Post
Topic
Board Service Discussion (Altcoins)
Re: MEW is safe?
by
Charles-Tim
on 01/02/2021, 14:57:11 UTC
One of easiest way to create and access Ethereum and erc20 token is MEW web interface. My question is , is it safe to keep big amount in MEW or better not to rely on it.
No wallet are safer than hardware wallets and coins stored on airgapped devices. Also multisig wallets are safe but I do not know if ERC-20 tokens support multisig, and also the issue of high transaction fee. Myetherwallet is a web wallet. There are three types of o line wallets, they are:

1. Web wallet
2. Mobile wallet (Phone apps that are wallets)
3. Desktop wallets

Online wallets are more vulnerable to attacks, while out of all these online wallets, web wallets are most vulnerable. I will recommend hardware wallets but if you are expect enough to not mistakenly install malware on you wallet device, myetherwallet can also be good while also protecting yourself from hackers. But, I can not recommend this type of wallet, I will prefer hardware wallet like trezor and ledger nano.

Although, I've never used MEW before, but I use MetaMask for my ETH wallet, and as far as my experience right now, I could say it's pretty safe.
Metamask wallet is also a web wallet and web wallets are most vulnerable to cyber attack.

Although, I'm considering to move into desktop wallet, something like Electrum but for ETH.
I do not think there is any electrum-like wallet that support ethereum and ERC-20 tokens, but you can get a hardware wallet like trezor or ledger nano and use electrum to operate it, it will support Bitcoin, ethereum, ERC-20 tokens and many other cryptocurrencies.


Since you asked if is it safe to keep big amount in a Web Wallet App, well it depends on the app itself, but if you really want that extra oomph of security, I suggest you to use desktop wallet instead.
For high amount and holding, online wallet should not be suggested. Hardware wallets and wallets on airgapped devices are the safest. Airgapped devices can be difficult to use, buying hardware wallet will be the best alternative.