Mycelium Wallet Review 2021: The ultimate test

The Mycelium Wallet is a popular Bitcoin mobile wallet. Due to its specialisation and more than 10 years of experience, the Mycelium Wallet is especially popular as a mobile storage option for Bitcoin - and it's free.

However, there are also disadvantages with Mycelium, which we discuss in this detailed Mycelium Wallet review.

We discuss the pros and cons, share our Mycelium experiences and also look at the alternatives to Mycelium so that everyone can find the best mobile wallet for cryptocurrencies for themselves.

What is a Mycelium Wallet?

The Mycelium Wallet is a mobile storage option for Bitcoins.  It is only available as an app and can be easily downloaded from the App Store or Google Play Store. As a Bitcoin wallet, only Bitcoins can be stored with Mycelium, no other cryptocurrencies, not even Ethereum.

If you are disappointed at this point and would rather look for a wallet for numerous cryptocurrencies, you should take a look at our test winner eToro. Here, around 100 cryptocurrencies can be traded at low prices and attractive spreads.

Mycelium LogoBut if you are only interested in a Bitcoin wallet, you should definitely continue reading this Mycelium wallet review.

  •   Some people mistakenly refer to the Mycelium Wallet (with a "z"). This is not correct, the wallet is called Mycelium (with "c"). You should be careful here not to fall for scammers or phishing attacks with Myzelium.
  •    It is also important to know that Mycelium was founded in 2009. So this is a real Bitcoin veteran, so Mycelium is definitely a serious and stable provider.

Set up Mycelium Wallet: Here's how!

Setting up a Mycelium Wallet is very easy and quick. In the following, we have summarised the concrete steps for installation in a Mycelium Wallet guide.

step 1

Download Mycelium Wallet

The Mycelium Wallet download is conveniently done in the App Store or Google Play Store, depending on your device. Windows devices or operating systems other than Android and iOS are not supported by Mycelium. The Mycelium Wallet download is quick and only 22 MB in size.

Download Mycelium Wallet
step 2

Mycelium Wallet security

If you then open the app, you will immediately access your personal account, which is 0 Bitcoin to start with. To start with, it is important to ensure security in your personal Mycelium Wallet. To do this, select the backup function.

You will then receive the recovery seed consisting of 12 words, which should definitely be stored separately from the wallet - either on another device or preferably on a securely stored piece of paper.

A PIN is also generated during this process. We provide more tips on Mycelium Wallet security below.

step 3

Send and receive Bitcoin

The Mycelium Wallet setup is now already complete, so the wallet is ready to go. Anyone who wants to transfer bitcoins to the Mycelium Wallet can do so from any crypto exchange or other wallet. The private address of the Mycelium Wallet is obtained by clicking on "Receive".

Copy this address and you can send bitcoins to your Mycelium app and keep them safe. To send Bitcoins, simply click on "Send".

Send and receive Bitcoin

Mycelium Wallet Functions & Features

In our Mycelium Wallet test, we found the following features:

1. Compatibility

The Mycelium wallet is compatible with all other Bitcoin exchanges and Bitcoin wallets, but not with other cryptocurrencies. Likewise, it is not compatible with PCs and desktop computers, as Mycelium is only available as an app.

Those who want more than a pure wallet can link the app to other apps and interfaces, including crypto.com for buying Bitcoins or 1xbet.com for making sports bets directly with the Bitcoins. With regard to Mycelium Wallet security, however, you should be careful with such apps, as you are often redirected to third-party sites.

2. User-friendliness

Mycelium as a mobile wallet comes in a pleasant design, although it cannot keep up with comparable applications such as Exodus in the Mycelium Wallet test. The interface seems a bit cluttered and is disturbed by partner offers or feeds. Nevertheless, the Mycelium app is intuitive and easy to use.

3. Customer support

Mycelium is managed by a team with many years of experience, as this wallet has been on the market since 2009. In addition, contact is only possible via the contact form, so the response time varies depending on the season.

4. Mycelium Wallet Coins

The Mycelium Wallet is a pure Bitcoin Wallet, i.e. Bitcoin is the only cryptocurrency that can be stored here. Ethereum in the Mycelium Wallet is not possible, nor are Ripple, Cardano, Polkadot & Co.

Different types of wallet

Different types of wallet

  •    Desktop Wallet: The Mycelium Wallet is not available as a desktop wallet.
  •     Paper Wallet: Paper wallets are the most secure, but usually also the least convenient form of Bitcoin wallet. Although Mycelium is not a paper wallet, you do receive a recovery seed consisting of 12 words, which you should definitely save offline, for example on a securely stored piece of paper.
  •     Mobile wallet: Mycelium is a pure mobile wallet and one of the most popular wallets as a storage app for Bitcoins.
  •     Hardware wallet: Thanks to its integration, Mycelium can easily be combined with the hardware wallets from Trezor and Ledger. Thus, the Mycelium wallet security can be significantly increased.
  •     Browser-based wallet: Mycelium is not available for the browser, but only as an app for iOS and Android.

Art

Hardware Wallet

Paper Wallet

Desktop Wallet

Smartphone Wallet

OnlineWallet

FeaHow easy is it to use?

medium

bad

very good

very good

very good

What are the acquisition costs?

Fvery high

low

low

low

low

Is the wallet secure? (Reputable providers)

Fhigh

high

medium

medium

high

Do I have access to customer support?

medium

bad

medium

very good

very good

Security check

There are 2 questions to answer regarding Mycelium Wallet security:

Question 1: Is a Mycelium Wallet secure?

The first question can be answered with "yes, but". Among mobile wallets, Mycelium is one of the most secure storage methods because the following features are available to enhance Mycelium Wallet security:


  •     HD Wallet: Mycelium is available as a so-called Hierarchical Deterministic Wallet, a particularly secure and convenient form compared to classic wallets.
  •     Watch-Only-Addresses: Mycelium offers watch-only addresses, which can be used, for example, to monitor transactions while on the move, but not to execute them. Thus, compromise through insecure WiFi or theft is excluded when used correctly.
  •     Private Keys: When using the Mycelium Wallet, the private keys are completely in the hands of the user.
  •     Bit ID: Bit ID is an open source authentication method for app use that is more secure than the classic password.
  •     Hardware Wallet: Mycelium cooperates with the well-known hardware manufacturers Ledger and Trezor and thus offers a seamless integration for all those who want to buy a Bitcoin hardware wallet in order to rely on increased security.However, one must bear in mind that Mycelium is still a hot wallet.

Question 2: How do I secure my Mycelium Wallet?

The second question is how to secure my Mycelium Wallet. This happens right at the beginning during the Mycelium Wallet setup. A big hint appears that you should configure the backup and the recovery seed. With this, you can access your Bitcoins at any time in the event of mobile phone loss or software problems by simply repeating the Mycelium Wallet setup, reinstalling it and entering the recovery seed.

Of course, you also need to protect yourself against external attacks at the same time. This is where the Achilles' heel of the otherwise so secure Mycelium Wallet comes out, because it is still a hot wallet, meaning the coins are always connected to the internet, which could allow hackers to gain access.

The only remedy is a good virus scanner on the mobile phone and very attentive internet and surfing behaviour. Of course, this aspect of Mycelium Wallet security can also be countered with a hardware wallet such as Ledger or Trezor.

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Trading via the Mycelium Wallet

The Mycelium Wallet is essentially a bitcoin wallet for storage. Although it is possible to buy Bitcoins on Mycelium, this is only possible via third-party providers that are directly integrated into the app, for example Cashila and Glidera. Accordingly, attention must also be paid to the Mycelium wallet fees. When buying, the Bitcoins end up directly in the Mycelium Wallet and are not temporarily stored on an online exchange.

There is also an app link to crypto.com, so that you can also trade Ethereum and Co. via Mycelium. However, the coins then remain with crypto.com, so this has no further advantages.

Mycelium Wallet Fees

Before familiarising yourself with the app, you should also take a look at the Mycelium Wallet fees. The Mycelium Wallet download, installation and operation are completely free. Only transactions from one wallet to another are subject to Mycelium Wallet fees. These again depend on the transaction speed. Those who want a fast high-priority transaction will have to pay more than for a transfer that takes longer.

    So the exact Mycelium Wallet fees depend on the type of transaction, but also on the current Bitcoin price, as the network fee fluctuates. As a rule, you should expect to pay a low single-digit dollar amount.

It is also exciting to take a look at the Mycelium Wallet fees when buying Bitcoins. This is possible via the app and the connected partners via SEPA or credit card. In our Mycelium Wallet comparison, however, we found that the spread here is extremely high, so that the combination of spread and fees is 6 to 10% depending on the payment method. For this reason, we cannot recommend buying Bitcoins via the Mycelium Wallet.

If you want to buy Bitcoin at a lower price, you should take a look at our test winner eToro, which offers favourable trading conditions, a state-regulated broker licence and low spreads. Likewise, around 100 other cryptocurrencies can be traded at eToro, including Ethereum, Ripple & Co.

Pros and cons of Mycelium

Our Mycelium Wallet test revealed the following advantages and disadvantages:

Pros

  •    Good security technologies for a mobile wallet
  •     Many years of experience and reputable provider, on the market since 2009
  •     Good user interface in the app
  •     Fast download and setup
  •     Free use of the Mycelium Wallet
  •     Open source code
  •     Compatible with hardware wallets like Trezor or Ledger

Cons

  • Only one cryptocurrency can be stored (Bitcoin)
  • Hot wallet and therefore security risk
  • Very high Mycelium Wallet fees when buying Bitcoins
  • Advertising and unnecessary information in the Mycelium app
  • Low range of functions
  • Only available as an app, not as a desktop version

Mycelium Wallet alternatives

Especially those who have had bad experiences with Mycelium due to the iOS app and are looking for an alternative have plenty of choice.
  •    If you are looking for alternatives for the long-term storage of Bitcoins and are concerned about maximum security, you should take a closer look at the hardware wallets. The Nano Ledger S or the Trezor Wallet are the most recommendable representatives here.
  •     In the mobile wallet segment, ZenGo is a frequently mentioned alternative.
  •     Those looking for a combined mobile and desktop wallet should take a closer look at the Exodus Wallet, which also supports significantly more cryptocurrencies. Jaxx and Coinomi are also interesting Mycelium wallet alternatives that are worth a closer look.
  •     If you are looking for a wider range of functions than simply storing coins, you will not be able to avoid the mobile wallets of crypto brokers and online exchanges as Mycelium wallet alternatives.

Mycelium Wallet experiences

Mycelium Wallet experiencesWe have presented our experiences in this Mycelium Wallet review, but what about other users? With 3.8/5 points in the Google Play Store, the Mycelium Wallet experience is realistically rated in our opinion.

In the App Store, the app comes off surprisingly poorly with 2.2/5 points. Technical problems related to the iOS operating system are often criticised, which ultimately results in negative Mycelium Wallet experiences.

This also shows that the Mycelium app reaches a certain target group, but is not suitable for everyone. We therefore also recommend taking a look at our large Bitcoin wallet test as well as our crypto broker test winner eToro.

Mycelium Wallet experiences

Conclusion of our Coinomi Wallet experience

The Mycelium Wallet is a recommendable form of Bitcoin storage for all smartphone fans. The provider, which has existed since 2009, promises security and reliability and provides a slim and fast app. Especially those who shy away from the acquisition costs of a hardware wallet but still want to have their Bitcoins on their mobile phone will find a very good option thanks to the high Mycelium Wallet security.

However, there are also a number of disadvantages that stood out in the Mycelium Wallet test. These include the limited range of functions, only one possible cryptocurrency and high fees when buying Bitcoin directly from the Mycelium Wallet.

It should also be remembered that it is still a hot wallet and its own security measures are essential. In addition, according to our Mycelium Wallet experience, the ads and third-party providers in the app can quickly become annoying.

Best alternative: eToro

For these reasons, it makes sense to take a look at the Mycelium wallet alternatives presented. Exodus is a much more comprehensive wallet incl. desktop function and numerous cryptocurrencies can also be traded very cheaply on eToro.

overall 

5/5

FAQ


What is the Mycelium Wallet?

The Mycelium Wallet is a mobile wallet exclusively for Bitcoin that allows you to store, send and receive Bitcoin.

How does the Mycelium Wallet work?

The Mycelium Wallet download is conveniently available in the App Store or Google Play Store. The setup is quick and easy, after which bitcoins can be easily received, sent and stored. Mycelium is only available as an app.

How secure is Mycelium?

Mycelium is one of the most secure mobile wallets, thanks to numerous security measures as well as extensive experience since 2009. However, the Mycelium wallet is still a hot wallet, so appropriate security measures should be taken. For additional Mycelium Wallet security, a Trezor hardware wallet can be used, which interacts seamlessly with Mycelium.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.