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MyEtherWallet

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Greater Los Angeles Area, USA
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Description

MEW is a client-side interface that interacts with the Ethereum blockchain. Although you can easily create new wallets in your web browser with MEW, it’s not actually an online wallet. Even though you create the wallet through the web, all of your information and your funds are stored on your computer, not on the MEW servers. MEW combines the ease of setup provided by online wallets while eliminating many of the vulnerabilities that come with storing your funds online.
Company Name

MyEtherWallet, Inc

Name

MyEtherWallet

Wallet type

Online

Address

Greater Los Angeles Area, USA

Price

MyEtherWallet is completely free to use. You will be charged transaction fees when you send ether, but those go to the miners working on the Ethereum blockchain and not to MEW

Supported crypto currencies

Two-Factor Authentication

No

Multi-factor Authentication

No

Secured By SSL

No

Own private keys

No

Windows Phone

No

Mobile version

No

24/7 Online Support

No

Contact email

Launched a couple of years back, MyEtherWallet is a free and an open source tool that has increasingly gained popularity. In the recent past, it has increased the number of supported tokens and crypto coins. It’s one of the best options for sending, storing, and receiving both Ethereum and other Ether related tokens. Although technically it does not store your tokens, it provides you with an address where you can receive the coins. Unlike other online Wallets, it does not allow you to create an account or even a wallet on their servers.

 

Features

  1. Security: As a client-side wallet, MyEtherWallet allows you to create your own security requirements. Upon opening account, it will generate for you a private key and user's password that you are the only one who can access. However, every time you log, it’s very important to be careful. You also need to have a backup of your private key.
  2. Accessibility: As compared to other options in the market, generating and using it might be a bit complex. But once you know what makes a good wallet, it becomes quite simple to operate.
  3. User interface: Since you can easily load it up from your chosen browser, it does not take much time to start using it. Its design only focuses on the most important components that will allow you to send and receive Ether or Ethereum.
  4. You can run it offline: You can also run it offline instead of using GitHub servers. This is a very important feature as it allows you to make offline transactions.
  5. It's compatible with Trezor and Ledger Nano S: This is very much advantageous because these offline devices are free from phishers, malware, and keyloggers. However, you still need to have a backup for your private key and store in another location.
  6. Speed: Its speed basically depends on how many people are transacting. However, MyEtherWallet does everything it can to ensure that the transactions are as fast as possible.
  7. Customer support: Its official website is full of articles and guides that help users to get around and use their services properly. They also have FAQ and Quick Help sections that provide users with comprehensive answers to their questions.

 

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Advantages

  1. Its security is much better than other online wallets.
  2. It provides you with more control as you can create your own wallet and control your private key. Most wallets are usually controlled by third parties.
  3. It's open source and legit.
  4. It has a user-friendly and interactive interface.
  5. It provides easy and secure interaction with the Ethereum Blockchain
  6. It offers great customer support.

 

Disadvantages

  1. Unlike other online wallets, you cannot access cryptocurrency exchanges.
  2. You cannot access it from some devices.
  3. It cannot be used for other coins.
  4. It’s faced with the risks of thefts and hacks.
  5. It’s not simple for beginners.
  6. It does not offer different backup options for your private key.

 

Conclusion

In a number of ways, MyEtherWallet provides the convenience that users need without so many security vulnerabilities. It’s a user-friendly platform that offers plenty of security and flexibility. Apart from having the ability to integrate with hardware wallets, you don’t have to download a lot of data to start using it. Although its interface may look at bit cluttered, you will easily get used to it

Pros & Cons
  • Easy to Use
  • Supports offline transactions
  • Users have been targeted by phishing attacks and hackers
  • No, Hierarchical Deterministic
  • Not Multi-Signature
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