MyCrypto is an open-source, client-side tool for generating ether (ETH) wallets, handling ERC-20 tokens, and interacting with the blockchain. It’s fully compatible with MetaMask, Ledger, Trezor, WalletConnect and Frame crypto wallets.
In this resource, we’ll take you through the different elements to MyCrypto and explain how to get the most out of it.
What Is MyCrypto?
MyCrypto wallet is a fork of MyEtherWallet codebase and was launched in May 2018 after one of the co-founders opted for a different path.
There are 3 products offered by MyCrypto: (i) MyCrypto.com (ii) MyCrypto Desktop App and (iii) MyCrypto Beta. While each product has unique benefits, they all make it easy for you to create Ethereum wallets as well as send and receive cryptocurrencies on the Ethereum blockchain.
What Is MyCrypto.com
MyCrypto.com is a website for managing and storing your Ethereum-based tokens in one easy-to-use place. You can create a wallet if you’re just starting out, load an existing wallet or even connect hardware wallets such as the Ledger Nano S.
They also have tools that let you sign and verify messages, interact with the Ethereum Name Service (ENS), interact with smart contracts, check a transaction status or broadcast a transaction.
A dashboard is available so you can track the value of your cryptocurrencies and view a snapshot of your balances. It also has a contact management system. This lets you save and label your frequently used addresses, lowering the risk you make a copy-and-paste error.
MyCrypto.com & Crypto Hardware Wallets
MyCrypto.com and the MyCrypto Desktop App can connect to your Ledger, Trezor and other types of hardware wallets.
To connect your Ledger or Trezor hardware wallet to MyCrypto, you need to make sure of the following:
- You have the most up-to-date firmware on your Ledger or Trezor.
- You have the latest version of your web browser.
- You have enabled ‘browser support’ on your hardware wallet device.
- Your hardware wallet device is plugged in via USB—not via Bluetooth.
- If connecting your Ledger, you have the Ledger Live app closed.
- If necessary, you’ve enabled ‘contract data’ on your hardware wallet device.
Keeping your ETH and Ethereum-based ERC-20 tokens on your hardware wallet is super important for security purposes.
MyCrypto can effectively serve as a middleman between your cryptocurrency and the internet, making it a powerful feature. In this sense, MyCrypto acts like the swipe card you use to access your workplace or local gym.
What Is MyCrypto Desktop App?
If you want to separate your crypto from your web browser then the MyCrypto desktop app is perfect for you. The app gives you the same functionality of the website, but is separated from your web browser. This helps you avoid dangerous phishing attacks and malicious browser extensions—meaning you no longer have to triple-check you’re on the correct URL.
You can create a wallet in a few easy steps. Save your keystore file and mnemonic phrase in a safe location so you can re-access your wallet at a later date. Never send your mnemonic phrase over the internet or store it in a place that anyone can easily access.
There’s a useful article in MyCrypto’s help centre detailing the steps to create a wallet using the MyCrypto Desktop App.
Download MyCrypto Desktop App
The MyCrypto Desktop App is standalone software that can be downloaded from the MyCrypto website. It can be installed on Windows, Mac and Linux operating systems.
What Is MyCrypto Beta?
Available on the MyCrypto dashboard and powered by DefiZap, MyCrypto Beta lets you easily partake in decentralised finance (DeFi). You can use ETH to earn by taking any of the below approaches depending on your view of ETH’s price action.
- Everyday ETH investment (bullish view). Preserve your ETH price exposure and earn a variable interest rate (usually 1–2%) by lending on Uniswap.
- Interest-earning ETH hedge (neutral view). Hedge against ETH price volatility and earn a variable interest rate (usually 2–25%) by lending on Uniswap.
- Interest-earning with DAI (bearish view). Earn Interest of up to 8% a year by contributing to the Compound money-market protocol. Remove your ETH from price exposure.
Participating in DeFi can be risky. Understand the risks before diving in.