IOTA is a totally different iteration of familiar blockchain technology, forgoing the linear “Blockchain” of Bitcoin for multi-dimensional “Tangle” of transactors. IOTA has no fees, actually speeds up the more people use it, and is infinitely scalable. IOTA takes its name from the “Internet of Things”, often abbreviated “IoT”. It’s a technology solution by which all sorts of devices around the globe can be interconnected, transacting money and data.
IOTA is also a cryptocurrency (MIOTA). Crypto investors are right to see IOTA as an opportunity for big returns. As more of our daily lives go online, the applications of the IOTA network will inevitably go mainstream. To invest in IOTA while the network is still young, users will need an IOTA wallet, one which can store the MIOTA cryptocurrency and protect the investment for however long the user decides to hold.
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What is a IOTA/Crypto Wallet?
IOTA is a digital currency. This means that it’s used like physical money, but it must stored in a piece of software to remain safe and accessible to its owners. A piece of software that performs this function is called a “wallet”. It’s a digital product that performs the same function as the leather wallet in your pocket, for digital currencies like IOTA.
Everyone who uses IOTA has an IOTA wallet. There’s a wallet for every other kind of cryptocurrency, as well. Crypto wallets perform these functions:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
IOTA’s Tangle and wallet technologies can do many things. However, you can’t use a crypto wallet to:
- Send BTC to a non-BTC Address (like-address to like-address only!)
- Share personal data with 3rd parties (not recommended)
- Withdraw fiat cash from your bank (only crypto ATMs)
Ever wonder how certain IOTA coins are tied to their owners? This is done using secret codes called “Private Keys”. When you receive new IOTA coins, you receive Private Keys along with the transaction. These keys signify to the IOTA network that you, the owner, have the right to ownership of these coins. The private keys are managed in an IOTA wallet that you control.
There are many IOTA wallets available today. They can be stored on mobile devices or computers. IOTA wallets can even be housed in standalone physical products, which are safer than software wallets because they are not connected to the internet (and its hackers and fraudsters).
IOTA wallets also exist on cryptocurrency exchanges. Exchanges wallets are meant to temporarily store your IOTA after you buy it, while you choose where to send your IOTA for longer-term storage.
Of all of these options, the safest bet will be an IOTA wallet that’s not connected to the internet. This could be a software wallet on a laptop that’s never been online, a hardware wallet like the Ledger Nano S, or a Paper Wallet (that’s just your IOTA Private Keys written down on a piece of paper – hack proof!).
Best IOTA Wallet in the US – Full Reviews
IOTA is supported by a number of digital wallets as it is quite a popular cryptocurrency. However, before selecting an IOTA wallet, you need to do good research and compare different wallets to find the one that perfectly suits your needs. The key factors to take into account while analyzing the IOTA wallets include safety features, fees, and functionality.
If you don’t have too much time to spend on the research and need some help in finding a good wallet, you are in the right place. Below we have reviewed the best software decentralized wallets to store IOTA, which offers some superb functions along with keeping your coins safely.
eToro Money Wallet
Being one of the most reputable online brokers, eToro provides a top-notch cryptocurrency wallet known as Money. To use the Money wallet you need to be an active user of the eToro platform, meaning you need to create an eToro account and verify it. The first factor making eToro Money wallet an excellent choice is its security features. The wallet uses strong security to protect your account from cyber attacks and hacking, making the platform really trustworthy.
The Money wallet also stands out with the multiple functions it provides, including wallet-to-wallet transactions, availability of 120 crypto tokens, an exchange opportunity between 500 crypto pairs, etc. It also enables you to view your portfolio and trading history with a simple click. You can navigate the wallet to see what positions you opened, how much crypto you own or trade them if you want.
Another crucial factor is its user-friendly interface and availability. You can download the app on your iOS or Android phone, or visit the eToro website. The wallet is completely free to download and does not charge any fees to store your crypto coins. If you are already an eToro user you can easily get access to the wallet using the same username and password that you use for your eToro account. If you don’t have an eToro account yet, you can register which is a quick process and takes 20-30 minutes.
Additionally, eToro has a good customer support service, which you can contact in case you face any difficulty. The main drawback of the platform is that you cannot send your digital assets back to your eToro brokerage account after you transfer them into your Money wallet.
Huobi Multi Currency Wallet
Huobi Wallet is one of the products of Huobi Global that also offers a brokerage platform with the ability to buy, sell, stake, and trade more than 350 cryptocurrencies. Founded in 2013, Huobi has become one of the most popular and widely-used cryptocurrency exchanges throughout the world. It’s an expert-friendly platform with a combination of sophisticated trading tools and deep liquidity in the BTC/USDT and ETH/USDT pairs.
One of the recent products of the Huobi is its hot storage wallet which was launched in September 2018. Huobi wallet supports storing, transferring, exchanging, and staking almost two dozen coins, including the most popular ones – BTC, ETH, LTC, BCH, DOGE, ATOM, XRP, ETX, TRX, and others. Along with this, it provides multiple functions, including full support for non-fungible tokens, and the “Defi Gateway” function through which you can utilize Defi protocols on different blockchains.
As for safety, the Huobi wallet is definitely a trustworthy platform, mostly because it never holds your private keys on its servers. Instead, you store your keys on the device and have 100% control over your data. Plus, it uses security isolation, data encryption, and other technologies to protect your account from cyberattacks.
A good feature for beginners is that Huobi Wallet has a simple and user-friendly interface and due to its delicate design it’s easy to operate. You can access most of the functions provided by the platform with a single click. The same is with the Huobi wallet app. It’s very light and can be easily downloaded and installed on your mobile devices (both Android and iOS). Additionally, you can access the wallet through the web.
Crypto.com Defi Wallet
Crypto.com is another widely-used and reputable decentralized wallet among investors and beginners in trading. It’s the first Defi product of the popular cryptocurrency exchange of the same name that was launched in 2020. The exchange provides a good selection of more than 250 cryptocurrencies and offers competitive fees. Plus, it provides discounts for those holding Crypto.com Coin (CRO).
Crypto.com exchange also stands out with its ecosystem of Defi products, including the decentralized wallet. The wallet is distinguished with its simple design and easy-to-operate app which makes it a very popular and preferable option among beginners. It’s light and convenient and you can download it for free from your Appstore or Playstore. Setting up a new wallet is a combination of a few simple steps. Additionally, you can also import an existing wallet.
When it comes to versatility, Crypto.com has a lot to offer. First, it supports more than 500 crypto assets. This includes not only popular cryptocurrencies but several Defi coins, stablecoins and other ERC20 tokens. Plus, it supports a wide range of NFTs that are based on Ethereum-tokens. Another appealing thing about Crypto.com is its combination of Defi tools that allow you to stake DeFi coin, earn rewards and access several DeFi protocols.
Eventually, your account on the Crypto.com wallet is securely protected with such mechanisms, as Face ID and 2FA. In addition, being a non-custodial wallet, Crypto.com encodes your private keys on your device and stores 100% of its funds in cold storage. The robust security systems that the wallet introduces guarantee that your IOTA coins will be safe and protected from fraud and losses.
Binance Trust Wallet
Trust wallet was created by Viktor Radchenko who was just a crypto enthusiast at that time. Initially, the wallet supported only ERC20 tokens which were becoming very popular at that time. So, the Trust wallet gained a lot of attention and attracted Binance who bought the project from Viktor in 2018. Soon, the Trust wallet was upgraded to hold also ERC223 and other blockchains, including Bitcoin.
Trust wallet possesses a bunch of good features that make it an excellent choice. First comes its versatility: it supports more than 160 cryptocurrencies which you can buy, sell, swap, or hold on the platform. One of the most attractive features is that the app supports credit cards and bank accounts, which you can use to purchase various cryptocurrencies.
As for safety, the Trust wallet is known as one of the most secure platforms worldwide. Plus, it offers extra security functions which you can activate manually. It also places huge importance on its users’ privacy: you don’t need to go through the Know-your-customer process to use the wallet. Additionally, it never stores your data on its servers, nor your keys which you store on your device.
Another fascinating function is that the Trust wallet supports staking your coins. So, if you have coins that work on the PoS mechanism, you can stake them and earn interest. With Trust wallet, you will also have access to various decentralized apps (dApps), where you can use your cryptocurrencies to buy different goods.
When it comes to its user experience, Trust wallet is easy to download and has a simple interface. It is compatible with iOS and Android users but does not provide a desktop app, which is one of the main cons of the project. You can easily download the wallet on PlayStore and App Store: it’s completely free to install and use. The only fee that you need to pay is transaction fees which are actually charged by miners who verify transactions.
Coinbase Wallet
When we hear the name Coinbase, the first thing that comes to our mind is the cryptocurrency exchange. But it also provides a hot cryptocurrency wallet of the same name and what is most admiring, you can create a Coinbase wallet account without having an account on Coinbase exchange. As safety is the top priority when selecting a crypto wallet, with Coinbase wallet you can always be sure your holdings are well protected. The platform uses 2FA, confirmation requests, and other security functions to keep your account fraud-resistant.
Another thing that attracts Coinbase wallet users, is its clean and super easy-to-use platform. Everything is quite straightforward – starting from the registration process to making transactions or receiving cryptocurrencies. To store your on the platform, you need to download it on your Android or iOS device, register by providing the necessary information, and transfer your coins.
It’s completely free to download, nor should you pay any account fees to hold your digital money. Still, there are mandatory fees when you make transactions through the wallet, as in the case of all the other hot wallets. The fees on Coinbase wallet range from 1.49%-3.99% which are neither too low nor too high.
Along with its simplicity and strong security, the Coinbase wallet also stands out with its versatility. The platform supports 8 cryptocurrencies, plus all the ERC-20 tokens. Apart from this, it enables you to take part in airdrops and ICOs, buy NFTs, and interact with dApps to purchase goods and services. Plus, the platform perfectly interacts with the Coinbase exchange, where you can enjoy a wide range of trading tools and tradable crypto assets.
Best IOTA Wallet Provider
More cryptocurrency is traded with Binance than with any other cryptocurrency exchange in the world. Most people who buy IOTA find themselves on Binance at some point. Here is a quick guide to creating your own Binance account, as well as how to use the Binance IOTA exchange wallet.
Step 1 – Create Your Binance Account.
Binance will send you an email with a link that you should click.
Once you click the link, you’ll be let back onto Binance. Give a little more information, and you’ll be able to fund your Binance account with Bitcoin, Ethereum, Tether, Binance Coin (any of which can be traded for the rest of the altcoins on Binance, including IOTA/MIOTA).
Note: You can’t buy IOTA with fiat money on Binance.
Step 2 – Go to “Funds” > “Balances”
Here’s an image showing a bunch of Binance wallets, one for each cryptocurrency traded on the platform.
Whenever you buy an altcoin on Binance, it gets delivered to its wallet here in your account.
When you have cryptocurrency in one of these wallets, it will appear at the top of the pile. You can send IOTA or other altcoin to these wallets by clicking “deposit” beside the relevant wallet.
Guarda Wallet is an excellent multicurrency wallet with full IOTA functionality. We’re impressed with Guarda’s security, an important characteristic for a mobile-ready IOTA wallet. Find out how to create your own Guarda wallet below.
Step 1: Create a Guarda Wallet
Go to Guarda.co and create your wallet. Guarda is an online wallet, accessible through browser or as an app on your mobile device. Create your wallet, and make sure to Backup the wallet as well. This will let you recreate your wallet if you ever get locked out for some reason.
Step 2: Access your IOTA wallet
Your IOTA wallet will already be active within your Guarda wallet. Once inside your account, you’ll be able to send MIOTA to the IOTA wallet address, where you can send your IOTA for any purpose, receive more, or store your coins for a long term investment.
Best IOTA Wallets in Your Country
Coinbase is the best IOTA wallet for people in UK. It is licensed in multiple international jurisdictions. Its long history of excellent services and practices extends back before Bitcoin even existed
If you want to actually own and trade IOTA, Binance might be your best bet. IOTA is tradable against Bitcoin, Ethereum, Tether, and Binance Coin on Binance. From Binance, you can trasfer your IOTA to any IOTA-supporting crypto wallet.
For users who wish to own and transact with their IOTA, Binance may be the best option for people in North America. All of Binance’s trading currencies have trading pairs with IOTA.
Binance is the best temporary IOTA wallet solution for traders in Australia and New Zealand.
While not ideal for long term storage, the Binance wallet has never had a major hacking scandal as is so often the case with exchange wallets.
People can buy IOTA on Binance, then store it in the Binance wallet until they figure out where and how to store it securely elsewhere for the long term.
Differences Between Exchange, Hardware and Software Crypto Wallets
Now that we understand some of the best IOTA wallet options, let’s highlight the differences between exchange, hardware, and software wallets.
Exchange Wallets
Every cryptocurrency exchange provides temporary wallet solutions for their users. This is where coins go after a trader buys them.
Crypto exchanges are occasionally hacked, and user funds stolen, so people shouldn’t rely on exchange wallets for the long term.
Here are some good examples of Exchange wallets:
- Coinbase Wallet
- Binance Wallet
Hardware Wallets
A hardware wallet is a physical produce equipped with software that stores cryptocurrencies. Hardware wallets are only connected to the internet when making transfers, thus storing crypto securely.
Here are some good examples of Hardware wallets:
- Ledger Nano S
- Trezor
- Bitcoin Paper Wallet
Software Wallets
Software wallets are pieces of software downloaded onto mobile devices and computers. These web-connected wallets are always going to be a little more vulnerable than hardware wallets, but they’re more convenient for everyday crypto use.
Use software wallets to store IOTA that you plan to trade or spend in the next few days. Use more secure wallets like hardware wallets for long term storage.
Here are some good examples of Software wallets:
- Exodus Wallet
- Jaxx Wallet
- Bitcoin Core
Best IOTA Wallet on Mobile
Best IOTA Wallet Apple
The Guarda Wallet is probably the best wallet solution available for IOTA users with Apple phones. It’s an intuitive and secure multicurrency wallet that’s cross-compatible with desktop browsers.
Best IOTA Wallet Android
Guarda is probably the best IOTA wallet available for Android mobile users. A web wallet, Guarda will be available to anyone with access to the internet, so you’ll be able to use it on your computer as well.
IOTA is not the most well-supported cryptocurrency for mobile, but there are more IOTA wallets than ever for Android and Apple anyway. Check out the key differences between important crypto apps below:
Apple
- Only works with applications made for its own software
- Most Cryptocurrency apps and wallets are instantly banned on the Apple store due to violations of T&C
- All app publishers need to be identified and cannot be anonymous
Android
- You can run any application on Android
- You will find any app on the Play store, even the ones that are scams
- You can run crypto mining applications and scripts on your device
There are tons of options when choosing an IOTA wallet. IOTA is an innovative digital currency, and developers around the world are finding useful ways for users to store and transact with their IOTA.
When evaluating IOTA wallets, choose one with verifiable security. Also make your choice based on ease of use and compatibility with other cryptocurrencies and altcoins that you enjoy using.
When making your choice, look to third party discussion forums like Reddit and BitcoinTalk Forum. Here, unbiased users will have candid conversations about their experience with each wallet option, so you will learn what it’s like the use in real life.
When you finally choose an IOTA wallet, make sure to keep the keys and passwords secret. This way you’ll never lose access to your IOTA, and no one will be able to steal them from you. Good luck, and happy investing!
More Cryptocurrency Wallets
FAQs
Can I store all my cryptocurrencies in the same wallet?
For the most part, yes. There are many multicurrency wallets which can be used to store all of the major cryptocurrencies. However, as new cryptocurrencies and altcoins are added to the markets each day, there is no wallet option that's truly universal. If you trade in very new or obscure altcoins, chances are you'll need multiple wallets. Also, as no wallet can fulfill a user's need for security, convenience, and universal support in a single piece of software, users will likely need multiple wallets for each requisite use case.
Can I send IOTA to a Ripple or Ethereum wallet address?
Definitely not! Only send IOTA to another IOTA address. Sending IOTA to any other kind of coin address will most likely result in the loss of your funds, and there won't be any way to recover them.
What is the best Way to keep my Cryptocurrencies safely stored?
If you want to store cryptocurrencies like IOTA for the long haul, use a hardware wallet. Hardware wallets are small physical devices that house offline apps. Each app stores the keys associated with the ownership of your coins. When connected to the internet, the apps spring to life and let you do anything you want with your MIOTA. When offline, the hardware wallet prevents hackers from being able to access your coins.
