Best Algorand Wallets: 5 Secure ALGO Staking Options
Algorand (ALGO) is one of the newest and hottest cryptocurrency projects in the space. All the interest in the project has led to a great deal of demand for their ALGO currency.
The Algorand network is a decentralised, permissionless, open-source blockchain that was developed by a team of researchers, mathematicians, and economists. Algorand is also a proof of stake blockchain which means that users can earn steady returns for staking the crypto.
With so much demand to store and stake ALGO, there is a dire need for secure wallets.
In this post, I will take a look at the 5 best Algorand wallets. I will also take a look at their staking functionality and give you some top tips when it comes to staking and securing your ALGO.
Top 5 Best ALGO Wallets
Before we can dive into the wallet picks, it is important to explain the main criteria when it comes to picking the "best" wallet.
From my perspective, a wallet must first be safe. But it must also be highly functional and well-supported by the developers. It must also have a pretty decent reputation among the community. Your fellow ALGO users are often your best resource.
Now, given that Algorand was launched as its own native blockchain, there is not as much wallet support as you will find with other coins that are either built on another chain or forked from it. Having said that, there is still a decent selection to choose from.
Here are 5 of the best Algorand wallets (in order of preference).
1. Ledger (Hardware Wallet)
The Ledger is probably the best-known hardware wallet, and according to many it is also the best and most secure. We won’t be making that decision, but we can say that hardware wallets are the best way to go when looking for security of your coins, and the Ledger is certainly no exception to that. It can completely isolate your private keys and any personal data, making certain that hackers are unable to compromise your holdings.
While Ledger Live doesn’t support Algorand, the Nano S and Nano X do have levels of support for the cryptocurrency, including the ability to stake your ALGO’s right from the wallet. The Nano S pairs with the web-based MyALGO wallet, while the Nano X can be used with the Algorand Core mobile wallet.
Besides the Ledger integration and ability to stake ALGOs from within the hardware wallet, users get access to the solid security features offered by the Ledger wallets.
This includes the customized BOLUS operating system that prevents malicious attacks on the wallet, as well as the integrated security chip designed to maximize the security of each users’ private keys. Furthermore, the Ledger has been certified by ANSSI, one of France’s leading cybersecurity agencies.
Warning ⚠️: Always make sure to buy your device from the official ledger store. Third party sellers have been known to tamper with ledgers.
The Ledger hardware wallet is also quite useful for those who are holding more than one cryptocurrency since it currently has support for well over 1,200 different cryptocurrencies, many of which are also stackable within the Ledger.
These include the popular Tezos (XTZ) and Tron (TRX) cryptocurrencies. Overall the Ledger allows staking of up to 7 different coins at the same time and rewards can be earned through Ledger Live or by managing an external wallet.
2. MyALGO Wallet (Web Wallet)
The MyALGO wallet is a web-based wallet designed by Rand Labs, a specialized team on Algorand technology. The wallet is a secure and easy-to-use interface for storing ALGO, and it can also connect with the Ledger hardware wallet for added security of your coins.
Because MyALGO Wallet is web-based it can be used with any of the major operating systems and with any of the major web browsers, and you can even access it from your iOS and Android mobile devices.
The MyALGO Wallet is one of the easiest ways to send and receive ALGOs, to keep track of all your assets, and to organize, track, and manage all of your Algorand wallets. On the security front, the wallet was created with a client-side interface that keeps the private keys secure on the user's device. Private keys are securely encrypted and never leave the local device.
Of course, you can use MyALGO Wallet for staking ALGO tokens. And in future releases of the wallet users will be able to swap their ALGOs with USDT, BTC and other cryptocurrencies right from within the wallet.
3. Algorand Core Wallet (Mobile Wallet)
The Algorand core wallet is a mobile wallet and it can be downloaded for Android devices from the Google Play store, and for iOS devices from the Apple app store. As the official Algorand wallet, it is continually under development, with new features being added regularly.
Naturally, it is possible to use this wallet for staking, and thanks to Algorand’s Pure Proof of Stake consensus Algorithm staking rewards are earned immediately upon depositing ALGO within the wallet.
Recently the wallet added support for the Ledger Nano X, making it one of the first Bluetooth-integrated cryptocurrencies. Using the Ledger Nano X provides additional security for funds through the ability to authenticate and authorize transactions through the Algorand mobile wallet, while also providing a cold storage option for creating and storing private keys offline.
The wallet also includes full and complete integration with user-generated Algorand Standard Assets. The moment in which such a custom asset is created it becomes supported by the wallet and accessible.
These assets have the benefit of 4-second network speeds, and wallet users can view the assets of other wallet users. This is a great way to interact with the Algorand blockchain, and within 5 minutes a new asset can be created and fully distributed.
Other excellent features include the ability to view all of a user's holdings right on one screen without the need to switch between accounts. The wallet also comes with a built-in calculator that shows the exact USD value of all ALGO holdings within the wallet. Rewards are easily seen within the wallet and users can even choose to enable notifications so they don’t miss any transfers or updates.
Overall the Algorand Core Wallet is an excellent choice for storing ALGO in a secure manner. Users are able to benefit from the immediate staking provided by the wallet to take advantage of compounding, and can also connect to a Ledger Nano X device for added security. We also appreciate the fact that this is an official wallet and is under constant development to add new features and improve security.
4. Exodus (Desktop & Mobile)
Exodus Wallet is one of the most popular wallets available, appreciated for its beautiful design and functionality, and the ability to use it on both desktop and mobile. It is also one of the more secure software wallets as it can directly interface with the Trezor hardware wallet for an extra layer of security.
Exodus offers an intuitive interface, perfect for managing crypto and tracking your portfolio effortlessly. Your private keys are locally encrypted on your device, ensuring a good level of security. No need for KYC registration or account setup and crypto can even be purchased directly in the app thanks to integrations with Sardine, Moonpay and Ramp crypto purchase providers.
With support for over 225 assets, Exodus lets you exchange your assets within the wallet through third-party APIs. In 2022, they introduced a Web3 browser extension wallet for DApps on Ethereum, Solana, BSC, and more.
QR code scanning can be used to simplify crypto transactions and there is staking available from directly within the wallet for supported assets. You can also stake assets for passive income and Exodus offers 24/7 customer support, often responding in under ten minutes.
If you want to learn more about why Exodus isn't just a great wallet for Algorand, but a fantastic multi-currency wallet, be sure to check out our in-depth Exodus Review.
5. Coinomi Wallet (Desktop & Mobile)
Coinomi is another popular third-party wallet that has both desktop and mobile versions. Windows, Mac OS and Linux are supported for the desktop version, while Android and iOS are both supported for mobile versions.
Coinomi is well known as it has support for over 125 different blockchains and thousands of associated tokens. Naturally this includes Algorand, and the Coinomi wallet also has support for staking ALGO, so long as you have a minimum of 1 ALGO.
The Coinomi wallet comes with a great feature set, including strong encryption of private keys, which are stored locally on the user’s device. In addition to security, the Coinomi wallet is well known for its focus on privacy. To that end it does not require any KYC verification, has no IP association or identity linking, and never tracks transactions.
There’s plenty for users to like about the wallet, including the integration of Changelly and Shapeshift to easily convert a large number of cryptocurrencies from right within the wallet. The wallet also allows for the custom setting of fees or you can allow it to dynamically calculate the appropriate fee to get the best value at all times.
One downside for some users is the switch made in late 2018 that made the source code for Coinomi closed. Transparency is important to many cryptocurrency users and the move to closed-source code means the code base for the wallet can no longer be reviewed by third-parties.
Algorand is one of only a handful of coins that can be staked in the Coinomi wallet. While the rewards do not show up as transactions in the wallet, the balance does reflect all the rewards earned.
And there you have the five best places to store your ALGO tokens, and to receive ongoing rewards from staking. All the wallets have their own top features, from security to simplicity to in-wallet exchange.
Which wallet you go for will depend on your own personal preferences. I would personally go for a ledger hardware device as the security cannot be beaten. Alternatively, the core wallet is great if you want that staking capability and both Coinomi and Exodus wallet are ideal if you want to store other cryptocurrency.
There may be other wallets that support ALGO that you do find. If you are considering them you have to make sure that they have a decent reputation among the community and that they are well supported by the developers.
Whichever Algorand wallet you decide to use, make sure that you follow wallet security 101. Always back up your seed words and store them in a safe location. Don't download any suspicious files that could be laden with malware.
And lastly, hodl in secret. Nobody needs to know what you are staking and the $5 wrench attack is pretty effective. 😉
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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.