For people who are long time into crypto and already know about MyEtherWallet (MEW), you should also be knowing about MyCrypto. MyCrypto was born out of the controversial hard fork from MEW Wallet. If you are new to the Crypto space, don’t worry, I’m here to run you through in detail about MyCrypto review. This will help you take a quick decision if it’s good for you as a wallet to store your Ethereum and ERC20 tokens.
Ever since cryptocurrencies became popular, we have been looking out for ways to ensure security and better transactions. Hence, several platforms have been developed to ensure safer transactions and convenient working of blockchain technology. MyCrypto.com wallet is one of the most prominent ones. You might as well check the mycrypto review to check if it would help you manage transactions or not.
A cryptocurrency is mostly a digital currency that has been used by businesses for trading. Businesses mostly use digital currency as a mode of exchange that can help businesses and individuals conduct a computerized database record. The digital files are used as money. The files are created using cryptography.
Digital currency or cryptocurrency follows a secure method of decentralized control via the blockchain technology. Bitcoin was one of the first cryptocurrencies to be launched in the market. Since cryptocurrencies are decentralized, they do not come under the control of the government or one person.
What Is Mycrypto?
If you are searching for the answer to what is mycrypto, you’re in the right place.
Mycrypto.com is an open-source platform or interface launched by Mycrypto Inc for regulations of blockchain technology. Many people prefer using Mycrypto as an open-source platform to generate ether wallets and handling the tokens. The coming in of Mycrypto has played an important role in making blockchain interaction easy. Mycrypto is furthermore useful for handling ERC-20 tokens.
MyCrypto Download Desktop App
You can download the Mycrypto app for your desktop only after checking the Mycrypto market review. Hailed to be one of the best cryptocurrency handlers, you might want to use the safe for conducting transactions. If you don’t know how to use the platform, it is suggested to read Mycrypto review.
The desktop version of Mycrypto is considered to be one of the safest platforms. Moreover, the launch has made working even more convenient. If you are a beginner on the platform, you should totally go for it. The Mycrypto wallet review suggests that it helps to secure mnemonic phrases, Keystore files and private keys.
If you don’t have access to the Mycrypto desktop app, you can easily download it.
- The download link is available in the official website itself. (Download.mycrypto.com). However, make sure that there’s an SSL certificate for Mycrypto Inc. If there is no certificate in the link, do not download the app.
- Once the download is over, the app will be ready to be installed. Hence, you must create an app accordingly. You can create a new wallet using your private key.
- Once you choose the wallet, generate it by clicking on “Generate a wallet”. You can easily generate the wallet using a Keystore file or mnemonic phrase.
- However, you must save the private and paper key immediately. Once it is ready, click on “View & Send” tab. Make sure to enter the details regarding the mnemonic phrase so that you can unlock your wallet. Make sure that you do not share your mnemonic code or key with anyone as it can put your security at a threat.
- After putting the mnemonic phrase, enter the ETH address. Make sure that you choose an address if you want to unlock. The Ethereum wallet is all ready to be used.
What Is Mycrypto Used For?
When you check out the Mycrypto review, you will be surprised to see how many people are being duped. Well, Mycrypto is a digital or web wallet that is focused entirely on the Ethereum cryptocurrency.
The ledgers users can make the most of Mycrypto by storing in their Ether coins and ERC20 tokens. Since Mycrypto is an open-source platform, the ledgers can manage the transaction of different Ethereum-based tokens while maintaining the privacy of the private keys offline. However, for the transaction of ERC20 tokens, only Ethereum is calculated as the transaction fees.
MyCrypto is an Ether based wallet that allows Ledger users to store their tokens as well as Ethereum. MyCrypto lets you manage all the Ethereum related tokens while keeping the private keys safe.
Is MyCrypto Safe?
According to the Mycrypto reviews, Mycrypto.com is safe. You can use the platform to store your hard earned Crypto. However, to ensure better security standards, the company even launched the desktop version.
The wallet is safe, but the private key is still at the threat of loss. However, the app will only make the platform secure while maintaining Keystore files, private keys and mnemonic phrases. Suppose you want to be assured about the safety. In that case, it is always advised to use the Mycrypto desktop app to ensure the safety and security of your tokens and precious cryptocurrencies.
My crypto Phishing attack
Phishing attacks are scamming or hacking that impersonates an official website or individual and falsely acquire money or strategic information. Over the years, it has become one of the most common risks for organizations.
Phishing is the most common type of attack carried out on your funds in a cryptocurrency environment. This is highly due to the high success rates and low cost of aggression. This attack destroys people’s inattentiveness towards their security. Users usually prefer ease-of-use over security, so they’re not used to validate that they’re using the correct service, or interacting with the right organization or person.
MyCrypto stands against phishing and helps to build a platform that is completely safe and secure to use. If you ever fall victim to any of these scams, it is necessary to report these to the government as soon as possible. However, many scammers may scam you by creating the same name and logo app in the Play Store. Mobile phishing has become prevalent and affecting businesses in a significant way. As a result, you should be using the Mycrypto app for desktop to ensure complete security.
There are many tools that help us to prevent this. Hence, start valuing your security before something unwanted happens to you with your money or crypto.
How Is Phishing Done?
An attacker generally copies the code from one of the exchanges or organizations. Then, they try and create a website having a similar URL using the copied code. Now, all they need to do is advertise their website for people to see and get tricked into using their services.
How Can I Prevent Phishing?
We need to practice safety by validating crypto-related websites. Regularly check the URLs to ensure that they are identical to the legal sites. Now you need to be aware that fake URLs can use only characters to have the correct spelling. These characters are added using Punycode.
What Coins Do MyCrypto Support?
MyCrypto supports only Ethereum Standard or Ethereum based cryptocurrencies. Unlike other platforms, it is very surprising that Mycrypto does not support Bitcoin or any other coins like ZEC, Litecoin and more. However, Mycrypto is one of the most popular platforms supporting the testnet networks such as Logan, Rinkeby and Ropsten.
At the same time, it does support ETC and ETH. Mycrypto also supports the other Ethereum-based networks. Ethereum Standard Token or ERC-20 is one of the most common supported tokens on the Mycrypto.com wallet.
How to Use MyCrypto Access My Wallet Feature?
How you use the Mycrypto.com wallet completely depends on the mode you’re using. It is always advisable to keep up with a hardware wallet, rather than a software one. This is mostly because a software wallet is always at the threat of hacking or loss. Eventually, you might lose all your essential data.
Hardware Wallet Ledger Trezor- Recommended
As suggested, it is advisable to have a hardware wallet. Trezor is one of the most reliable platforms for the development of the app.
Using the Trezor device will only mitigate the risk of scamming and hacking.
- Visit the official website of Mycrypto.
- You will be redirected to a page that comes with the option “How would you like to access your wallet?” Click ok ‘Trezor’.
- Connect your Trezor device to your system.
- Click on Connect to Trezor.
- The pop-up will appear. Check for the ether account public key and choose Export.
- Click on the address you want the wallets to be exported to. Once the Export is complete, the process will be over.
Sending Transactions in Mycrypto
- Visit the Send Ether and Tokens tab.
- Make sure to fill in all the transaction details accurately before clicking on entering.
- Confirm the transaction using the Trezor device. Enter the passcode.
- Confirm the transaction receipt in the Mycrypto interface, and it will be completed.
According to the Mycrypto reviews, you should refrain from accessing the wallet feature using Keystore files or mnemonic phrases. This is because the software is vulnerable to hacking, and also your coins are at the risk of being lost.
However, Mycrypto does not take any responsibility for the loss of coins. Furthermore, no data is being stored regarding the coins. Once the file is stolen, Mycrypto will not have any information to access it. Also, there are no chances of refund as well that can cause you huge loss.
Can Mycrypto hold Bitcoin?
Unlike most of the platforms, Mycrypto.com wallet does not hold Bitcoin. It is entirely based on Ethereum. So, it can only hold Ethereum and Ethereum based ERC20, ERC721 and ERC1155 tokens apart from Ethereum Classic. Actually, MyCrypto.com doesn’t hold anything. It’s just an interface to your crypto assets stored on the Ethereum blockchain.
What Happens If MyCrypto Gets Hacked?
The cryptocurrency networks are a bit difficult to hack. It is for this reason that not everyone can access it. Furthermore, it is extremely safer to be on the safe side and storing your data on the hardware wallet than a software wallet.
However, there may be instances where, despite all the security measures, your Mycrypto account gets hacked. Do not be worried because you will not lose any of your essential data. If you check the Mycrypto review, you will find several customers stating that they did not lose any asset despite their account being hacked.
This is mostly because you have the complete control on your private keys for regulating the transactions. MyCrypto is a significant user interface that helps you keep track of the crypto assets and allows transactions only if you have the connected Trezor device or key phrase.
To prevent hacking, you can follow these steps
- Before you open an account on MyCrypto, make sure to set up a unique email that you will use for that account.
- Make sure to set up a unique and uncompromising password, that is not available for anyone else to access.
However, you don’t lose any assets since your private key is out of control of others.
MyCrypto is on GitHub as well. It constantly updated knowledge-based content, thereby providing information regarding assets.
Currently, there are around five repositories. Via the GitHub repository, the clients can indulge in faster management and transactions.
MyCrypto.com Login Process
On the official website page, you will be redirected to the type of account you want to create. Different types of accounts allow you to connect to the browser and eventually create the wallet.
Most of them are hardware wallets. Once you click on the hardware type, you will have to connect the platform to the device and enter all the details. However, it is necessary to ensure that the ledger app is unlocked for better benefits. Also, check that the browser support is enabled.
Some browsers like Brave Browser have inbuilt wallets that can directly with these interfaces. So, if you store a small amount of crypto there, you don’t need to connect to Hardware wallet or anything else and just directly authorize your wallet on MyCrypto and then send or receive crypto.
Frequently Asked Questions
The most common Frequently Asked Questions or FAQ’s of MyCrypto review are:
How To Replace Or Cancel A Declined Transaction Using MyCrypto?
It can happen that sometimes you might want to replace or cancel a transaction via the option, “my crypto cancel transaction”, for instance, when you had to use a gas whose price was too low in times when the gas prices were comparatively high, you might want to expand the gas price, to make sure it will be considered quickly.
- Cancel: This is for sending a transaction with a value of 0 ether to your self address, with a goal of preventing your previous transaction from being confirmed.
- Replace: This means sending the same transaction to another address to send tokens or ethers.
How to access Mycrypto.com?
There are two ways through which you can access MyCrypto wallet on Mycrypto.com. These include
- Mnemonic phrase
- Keystore file
To access the wallet from these modes, you need to follow these steps.
- Get a brush up of the Mycrypto offline and local instructions listed on the website.
- Access the Mycrypto app for desktop.
- Click on “Keystore file” under the View & Send tab.
- Click on “Select Wallet File” and search for your Keystore file.
- Enter the password created while building the wallet.
- Choose to unlock, and the wallet will appear.
- Check out your Mycrypto address that is usually available around a colourful, circular icon.
How To Store Ether (ETH) In MyCrypto Wallet?
Some steps to buy Ether(ETH) and store in MyCrypto Wallet
- Step 1: Create an account on either Gemini or Coinbase and then verify your account. You are now required to upload some documents to prove your identification. Once you upload all the mandatory stuff, verification takes about a couple of days.
- Step 2: Follow the commands to deposit USD into that exchange. This process will take about 3-5 business days. Now you have USD in your account, and you can purchase ETH with it.
- Step 3: Once you have everything that you want, withdraw those ethers into your wallet. While you wait for your transfer and verification, download and install the MyCrypto desktop application.
- Step 4: When you run the app, click on Create New Wallet. Use a password that you won’t forget and then quickly create an account. Now you will get an address that starts with 0x. This is what you need to enter on your exchange to move your ethers from their account to your account.
How To Create New Wallets Using MyCrypto.com?
Download the myCrypto desktop app and successfully install the app and open it from your applications folder. Now you shall see the MyCrypto Desktop interface. Now click on Create New Wallet in the navigation bar. This will bring up three options. Select an opportunity for a wallet to create. Now click “Generate a Wallet” in the “Create New Wallet” box, and you can now observe your purse that is getting generated.
How To Preserve Funds In MyCrypto?
This is one of the best ways to keep your Tokens, ETH, Bitcoins, and many other coins safe using MyCrypto. You can make it much more secure by accessing MyCrypto Wallet via a Ledger or Trezor, which are hardware wallets.
If you don’t want these agile devices, you can use crypto custody solutions for your savings, if you have a big stash. You can also choose to bookmark the Crypto Sites. Try and install Chrome Extensions that warns you if you go to a crypto phishing link.
Why Can’t I See The Token Balance?
Whenever you look for tokens in the MyCrypto inc interface, you will find major tokens automatically without any additional effort. But, if you got a really new token that didn’t get classified yet, then you need to add the custom address of the token. Then, My Crypto will read the smart contract in the Ethereum blockchain and then show the token balance in your account. You have the amount safe in your account, it just may not show always. By adding the custom token ERC20 address, you make it appear in your account.
Is MyCrypto.com Trustworthy?
MyCrypto.com is safe. However, you must access the wallet only from a hardware file and not software like private key or keystore or mnemonic phrase to improve access security.
How to store Mycrypto Private Key securely?
Since cryptocurrencies are decentralized systems, it is advisable to choose one that fits in all your requirements. A hardware wallet, preferably Trezor, can be one of the best ways to store your private key securely.
These online wallets make it easier for you to access them from any device once the main hardware is connected.
There are variety of ways to store your private keys on the cloud or web. The primary mission is to encrypt the keys before uploading. Here are some of the most useful tools and why they are used for storing private keys on the cloud.
- Encrypt: It is an app that manages password and is ruled by SpiderOak, which is a zero-knowledge cloud storage. This app is supported on every platform and is very easy to use.
- Cryptomator: It is a file encryption software that is a multi-platform and can encrypt the working directories. In case you have to synchronize the cloud directory on your system, then using this tool will keep all the data encrypted. You can store your private keys in this tool and have it encrypted with the cloud provider.
Takeaway – MyCrypto Review
MyCrypto.com is one of the best platforms for storing your assets. However, you must follow the advice given by them and comply with them.
MyCrypto review is aimed at enlightening about the benefits of using secure platforms for the storage of cryptocurrencies.
If you’re interested in things like “Mycrypto market review” and “Mycrypto Wallet Review” Or “Mycrypto.com review” or MyCrypto review, then hope you learnt what you came here for.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates