MyMonero is your wallet of choice if you are looking for a lightweight alternative to Monero GUI. MyMonero is not a full node wallet; it does not sync the entire Blockchain on your device for it to function. This significantly reduces the startup time and cuts down on the strain on your system. The resultant application is very swift and efficient in use.
It achieves this by offloading most of the resource-intensive processes to its own servers. Which means, basically, that it is a web wallet. While some users would consider it a downgrade in security to running a full-fledged node, the site actually handles this aspect rather well.
Below you’ll find our full MyMonero wallet review and guide.
Setting Up MyMonero Wallet
- Lightweight alternative to Monero GUI Wallet.
- Quick & simple setup.
- Platform support: Mac, Windows, Linux, iOS & web wallet.
- Easy on mobile battery life.
Get The Best Lightweight Monero Wallet Now!
Using the wallet is simple. First, since it is a web based application, you need to create an account on the MyMonero website.
Instead of what you might expect from creating gazillion e-mail IDs and Facebook accounts, it does not require any personal information, not even a name. Instead, it’s quick and easy and your private key will then be displayed.
As you can see, there is quite a bit of information presented here. Mostly they are warnings concerned with the perils of using a Web-based wallet; there is always a chance of a hacker making away with your login information from your browser itself. While such an occurrence is not very likely to happen, it is still advised to not use light wallets like MyMonero for a large number of funds.
Once you have finished reading through the dire set of warnings, take a look at your private login key.
Recognized it yet? Yup, it is a good old mnemonic phrase. Being only 13 words long, it is much easier to memorize than the key you get from the GUI wallet, making it much easier to use. As before, note it down somewhere safe, and we are ready to roll.
The site will prompt you to re-enter the phrase once to ensure you got it right. While you can surely cheat, it is advisable to actually write it down since it is all that secures your account.
Now you just have to log in.
The only new thing here is choosing a language. Logging in successfully gets you to the account overview screen.
And there you go! You finally have a fully functional Monero wallet up and running. Now, unlike many other such wallets, there is no need to manually generate addresses. Each account is automatically associated with one unique address, taking care of the hassle for you.
To view this address, click ‘account’ at the top right corner and click on ‘account details’ in the dropdown.
Here you get your account address, the private key, and the more useful public key. While this information remains accessible through the web app, it may be a good idea to note these crucial details down somewhere. These can come in handy in the future to import your wallet to other services or to recover your account.
How To Receive XMR To MyMonero
Navigating to the receive tab of your wallet furnishes you with all information that is required to send funds to your account. There is your public address, which you copy and share directly, or the QR code, which can be scanned directly from the screen.
The amount field is self-explanatory. The Label is only for your own record keeping. The Payment ID, though automatically filled in, is also optional, serving to only distinguish your transactions from one another.
How To Send XMR To MyMonero
Feeling a sense of deja vu? Well, it’s not your fault.
The forms for receiving and sending funds is more or less identical, save for a field or two. So most of the information on the screen should be already familiar.
This time, however, the payment ID is more relevant. Basically, if you are looking to send your funds to a crypto exchange (Binance, for example), you would need to specify a payment ID to help them track your incoming transaction. So always ensure to include a payment ID when making transactions with the like of exchanges.
And now we must talk about the privacy level.
As you may have noticed, by now, there are four privacy levels on offer. But what does a different privacy layer achieves?
Monero, as you know, is founded on the premise of privacy. How this actually works involves a pretty detailed explanation, which is beyond the scope of this article. But on a very high level, what it does is basically bunch different transactions together, making it hard for the individual transactions to be traced to its source.
Now, these numbers that you see beside every option? These are the number of transactions you can choose to bunch yours with, ensuring even greater anonymity. It comes with a price, of course; every higher level of privacy increases your transaction fee. Still, if you are feeling paranoid (see, there is even an option called Paranoid for you), you can always adjust the privacy levels to your satisfaction.
It is likely that you already have a substantial transaction history built upon another wallet like Monero GUI or even a plain old paper wallet. In that case, you may wish to import the transactions into your current MyMonero wallet.
Be cautioned, though; it is not a simple process. It requires the use of certain commands on the CLI interface to work. Furthermore, this functionality comes at a cost. You’ll be asked to send 0.1 XMR as a fee (current fee) to the developer wallet before importing transaction to MyMonero.
Once you are ready, head to Account >> Import transactions and you’ll find the instructions to import transactions.
Is MyMonero Safe?
Since MyMonero is a web-based wallet, there are certain safety measures that you should not neglect.
First, ensure that you are accessing the right URL. It is https://mymonero.com exactly. Phishing websites have several similar sounding websites, with a character or two out of place. Do not be caught by the trap. Better yet, install the client for Desktop or iOS for maximum security.
Secondly, and this applies to the desktop clients too, backup your private login keys, public address, view key and spend key before you start using MyMonero in earnest. This helps in restoring your account should something go wrong.
Third, upon using your wallet for the first time, try to test your login keys a couple of times. Logout and login to your wallet repeatedly to make sure you have the right key sequence.
MyMonero is perhaps the simplest Monero wallet for beginners to use out there. With its cross-platform support, in conjunction with its desktop wallets for all major platforms like Mac, Windows, and even Linux, there is little reason to use anything else.
On mobile as well, there is a well-working iOS solution (although an Android version is still on the cards). So unless you are on Android, or looking for advanced features like mining or verifying signatures, the MyMonero Wallet should serve your needs.