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Wallet Review

MyCrypto

Characteristics

You fully control your keys • High anonymity • Easy to use

Features

No Buy & Sell No Vouchers & Gift Cards No Debit Card

Supported Platforms

Web, Chrome Extension

Cryptos (2)

ERC20, Ethereum

MyCrypto Intro Picture

MyCrypto wallet was born out of a fork from MEW. The wallet possesses similar attributes of the ETH-based wallet. MyCrypto Wallet has made efforts to update its system. This review will reveal the attributes of the crypto wallet. We will also look at its transaction fees and security.

The creation of MyCrypto Wallet is quite controversial. The founder of MyCrypto Wallet, Taylor Monahan was the Co-founder of MEW. However, she did not like the way the company had run the wallet. In the first quarter of 2018, Taylor changed MEW’s Twitter handle to MyCrypto Wallet. She later apologised for it and created MyCrypto Wallet, but the crypto community did, understandably, not like this action.

Taylor Monahan parted ways with Kosala Hemachandra, the other founder of MEW. After this, MyCrypto wallet forked off MyEtherWallet’s codebase and launched in May 2018.

MyCrypto is an open-source wallet. It is also a client-side tool, which generates ether wallets and ERC-20 tokens. It enables its users to interact with the blockchain more easily.

Users get to interact with features such as Hardware wallet integration. MyCrypto also allows its users to swap token on ShapeShift. It also integrates a Coinbase buy widget.

Since it forked off MyEther Wallet, they are the biggest competition. Other competitors include, among others, the UberPay Wallet.

MyCrypto wallet is an Ethereum based wallet. However, it also supports ERC20 coins.

To find out where you can obtain the cryptos supported by the MyCrypto Wallet in the first place, go to our Cryptocurrency Exchange List and use the filters to find the right exchange for you.

Most Ethereum-based wallets require gas to verify transactions. MyCrypto is no different and any transaction that you make will require Gas, which is paid in Ether. The transaction fee varies and is dependent on the number of coins involved. The miners involved receive this transaction fee. It is an incentive to include your transactions in the blocks that they mine. The higher the transaction fee, the faster the network carries out your transaction.

It is free to use the platform.  You do not have to pay to utilise the wallet. However, you may need to pay for third party services such as utilizing Coinbase or shapeshift. You also have to pay for gas.

MyCrypto Ease of Use

Although the wallet had some upgrades from MEW, it is still easy to use. In fact, its desktop version was launched to make it safer and easier for users to navigate. Beginners will find it user-friendly and safe. The wallet has been designed to safeguard private keys, mnemonic phrases, and Keystore files.

You can get started with the wallet’s Desktop App on the following steps.

  1. Download the app from download.mycrypto.com. Ensure that you check for the green “MyCrypto, Inc” SSL certificate on your browser address bar. If it is unavailable, do not download.
  2. After downloading, install the app and create a wallet that is suitable for you. You can choose to create a new wallet by generating your own private key. You can access your private key through your hardware wallet like Trezor or Ledger, or using the Parity Signer.
  3. After choosing a wallet, click on the “Generate a Wallet” button. You will have to generate either a Keystore file or a mnemonic phrase.
  4. If you chose the Keystore file option, save your private key and paper key immediately. If your choice is the mnemonic phrase option, go to the “View & Send” tab. Input your mnemonic phrase to unlock your wallet. Do not share these with anyone. You can even do this offline for added security.
  5. Once you input your mnemonic phrase, you will be given a list of ETH addresses to use. Choose the address you want to unlock your wallet. Your new Ethereum wallet is ready to be used!

You do not need to input your details before starting an account. Even sending Ether requires minimal personal information. Therefore, we can say that its anonymity is top-notch.

According to the team behind the wallet, they are a client-side wallet. They do not store your data on their servers. They make it easy for you to save your wallet information on your computer.  Then you are given a place to access and utilize that information.

You can protect your funds on this wallet through a variety of measures. For instance:

  • Get a hardware wallet: Store your funds on Cold storage. MyCrypto works with Ledger, Trezor or Keepkey.
  • Always bookmark your crypto sites: Ensure that they are secure before bookmarking them.
  • Install EAL or MetaMask: these chrome extensions will warn you if you click on a crypto-phishing link.
  • Avoid random URLs.

MyCrypto Wallet is free to use. However, you can download the desktop app via download.mycrypto.com. There are versions available for macOS, Windows, Linux, 32-bit64-bit and Stand Alone. You can integrate your Trezor and Ledger wallet to MyCrypto as well.

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