Once you’ve bought some ALGO on a CEX, you might start thinking about moving it off an exchange and into an Algorand wallet.
But which wallet? There are several ALGO-compatible multi-chain wallets to choose from, such as Exodus and Trust Wallet, which can be used to store other cryptocurrencies as well as ALGO. However, in this article I’m focusing on the ALGO-specific wallet options available in the Algorand ecosystem.
But before diving into that, I want to clear something up…
What is a wallet?
You might think this is obvious, but it’s not as simple as it seems and can be a bit puzzling when you’re first starting out.
Let’s begin with what it’s not. Your wallet is not any one of the ‘wallet’ apps and websites mentioned below, despite them being called ‘wallets’.
Confused? Let me explain.
Your assets (ALGOs, tokens, NFTs, etc.) are stored on the Algorand blockchain at a specific address. This address is a string of letters and numbers that looks something like this:
You access your Algorand wallet with a private key. This is a list of 25 short words that are generated and displayed to you when you create a new Algorand account. It’s vital that you keep this information safe – best practice is to write your private key down on several pieces of paper, and store these in separate, secure locations. For security reasons, it’s not a good idea to store your key digitally anywhere.
The wallet apps and websites you use on Algorand might better be thought of as wallet ‘facilitators’. By entering your private key into these apps or sites, you allow them to make transactions on your account.
What these apps or sites are doing is accessing and managing your account on the blockchain, with your permission. None of your assets are stored in them.
So, this means a couple of very important things:
- If you delete your wallet app, you haven’t lost anything – you simply need to download it again (or another one, if you like) and enter your private key into it.
- You can move between different wallets, or even use several/all of them at the same time.
Which wallet should I use?
Wallets change in scope, utility, and design all the time, so there’s no point in me recommending one over another here because of specific features at this current moment. Any advice would be out of date almost immediately.
One wallet may be better for NFTs, another might be better for trading. One may offer great customer support, another might not be available on the platform you prefer to use.
What I would recommend is doing plenty of research by digging into each wallet’s website and asking questions of the Algorand community – everyone has their preference.
And remember, you can always use them all and try them out until you settle upon your favourite.
Listed below are the wallet options that are specific to Algorand. This means that they only operate with the ALGO token and assets on the Algorand blockchain, such as ASAs and NFTs.
They’re listed in alphabetical order.
Defly Wallet (app)
MyAlgo Wallet (browser)
MyAlgo is made by Rand Labs, and is only available in a web browser.
Directory entry: http://directorydotalgo.xyz/listing/myalgo-wallet/
Pera Algo Wallet (app, browser)
Pera is made by Hipo Labs, and is available as an app or in a web browser.
Directory entry: http://directorydotalgo.xyz/listing/pera-algo-wallet/