet, eliminating the security vulnerabilities of housing Ethereum in a web-based wallet.

myetherwallet Review

MyEtherWallet Details

Wallet name: The MyEtherWallet
Coins accepted: Ethereum (ETH), Ethereum Classic (ETC) and all other ERC-20 tokens
Linked Exchange: n/a
Countries: Available in 192 countries
Languages: 18 languages available
Mobile compatibility: Beta iOS app launched
Wallet Rating: 4/5
Wallet Type: Software

MyEtherWallet Features

Choice of coins

At the time of writing this MyEtherWallet review, the MEW interface is compatible with Ethereum, Ethereum Classic and other Ethereum (ERC-20) tokens. If you wish to convert Ether into other cryptocurrencies such as Bitcoin, you must do so using a legitimate cryptocurrency exchange. As the MEW interface is designed to work solely on the Ethereum network, there are no plans afoot to extend its compatibility elsewhere.

Mobile & Desktop

The MyEtherWallet interface is primarily accessed via the internet, so providing your mobile device has Wi-Fi or 4G connectivity, it shouldn’t be a problem what device you use to access your MEW account. A beta version of an iOS MyEtherWallet app was released earlier this summer but, as yet, there are no plans to release an official mobile app.

Operating systems

As MyEtherWallet is an open-source interface, it should be easily accessible using all of the major operating systems on desktop and mobile devices: Windows, Mac, Linux and more.

MyEtherWallet Fees

As the MyEtherWallet interface is only an access point to transact on the Ethereum blockchain and is not a crypto wallet in its own right, it does not need to charge MyEtherWallet fees to its users. The portal is entirely free and open-source.

Security

In terms of the safety of MyEtherWallet users, it’s undoubtedly important to make sure that you always access the portal via the ‘https://’ protocol. Many that have accessed via ‘http://’ protocol have been the victims of phishing attacks, resulting in the loss of sensitive data and, worse still, digital assets. Aside from that, MEW generates a unique private key for your connected, compatible wallet that cannot be accessed by anyone online. Its support for cold storage and offline transactions makes it a highly secure option for Ethereum investors.

MyEtherWallet Customer Support

The founders of MyEtherWallet operate a regularly updated Knowledge Base, which features an increasing library of frequently asked questions (FAQs) ranging from getting started and security measures through to tokens and Gas fees. There is no live chat functionality offered to users at the time of writing this MyEtherWallet review.

Pros and Cons of MyEtherWallet

Pros

√ Free service
√ Open source
√ Clear, easy to understand ‘how-to’ videos
√ Never stores sensitive data on the MyEtherWallet servers
√ Support for offline cold storage transactions

Cons

X Instances of phishing attacks have been noted
X Not a cryptocurrency wallet in its own right

Guide to Setting up a MyEtherWallet

–  Visit the MyEtherWallet website and ensure you are visiting using the ‘https://’ protocol as opposed to the ‘http://’ protocol to avoid phishing attacks.

– Generate and download your unique keystore file.

–  Keep your private key safe and accessible to your eyes only. Then select compatible software and hardware wallets to interact with the MyEtherWallet interface.

Is MyEtherWallet a scam?

There are many asking the question “is MyEtherWallet safe?” Our MyEtherWallet review is designed to allay those fears and reinforce its positive features as a tool for interfacing directly with the Ethereum network, as opposed to operating as a standalone app. The MyEtherWallet interface can be connected directly with other industry-leading wallets including hardware wallets such as Trezor, Ledger and the official Ethereum Wallet.

Is MyEtherWallet safe for beginner crypto investors as well as experienced users? Yes. Put simply, it gives individuals the ability to create wallets of their own and authenticate transactions 100% offline. This is a far more secure way of transacting Ether than going through a web browser where sensitive details can be manipulated and stolen by cyber-criminals.

Final Words:

MyEtherWallet is a flexible wallet that provides all the features needed to interact with the Ethereum network.

The user sets their own security methods, none of which leave private keys sitting online. The ability to integrate with hardware wallets that may store other currencies is ideal for anyone with large portfolios. Additionally, ICO investors can wield ether to their particular requirements.

Overall, it doesn’t have a super clean user-friendly design but it does have the built-in capabilities for serious ether users.

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