Mycelium Wallet Review – Features, Pricing, And Security Explained

One of the first things traders can recognize is that Mycelium is a mobile-based crypto wallet. The primary focus is on security since this is a non-custodian wallet solution. This means it’s all on investors to keep their cryptos safe.

With a lot of disadvantages compared to competitors, you should be extremely careful using it. Anyway, read this Mycelium Wallet review to find out if this option is the right one for you.

Introduction to Mycelium Crypto Wallet: Overview and Background

According to many resources, this wallet started in 2008. However, some analytical tools show it might have started in 2022. Considering there are zero Mycelium Wallet reviews available, it’s hard to believe they have been around for so long.

In any case, it appears the company was founded by Ofir Primer, a tech engineer who apparently switched to the Bitcoin network upon its release. Currently, the company runs multiple projects like wallets, gift cards, swish, and many more we’ll cover in this Mycelium review.

How Mycelium Ensures User Funds are Protected?

If you are interested in Mycelium Wallet crypto investments, you have to account for all the security measures provided. Indeed, it’s highly important in the crypto trading world when you know how many phishing companies there are.

One of the key principles that can make traders safe here is the non-custodial nature of the wallet. Practically, the idea is that users have maximum control over their private keys. So, hackers can back out for a while. Other important protection features are:

• HD Wallets
• PIN Protection
• Seed Phrase Backup
• Open source code 

User Experience and Interface

Generally speaking, the UX and interface of the Mycelium Wallet blockchain app are quite user-friendly and intuitive. The app itself is available for both iOS and Android devices and has quite a simple installation process. 

With a clean and minimalist home screen, it’s quite easy for users to manage their cryptos. However, the big downside is that only a few cryptocurrencies are supported. But also, that the app doesn’t support staking and rewards.

Hardware Wallet Compatibility

One of the big advantages of this wallet provider is its Mycelium hardware wallet compatibility. If you have hardware wallets like Trezor or Ledger, you can easily store all your private keys offline. This ensures your keys are out of reach of online threats and hackers. To learn more about protection measures, check out our BitLox review.

Anyway, besides private key control, investors have protection when it comes to transferring cryptos as well. Every single transaction has to be authorized and with a hardware wallet connected, you can do it within the wallet. This way, you can make sure your keys never get out in the online world. All in all, these features offer an additional security layer that can make you sleep tight.

Transaction Features

Generally, the Mycelium Wallet iOS or Android app offers seamless transactions of cryptocurrencies. Whether you are sending or receiving cryptos, you can simply share and copy the wallet address, or even use the QR code to initiate transactions. Once the transaction is verified with private keys, you can track its status directly in the Mycelium Wallet mobile app.

Another interesting feature of this crypto wallet is crypto trading. Users can use the built-in LocalTrader interface and trade cryptos directly with other users in the Mycelium ecosystem. Still, the principle complies with decentralization and self-custody basics. 

Supported Coins

When choosing an adequate crypto wallet, having a wide range of supported cryptos makes a big difference for investors. Sometimes, ICOs can be quite tempting for traders and that’s what makes it a big deal. Unfortunately, Mycelium Wallet supported coins are not admirable. The app covers, of course, the main ones like Bitcoin and Ethereum and only ERC-20 tokens. Some of those are:

• Tether (USDT
• Chainlink (LINK)
• Uniswap (UNI)
• Compound (COMP)
• Wrapped Bitcoin (WBTC), etc.

Cost and Fees

As can be seen, downloading the Mycelium wallet won’t cost you anything which is a good thing. The surprising detail is that the company doesn’t reveal the costs of its card. Unfortunately, without an accessible shop at the moment of writing this review, we can’t check any of the costs for the company’s products.

If you compare it to Cryptosteel for example, you will realize how big of a difference such details can make. In any case, when it comes to Mycelium Wallet fees, traders can expect standard transaction fees depending on the network they are using. 

Final Conclusion: Is It Worth It?

While trading cryptos can be truly interesting and profitable, it takes a lot of luck to get where you want to be. But also a lot of capital. That’s why many traders opt for other investment journeys while they wait for cryptos to skyrocket. A recently popular option is a funded account program where traders don’t risk their own capital in the market but the company’s.

One of the highly popular platforms of a kind is UK-based Funded Trading Plus. With a profit share of up to 90%, traders can truly maximize their trading experience and results. After passing virtually funded evaluation phases you can practically choose with how much money you want to trade. So, why not take advantage of it?

Another great thing about Funded Trading Plus are wide range of promotions and giveaways. Explore the world of possibilities starting today and start generating profits today!

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