Mycelium Wallet Review

Lily Green — Last Updated on February 9, 2021

Mycelium is a cryptocurrency wallet that was amongst the earliest to launch. You can have various types of accounts with Mycelium, and the wallet is mobile-based. 

Use the Mycelium wallet to trade, store, and transfer Bitcoin. It’s also open-source, meaning the code is public and editable. This structure makes for a faster connection to the Bitcoin network. You can also integrate Mycelium with other crypto wallets.  

The Mycelium cryptocurrency review is packed full of features and security provisions suited for experienced users. 

In this Mycelium review, we’ll focus on other aspects of the wallet, such as fees, the security features, pros, cons, and more, to help inform your decision. 

The Mycelium Wallet

The SPV (Simplified Payment Verification) technique enables the app to verify transactions without transferring the whole blockchain. 

Mycelium Wallet homepage

Because mobile devices are more susceptible to theft, the developers take the initiative to improve the app’s security profile. This was done without making the interface too challenging. 

MyCelium Wallet Features

Here are some prominent features that the Mycelium wallet offers:

Hierarchical Deterministic (HD) Wallet

Using a master seed, or mnemonic seed, the Mycelium wallet effectively acquires the Bitcoin address to restore the wallet. 

Single Address Accounts

If you have a single address account, you can lock your funds and make your wallet completely inaccessible by deleting the private key from any personal device. 

In case you need to access your wallet and start doing transactions, you simply import the keys to your device again. 

Hardware Wallet Compatibility

You can store your cryptocurrency coins by utilizing a hardware wallet like Ledger Nano S, KeepKey, or Trezor

Bit ID

Bit ID is more secure than a typical authentication process that requires a password. In addition, it’s an open-source module that protects your data and funds better. 

Watch Only Accounts

This type of account has Bitcoin addresses without a private key attached. There aren’t any outgoing transactions sent out from the wallet directly, but the user can only watch the account. 

Watch-only accounts are beneficial for anyone who wants to view the transactions that go out and stock up their wallet with crypto coins.    

Collaboration With Verified Third-Party Services

Mycelium has developed a partnership with Cashila, allowing users to pay bills in Europe and the SEPA zone. 

Another partnership with Glidera has allowed Mycelium users to sell and buy Bitcoin from their bank accounts in the United States and Canada. 

A Coinapult collaboration enables trade against various fiat currencies such as USD, EUR, and more. 

The Mycelium Marketplace

The developers of Mycelium have created a decentralized exchange, the Mycelium Local Trader. The marketplace is in-person, and it connects traders and orchestrates the purchase and selling of Bitcoin between users in a safe environment. 

This service automatically calculates the number of trades that are successful and that get abandoned. There is also a secured chat function, which uses the Bitcoin keys to facilitate end-to-end encryption. 

Privacy and Security 

Mycelium wallet offers exceptional security features on its platform.

Mycelium security features

User Interface Protection

The user interface has protection from hacking if your device is stolen or gets lost. The interface security is a feature that requires a PIN to share your private keys or send Bitcoin. Your funds will be safe, as well as your private information.

Watch Only 

A feature of the watch-only account is that you can view your funds without inserting your private keys. This function only allows you to make offline transactions and to see your funds. 

This type of feature is best for people that have large paper wallets. You should be an experienced user to have this feature as it is complicated for beginners to understand.  

Private Keys Storage

Mycelium wallet users can keep their private keys on a paper wallet or a USB device. This allows for total control of your assets, which is different from other wallets on the market. 

You have to be careful with this feature because it can be beneficial if you are responsible for your cryptocurrency transactions. Don’t take your private keys around when you travel on a day-to-day basis.

It’s good to use the Google Authenticator for an extra later if security for your crypto wallet. 

Customer Service and Support

This area is a shortcoming for the Mycelium wallet. Other crypto wallets have more extensive customer support options, whereas Mycelium doesn’t offer any tutorials or guides to help new users navigate the app.

Though the simple functions of the wallet are fairly straightforward, the advanced features are geared toward seasoned investors. 

The primary method of communication for support is via email. The developers also advise users not to attempt contact through other mediums such as social media. They do not have a telephone number available. 

If you want to submit a question or concern, please use the following email: support@mycelium.com.

Wallet Fees

You won’t incur any hidden fees with your Mycelium wallet. A user may store their funds for free, but there are transaction charges when you send funds from one wallet address to a different address. 

Mycelium safety

Users also have to pay the BTC network fees. If the network is particularly congested, the fees will be more costly. The charges can be as low as 0.25 to as much as $8. 

There aren’t any payment limits or subscription fees, but when you deposit or withdraw funds from the crypto wallet, you have to pay the exchange fees. 

Lastly, you have limited deposits and withdrawals with the Mycelium platform.

Pros & Cons

Pros

  • Open-source
  • Reliable
  • Multiple accounts available
  • Fast connection to the BTC network

Cons

  • No desktop version
  • Hard to use for inexperienced crypto users

Frequently Asked Questions

Here are the responses to commonly asked questions regarding the Mycelium wallet:

Is the Mycelium Wallet Trustworthy?

Mycelium is very trustworthy because it offers security features used at a business level. Your private keys are always secured, and you have a lock code that you assign at sign-up. 

This code guards all the primary functions like adding a new account or exporting your single address account. 

Additionally, if you ever lose your device or it gets stolen, there’s a backup phrase feature available so that you can access the account.

Is the Mycelium Wallet Worth It?

As it relates to basic functioning, the Mycelium crypto wallet is more than capable of receiving and sending Bitcoin.

Since you can also integrate Mycelium with a hardware wallet, multiple forms of security software like Tor also become available.

What makes Mycelium stand out from other wallets is that it features a marketplace. However, aside from these pros, it’s hard to use Mycelium if you don’t have much experience with cryptocurrencies. 

What Coins Does the Mycelium Wallet Support?

The Mycelium wallet doesn’t support a large variety of cryptocurrencies. So despite being the first wallet of its kind available, it’s surprising that they have not expanded.

These are the cryptocurrencies supporter by Mycelium:

  • Ethereum (ETH)
  • Bitcoins (BTC)
  • USD Coin (USDC)
  • Tether USD (USDT)
  • Huobi Token (HT)
  • Zero X (ZRX)
  • Binance USD (BUSD)

The company has plans to start incorporating more currencies at a later date.