MyEtherWallet (MEW) is a free, open-source, client-side interface for interacting with the Ethereum blockchain. It allows users to store, manage, and send Ethereum and Ethereum-based tokens (such as ERC-20 tokens).
One of the main benefits of using MEW is that it is a non-custodial wallet, which means that the user has complete control over their private keys. This is in contrast to custodial wallets, where the private keys are controlled by a third party, such as an exchange. Non-custodial wallets are generally considered to be more secure, as the user is responsible for keeping their private keys safe.
MEW also offers a range of advanced features that make it a good choice for experienced cryptocurrency users. These include the ability to interact with decentralized applications (DApps), view and manage smart contracts, and access a range of Ethereum-based tokens.
One potential drawback of using MEW is that it is a software wallet, which means that it is stored on the user’s computer or mobile device. This means that the user is responsible for keeping their device secure and backed up in case of loss or damage. Hardware wallets, which are physical devices that store the user’s private keys, are generally considered to be more secure, but they do come at an additional cost.
Overall, MEW is a good wallet for those who want to have complete control over their Ethereum and Ethereum-based tokens. It offers a range of advanced features and is a non-custodial wallet, which makes it a secure choice. However, it is a software wallet, which means that it is important for users to take steps to keep their devices secure and backed up.
Can MyEtherWallet be trusted?
MyEtherWallet (MEW) is a free, open-source, client-side interface for interacting with the Ethereum blockchain. It is widely regarded as a trusted and secure platform for storing, managing and sending Ethereum and Ethereum-based tokens.
One of the main reasons why MEW is trusted is because it is a non-custodial wallet, which means that the user has complete control over their private keys. This is in contrast to custodial wallets, where the private keys are controlled by a third party, such as an exchange. Non-custodial wallets are generally considered to be more secure, as the user is responsible for keeping their private keys safe.
MEW is also a well-established and widely used platform, with a strong track record of security. It has implemented various security measures to protect user accounts and has not suffered any major security breaches.
However, it is important to note that no cryptocurrency wallet is completely secure. It is always the responsibility of the user to take steps to protect their own security, such as keeping their device and private keys safe and securing their account with strong passwords and two-factor authentication.