MyEtherWallet Review: What Should We Know About It?
MyEtherWallet is an online wallet that allows you to buy and sell both Ethereum and Ethereum Classic tokens. The unique characteristic of this specific wallet is that you can connect the Trezor and Ledger Nano S hardware wallets with your Ether account.
The application is free of charge. However, you need to pay a small fee per transaction to support the platform development.
How to get started
The process isn’t too complicated. First, you need to open MyEtherWallet’s official website and enter the password which is required on the first page. This one will secure your private key. Then, just click on the “Create New Wallet” button.
Download your Keystore file and keep it safe. This represents the encrypted version of your private key. After these steps, the platform will provide warning details you must read and confirm you understood them.
To check your balance whenever you want, search it on EtherScan.io and bookmark the page. To check how it works, try to send a small amount of ETH on your new wallet. This will let you unlock the platform. For more information, check the MyEtherWallet guide.
Do not confuse the platform with a bank. Even if you create an account using a bank, the team is building your wallet account on their system.
The platform has a user-friendly and organized interface. Keeping users’ passwords or personal data isn’t of Wallet’s obligations. The interface is like an intermediate. It allows realizing the connection between users and blockchain’s services.
Unfortunately, once you made a transaction, there is no way to cancel it. Also, the team behind the platform isn’t able to change or restore your private key. It’s automatically generated once.
How to protect your Ethereum Wallet against attackers
Different hackers can send you messages that look compatible with the official website MyEtherWallet. Do not trust those accounts. You never know who’s behind them. There are many situations when hackers have stolen personal information using this method.
To protect your wallet, the team behind it propose the use of the EAL or MetaMask Chrome Extensions. These will block weird and dangerous websites. Another hint is always to check if the URL is the right one. Additionally, for a stronger security, it’s good to install an AdBlocker.
Security Tips for your private key
- Make sure you have evidence of your private key. Realize Backups, write on papers and store it on your personal computer;
- Use hardware wallets like Ledger Nano S or Trezor to encrypt your private key at a higher level;
- Do not make the mistake to keep your private key on sensitive cloud storages like Dropbox or Google Drive. These can be easily attacked.