MyEtherWallet (MEW) Exposed: Is it a Safe Wallet? | VKOOL

1020 Review(s)
AVG Rating: 8.3/10

MyEtherWallet offers a unique way of managing and controlling your Ethereum cryptocurrency without the fear of volatile markets and mistakes. This allows the user to make a paper wallet, digital wallet or hard wallet where you don’t connect to any network. You can then select what you’d like to do with your Ethereum, either trade or use it for your purchases.

This added protection enhances the security and leaves all the information only in your hands when you follow necessary safety protocols.

Consumer Opinion

The kind of people that use MyEtherWallet can vary, and generally since it’s a more refined way to create a wallet; it requires additional knowledge on the user’s part. For people who are willing to get more into the technical parts of managing their own data, it’s often described as a secure and functional way to do so. For people who may not have much tech savviness and who would need extra attention to set up an account, then it’s generally not favored as much.

An aspect of it that people generally enjoyed was that it’s free and all left in the hands of the user. This stops the exchange of data over a potentially unsecure network, and allows the user to create a secure wallet with security.

You’re definitely going to have to do some research before getting into this wallet since it’s not as easy as simply downloading an app and registering. With this however you’re better able to ensure that any sensitive information is in your hands only when you follow the necessary protocol.

Layout

As soon as you land on their front page you get many clear options to see what your options are. You can jump right to making a new wallet or if you’re new to this kind of thing, you can click the ‘Help’ section part of the website to learn more.

Because it’s a free application it may not be as intuitive as other websites, but they do offer support if needed.

If you’d like to access your already existing wallet you can input whatever method of access you’d like such as a private key or ledger wallet, and you can see what kinds of funds you have.

You can even cancel pending transactions if you find it’s along too long by checking on the ‘TX Status’. A good way to learn ore is by playing around the website as they give a good explanation as to what kinds of support they offer.

If you know how to operate a website like this then you’d know they offer a lot of services unlike other wallets. This may not be something all users may want to get into, but the customization opens it up for setting a wallet as you’d like.

Safety

This is where MyEthereumWallet really shines and it’s a major reason why a lot of people have continued to use it. Because the private keys are never transmitted through an open network, the only person to access this sensitive information is the user. Not even the people who operate the website would be able to access this information. This is a major reason why it’s highly advised to save your information somewhere secure, since they would not be able to recover it.

They highly suggest bookmarking their website as well to prevent fraudulent sites which appear similar to MyEtherumWallet.com but which are not. These are phishing sites which will try and take advantage of unsuspecting users by taking their sensitive wallet addresses.

There are many ways to save your wallet address and it’s essential that you decide on the kind of source that sits your needs.

A hardware wallet such as a USB drive, Nano, or Trezor all are secure sources. You can also store it on your computer, but this is only recommended if you trust that the computer you’re using won’t become targeted by malware.

You can also write down your key or make a paper wallet so that every time you want to access your account, you’d have to type it out each time. There are keyword loggers which may take this information however, so it’s important to only use secure computers.

The need to be secure and not use obvious passwords or go on untrusted websites is still in effect in order to prevent the possible loss of information.

Ease of Use

With the ability to store your sensitive information as you see fit, this makes it a unique way of storing your Ethereum. This may not be suitable for all however, since it’s more for people in the know.

Apps typically have a lot more information available to help understand how your crypto is doing, and allows you the support to make trades. With MyEthereumWallet its bare bones and more for people who want to control all aspects of a wallet.

The only way to access your funds is through the public address. Be careful of your keeping your private address and only activate it when you want to sweep funds. With this public address you’re able to see your Ethereum and receive new amounts.

Because you have to input data and aren’t able to do a quick QR scan, this is also not as quick to access. It’s essentially a trade-off, you’re better able to manage your information and reduce the chances of having it be exposed, but you’re also going to have to put in extra effort and make sure you’re still using secure networks and storage.

MyEtherWallet vs Exodus

Exodus offers the storing of Ethereum as well as many other coins such as Bitcoin, Bitcoin Cash, Litecoin, and Augur. They offer it for Linux, Mac, and Windows users.  You can use it to control your cryptocurrency and there’s a free app where you can manage your portfolio. This allows for the exchange rate of crypto, and for looking at fluctuating markets.

MyEtherWallet vs Mist

Mist offers a simplified browser for people who use Ethereum. It’s much different than MyEtherWallet as their services are for different purposes. This can be useful for people who may not have a lot of information about how to operate such a system, simplifying the process. There’s a lot less known about Mist however, as website information is limited.

MyEtherWallet vs MetaMask

With MetaMask you’re able to use it as an add-on to Firefox, Chrome, Opera, and Brave. They work solely with Ethereum and offer the ability to sign off and transactions and store identity. It works similarly as a wallet, and it allows you the ability to store all your information for any Ethereum friendly websites. This essentially creates a secure source for any and all transactions.

MyEtherWallet vs Coinbase

Coinbase acts like a digital exchange website and they do offer crypto storage but it’s important to keep in mind it’s generally suggested to avoid storing funds on a marketplace. There are issues such as frozen accounts and potentially lost currency which may result in any other wallet, but the risk is more to do with the consumer and not a potential company mistake.

MyEtherWallet vs Jaxx

With Jaxx you’re able to store many kinds of cryptocurrencies, not just Ethereum. It was created by a co-founder of Ethereum, and they offer support for all platforms like Windows Android, Mac, and others. Users can make a free account and begin trading without the need for a sign up or registering. Similarly to MyEtherWallet, they do not hold onto any funds.

MyEtherWallet FAQ

  1. What is MyEtherWallet all about?
    The storage, sending, and receiving of Ethereum are offered.
  2. Is MyEtherWallet for Android available?
    You store the information on your computer and they offer an app, though it’s highly important o only use a verified wallet as scammers have made fake apps to lure unsuspecting users.
  3. How to use MyEtherWallet?
    We recommend reading the review but a simply summary would be clicking on ‘New Wallet’, saving the password somewhere secure, and following the additional steps outlined on their website after submitting.
  4. Is MyEtherWallet safe?
    Just like any other storage based system, there are additional steps the consumer can take to ensure that funds are secure. There was a lot of positive feedback from users who said that the site was secure.
  5. What are common MyEtherWallet reviews?
    There was a lot of feedback from the crypto community and people generally had good things to say about its ease of use and supportive customer service.
  6. Is there a MyEtherWallet Reddit forum?
    There is no official forum but there is discussion of it on crypto forums or on Reddit. Members of the company often respond to customer inquiries on Reddit.
  7. Where is the www MyEtherWallet com login located?
    They recommend bookmarking the right address and go to the ‘View Wallet Info’ section where you can learn about your individual wallet.

Conclusion

MyEtherWallet specializes in providing a source for Ethereum which is widely used and very secure. You’re able to send and receive tokens, as well as create new wallets using secure codes. It may not be for people who know less about managing wallets, but for those who want to handle all aspects, it provides a free way to do so. If you’re looking to invest in Ethereum and want to store it through your preferred approach, this offers all the tools need to begin.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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