Mycelium bitcoin wallet – August 2021 review

Mycelium Wallet is a mobile bitcoin wallet that combines innovation and convenience.

In the world of digital currency, few companies have been in the game for as long as Mycelium. Founded in 2008 by a team of hardware engineers, the company has evolved to meet the growing needs of bitcoin users.

No reviews yet. Write a review
Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.

This wallet isn’t currently available via the finder website right now. Please see our comparison of other crypto wallets for options to consider.

What is Mycelium Wallet?

Mycelium is a highly integrated bitcoin company specializing in hardware, software and security. The Mycelium Wallet is a mobile wallet that allows you to store, send and trade bitcoin.

All of this can be done on one account or multiple accounts that have enterprise-level security features.

The Mycelium Wallet offers five account types:

  • HD (Hierarchical Deterministic)
  • Bit ID (open protocol)
  • Single Address Accounts
  • “Watch Only” Accounts
  • Hardware (for offline devices)

Mycelium has been recognized as one of the best mobile wallets in the bitcoin industry, so much so that it was awarded the 2014 “Best Mobile App” by

The company’s bitcoin wallet is part of a larger universe of new products and features. You can visit the website to learn what the company’s all about. For this review, we stick mostly to the Mycelium Wallet.


  • Android and iPhone.
  • APK file is available only for Android

How much does it cost?

The Mycelium Wallet itself is free to use. However, transactions are subject to fees based on the transaction size. Mycelium’s miner fees range from 0.08 mBTC/kb* in the case of low priority to 1 mBTC/kb* for priority.

*1mBTC equals 0.00100000 BTC

Which currencies can I store?

Mycelium Wallet supports bitcoin, and allows users to switch back and forth from regular fiat currency (US dollars, euros, etc.) to bitcoin.

  • Bitcoin

How do I add currency to my wallet?

In 2016, Mycelium introduced a feature where users can buy bitcoin right on its platform. You can add bitcoin to your account via Cashila and Glidera, which have been integrated into the mobile wallet platform.

These tools essentially allow you to buy and sell bitcoin in exchange for fiat currency.

Also, Mycelium Wallet can accept bitcoin stored on other wallets, giving you more options to consolidate your cryptocurrency accounts.

How do I make or receive payments with my Mycelium Wallet?

After setting up your account and protecting it with a PIN code, you are ready to send and receive bitcoins.

To receive a bitcoin payment, go to the “Balance” tab and select “Receive.” This will bring your bitcoin address into view, where you’ll be able to share it with the sender.

To send payments, go to the “Balance” tab and select “Send.” You can either scan the recipient’s QR code or manually input their bitcoin address.

How secure is Mycelium Wallet?

Mycelium Wallet is backed up by enterprise-level security features, including HD security and extensive backup options for securing private keys.

Upon signup, you will also be prompted to set up a PIN code, which will lock the following functions:

  • Sending bitcoin payments
  • Exporting single-address accounts that display their private key
  • Adding new accounts
  • Changing buy/sell orders

To use the backup feature, you need to write down the 12-word security phrase. This will be provided to you when you go to back up the account.

After entering the PIN, you will be given the 12 words, one at a time. These words will help you recover your account in case your device is lost or stolen.

Where can I get the Mycelium Wallet?

The Mycelium Wallet can be downloaded directly from the company’s main website. Here, you’ll be prompted to download the wallet on either Android or iPhone. It’s also available on Google Play and iTunes.

Mycelium Wallet banner with a cellphone on the background

Pros and cons


  • Strong industry-wide reputation.
  • Open-source.
  • Integrates with a range of services, including hardware wallets TREZOR and Ledger.
  • Offers several account types.
  • Fast connection to the bitcoin network.


  • No ability to sign messages.
  • No desktop interface.
  • May not be ideal for beginners.

Next steps

As the company says, Mycelium has been “growing from the dawn of the blockchain era.” Users who focus on bitcoin and the blockchain will find a number of features in the Mycelium Wallet that may be useful.

Setup is quick and easy, but it could take you a while to go through all the features. That’s why it’s important to start off slowly by accepting and receiving payments before testing out Mycelium’s other features.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.


    Default Gravatar
    June 25, 2019

    In response to Geo’s question on April 18 I had a similar problem with credit card purchase of bitcoins. My first transaction went through with no problem and then a few days later my purchase was declined. I even had my credit card company on the line with me. In addition, some companies like Chase will not allow any cryptocurrency purchases with their credit cards. So, I’ve found that a debit card will work every time but of course you’ll need to have the money in your checking account. Hope this helps..

      Avatarfinder Customer Care
      June 26, 2019

      Hi Clay,

      Thank you for your insight on this.



    Default Gravatar
    January 8, 2019

    My Mycelium wallet contains whole bitcoins as opposed to bits of coins adding up to 1 or more bitcoins. What would be the transaction cost to send whole bitcoins from my wallet?

      Avatarfinder Customer Care
      January 10, 2019

      Hi Peter,

      Thank you for reaching out to finder! Transactions are subject to fees based on the transaction size. Mycelium’s miner fees range from 0.08 mBTC/kb* in the case of low priority to 1 mBTC/kb* for priority.

      *1mBTC equals 0.00100000 BTC

      It might be helpful to contact Mycelium Wallet to get the specific calculations or might want to visit their support desk for more articles.

      Hope this helps.


    Default Gravatar
    December 8, 2018

    I have deleted and reinstalled Mycelium Wallet on my iPhone. In order to restore from the seed, I typed in the 12 words. Then I checked the settings and looked at the Public Key. Then I went to the Balance screen and clicked on “Receive” selection. That showed a different address. Why the difference?

      Avatarfinder Customer Care
      December 12, 2018

      Hi Michael,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Generally speaking, your public address changes every time you make a transaction. This happens so that there would be unique keys for every transaction for a better way to track activities within the blockchain. It’s worth noting that the old one is still in your wallet, and can continue to receive funds, but the idea is that you’re meant to use a new address for each transaction.

      Now, please understand that this is a general statement and the reason in your case may be different from what I explained. What I can suggest is for you to directly get in touch with your wallet’s customer support to learn more.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


    Default Gravatar
    November 18, 2018

    Can I transfer funds from mycelium account to blockchain account and from mycelium account to any cryptocurrency account?

      Avatarfinder Customer Care
      December 1, 2018

      Hi Nasir,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      The answer is yes, you can transfer BTC from Mycelium wallet to Blockchain wallet. As long as you have the public address of your recipient and ensure that the receiving wallet handles the cryptocurrency that you will be sending, then yes, you can send BTC to any crypto wallet.

      You may want to read our guide about Blockchain wallet. On that page, you will learn more about how to use Blockchain wallet, its fees, and how to make payments, to name a few.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


    Default Gravatar
    April 18, 2018

    i tried to use my credit card to make a purchase and it declined. i know it is good. is there another reason why it would?

      Default Gravatar
      April 19, 2018

      Hi George,

      Thanks for leaving a question on finder.

      To be certain of the exact reason your credit card transaction was declined, you need to speak to your credit card company. However, these are some of the common causes:

      1. Odd spending pattern
      – If your card provider notices strange patterns in your spending habits they may well put a block on your credit card for security purposes. For example, if you only ever use your credit card a couple of times a week for very small purchases, and then in one day there are 3-4 large purchases made, your issuer may flag the activity as strange or potentially fraudulent and will block the card.

      2. Daily limit
      – Some credit cards have a daily spending limit within the terms and conditions. If you have not read your terms properly you may not be aware of these and this could result in you overspending and having a transaction declined.

      3. Spending abroad
      – If you’re planning to use your credit card overseas, you should contact your card provider to let them know beforehand. If your issuer sees a range of transactions happening overseas, they might suspect it’s a fraudulent payment and block your card.

      4. EFTPOS offline
      – EFTPOS machines use the phone network to communicate with the banks to verify and authorise your transactions. If there is a system outage at the point of sale or with the bank’s server, the transaction may be declined. If this is the case, you may be asked to sign the tax invoice for authorisation.

      5. Exceeded your credit limit.
      – Every credit card comes with a maximum credit limit that you shouldn’t exceed. While some credit cards let you spend beyond the credit limit and will charge you a fee, others will simply decline the transaction if you spend beyond the limit. If you require more credit, you can find out how to increase your credit limit with our guide.


Go to site