MyEtherWallet Review 2019
Cryptocurrency is a hot topic today as was a few years ago. It still attracts the attention and interest of a broad audience. One of the first questions everyone asks after they get a little bit acquainted with it is how to store digital assets and ensure their security. Due to the high interest in such solutions and crypto wallets, we have decided to make a MyEtherWallet review and provide you with an in-depth overview of this Ethereum wallet.
If you would like to know more about the main types of crypto wallets, check out the article which will explain what crypto wallets are and how they differ.
What is MyEtherWallet?
So, what is MyEtherWallet? Let’s start with the basics and look at the My Ether Wallet from the view of a regular user. MyEtherWallet (MEW) is an Ethereum wallet which is delivered as open-source software. In the big picture, it means that the source code of MyEtherWallet is open for anyone to view and copy. Anyone interested in the Ethereum Wallet can visit MyEtherWallet Github and make suggestions regarding its features.
In other words, MyEtherWallet is a tool that helps to create wallets that are compatible with the Ethereum blockchain. This blockchain is the second most popular platform after Bitcoin. Since it had been launched on July 2015, it has been developing rapidly and now is of high interest among crypto enthusiasts and cryptocurrency investors. MyEtherWallet was created specifically for the ETH blockchain. This Ethereum wallet can be used to store ETH tokens and other digital assets which are issued on the ETH platform. It gained traction thanks to the ease of use and provided flexibility.
When you look deeper into the My Ether Wallet, you can clearly see that is a little different from the vast majority of ETH wallets. It is not a full-fledged wallet but rather an interface which interacts with the ETH blockchain but operates on client-side. Even though the Ethereum wallet allows you to create wallets online, all the information and funds are stored on the client-side, i.e. on your computer instead of the servers of MEW.
User-friendliness, ease of setup, and a high level of security set MyEtherWallet apart from the competitors. It provides you with all the benefits of an online Ethereum wallet while mitigating the vulnerabilities which usually come along with wallets that work on server-side.
My Ether Wallet belongs to heavy wallets. For you, as for the end-user, it means the necessity to download the whole blockchain to your computer. Also, the Ethereum wallet belongs to hot wallets. It is not possible to use MyEtherWallet offline and make a transaction without a connection to the internet. Since My Ether Wallet is a non-custodial one, you are the only person who has access to your private key.
ETH blockchain is different from Bitcoin. The main difference lies in support of smart contracts. These are self-executing contracts which opened a whole new world for various industries. Up to date, smart contracts are used to represent patents, healthcare records, and other assets on a blockchain.
Very often, users are worried about the safety of their assets and ask the question “is MyEtherWallet safe?”. The following data will help you sleep tight at night, knowing that My Ether Wallet provides a high level of safety.
MEW was created in 2015, not long after ETH had been launched. Taylor Manahan and Kosala Hemachandra, also known to crypto community by the names of vhnuke and tayvano, create the Ethereum wallet and has been developing and improving it since then. It is important to mention in our MyEtherWallet review that the wallet is popular among the top players on the crypto market. MEW has partnered with many small and big companies. The list includes such famous names as Bity, Kyber Network, Changelly, and Simplex. All these companies specialize in crypto and provide services to exchange cryptocurrency for cryptocurrency, or crypto for fiat money. The most popular pairs include ETH for BTC and ETH for ERC-20 tokens.
Since the launch, a few significant updates were introduced which are aimed at the security of MyEtherWallet. One of them is a technology called MEWconnect. It allows to download the MyEtherWallet Android, get registered with it, and enjoy the benefits of hardware-style security. Much like 2FA security, My Ether Wallet keeps your funds secure when you use an ERC20 wallet.
What is more, MyEtherWallet allows to create wallets with other hardware wallets. The list of supported solutions includes Ledger, Trezor, and many more.
However, when you look at My Ether Wallet, there is no doubt that its creators think about the security of the Ethereum wallet and funds stored with it. So, you the answer to the question “is MyEtherWallet safe? is a firm “yes.”
MyEtherWallet – Cold Storage
As MyEtherWallet works on client-side, it is possible to run it without the connection to MyEtherWallet GitHub. You can run MyEtherWallet offline and generate Ethereum wallets without a connection to the Internet. However, if you are thinking about how to send tokens from MyEtherWallet without the Internet, it is not possible. First, you need to transfer all the data to a computer which operates online.
Cold storage enhances the security even more. All the sensitive information, including private key,keystore file, and mnemonic phrase never leave your computer which runs MyEtherWallet offline.
The creators of MyEtherWallet have made it user-friendly, feature-rich, and secure. The first step to its usage is the creation of a new account. Below you can see the description of how to use MyEtherWallet:
As soon as you decide to use MyEtherWallet, you need to visit its official website. It is important to mention the possibility of phishing attacks. The risk of it can be mitigated with the help of secure protocol “https://”. Make sure you are using it instead of a more vulnerable and outdated “http” protocol to keep MyEtherWallet safe.
MyEtherWallet offers three different options to create a wallet. The first one is to create it with the help of MEWconnect, which is recommended method and complies of three steps.
Other two methods are not recommended by the MyEtherWallet team. The creation of MyEtherWallet with the help of a Keystore File is recommended only in the MyEtherWallet offline mode while the creation with a Mnemonic Phrase is designed for experienced crypto holders. Choose the option you are the most comfortable working with.
When you create a new wallet, you will be asked to choose a strong password, download the generated keystore, and get your private key. You should store a private key when no one can access it.
After that, you can add the wallets you want to have access to. Right now, the platform supports such hardware wallets TREZOR, Ledger, and Digital Bitbox, and some software ones like Ethereum Wallet.
Then you will need to sign in. You will be redirected to the main page where you will see the account address of the wallet, and all the information regarding assets and transactions.
After that MyEtherWallet will offer you to secure your account with a seed phrase. You should write it down and immediately reenter again.
When you have accomplished all of the above steps, you are ready to make transactions. This wallet allows users to buy Ethereum with Visa and Mastercard bank cards. Another important option, which the vast majority of other wallets lack, is the one which allows getting a hint in case you have forgotten your seed phrase or deleted a screenshot with it. All you need to do is to enter the password to the registered account.
Is This Wallet Safe?
The security of any crypto wallet is vital, and MyEtherWallet is no different.
As MyEtherWallet is an interface for interacting with other wallets, its security largely depends on the end-users, how they access and manage it. Even though the creators of the Ethereum wallet made their best to guarantee its security, MyEtherWallet was hacked.
One of such MyEtherWallet hacks gained wide-ranging coverage. It happened on the 24th of April, 2018, when it was under a phishing attack. Users were deceived, as they thought that they visited the official website of MyEtherWallet but, in reality, they were redirected to a fake site.
Even though everyone talked about the hack at the time, MyEtherWallet announced that the domain provider was guilty. The breach in its Domain Name System allows for the phishing attack to successfully redirect users to a website created by a scammer.
Which Cryptocurrencies Does It Support?
MyEtherWallet is compatible with different coins and tokens, including ETH and ERC20 tokens, which run on the main ETH blockchain. The list of MyEtherWallet supported coins includes such names ETC, Testnet ETH, UBQ, EXP, POA, TOMO, ELLA, ETSC, EGEM, CLO, GO, EOSC, AKA, ESN, PIRL, ETHO, ATH, ILT, WEB, and MUSICOIN
MyEtherWallet bitcoin support is not provided. The platform only allows swapping BTC for ETH or ETH for BTC. For this operation, you should have a Bitcoin account.
What Do You Have to Remember?
In this WyEtherWallet's review we have discussed the most important features and functions of this crypto wallet. You have to remember, that this wallet is non-custodial, so only you have an access to all of your data and assets - if you will protect you seed-phrase and private key in a right way, you can sleep tight at night. The next thing you have to remember is you have to use MEWconnect if you want to make transactions often and easy, but is you want to just to keep your crypto somewhere - use MyEtherWallet's Cold Storage.
I hope you found this review useful. Stay with us to see important and juicy details!