As the name would suggest MyEtherWallet is primarily a wallet for use on the Ethereum blockchain, this includes many tokens as well – it is an open-source wallet and is accessed directly from their website. In addition, it can be linked to a hardware wallet such as the Nano S or TREZOR wallet for extra security.
Ease of Use
Opinion varies on this subject, some users complain of a difficult user interface and it may daunt some new users, once you get to use it though it is very straightforward for simple transactions, just follow the guides on the site, ‘Getting Started’ and ‘How to Create a Wallet’. There are some more complicated areas including Smart Contract interactions where you will need to know your way around and have a little more knowledge and understanding.
The security level used is customisable to the individual’s personal needs and only you will have access to your private keys, they are not stored by MyEtherWallet. This means that the information on your private keys cannot be retrieved if lost so be aware of the importance of keeping this information secure.
During the setup process, you select where you want to store your private key. This is crucial to your security and there are three main options:
- Hardware Wallet – (Most secure and recommended) Store keys in a hardware wallet such as offered by Ledger Wallet or Trezor.
- Hard Disk – (Less secure) Stored on your computer hard disk, but you could be susceptible to hacking or malware attacks.
- Copy Private Key – (Least secure) Keep a copy of your private key and enter each time you access the wallet online. You also have the option to print a paper wallet from your key, it is recommended to ensure you have a backup of your wallet.
Access to your wallet is dependant on how you set it up with your private keys. If you have linked to a hardware wallet then you can access it from any browser. If you have the key stored on your hard disk then you can only access from that computer. A large number of tokens available for use with the wallet is very important for interacting on the Ethereum blockchain and often is the main choice of wallet for ICO launches.
- Very Secure – Private Keys not held online
- Large number of tokens supported
- Well respected in the crypto community
- Easily accessed
- Can be a little confusing for new users to use
- Beware of the shortfalls if you only use the lower levels of security – invest in a Hard Wallet