Algorand Wallets are a necessary tool for exploring the Algorand Ecosystem and Web3 world. They are where users hold cryptocurrency, NFTs, and assets; and are the gateway to interacting with dApps and blockchain ownership. The algorand ecosystem has some great self-custodial wallets, and selecting one comes down to a matter of need and preference.
The algorand web3 landscape is constantly changing, so it is important to have the best tools to empower your exploration. We discuss the best algorand wallets in august 2023, based off factors like: accessibility, features, safety, and design.
Read on to learn about the best wallets on algorand, and to find out which one fits your needs.
Top Algorand Wallets of August 2023
Defly Wallet: Algorand’s Best Mobile Wallet
- Best-in-Class feature set, fine tuned to meet DeFi user needs
- Access to Combo Swaps, which saves traders money on nearly every transaction
- Advanced portfolio management and market tracking features
- Ledger Hardware Wallet support
- Mobile Only (has a in-app dApp browser though)
- UI can feel overwhelming at first
Why Use the Defly Wallet?
The Defly Wallet offers everything an advanced algorand user could ask for. The team is one of the highest output builders in the algorand ecosystem and have consistently churned out quality features that users love. With one of a kind features such as combo swaps, market tracking, algorand governance, portfolio management, and ledger integration, the defly app serves as a one-stop-shop for algorand account management. The biggest drawback is that it is a mobile only wallet, so those that use their browsers for Web3 will have to use wallet connect or pair it with a web wallet.
You can read my detailed guide to defly to learn more about how to take advantage of the wallet’s unique features.
Pera Wallet: Best Overall Wallet for Algorand
- Simple UI for easy algorand token management
- Mobile and Web Wallet
- Most popular algorand wallet, with a great dApp browser.
- Ledger Hardware Wallet support
- Feature set is not fully robust
- Web Wallet dApp support not yet universal
- Can be glitchy when using mobile browsers, better to use built-in browser.
Why Use the Pera Wallet?
The Pera Wallet is an excellent choice for beginners and casual users of the algorand ecosystem. It has a simple UI that is straightforward to use and enables easy access to dApps and Web3 protocols. With both mobile and web wallet support, you are almost guaranteed to be able to use pera with any algorand dApp.
Pera was previously named “the Algorand Wallet” and is one of the oldest and most reliable wallets. With over 7,000 apple store ratings and a 4.8 average, the Pera Wallet has been well-tested and stood strong.
Ledger: The Most Secure Algorand Wallet (Hardware)
- Cold storage seed generation means assets can never be stolen via a software exploit
- Physical device serves as 2FA, adding an extra layer of protection against some phishing scams
- Most popular hot wallets support ledger integration
- Physical device that you need to have with you
- Expensive, costs between $70-150 USD
- Not efficient for very frequent DeFi use, as you constantly have to verify transactions
- Recently become more controversial
Why Use a Ledger Wallet?
For storing higher values of $ALGO and ASAs, ledger provides peace of mind. By securing stored cryptocurrency with a physical device locked behind a pin, it is close to impossible for a bad agent to steal your assets unless you allow them to. Ledger is a cold storage self custody wallet, which means that you own the keys at all times and the seed phrase generation happens offline, so that it never touches the internet. As long as you take proper care to protect your paper seed phrase, you have guaranteed security.
Ledger also works with most popular hot wallets: defly, pera, and myalgo. Connect your ledger device to any hot wallet and use it to interact with algorand dApps, while signing actual transactions on the physical device.
You can read my guide to Ledger on Algorand to learn more, but it is important to note that the Nano S Plus does not have mobile support, only the Nano X.
Exodus: The Best Multi-Chain Wallet
- Manage multiple blockchain tokens at once, including algorand tokens and NFTs
- Direct fiat onramp, for quick buying and selling
- Great Algorand ASA support, especially for a multi-chain wallet. Ability to add custom ASAs by ID
- WalletConnect and Browser Extension for mobile and browser web3 usage
- Features are targeted to support multiple blockchains, and so can be less algorand specific
- Does not have ledger support, which is the only algorand hardware wallet.
Why Use the Exodus Wallet?
Exodus is the best algorand wallet for multi-chain management. If you have a diverse portfolio with DeFi activity across different blockchains, Exodus is a great option. With their wallet connect, browser extension, and ASA support Exodus has made a concerted effort to prop up algorand web3 growth and dApp usage. Their twitter has been promoting the algorand ecosystem, and they have made it clear that algorand usability is a priority of them.
For multi-chain DeFi enthusiasts, their web3 wallet supports Ethereum, Cardano, Solana, Binance, Avalanche, Polygon and Fantom. Exodus is a great way to stay on top of multiple ecosystems at once, and they are well positioned for a cross-chain future.
Other Algorand Wallets
MyAlgo: Do not use
Why You Should Not Use MyAlgoWallet
The MyAlgo wallet was once the most widely used self-custody wallet on Algorand. In March 2023, an exploit in the wallets infrastructure resulted in over $35 million in losses across the ecosystem. If your funds were ever on MyAlgoWallet, it is advised that you immediately re-key or move funds to a new wallet.
Trust Wallet: Binance’s Multi-Chain Wallet
- Lots of cross-chain features, large development team, popular wallet
- Self-custody wallet, so you are always in control of your keys
- Very limited support for Algorand DeFi and Web3
- Owned by Binance, which is facing regulatory issues in multiple countries.
Why Trust Wallet Isn’t Ranked a Top Algorand Wallet
The Trust Wallet is a decent self-custody wallet that is created by binance and popular in many parts of the world. The biggest limiting factor is that trust wallet does not have much support for algorand beyond the basics. You can send and receive algo, but you can’t do anything beyond that and there is not even support of algorand custom tokens. It is a solid multi-chain wallet, but when it comes to algorand management, you are better off going with a different wallet.
AlgoFoundry: Multi-Sig Wallet Management System
FoundrySafe is a an algorand wallet management system for those that want to take advantage of multi-sig’s additional security layer. It allows you to create a “safe” and lock it to a series of different algorand wallets, all of which need to sign off for a transaction to go to. If you are a project leader that is managing your team’s treasury, then you can set it so that large transactions have to be signed by all team members.
Recap: List of the Best Algorand Wallets in 2023
- Defly Wallet
- Pera Wallet
- Ledger Nano S
- Ledger Nano X
- Exodus Web Wallet
- Trust Wallet
Algorand Wallet FAQs
As of March 2023, the MyAlgo wallet is not considered safe to use. They recently asked all users to remove their accounts from the MyAlgo platform after a $9.2 million exploit.
No, Trezor hardware wallets do not support Algorand.
No, Coinbase Wallet does not yet have support for the Algorand blockchain.
About the Author
Nathan has been running the AlgonautBlog for the last two years. He is focused on creating guides that help people safely the Algorand ecosystem and all it has to offer. He was a product manager on the Coinbase Wallet team and a UC Berkeley Economics graduate.