Review on MyEtherWallet by Arun Kaul

Name: MyEtherWallet
Item: MyEtherWallet
Rating: 5

June 18, 2019

An Open-source ethereum wallet - Myetherwallet

MyEtherWallet is not exactly a web wallet because your private keys are not stored on the company’s servers. 

The way MyEtherWallet works is that it allows you to create your own wallet in your web browser. 

All your private keys, account information and funds are stored offline on your computer and not on the company’s servers. This is not a limitation but an advantage because online wallets are vulnerable to security threats. 

So MyEtherWallet provides the ease of use that an online wallet provides while keeping your funds secure offline. Your private keys, your account information and your cryptocurrency funds – everything is stored offline on your computer. 

You have full control over your funds, which can be a double edged sword. The 2-factor authentication that is seen on many wallets doesn’t apply on MyEtherWallet because it is a client-side application and not a server-side application. 2-factor authentication gives an extra layer of security on server side applications.
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MyEtherWallet has been a trusted name in the cryptocurrency world, but the phishing attack of April 2018 did affect its reputation. 

The service provides many features, flexibility, and offers ownership of funds due to which it was liked by its users. They also have a solid customer support system with their website full of support documentation. 
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Pros

MyEtherWallet is free to use and open source, which increases its trustworthiness
There is in-depth support documentation available along with numerous how-to videos on the web
Your information isn’t stored on online servers but offline on your own computer. The company lets you create your own wallet to store keys and funds offline
Compatible with top hardware wallets including Trezor and Ledger Nano S
You can initiate transactions offline with myetherwallet
Good customer support with in-depth online documentation and how-to videos
It lets you create and access smart contracts
Myetherwallet is simple and easy to use
Active development community indicates a bright future
It lets you print your private key as a paper wallet
High flexibility makes it a good option for all types of users

Cons

Security risks: Some users have experienced phishing attacks and become victims of hacking. But you can couple it with a hardware wallet for added security
You are responsible for your safety, unlike hardware wallets which guarantee almost 100% safety as long as you retain your recovery seed
There is no 2-factor authentication, multi-signature security or hierarchical deterministic attribute