1 Level
10 Review
17 Karma
Review on MyEtherWallet by Tomek Klys
Myetherwallet the ethereum's helper
MyEtherWallet ensures to remind its users at all times that it is not a bank. The reminders are flashed on your screen when you create a new wallet. As Ethereum is the second most valuable blockchain in the world and MEW is a popular wallet, it’s a natural target for hackers.
MEW easily connects with popular hardware wallets like the Ledger Nano S and Trezor. Hardware wallets provide the highest degree of security to the users. Unlike a hot wallet, they remain disconnected from the internet and come with state-of-the-art security.
One of the most interesting features of MEW is that it allows you to make transactions offline. However, this option is considered better for power users instead of newbies. The wallet also provides extensive documentation on how to make transactions offline.
Pros
- Free open source software
- Give the uses control of the private keys
- Compatible with ledger Nano S and Trezor hardware wallet
- Compatible with Changelly exchange
- Provides token swap facility
- Allows users to store any custom ERC 20 tokens
- Comes with extensive educational resources
- Accessible through the web and easy to use
- Supports offline transactions
Cons
- Hot wallet, prone to hacking and phishing attacks
- Difficult to set up for newbies
- Only supports Ethereum and ECR 20 tokens – Bitcoin and other large coins are not supported
- MEW does not give users access to cryptocurrency exchanges
- Not as secure as hardware wallets such as Ledger Nano S or TREZOR
