MyCrypto Wallet Review 2022
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MyCrypto wallet is one of the most popular wallets for storing and managing Ethereum (ETH) and Ethereum-based tokens (ERC-20 tokens). It’s free, open-source, and has a lot to offer if you are an Ethereum investor.
The launch of MyCryptoWallet was linked to a disagreement between the co-founding team behind MyEtherWallet (MEW), another popular Ethereum wallet. At the beginning of 2018, Taylor Monahan, one of the MEW co-founders, publicly criticized how MEW operated. The feud escalated with her changing MEW’s Twitter username to MyCrypto wallet. Later on, she apologised to her team and left MEW to start her own wallet service, MyCrypto, forking off the open-sourced MEW code.
As a fork of MEW, MyCrypto integrates most of MEW’s features with significant tweaks. MyCrypto is open source, allows you to interact with the Ethereum blockchain easily, provides hardware wallet integration, and is a client-side tool that puts MyCrypto wallet in a different place from other server-based wallets. For these reasons, MyCrypto was able to attract a good number of users, and today, it has a reputation as one of the safest methods to store your Ethereum (ETH).
In this review, we will detail the features that MyCrypto offers and see for ourselves whether it really is the safest storage method for Ethereum. You’ll also find a step-by-step guide on how to use the wallet.
MyCrypto Wallet Key Features
Let’s start with MyCrypto’s stellar features and trading tools.
As user-friendly as it gets, MyCrypto wallet is available in over 20 languages. You can change your preferred language by locating the Language menu at the bottom left corner of the dashboard and clicking on Change Language.
The great thing about MyCrypto is that you can use it both on your web browser and as a desktop app. The desktop app is highly versatile and compatible with all the mainstream operating systems. Unfortunately, there is no mobile app for MyCrypto yet, but you can still check your wallet via your phone’s browser without problem.
MyCrypto is a multicurrency wallet that supports a wide range of Ethereum-based coins and tokens. Plus, you can generate an infinite amount of wallet addresses on MyCrypto, just like you can open an endless amount of bank accounts with a traditional bank.
MyCrypto wallet’s desktop app features a tracking tool that you can tweak to your personal needs, such as monitoring your crypto inflows, outflows, and checking the available balances in real-time.
MyCrypto Debit Card
The MyCrypto developers recently launched a crypto debit card. The card allows you to use your crypto assets to purchase goods and services from the stores directly and withdraw cryptocurrency or cash from ATMs. Because it automatically converts your crypto funds to fiat money, it works with both crypto-friendly and regular stores and ATMs.
Supported Currencies and Fees
MyCrypto wallet lets you do transactions without the need for a third party such as a bank or a cryptocurrency exchange. It is a non-custodial wallet that allows the security of your funds to stay under your control. None of your private information is kept on an online server, except the wallet balance.
MyCrypto wallet, just like MyEtherWallet, is a multicurrency wallet that only supports tokens built on top of the Ethereum blockchain. These are Ethereum (ETH), Ethereum Classic (ETC), and other ERC-20 Tokens such as Basic Attention Token (BAT), OmiseGO (OMG), or Bancor (BNT). Unfortunately, this means that the wallet lacks support for Bitcoin (BTC).
Costs and Fees
Downloading and creating an account on MyCrypto is totally free. Depositing and withdrawing fiat currency, MyCrypto card transactions, and ATM withdrawals are also free.
However, you need to pay a fee to use a third-party trading platform such as Changelly, Shapeshift, or Coinbase, all well-known exchanges. If you want an exchange that swaps coins very fast, Changelly and Shapeshift are the ones for you. But if you want a well established reputable exchange, you can go with Coinbase instead, as it has been in the industry for a good amount of time to prove its place.
Plus, when making a transaction, you need to pay the transaction fee or gas fee as it is called in Ethereum based wallets. The gas fee of your transaction depends on the coin or token you are transferring, the amount involved in the transfer, the network congestion, current mining fees, etc.
MyCrypto Wallet Security Features
Hardware Wallet Integration
Online wallets are known to be dangerous places for keeping your cryptocurrency over a long period. For this reason, MyCrypto wallet provides the option to integrate secure hardware wallets such as Ledger and Trezor to the original interface so that you can store your digital currencies safely and easily.
Wallet Backup and Recovery
Non-custodial wallets are great in terms of security. MyCrypto wallet doesn’t keep any of your information on an online server. Instead, this information is kept on your device in a highly encrypted way. On the other hand, the downside of a non-custodial wallet is that you are the only guardian of your assets. That means if you lose your private key, you lose all of your digital assets.
For this reason, there are several ways in which you can back up your sensitive information on the MyCrypto wallet. The first one is to get a recovery seed phrase when you open your MyCrypto account. Alternatively, you can move your private keys to your integrated hardware wallet. Or, to be as safe as possible, you can write down your sensitive information, such as your wallet address and your private keys, on a piece of paper and keep them safe offline.
Counter Phishing Feature
Sometimes malicious actors present themselves as a business or a reputable entity through fraudulent emails, asking you to share your sensitive information with them, such as your username, passwords, etc. This is called a phishing attack. It is one of the most common cyber attacks you may face when storing your cryptocurrencies.
If you are cautious and well informed, you might think you can stay clear of these kinds of scams. But hackers even create websites resembling the original crypto wallet website to trick you into thinking they are valid.
MyCrypto wallet features a link that you can use to check that you actually are on the legit wallet website rather than some duplicate. You are strongly recommended to use this feature, especially if you landed on the webpage through a link.
How To Use MyCrypto Wallet?
Setting Up MyCrypto Wallet
Follow these steps to set up your wallet successfully:
- Download the MyCrypto wallet desktop app. Make sure you only do this either from GitHub or the developer’s official site.
- Install the MyCrypto wallet app and launch it.
- Click on Generate a New Wallet.
- You will be asked to choose a backup and recovery option for your wallet. It can be either a mnemonic phrase, short poem or a sentence that’s easy for you to remember, or a Keystore file, which is a file with .jsk extension that contains the certifications and private keys.
- Once you choose your backup and recovery option, you will be presented with a list of public wallet addresses that you can choose from. Choose the address you prefer.
And you are all set.
Adding/Receiving Crypto on MyCrypto Wallet
If you already have cryptocurrency on an exchange such as Binance or stored in another wallet, follow these steps to transfer them to your MyCrypto wallet:
- Log in to your MyCrypto Account and click on Receive.
- Forward the wallet address displayed on your screen to the sender account.
Because MyCrypto wallet only lets you store Ether-based tokens, you might have to convert them before receiving them. Fortunately, MyCrypto wallet can be connected to Changelly and Coinbase so that you can convert your tokens easily. To do that:
- Click on Buy and choose the exchange you want to use, Changelly or Coinbase.
- If you don’t have an account on the exchange you want to use, follow the prompts to open one.
- Proceed to make your purchase.
Sending Crypto From MyCrypto Wallet
Sending cryptocurrencies is just as easy:
- Log in to your MyCrypto Account and click on Send.
- Enter the recipient’s wallet address, the kind of cryptocurrency, and the exact amount in the transfer window.
- Double-check your entry and hit Confirm, followed by Send.
MyCrypto wallet is dedicated to keeping your private data secure, and it serves its purpose well. But for the problems you might encounter, you can go to MyCrypto’s support page to see if you can find a solution among the many articles MyCrypto team has uploaded.
The support page is quite extensive in terms of troubleshooting, how-to guides, safety tips, general knowledge and even developers articles. Furthermore, if you can’t find what you are looking for there, you can directly send an email to the support team using the Contact button on the same page.
A Few Words Before You Go...
MyCrypto wallet is a handy multicurrency wallet. Thanks to its predecessor MEW, MyCrypto has many features that an Ethereum investor could benefit from. It has put in place highly effective measures to help you maintain control over your cryptocurrency with a straightforward user interface. Plus, the integrations MyCrypto provides with other wallets, both hardware and software ones, as well as several exchange platforms, make it an excellent tool for safely managing your Ethereum-based assets.
frequently asked questions
Thanks to the way MyCrypto is developed, your private keys are never stored in it. You can think of MyCrypto as only an interface connecting you and your assets on the blockchain. It is a non-custodial client-side wallet which makes it one of the safest wallets in the market. However, having said this, MyCrypto acknowledges its responsibility to develop and maintain critical software and infrastructure. For this purpose, the MyCrypto team continues to develop new products and update existing ones to today’s necessities.
Ethereum processes your transactions based on the order of the nonces. In other words, no two transactions can have identical nonces. In case they do, only the transaction with the higher gas fee will be confirmed. You can send yourself a 0.00 ETH transaction with the same nonce as your stuck transaction causing it to drop because of the duplicate one.
The MyCrypto Desktop app is one of the most important parts of the MyCrypto toolset. But unfortunately, there is no mobile app that you can download to your cell phone. However, because MyCrypto wallet’s website is quite simple and easy to navigate, if you ever want to access your funds from your cell phone, you can do it by going to mycrypto.com on your smartphone’s browser.v