Mycrypto Wallet Review – How would you like to access your wallet?

About Mycrypto Wallet

Mycrypto Wallet is an open-source, client-side tool for generating ether wallets, handling ERC-20 tokens, and interacting with the blockchain more easily. Developed by and for the community since 2015, we’re focused on building awesome products that put the power in people’s hands. From the creators of the established MyEtherWallet, MyCrypto is an open-source, client-side tool for generating Ether Wallets, handling ERC-20 tokens, and interacting with the blockchain more easily.

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.

Mycrypto Wallet Wallet Key Details

How To Install Mycrypto Wallet?

MyCrypto Wallet Fees

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.

MyCrypto Wallet Price

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.

Where to buy MyCrypto Wallet

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.

1. Ledger Nano S: 

Ledger Nano S is a hardware wallet that can easily be plugged into any USB port. It supports multiple coins and tokens. It has an OLED screen and a side button on the device. You can use the button to view and check all your transactions and your balance in the wallet. It is backed by a great support team and is constantly under development and will include more currencies in the future. The security features are quite strong in Ledger Nano. It is secured by passphrases, PIN codes and seed keys that makes it one of the most popular and secured wallets in the ERC20 platform

Buy Ledger Nano S Wallet

2. Trezor Wallet

TREZOR is a Bitcoin hardware wallet and launched in August 2014. It was the first Bitcoin hardware wallet, offering secure cold storage plus the ability to spend with the convenience of a hot wallet.

TREZOR is a small, key-sized device which connects to your computer with a USB cable. It stores your Bitcoin and cryptocurrency private keys offline and signs transactions. It can be safely used on a malware infected computer.

Click Here To Buy Trezor Wallet.

How To Secure Your Mycrypto Wallet?

There Are A Number Of Ways To Keep The “Bad Guys” Away From Mycrypto Wallet . And Although Cryptocurrency, As A Technology, Has Increased Anonymity And Encryption, The Devices On Which These Funds Are Stored (Phone, Pc, Tablet) Are Much More Susceptible To Hacking. Below Are A Number Of Simple Tips That Can Improve The Security Of Your “Crypto Wallet”.

Step 1 : Store Your Token Mycrypto Wallet Private Keys Offline: Print Them Out On Paper

The “Hunt” For Your Data Does Not Stop For A Minute, Regardless Of What Gadget You Use, Or What Network You Are Connected To. A Good Idea To Solve Some Of The Problems Associated With The Possibility Of Theft Of Personal Data Is Printed On Paper Keys For The Wallet — A Variant Of Replacing The Software “Assistant”. In This Case, You Will Only Need Paper And A Printer — No Additional Devices Or Gadgets. The Output Will Be A Kind Of Offline Wallet, Represented By A Pair Of Printed Keys. Some Enthusiasts Refer To This Approach As “Cold Wallets”, Because In The End, The Storage Process Takes Place Offline.Paper Wallets Are In Regular Demand, And You Can Test Their Functionality Yourself:

The Main Difference: The Creation Of Unique Addresses And Keys Through The Use Of Client-side Js Scripts. In Other Words, Keys Are Created Immediately On Your Pc, Without Requiring Data Transfer Over The Internet. And To Make This Process More Fun, The Developers Suggest That You Move The Mouse And Fill In Text Fields, Thus Obtaining Unique Data For Generating The Necessary Tools.

Step 2 : Setup Second Step Verification

Two-factor Authentication Requires The User To Enter An Additional Code From Another Source – Such As A Text Message Or Email. However, The Most Common Method Is Through The Google Authenticator App. Just Install It On Your Phone And It Will Generate A New 6-digit Access Code To Log In To Your Wallet Or Make Transfers.

We Recommend Using Only Those Web Wallets That Do Not Support Two-factor Verification. In Particular, The Mycrypto Wallet Offers To Activate 2fa Already At The Registration Stage.

Step 3 : Create A Strong Password For Your Mycrypto Wallet

If You Decide To Use A Web Wallet, Which Is Recommended Only For Small Transactions, Always Make Sure That Your Password Is Secure. Never Enter Your Date Of Birth Or Credit Card Pin As Your Password. Use Alphanumeric Combinations, Combine Cases, Use Underscores, And So On. But It’s Best To Use An Strong Online Password Maker Website.

Step 4 : Learn To Recognize Phishing Sites

Phishing Sites And Apps Mimic The Design Of Popular Crypto Wallets In The Smallest Detail — Only The Page Address Is Slightly Different. Before Entering Your Private Key Or Secret Phrase In Your Wallet, Make Sure That The Page Address Is Correct.

The Chrome Store Library Is Known For Its Abundance Of Phishing Extensions, Especially For Cold Wallets Like Ledger. Although Google Removes Dozens Of Such Fraudulent Products Every Month, New Ones Are Coming In Their Place. In March 2020, Fraudsters Stole More Than $ 250,000 In Ripple Coins From Their Wallets Using A Fake Extension, And In June 2020, Crypto Podcast Host Eric Savix Lost All Of His 12 Bitcoins By Entering A Secret Phrase In A Phishing Extension For Ledger.

Step 5 : Don’t Click On Links In Emails

Phishers Often Send Emails From An Address That Is Almost Identical To The Real Address Of The Wallet Support Service. For Example, If You Use A XYZ Wallet From xyz.cxom Then You May Receive An Email From A Fake Address Like Support@xy-z.com Instead Of The Present Support@xyz.com. These Emails Try To Scare The User Or Create The Illusion Of Urgency — For Example, You Will Be Informed That Your Account Has Been Hacked/Blocked And That You Need To Update Your Security, Change Your Password, And So On. The Link Leads To A Fraudulent Page That Will Either Steal Any Data You Enter Or Install A Virus On Your Device.

This Also Applies To Ads Above Google Search Results That Often Advertise Phishing Pages. Here Is An Example – Note The Difference In Just One Letter Between A Real Address And A Fraudulent One:

Step 6 : Install Or Use Trusted Antivirus

The First Thing You Should Do After Installing A Mycrypto Wallet Is Install A Reliable Antivirus And Update It. Most Cyber Attacks Attempt To Send Important Information From Your Computer, You Should Make Sure That Your Pc Or Mobile Is Protected From A Virus Threat. Regularly Update Your Antivirus To Minimize The Risks Associated With The Appearance Of New Virus Threats That The Old Version Did Not Protect Against.

Step 7 : Never Disclose Your Private Keys

Private Keys Are Intended Exclusively For You. You Should Not Disclose Them For Transactions Or Cryptocurrency Purchases

Final Thought

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