MyEtherWallet wallet review

MyEtherWallet
Developed Ease of use,  High Privacy,  User Private Keys Stored

MyEtherWallet is an open-source client-side interface that works as an online wallet for the Ethereum blockchain. This wallet platform is one of the more popular Ethereum wallets available. It allows users to easily create new wallets in their web browser. Even though the platform is web-based, the encryption keys are stored locally on the user's computer.

Like many wallets MyEtherWallet is an open source public project that allows you to interface with the Blockchain. The developers also developed MyEtherWallet CX, which acts as a Chrome Extension for your browser. This is not a commercial product. The user is completely responsible for their own security.

Company / organization behind the wallets

MyEtherWallet is run by a small Los-Angeles based Fintech Company. One of the co-founders of MyEtherWallet is Taylor Monahan (tayvano Facebook user), currently working as a developer at Mangrove Web Development in California. MyEtherWallet has its dedicated subreddit which can be accessed at https://www.reddit.com/r/MyEtherWallet/. Most of the discussions around the software are actively posted on Reddit by its users.

Crypto Currencies Support

Language Support

  • Catalan
  • Chinese
  • Dutch
  • English
  • Finnish
  • French
  • German
  • Greek
  • Haitian Creole
  • Hungarian
  • Indonesian
  • Italian
  • Japanese
  • Korean
  • Norwegian
  • Persian(Farsi)
  • Polish
  • Portuguese
  • Russian
  • Spanish
  • Taiwanese
  • Thai
  • Turkish

Supported Systems

  • Online Only

There have been many bug reports for MyEtherWallet which have caused users to lose Ether. They have also been victim to a number of phishing attacks which have also caused users to loose funds. This wallet is only secure if it is used together with a hardware wallet. It really should be thought of as an interface not a wallet.

Summary:

Security
Low
2 Factor Authentication
No
Multi-Signature
No
Private Keys Stored On
User
Storage Type
The user may choose hot or cold storage and is responsible for the set up
Transactions Validation
Full Node
Hierarchical Deterministic
No

What happens in the event of a disaster/theft/loss?

The user has a 'root key', 'recovery phrase' or 'word seed' that can be used to regenerate private keys.

The web interface of MyEtherWallet is very simple and intuitive to use. This wallet platform uses Gas as a means of payment for the transactions. Unfortunately to correctly set up the security features and operate this wallet without mistakes you will need technical knowledge. It is not recommended for the average user.

Summary:

MyEtherWallet is really a web interface for interacting with the Ethereum Blockchain it is not a wallet. It will generate keys but the user is responsible for finding a place to store the. Thankfully, it integrates with multiple cold-storage devices. Be advised if you are using this wallet you must double check the URL before logging in. There have been fraudulent clones in the past.

Ease of use
Developed
Suitable For
Techy’s
Account activation process
Comprehensive
Transaction fees
Dynamic Transaction fees
Setup fee
$0.00

Like many wallets MyEtherWallet is an open source public project that allows you to interface with the Blockchain. The developers also developed MyEtherWallet CX, which acts as a Chrome Extension for your browser. This is not a commercial product. The user is completely responsible for their own security.

There are none

Help and support:

  • FAQ section
  • Email
  • Facebook
  • Twitter
  • Reddit

Most common customer complaint:

A number of bugs have caused users to lose funds