MyCrypto wallet is an ERC client-side wallet; this means that it only stores Ether and every other ERC token and it’s built for general fund management. For context, Mycrypto wallet came out of a split in the MyEtherWallet (MEW) team.
In 2018, the co-founder of MEW announced her intentions of leaving MEW and the launch of Mycrypto wallet. This split resulted in a fork of the MEW code base, which is an open-source wallet. This is why you will find great similarities between MEW and Mycrypto wallet.
Over the course of this review, we will be exploring a general overview of how Mycrypto wallet works, the basic features to look out for when using Mycrypto wallet, basic guides for first-time use, and best security practices for anyone looking to use Mycrypto wallet.
How Mycrypto wallet works
MyCrypto wallet is not a web app wallet. This means that you will have to download the Mycrypto wallet desktop or mobile software for you to create a Mycrypto wallet. There also is the option for you to link your existing hardware wallet or software wallet to your Mycrypto wallet.
It is important to note that there are Mac, Linux, iOS and Android versions of this wallet. For this review, we will be exploring Mycrypto wallet using the windows version.
Once you have the application installed on your device, there is the option of linking several existing hardware and software wallets or uploading an existing wallet using its backup phrase, mnemonic phrase, or its Keystore file.
Also, there is the option to create a new wallet if you scroll down to the “Don’t have a wallet” icon. Once you click on the icon you are taken to the “generate a wallet” page. On this page, there is the option of a Keystore file or a mnemonic key phrase, as your seed phrase in creating your wallet. For this review, we used the Keystore file option.
Note that your Keystore file or mnemonic key phrase are different formats of your private key. To send any funds in a crypto wallet the wallet’s private key is required. As such, anyone in control of your private key controls your wallet.
After generating either of both choices, proceed to confirm the Keystore file. To do this, you will be required to re-upload the Keystore file script. For the mnemonic key phrase, you will be required to confirm the previously generated 12-word phrase in their order. Mycrypo wallet has a “reveal next word” button in case you do not have it opened on a separate window or by heart. However, avoid the temptation of not saving it before proceeding to the next section.
To proceed to your wallet, a personal password is required, which is used to encrypt your seed phrase, in the case of the Keystore file. Similarly, with the mnemonic key phrase, a password is advised but not mandatory.
If you followed these steps correctly you should be at your wallet dashboard.
Mycrypto wallet features
There is a growing list of activities and features available on this wallet. The features we listed here were those curated as at the time of writing this review.
whatever transaction you want to initiate, whether it’s receiving or sending, click on the “view & send” icon on the left-hand menu bar. After that, you are redirected to the transaction page, where you can send funds, request payments, file a new receiving address that you will use very often, and check your wallet information.
Send and receive funds
First of, sending and receiving is only possible with an Ethereum address. To receive funds, click on the receive icon— the receiving public key of your address, as well as the corresponding wallet address, will appear on your screen, which you will send to your sender or scan from the sending device.
Also with sending funds, there is the option to schedule a transaction for a specific time and regulate the gas fee for your transaction. What is more, there is a price converter, at the right-hand side of your screen for you to view the EUR, GBP, CHF, RUB, JPY, KRW, INR, and BTC equivalent of your wallet holding.
This contains your private key, your receiving address in both the Hexadecimal format as well as the QR code format. There is also the option to print it out on paper or generate your Keystore file.
Deploying and interacting with ERC contracts
With Mycrypto wallet you can deploy a smart contract and have it run on the Ethereum network. You can also interact with existing smart contracts using the contract tool.
Transaction (TX) status
The transaction status tool is a transaction explorer that allows users to check if a transaction has been confirmed and how many confirmations it has got. Just enter the transaction ID to confirm the transaction status.
Broadcast a transaction
Assuming you created an offline transaction or one from a hardware wallet, with the broadcast tool you can propagate it across the network for verification on the network.
There are several other features that were not covered like the sign message tool, link wallet tool, and change network function. All of this is found once you are in the wallet’s interface.
Best Security practice
With wallets like Mycrypto, you have full custody of your private key as such you are responsible for its safety and security. In the event where you lose it, the Mycrypto wallet team does not have a backup in their database. As such extra care must be taken to avoid loose or malicious tools from getting a copy of it.
- Making sure you do not visit phishing sites. Try installing MetaMask or EAL browser extensions to give you a warning signal whenever you accidentally enter a crypto-phishing webpage.
- Do not use the wallet for large fund storage. For such storage get any of the Mycrypto recommended hardware devices, which are Ledger, Trezor or Keepkey.
- Avoid visiting random URLs.
Mycrypto wallet has great similarities with MyEtherwallet and it is considered MEW’s biggest competitor. If you intend to use an Ethereum wallet on your desktop, Mycrypto is greatly safer than MEW as it does not require you to use the wallet on a web browser, which is far riskier.