Since the inception of cryptocurrencies, other new markets have emerged to complement the rising need for the application of crypto in our everyday life – specifically remittance, conversion of cash, secure storage, and even trading of crypto. The platform is already set, and now these other complimenting aspects of cryptocurrency are pretty much available everywhere.
For the storage of cryptocurrencies, it is common that you will bump into these two storage services – MetaMask and MyEtherWallet. They all do the same job – storage of the second most popular cryptocurrency Ethereum in a secure manner.
However, you might be beating yourself upon which of the two storage services you should embrace. Well, we are going to take you through both services, their various features, strong points, and weak points as well, to help you choose the best. And not just the best, but the best that suits your needs.
Summary: MetaMask vs MyEtherWallet
Starting with MetaMask, this is a type of cryptocurrency wallet that can be accessed directly using a browser, including Chrome, Firefox, and Brave. In simple terms, MetaMask is like a bridge between regular browsers and the Ethereum blockchain. For MyEtherWallet (MEW), this is a platform that enables developers or users to create their own Ethereum wallets and connect to the Ethereum blockchain. So, they are doing the same job at the end of the day – storage of Ethereum or Ethereum based tokens – ERC20 tokens. In this head to head comparison, MyEtherWallet is the winner because of the following;
- Offers both hot and cold storage options
- Full node system
MetaMask is an open-source Ethereum wallet. Well, that means you can sit down on the weekend and work your own thing out. However, that is not the whole point. In short, MetaMask Open source nature allows contributions from various people who come together to make the platform and improve it for the better. As a result, MetaMask is continuously being enhanced by a dedicated community of developers.
For MyEtherWallet, the platform is also a free and open-source Ethereum wallet interface. Just like MetaMask, the platform is developed by a community of dedicated developers to bring improvements on the platform continuously.
2. Storage Type
This is where the whole show goes down. Especially for the privacy-oriented fellows. Starting with MetaMask, it communicates with the Ethereum ledger through an Infura system. In case you are about to scoop your dictionary app, let me explain. Infura is a set of tools that one can use to create an application that can connect to the Ethereum network. That means you won’t need to set up your node. Instead, you will have to bet on other computers to interact with the Ethereum blockchain and runs nodes on behalf. That sounds easy and crispy on your end. But these systems have their issues, too. Fears are that Infura brings a sense of centralization, which is not a good thing talking about anything cryptocurrency related. In short, you have to trust “middlemen” to keep you connected to the Ethereum network.
However, on MyEtherWallet, users have full control over their wallet keys. In that case, MyEtherWallet can be used as a full node wallet. Full node systems are vouched for more to systems like Infura.
3. Hot and Cold Storage
Since MetaMask uses Infura systems, it is only a hot storage type of wallet. Simply put, MetaMask is an online storage wallet. So, the Ethereum tokens stored in MetaMask are stored on a platform connected to the internet. MyEtherWallet is both an online and offline storage wallet. So, you can save your tokens in computers that are not connected to the internet, which has been often secure than hot storage.
4. Local Key Storage
Unlike other cryptocurrency storage platforms like exchangers where wallet keys are stored on their server, MetaMask stores your wallet keys on the browser. Or whichever browser you will be using. This comes as an advantage since the end-user has more control over their wallet keys.
For MyEtherWallet, users have control over their wallet keys also.
5. Built-in Coin Purchasing
On MetaMask, you can purchase Ether or any ERC20 tokens directly from Coinbase or Shapeshift to your wallet. This has been enabled through the integration of the platforms, which makes it easy for coin purchases if you want to.
The same case applies to MyEtherWallet. However, for MEW, you can only purchase Ether from Simplex using your Credit card. All you need to do is fill out some information then you will be redirected to Simplex.
6. Mode of Working
There is no much of a difference between MyEtherWallet and MetaMask. Both platforms connect users to the Ethereum blockchain. Ways of working are quite different, however. For MetaMask, you have to download the browser extension. Take it as an Ethereum browser. For MEW, this a website that acts as a platform where users can be able to create their own Ethereum wallets and store their Ethereum based tokens, i.e., Ether or ERC20 tokens.
Small Comparison Table
Who is This for?
MEW and MetaMask can be used by anyone who wishes to store their Ether or Ethereum based tokens rather than terms as ERC20 tokens. Since these are storage solutions, we recommend using them for long term storage and not the regular buy and sell technique. For the latter, we recommend using trading platforms like Poloniex instead.
Pros and Cons
- Open Source
- Local Key storage
- Has built-in coin purchasing through Coinbase or Shapeshift
- Does not offer a full node system
- Hot wallet storage only
- Allows for both hot and cold storage
- Full node system
- We haven’t found any cons on MEW yet
As we had mentioned earlier, both MEW and MetaMask are open source. You are free to use the two platforms as you like with no charges.
On user-friendliness, both MetaMask and MEW have straightforward user interfaces that we find intuitive and pretty easy to navigate around. The sign-up process is simple on both platforms.
Integration proves to be beneficial to users – it allows users to port other services in primary platforms to bolster on the functionality.
MetaMask supports several integrations including:
MyEtherWallet integrations include:
MetaMask has a support center with articles and video tutorials that will solve anything you wish to know about the platform. The knowledge base is extensive, and you will find it handy to provide solutions to any queries you may have. However, if you wish to get to the customer support team, MetaMask has provided an email address for that purpose.
For MEW, the case is still the same. There is a knowledgebase center backed up with both articles and videos regarding their product. Alternatively, the team can be contacted via email or reach them on their community on various platforms, including Medium, GitHub, or Reddit.
The Verdict: MetaMask vs MyEtherWallet
Comparing between MyEtherWallet vs MetaMask can be, well, intriguing. The two platforms are on the same team. So, we even do not consider the two as rivals, to be honest. Since you can as well combine the two for a more mouth-watering package. However, in terms of who is better than the other – MyEtherWallet is undisputed.
Don’t forget to read more about cryptocurrency: BTC Exchange Showdown: Gdax VS Gemini