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Mycrypto

MyCrypto is an Ethereum based crypto wallet that was launched by Taylor Monahan in 2018. The wallet is an easy-to-use wallet that has a number of security features and a simple interface.

MyCrypto gives you full control over your crypto assets and makes managing and storing assets easier.

Let us understand how to use MyCrypto wallet and also answer the question- is MyCrypto safe?

Connecting Your MyCrypto Wallet To ZenLedger For Your Crypto Tax Forms

  • To import your MyCrypto transactions into ZenLedger for your crypto tax forms, all ZenLedger needs is your public wallet address.
  • Paste your wallet address into the MyCrypto wallet address field in ZenLedger.
  • Select the proper coin from the dropdown list.
  • Select if the wallet is based in the USA or not.
  • Then hit add a coin.

How To Use MyCrypto?

1. Download MyCrypto Desktop Application

It is recommended to buy a hardware wallet or use MetaMask to access your wallet and keep your money. But in case you do not want to use a hardware wallet or MetaMask, the MyCrypto desktop app itself can be a good alternative.

You can download the desktop application as a standalone app for all operating systems- Mac, Windows, or Linux.

  • Download the latest version of the MyCrypto application from their official website.
  • Install the application on your desktop.

Now that you have installed the application, you can now create a new wallet.

2. Create A Wallet

  • Open the MyCrypto desktop application.
  • In the side menu bar, click “Create New Wallet.” This will present you with three choices- Hardware Wallet, Create A New Wallet, and Parity Signer.
  • The box in the middle will read Create A New Wallet, with an option “Generate New Wallet’. Click on “Generate New Wallet”.
  • You’ll be presented with two options- Keystore file and mnemonic phrase.

Keystore File

  • Use a random password generator to get a strong password that’ll secure your account.
  • Re-enter the password for confirmation.
  • Tap on “Create New Wallet” and download your Keystore file.
  • Tap on “Continue” after reading the warnings.
  • Store your private key in a secure location
  • Save your address by copying and pasting it into a text document.
  • Search your address on Etherscan and bookmark the page. You can view your balance at any time from here.

Mnemonic Phrase

  • Tap on the “Generate a Mnemonic Phrase” option.
  • Select “Confirm Phrase” from the options given.
  • Click the words in your sentence.
  • Write down the 12 words in the correct sequence and spelling, and save them in a secure location. 
  • Unlock your wallet by entering the mnemonic phrase.

3. Send Crypto

  • Tap the  “Send Assets” menu.
  • From the list of assets, choose the one that you want to transfer, the sender and receiver address as well as the amount that you want to send.
  • Next, you’ll see a transaction fees glider, where you can adjust the transaction fees. You must note that higher transaction fees will cost you more.

Is MyCrypto Safe?

MyCrypto wallet does not store any of your data on their servers. Instead, they give you a safe space to store, access, and utilize that information. 

  • Compatible with Ledger, Trezor, and KeepKey
  • Safety assured with a password, Keystore file, and mnemonic phrase
  • Bookmark the crypto sites only after you
  • Chrome extensions like MetaMask and EAL will help you detect phishing sites

The Bottom Line: Why Choose MyCrypto?

Here’s why the MyCrypto wallet is a great choice for you.

  • Open-source software
  • Supports Ethereum and also ERC20 tokens
  • Top-notch anonymity
  • Excellent customer service