MyEtherWallet (MEW) is a free and open-source wallet which provides users with the tools to both store their cryptocurrency and send transactions. It is different from typical web wallets where you store your cryptocurrency on the servers of a third party. In MEW, users are enabled to create their wallets and to broadcast transactions through MEW’s full node. Generating wallets also enables users to receive funds. One of the main advantages of this is that users are in charge of their own private keys. Users also generate a password which means there is security both in the form of a password and a private key.
As the name would imply, MEW is focused on Ethereum and tokens on the Ethereum blockchain such as ERC-20 tokens and ERC721 tokens. This means that support for cryptocurrencies is limited but MEW is a popular choice when it comes to Ethereum. MEW is not the most user-friendly for beginners but there is a lot of tutorials online explaining how to use MEW.
MEW also has the ability to link up with devices and other wallets. Some examples of these include hardware devices such as Trezor and browser wallets such as MetaMask. MEW users were hacked recently after being redirected to phishing sites and typing in sensitive details. There was a significant amount of funds lost but overall MEW dealt with the situation effectively and promptly. They notified users rapidly through all their communication channels. MEW also take every step possible to prevent phishing schemes by including pop-ups each time a user arrives at the website to remind them to check the URL.
- Users are in control of their own private key
- Provides users with the ability to generate a wallet where they can receive funds and also send funds through their own full node
- Has the ability to link up with a number of devices and other wallets
- Actively tries to prevent phishing scams
- Only supports Ethereum and tokens on the Ethereum blockchain
- Users funds were hacked recently