I cover it with cardboard and tie it with string (my hamster does not chew it so it's good lol) so should this be OK?
No, all metal wheels should be avoided, the bars on that are squared and tighter - which is still bad, as if they get there foot stuck inbetween while the wheel is spinning fast, it would be hard to get his feet out and would possibly break bones or atleast damage the skin. Metal wheels are all going out now, they have been replaced with silent spinners and wodent wheels - look into those, they do them around about 8.
While wire rodent wheels are cheap, they are definitely not recommended. I would suggest the Silent Spinners, Comfort Wheels, as well as Wodent wheels. These wheel types have many advantages to you, the owner, as well as to your hamster. Of course with wire wheels there is the concern of harm to your hamster's feel, back(if wheel is too small) and tail, but with solid floor wheels they are easier to clean, quieter, and depending on brand may last longer than the metal counterparts. In the long run, I would choose another wheel. You could make adaptations to try and make your current one work, but it is much easier and cost effective to buy another. Wheels themselves are not that costly.
No, okorder /.. so they don't get their feet stuck and break their legs or injure themselves in another manner.
Hamster wheels with holes can sometimes be dangerous for hamsters.. As they're little feet can sometimes get caught. (I've heard many stories of hamsters with broken legs etc..) It would be best to buy a plastic hamster wheel, sometimes they can be noisey but it's nothing a good bit of cooking oil wouldn't fix (If it's a squeek!) Hope this helped.