How To Set Up A MyAlgo Wallet

And how to get started using your ALGO for DeFi applications using the Algorand Blockchain

Jason Porter
3 min readJun 24, 2021
MyAlgo Logo by Rand Labs
MyAlgo Logo by Rand Labs

As more Algorand projects are released such as Yieldly, tools such as the MyAlgo wallet from Rand Labs make interactions with the applications smooth and effortless.

I have found the biggest barrier to the blockchain world is just getting the correct tools and how to set them up to work with DeFi applications.

The easiest way for me to learn these tools is usually through some sort of walkthrough with some visuals as a guide. Hopefully, the following will help you.

Disclaimer: There are no affiliate links. I am not affiliated with Algorand, Rand Labs, or Yieldly. I just like the products.

Lets get started:

  1. Go to https://wallet.myalgo.com/home
MyAlgo home screenshot
MyAlgo home screenshot

2. You are going to click the Access button.

Access now button screenshot
Access now button screenshot

3. Next click Accept Terms if you agree to them and continue:

Disclaimer screenshot
Disclaimer screenshot

4. Create a password:

Password screenshot
Password screenshot

5. New wallet:

New wallet screenshot
New wallet screenshot

6. Continue to see your mnemonic phrase:

mnemonic phrase screenshot
mnemonic phrase screenshot

7. Copy your phrase down somewhere safe as you will need it for the next step. I copied and pasted it into a word doc.

mnemonic phrase screenshot
mnemonic phrase screenshot

8. In The next step you will need to count your phrase as it is given to you and match the word to its number in order. For example, I give you a list of words: apple, orange, green. Word #3 is green.

Verify phrase screenshot
Verify phrase screenshot

9. You will then be asked to name your wallet and enter your password to create it. You now have a wallet to use.

Wallet screenshot
Wallet screenshot

10. To add Algo to your wallet click on the receive and get your address. I used the copy button and in my Coinbase account pasted it in my send to my account. FYI this account has been deleted.

Receive address screenshot
Receive address screenshot

Now that you have a wallet you can go to Yieldly and click connect wallet. You will be asked for the password you created in step #4.

For more about Yieldly check out my article:

I hope this helps you as much as it was fun for me to make.

Thanks for reading!

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