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Mycelium Wallet Review: A Seasoned Bitcoin Wallet for a Seasoned Crypto User

Review Updated
Katie Clinebell
By: Katie Clinebell
Katie Clinebell
Katie Clinebell
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes. Katie currently lives in Florida and can be found traveling, dancing, and laughing as she strives to live stories that matter.

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Our Cryptocurrency Expert

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Mycelium Wallet is an open source, mobile-only hot wallet primarily meant for storing Bitcoin. Originally launched in 2012, it's one of the oldest and most widely used Bitcoin wallets, and it has impressive security features. However, some of Mycelium's advanced features may make it more optimal for an experienced cryptocurrency user. Read about these and other pros and cons in our full Mycelium Wallet review.

Ratings Methodology

Mycelium Wallet

Mycelium Wallet

Blockchain Support

Bitcoin, Ethereum, and ERC-20 tokens

Compatability

iOS and Android mobile apps (no desktop version)

Storage Type

Hot wallet, but supports hardware storage

Price

Free install

  • High-functioning non-custodial Bitcoin wallet with some advanced features

    • High level security
    • Supports hardware storage
    • Simplified payment verification
    • No desktop version
    • Primarily built for storing Bitcoin
    • Not the best for beginners

Full Mycelium Wallet review

This wallet is a good fit for: The seasoned Bitcoin investor who is confident in navigating more advanced features.

What is Mycelium Wallet?

Mycelium Wallet is a noncustodial, mobile-only wallet. It is also a fully open source hot wallet. Originally, it only supported Bitcoin, but the company has since added a few popular coins and tokens, though it's still a very limited selection.

Top perks

Security

When it comes to storing crypto, security is usually a top priority for investors. Mycelium Wallet has gone to great lengths to bring a high level of security features to its users. First, it does not require personal information to set up an account, so you can be anonymous. Mycelium also has cold storage available in the form of paper wallets and watch-only accounts. (A watch-only account means you can view your current funds without requiring your private keys; this is a feature for more experienced users.) And Mycelium uses Bit ID as an added form of secure authentication. All of this makes Mycelium wallet a safer option, but it does depend greatly on the user's responsibility to protect their private information.

Supports hardware storage

Users have the option to store funds in a hardware wallet. Mycelium Wallet is compatible with Trezor, Keepkey, and Ledger Nano S. If you are new to crypto and just dipping your toe in the water, you may not need a hardware wallet. But, as your portfolio grows, hardware wallets are considered the safest way to store your currencies and keep them off of the cryptocurrency exchanges until you are ready to trade. The hardware wallet compatibility makes this step easy when that time comes, and it's a great benefit of Mycelium Wallet.

Simplified payment verification

Another feature of Mycelium is the Simplified Payment Verification. This allows the wallet to confirm a transaction, without needing to download the entire blockchain.

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What could be improved

Limited coin support

Mycelium came about in 2012, which makes it basically ancient in crypto years. Being one of the oldest and most popular Bitcoin wallets is certainly a pro. But some users are looking more for multi-crypto wallets. When Mycelium started, it supported only Bitcoin. Now it's added more supported coins (ETH, USDT, HT, BUSD, ZRX, and USDC) as well as ERC-20 tokens. But Mycelium is still extremely limited in the coins it supports.

No desktop version

Another possible deterrent is that there is no desktop version of Mycelium. It is a mobile-only app, available for iOS and Android. So if you're uncomfortable navigating some of the advanced features and interface solely on a mobile device, this may not be what you are looking for.

Not ideal for beginners

As mentioned earlier, Mycelium contains some advanced features (such as watch-only, and simplified payment verification) that might not be ideal for beginners. Plus, there are hardly any guides or tutorials available to help navigate said features. Because of Mycelium's strong security, the protection of private keys and coin storage is entirely in the hands of the user. There is no middle man. This is a positive thing in the world of crypto, but it also requires more knowledge and experience on the part of the investor.

Alternatives to consider

If you are looking for a more beginner-friendly wallet that supports more coins: Consider Trust Wallet. Trust Wallet is also open source, but it supports many blockchains and all ERC 721 and ERC 1155 crypto NFTs. It also has an integrated dApp browser, and supports staking for Cake, Binance Coin, Cosmos, Tezos, Bitcoin, Ethereum, and Tron.

If you're looking for a seamless trading and storing experience: Coinbase Wallet is an option for storing and transferring various types of cryptocurrency, including NFTs. This wallet is also a noncustodial, hot storage wallet, but it supports over 500 digital assets (including but not limited to Dogecoin, Litecoin, Ethereum, Bitcoin, and NFTs). If you are seeking more of an all-in-one wallet to store your coins, tokens, and NFTs, then certainly look into Coinbase Wallet.

If you're looking for more options: Check out our full list of the best cryptocurrency and NFT wallets.

What cryptocurrencies does Mycelium support?

Mycelium Wallet originally only supported Bitcoin. Since then, it has added to its repertoire and now supports:

  • Ethereum
  • Tether USD
  • Huobi Token
  • Binance USD
  • Zero X
  • Some ERC-20 tokens

Mycelium Wallet fees

Mycelium Wallet is free to download and store, and there is also no subscription fee. You do pay transaction fees, however, which range from $0.25-$8. This amount varies based on the congestion level of the particular network. Simply put: higher congestion, higher fee.

Is Mycelium Wallet safe to use?

All in all, Mycelium is a wallet with high level security and is safe to use. However, it's important to keep in mind that the utilization of the features by the user and the responsible holding of the keys is what really makes it secure.

The main thing to remember about this type of wallet is that you truly have the most say in the safety of your investments. If those investments are growing, the safest option is to use a hardware wallet, and Mycelium makes that transition rather seamless (with the compatible hardware wallets Trezor, Ledger Nano S, and Keepkey). But whether your cryptocurrencies are being stored in a cold wallet or a hot wallet, you alone hold the private keys. The app provides instructions on creating a backup, and this is highly recommended.

Mycelium Wallet is right for you if:

  • You're looking for a safe place to store just Bitcoin and a few other mainstream coins.
  • You have some experience in cryptocurrency interfaces.
  • You prefer a mobile wallet.