Algorand Mobile Wallet vs MyAlgo Wallet
This is a short guide to help differentiate the two Algorand wallets and help users determine when to use each one.
The MyAlgo wallet is designed to be used on your desktop computer and gives you the ability to connect multiple wallets all in one place.
Navigate to https://wallet.myalgo.com/ to get started. You will be prompted to create a password which is unique to the device you use.
This wallet has some more advanced functions than the Algorand Mobile Wallet as shown in the screenshot below.
Some are more basic features like creating a new wallet and others more advanced like creating a multi-signature wallet which requires multiple accounts to approve transactions for extra security.
If you choose to create a new wallet using MyAlgo, make sure to write down your Seed phrase! This is very important because if you clear your browser cache, it will reset your password on MyAlgo. When you create a new password, you must enter your seed phrase to access your wallet otherwise you will lose access to your wallet entirely.
When to use
The MyAlgo wallet is typically bug-free with all DeFi applications whereas the Algorand Mobile Wallet is known to be buggy and even unusable when attempting to use certain apps.
Once you have set-up your MyAlgo wallet, you can simply utilize the same browser you have created your MyAlgo password in and navigate to various DeFi websites or apps to connect to and use.
It is typically more clear when showing all transactions you're signing off compared to the mobile wallet which requires a little more digging.
A few examples where you need a MyAlgo wallet to connect,
1. To buy NFTs or view your NFTs using either,
2. Utilize Yieldly Staking pools at https://yieldly.finance/
○ Check the How to use Yieldly guide for more details
Algorand Mobile Wallet
The mobile wallet is an app created to be used on mobile devices where you can view your assets and send transactions to others.
You can download the app on iOS or Android on your mobile device.
There is a detailed guide on how to use the app at https://algorandwallet.com/support/general
This wallet is simple and great for monitoring your holdings anywhere!
When to use
The MyAlgo wallet can do everything that the Algorand Mobile Wallet can but the Algorand Mobile Wallet is more convenient than the MyAlgo wallet. You can choose to set-up a pin passcode and a biometric login rather than always typing in a password.
You may use your Mobile wallet in conjunction with your desktop/laptop to connect with sites like https://tinyman.org/ (an exchange for assets) or you can use a browser in your mobile device and connect directly in that manner. The latter can be buggy and slower to respond, so it is recommended to use the former. If you’re concerned about your mobile device’s browser security, this circumvents issues concerning that.
While your Mobile wallet is connected if you initiate a transaction, you must have the Mobile wallet open and approve the transaction there before it is executed.
● If you prefer using only one wallet, you can import your Mobile Wallet into a MyAlgo wallet interface on your mobile device. After inputting your seed phrase once, you will simply need your password which is unique to that device. This can allow you to use DeFi apps from your mobile device using MyAlgo!