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.
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.
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!).
Compare IOTA and Crypto Wallets
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.
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:
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
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.
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.
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.