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MyCrypto combines the core security and privacy features inherent to cryptocurrency and blockchains with a visually appealing, easy-to-use interface. Optimized for use with Ethereum, the app gives new users an online banking-style platform, while experienced users can use it to operate with more privacy and create offline storage wallets.
- Pros & Cons
- Key Takeaways
- MyCrypto Wallet Overview
Users can see their current cryptocurrency holdings and values across multiple blockchains
Works with several popular wallets
Users can create their own offline “cold” wallets
Primarily designed to work with the Ethereum Main Network
Limited support for Ethereum Name Service domains and non-fungible tokens
No mobile application
- MyCrypto allows users to engage with their cryptocurrency assets and wallets through a visual online banking-style interface, working across multiple blockchains.
- Users can connect multiple wallets to see their holdings and value in fiat, send cryptocurrency, request payments from other wallets, buy digital tokens, and exchange them in one place.
- The platform also offers several security and privacy options for advanced users, including creating hardware wallets on desktop computers and running a custom node.
- MyCrypto lacks a mobile app and offers limited support for non-fungible tokens (NFTs) and Ethereum Name Service domains.
The history and development of MyCrypto began in 2015, when Taylor Monahan co-founded MyEtherWallet. Her project sought to simplify cryptocurrency transactions on the then-budding Ethereum blockchain, and found early success. Three years in, Monahan decided the wallet itself may not be sustainable, and sought to create a more robust solution for users which could scale over time. Her answer was splitting from MyEtherWallet with a team of developers to create MyCrypto in 2018.
The first version of MyCrypto was a fork from MyEtherWallet, which evolved over time to add more features. Between 2018 and 2022, the platform evolved from a wallet to a full-service blockchain engagement system, allowing users to either create their own hardware wallet on their computer,or engage with one of their existing wallets to send, receive, buy, and exchange cryptocurrency in one decentralized app. In 2022, MyCrypto was acquired by ConsenSys, the developers of MetaMask. The long-term roadmap will keep Monahan and her team of 13 working on the platform with the goal of merging it into the MetaMask product.
|Type of wallet||Non-custodial software-based wallet interface available online and as a desktop app|
|Fees||Fees for purchasing cryptocurrency and network fees for sending cryptocurrency or NFTs to another wallet|
|Number of cryptocurrencies supported||Over 500,000 cryptocurrencies on the Ethereum Main Network, BNB Chain, and several test chains|
|Bitcoin and Ethereum supported?||Bitcoin: No, Ethereum: Yes|
|Customer Service||Self-help portal, email support|
|In-App Features||Create wallets; buy, receive, exchange, and send cryptocurrency|
|SPV or Full Node||SPV by default, with option to run a full node wallet on desktop|
- Visual platform allows users to see their current cryptocurrency holdings and values: The dashboard pie chart shows what tokens users are holding across wallets, and their total value in their fiat of choice.
- Works with several popular wallets: Platform can be used to buy, exchange, send, and request cryptocurrencies using MetaMask, Trust Wallet, Trezor, Ledger, and more.
- Lets users create their own offline “cold” wallets: The downloadable desktop software lets users create their own secured wallet on their hard drive and can be used as offline cryptocurrency storage.
- The interface is mainly designed to work with the Ethereum Main Network: While MyCrypto works with multiple wallets on several blockchains, its main features like gas tracking and automatic token support are designed to work with Ethereum only.
- Limited support for Ethereum Name Service domains and Non-Fungible Tokens: While the platform offers support for NFTs and ENS domains, actual functionality and engagement in wallets is limited.
- No mobile application: MyCrypto is only available as a decentralized browser app and downloadable desktop software for Windows, MacOS, and Linux.
The core function of a cryptocurrency wallet is to store coins and NFTs securely for a user until they decide to use them. In that sense, MyCrypto is less of a single-function wallet, and more of an online wallet platform. While users can create a cryptocurrency wallet through MyCrypto, the interface can also import and manage existing hot- and cold-storage wallets. MyCrypto works across many wallet options, including:
Through the platform, users can see their combined holdings of cryptocurrency across multiple wallets and blockchains, and their current market value. The interface also allows users to send cryptocurrency from one wallet to another, request crypto from another wallet, and convert currencies within a wallet.
For advanced users, MyCrypto can be used to create cold wallets on desktop and laptop computers not connected to the internet. Users can create a wallet file on an offline computer and create a transaction, which can later be sent to the respective blockchain for processing. Because variables like gas fees and nonce order need to be manually set, this option is only recommended for those with a deep understanding of cryptocurrency.
While the desktop software presents an easy-to-understand method of managing cryptocurrency, one of the downsides is that it doesn’t convert a hot wallet into a hardware wallet. Unless users create a wallet in the software, or connect MyCrypto to a Ledger or Trezor, the software simply provides a visual crypto dashboard. Connecting to MetaMask, Trust Wallet, or other browser-based wallets keep assets in a hot wallet. Additionally, the software interface is not available for mobile phones, as MyCrypto does not offer an app on either iOS or Android phones.
Top 5 supported cryptocurrencies:
- USD Coin
- Binance BNB Coin
Because MyCrypto is built as a visual interface for cryptocurrency wallets, security is at the forefront of the app. Like other non-custodial wallets, the company does not keep any information about their customers. All the security information required to access a wallet–such as the JSON files, seed phrases, and private keys-are held solely by the customer. Furthermore, because MyCrypto only works as a gateway to the blockchains, the company cannot access individual accounts, freeze accounts, or affect transactions.
Although this approach protects the end user, it also creates some complications as well. If a user loses their private key or recovery method, MyCrypto cannot help a user recover their account password, JSON file, or seed phrase. If any of these are lost, users could potentially be locked out of their accounts, losing their assets entirely.
MyCrypto is also not responsible for reversing, canceling, or refunding transactions once they are initiated. Users are warned to ensure they are sending currency through MyCrypto to a trusted wallet or decentralized app before moving forward, as a transaction cannot be recalled once it is authorized.
Privacy and Anonymity
Although MyCrypto seeks to make managing digital currencies easier, under the hood are several tools to help users maintain their privacy and anonymity. First off, MyCrypto doesn’t collect any information from users, nor does it have a “Know Your Customer” requirement to get started. No personally identifiable information is saved, stored, or transmitted to or from MyCrypto.
By default, MyCrypto is set up to use one of three simplified payment verification nodes. But users also have the freedom to select a more decentralized node like Pocket Network, or run their own full node for even more privacy. It’s key to understand that the selection is only a “preferred” option for users: If the software can’t connect with the chosen node to reconcile transactions, it will try another available option.
Although using MyCrypto (and cryptocurrency in general) is more private than regular bank transactions, it’s still possible to tie a wallet address to a user’s identity because all transactions are recorded on the blockchain. Users seeking more privacy should limit who they disclose their wallet address to, and consider making transactions using a VPN.
The setup process for MyCrypto is different, based on which interface users decide to use. Online, users can start by going to the MyCrypto desktop app in their web browser and importing their wallet of choice. The platform currently supports MetaMask, hardware wallets Ledger, Trezor, GridPlus, and several other software wallets through WalletConnect. New users simply follow the instructions for their wallet and can get connected to MyCrypto in several easy steps.
With the desktop software, users can still connect to their digital hot wallet or hardware cold wallet, but also have the option of creating a wallet on their computer. After downloading and installing the software, users will select the “Create New Wallet” option on the sidebar. From there, users will have the choice of securing their wallet with a .JSON Keystore File or a 12-word private seed phrase. Once users have confirmed their wallet security method, their wallet will be active and able to use on their chosen blockchain.
The MyCrypto platform is only accessible via desktop and laptop computers using an internet browser, or using the downloadable software.
On desktop and laptop computers, the MyCrypto platform provides a visual interface for a wallet’s cryptocurrency balances across blockchains. Within the service, users can see how much digital coins they are holding in multiple wallets, along with its value in their local fiat of choice. The home screen also shows the current base gas fees on the Ethereum main network, giving insight on how much a transaction might cost.
Within the platform, users can send cryptocurrency to another wallet or smart contract, request cryptocurrency from another wallet, swap coins through partner 0x, or purchase select currencies with MoonPay. Both the browser and desktop app also offer several advanced tools not usually offered in crypto wallets, including the ability to interact with smart contracts, broadcast transactions from cold wallets, and managing Ethereum Domain Service (ENS) domain names.
Although the desktop interface provides a cryptocurrency experience similar to online banking, it does come with some shortfalls. First, no matter what network your wallet is running on, it only shows gas prices in Ethereum. As a result, users on other blockchains – like the BNB Chain – won’t get real-time information about transaction network fees. Second, collectors of NFTs may be frustrated with the platform’s NFT dashboard. While it is powered by OpenSea, any NFTs not in a collection may not show up in MyCrypto.
Even though users can connect a wallet from a mobile device with MyCrypto using WalletConnect, the interface does not offer an app for the Apple iOS or Android platforms.
Customer service options for MyCrypto are limited, in both channels and effectiveness. Because MyCrypto is a decentralized app (DApp), it doesn’t collect or keep any information on user accounts or their activity. As a result, the company’s team cannot help users recover lost accounts or wallets, recover or change private keys which are compromised, or reverse any transactions. Users should always keep their private key and recovery methods secure – otherwise, they could lose the entire value of their wallet.
MyCrypto provides a self-service repository on their support site, which aims to resolve many common issues users encounter on their journey. The company also lists several Ethereum support resources for further reading, and has an active presence on Discord, Github, Twitter, and Telegram. The only official support channel is through email, but MyCrypto does not publish their target response time.
Cost & Fees
Using MyCrypto is free, both for the online web app and the downloadable desktop app. The company accepts donations in Bitcoin and Ethereum, and is working on a membership-based product for the future.
Other services in the MyCrypto app may come with certain fees. For example: Purchasing cryptocurrency with a credit or debit card via MoonPay comes with a 4.5% fee per transaction, while sending digital tokens from a wallet through MyCrypto is subject to network fees.
As a highly visual, online banking-style app, MyCrypto excels as an easy-to-use cryptocurrency interface across multiple blockchains. The app engages with several decentralized apps, including three hardware wallets, with several options not found on other apps to increase privacy and security. For those who are adept in dealing with digital currencies, MyCrypto offers a user-friendly method for sending and receiving many of their favorite cryptocurrencies.
But MyCrypto also leaves some shortcomings for those who are new to digital currencies, or aren’t sure how to use them. In particular, the dashboard doesn’t show network fees on blockchains other than Ethereum, doesn’t automatically warn users that connecting with a wallet app keeps currency online, and customer service options are very limited. Before using any platform to send and exchange cryptocurrency, users should educate themselves on how to remain safe and secure while using digital tokens online.
One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.
Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.
Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.