31 August 2020
MyMonero is an ideal Monero wallet for those looking for a lightweight alternative to the heavier counterpart, Monero GUI. Monero (XMR) has emerged as a popular cryptocurrency because it’s secure, opaque, and untraceable. In this article, we won’t be talking about Monero and how it works. Instead, we’ll concentrate on MyMonero, an online wallet that allows users to send and receive Monero coins anonymously.
MyMonero wallet is a web wallet and therefore doesn’t locally sync information on your computer or phone. This enables it to open and operate fast, making it swift and efficient to use. In this MyMonero review we breakdown everything you need to know to use the web wallet safely and securely.
MyMonero Online Wallet
Similar to how MyEtherWallet makes transacting with Ethereum significantly easier, MyMonero makes the process of transacting in Monero a much more pleasant experience than most other Monero software.
It’s easy to use, especially because you only need your private login key to send or access your money. There are no third-parties; hence, your funds are stored securely. One of the many MyMonero benefits is that it’s available in various languages, including English, Japanese, and Spanish.
How to Create MyMonero Account
The first step in creating a MyMonero wallet/account is going to the website. The site provides great resources to help you get started. From here you have the choice of downloading the desktop application or creating your wallet using their web interface.
Regardless of which platform you choose to create your wallet on, only a few details are needed to create a wallet which is very much aligned with Monero’s privacy-focused ethos. This allows you to use MyMonero anonymously.
When creating your MyMonero account on their website, you’ll see a set of warnings about online wallet usage displayed there. Since this is a hot wallet, it’s important to note that your account can be hacked, although the chances are low. It’s advisable not to use this wallet to store a huge amount of money.
After registering, you’re given a secret mnemonic key phrase. This mnemonic phrase is a string of words and functions as your key to accessing your funds. Anyone with access to it will be able to transact from your wallet. Keep this safe and do not share this key with anyone!
After displaying your mnemonic key, the site will require you to confirm the key to make sure you got it right. It’s advisable to note down the key somewhere safe (like a safe).
Now you’re ready to use MyMonero wallet.
How to Login to Your MyMonero Account
Logging in to your MyMonero account is simple and requires only your mnemonic phrase.
Remember that the webserver doesn’t store any of your details. Since your browser is the only place where most of the activities happen, it’s crucial to safely store your Private Login Key (mnemonic phrase) as it is the only thing you need to access your account.
It’s advisable to test your login several times after creating a new MyMonero account. Doing so will enable you to confirm that the information you have for login is correct.
Your account details are available on the top right corner of your screen when you log in to your MyMonero account. The available information includes Spend Key (Private), View Key (Private), and Account Address (Public) information. You should keep this information safe as it’s comparable to the Private Login Key.
About MyMonero Wallet Addresses
Your MyMonero wallet address is a combination of letters and numbers that are unique to your account. It is equivalent to a bank account. After you log in to your account, go to the account overview section to view your wallet address.
Most cryptocurrency wallets require users to create new wallet addresses manually. Instead, MyMonero generates a new wallet address automatically whenever you log in. This helps to keep your transactions even more private and anonymous. You can view your wallet address and other details, such as balance, when you go to the account overview page.
How to Receive and Send XMR with MyMonero Wallet
Now that you have your account ready, it’s time to learn how to load it with some XMR. Click the receive tab to access all the information that you should use to send money to your account. You will find the public address where the funds should be sent to. Share the address with the sender. Alternatively, you can scan the QR code instead of copying and sharing your address.
After loading your account with XMR coins, you can send them to another person or even cryptocurrency exchanges. The information available on your screen is self-explanatory. When sending money to a trading platform such as Binance, you should provide your payment ID. This information will enable the exchange to track your incoming transaction.
MyMonero Transaction Fees
MyMonero is a free to use application. The only fees users will incur is transaction fees to validate the transaction, similar to nearly all other cryptocurrencies. These fees are quite low compared to other means, such as bank transfers. Learn more about Monero transaction fees.
Pros of MyMonero
- One of the MyMonero benefits is that it’s easy to use because of its user-friendly and easy-to-navigate user interface.
- The wallet also uses encrypted private keys ownership. No one else has access to your private keys since no third party is involved in their storage. You’re, therefore, in full control of your Monero transactions.
- Since MyMonero wallet is a light node, you don’t have to have the entire Monero GUI on your device. As such, there’s no risk of your device slowing when you use this wallet.
Cons of MyMonero
- MyMonero doesn’t save any transactions. Therefore, you can’t access your transaction records.
- Although MyMonero is designed to be opaque, it may know the parties involved in a transaction in case of inter wallet transactions.
- MyMonero also lacks the multi-signature feature. Users can’t ask more than one individual to approve a transaction before it gets broadcasted.
Do You Want to Get MyMonero Wallet?
You only need a strong internet connection and a browser to run the MyMonero wallet. The wallet is available on different operating systems, as indicated on the MyMonero website, including MacOS. You only need to be extra careful to confirm that you’re accessing the real website. Before performing any transaction, check the URL to ensure its HTTPS and that the domain name is mymonero.com.
How to Use MyMonero Safely
If you’re a cryptocurrency user looking for a secure way to store your coins, you should try MyMonero wallet. MyMonero is a very safe wallet, given that even your private keys are encrypted. When using MyMonero, you’ll realize that you can’t access the online Monero wallet using privacy browsers, such as Tor. After accessing your account online, it’s advisable to log out and clear your browser cache as well.
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