In this in-depth Mymonero wallet review, I downloaded and tested the wallet to see how it compares to all the other crypto wallets I have used. I aim to lay out everything I have learned about this wallet during my research and while using it so that you can confidently decide whether it’s the right fit for your needs.
We’ve got a lot on our checklist for this assessment! We’ll be taking a close look at various aspects, starting with the user interface and the overall user experience. We will talk about the privacy, security, and safety of your crypto. I will help you determine whether this wallet is a secure home for your digital assets or if there are potential vulnerabilities We’ll also be taking a look at the team behind Mymonero and what their track record is like. Are they serious and do they have a clean background? I’ll also show you each of the applications that you can install.
Finally, we’ll take a look at the strong points of MyMonero and its Weaknesses.
So stay tuned my friend because this review is backed with valuable insights about MyMonero.com
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Overall Rating 3/5
Mymonero is a light wallet with a minimalistic design that allows users across devices to quickly send, receive, and store their XMR coins without needing to download a full node i.e. copy of the entire blockchain. The wallet currently supports XMR only but is in the process of integrating with third parties so that you can trade XMR for other crypto and so that you can buy Monero currency using fiat from within the app. It’s not fully there yet though and that is one of its main drawback. The key aspect the Monero users like about Mymonero is that its fact. The main point of contention however is that this speed comes at a cost of sacrificing some privacy. More on that below. Overall, my verdict is that MyMonero is a good option if you want a fast and secure option to store small amounts of Monero.
Let’s take a close look at the wallet and how it started
Background
So the MyMonero wallet was first launched back in 2014 under the stewardship of Riccardo Spagni (aka fluffypony) and the assistance of the Monero core team. Riccardo is a controversial character as he was extradited from the US to South Africa on allegations of fraud and stealing $100,000 from a company he used to work for. According to Coingeek, her was released on a warning and these days is arguing with other Twitter users over allegations that he helped Interpol trace funds.
Despite that Mymonero is an endorsed lightweight wallet on getmonero.org, the official site of Monero.
Features
- Available across devices
- Built-in Rolodex to keep private addresses, payment IDs, and OpenAlias addresses in order.
- Open Source
- Multi-language for seed phrase: English, Dutch, French, Spanish, Portuguese, Chinese, Japanese, Italian, German, Russian, Esperanto, Lojban
- Fiat onramps
- Inbuilt exchange for BTC (more currencies expected)
Pros
1. Open Source
Being open-source means that the source code is available for anyone to check for weaknesses. Open-source wallets are considered to be more robust in terms of security and transparency.
2. Ease of use
Mymonero has a simple user interface. The app has 5 tabs:
- The first tab shows you your wallets of which you can have more than one if you so choose to. This is where you can check your wallet balance.
- The second tab is the send tab
- The third tab is your receive tab with the QR code and address
- On the fourth tab, you can create a contacts list by entering a name and address
- On the fifth tab, you can see Mymonero’s third-party integrations such as its XMR-bitcoin exchange via ChangeNOW, the Fiat onramps Via Guardarian, and the P2P marketplace for buying/selling XMR via LocalMonero.com
3. Non-custodial
This means you are in complete control of your private keys which are encrypted on your device.
4. Fiat onramps
Mymonero partners with third-party providers such as Guardarian so that you can buy XMR using a debit card or credit card. This way you don’t need to purchase XMR using another crypto wallet or exchange first and then send XMR to your Mymonero wallet. The experience feels a little stitched together right now. When you click on Buy Monero using Fiat currency on the last tab you you will be directed to Guardarian’s page where you can make the transaction. When I tested it out I was given the option to pay using Google Pay or a Visa or Mastercard debit card/credit card.
5. Integrated exchange
The wallet has partnered with ChangeNOW so that you can buy Bitcoin with your XMR. You can’t have a Bitcoin address within the wallet so you would need to set one up using another wallet. In the future MyMonero will be adding support for more cryptocurrencies.
6. Customer support
The support team is available via live chat and email support.
7. Available across devices
The wallet is available to download on Android and iOS mobile devices and has a desktop version for Linux, windows, and Mac OS operating systems as well as a web browser
8. Fast and Lightweight
Since it doesn’t require users to download and maintain the full Monero blockchain, MyMonero is faster and more lightweight compared to full-node cryptocurrency wallets.
9. Private transactions
Mymonero does not collect any personal information so your transactions are 100% private. You won’t be required to provide any form of identification such as an email address or ID verification. However, if you use any of the third-party integrations you may need to KYC with them.
Cons
1. Dependence on MyMonero’s Servers
MyMonero relies on its servers to access the Monero blockchain. This means you’re dependent on the availability and reliability of MyMonero’s infrastructure. Also while your private keys are encrypted on your device your view key is shared with their server. A view key shares data about your address but can’t be used to perform any transactions. There is some contention on the Monero subreddit about how much data you are actually sharing. Most in the Monero community agree that if you want 100% privacy you should avoid using Mymonero.
The trade off for using a wallet that uses your view key is speed with significantly faster syncing of outgoing and incoming transactions. Check out cake wallet below for a less contentious wallet.
2. Google Play Store glitch
When I tried to download the mobile app to my Android device I got a message saying ” This app is not available for your device because it was made for an older version of Android”. For this review, I ended up installing the desktop wallet instead.
3. Not a multi-currency wallet
Mymonero only allows you to store Monero on it. This means that you will need to use other wallets to store your crypto. However on their website
4. No fiat off-boarding
While many online wallets nowadays integrate with third-party providers so that you can sell crypto for fiat money and cash out to your bank account Mymonero does not offer this option currently.
5. No integration with hardware wallets
Unfortunately, Mymonero is not Ledger or Trezor enabled. This means you will need to use another crypto wallet if you use a hardware wallet. Hardware wallets, also known as Cold wallets, are considered much safer than software wallets or hot wallets because they are not connected to the internet. If you plan on storing large amounts of Monero coins your best option is to get a hardware wallet such as the Ledger Nano X or Trezor Model T. Otherwise Mymonero is as good as any if you want to store small amounts of XMR.
6. No subaddresses
A key feature of the Monero network is that you can use subaddresses that are connected to your primary addresses. When someone sends you XRM to a subaddresses you receive it in your primary address but others won’t be able to see your primary address. Unfortunately, Mymonero doesn’t support sub-addresses at the time of writing.
How to use Mymonero
1. Download the mobile phone or desktop app to your device
2. Click on Create New Wallet
3. Name your wallet and give it a color
4. You will then receive the instructions on how to securely save your mnemonic phrase. You must not screenshot it, email it, or copy-paste it anywhere online. This makes it susceptible to hacking. Instead, you want to make sure you write it down on a piece of paper that you store somewhere safe. If you lose the phrase you will no longer be able to access your wallet and the stored XMR on it. There is nothing MyMonero team can do to help you restore it.
5. after you write down your seed phrase the wallet will ask you to verify by giving 7 words to place in the correct order
6. Next the wallet will ask you to set up a PIN or password that is at least 6 characters long. Make sure you choose a strong password and no don’t use your birthday as a pin
7. Congratulations your wallet is now set up
8. Click on the wallet to view your public address also known as a public key. You share this address with anyone you want to send XMR to your wallet.
9. To share a QR code click on receive.
10. to send XMR to another wallet click on send and paste the address in the TO field. You can also drag and drop a QR code here. In the field below you can also input or generate a payment ID. A payment ID is a unique feature of the Monero blockchain. Since Monero transactions are private it is hard to show or prove to someone you made the payment. Say if you are buying something from an e-commerce store. In this case, you can add the payment ID to your transaction which is viewable and shows the merchant that you made the payment so that they can send you the product.
Alternatives to Mymonero
Wallets endorsed by the Monero team
- Monero GUI wallet
- CLI wallet
- Feather wallet
- Monerujo
- Cake Wallet
Other wallets that you can store Monero on
Useful Resources
- mymonero.com official website
- Installation guide
- Privacy policy
- Mymonero web wallet
- Source code on Github
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