You may have noticed we have a disclaimer on our Keystore File, Mnemonic Phrase, and Private Key options for access. This disclaimer reads ‘This is NOT a recommended way of accessing a wallet.’ Why is that?
Control over your wallet
Whether you’re using your private key, keystore file, or mnemonic phrase, each method is closely tied to one thing: your private key. This is what’s unlocking your familiar wallet, this unique key. If anyone gets their hands on this key, they will have full permanent control of your funds.
This means that if someone gets ahold of your mnemonic phrase or keystore file, they have full control over your wallet. Keystore files can have their passwords brute-forced relatively easily if the password is weak enough. And Mnemonic phrases directly link to the same root private key, every time.
This is why we do not recommend using these types of wallets, but instead, use a wallet that keeps your key separate from the online world of peering eyes. The MEW wallet app, hardware wallets, and Chrome browser extensions (MEW CX, MetaMask) are the most secure options we offer for access.
Why do you have these options if they aren’t recommended?
At MEW, we believe that the blockchain and digital assets serve as instruments of financial freedom. As such, we believe that it is our responsibility, as a gateway to the ethereum blockchain, to give users the tools they need to protect themselves from scams, malicious actors, and human error while at the same time protecting the user’s right to choose.
MEW has taken strides to make sure that the most secure options for storing your keys are also the most convenient to use. We have also taken strides to ensure users are aware of the dangers of using non-recommended methods. However, should a user decide to employ a less convenient, high-risk method of transacting it is likely because they feel that it is the method that best addresses their needs, and MEW honors their right to make that decision.
If you are set on using one of these access methods, the safest and most recommended way is to use MEW offline.