List of 5 Best IOTA Wallet and Types of IOTA Wallets

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Digital currency in the present world seems to be advancing relentlessly and has therefore provided the urge for more and more individuals to be introduced into the space.

So also additional cryptocurrencies. 

You would have probably heard of Bitcoin in one way or the other just for its sudden rise to popularity in the last few years.

This has however introduced the presence of cryptocurrencies in the digital space, thereby, birthing similar crypto coins to be developed on decentralized networks.

One notable cryptocurrency is IOTA (MIOTA) and though it’s up and coming, it is already being listed in the financial market, tradeable, and can be owned as a digital asset. IOTA is also known to be an open-source distributed ledger and a crypto coin designed for the internet of things.

Unlike Bitcoin and the other cryptocurrencies, IOTA does not make use of conventional blockchain network but the Tangle platform that do make use of nodes to consent to conducted transactions.

However, an IOTA wallet will be needed to buy, send, receive or trade the coin. But since there are different IOTA wallets you can use, why not let us bring to you a few reliable IOTA wallets.

Best IOTA Wallet

There are varieties of wallets program you can always use and as you know, they do come in different forms and modes of usage.

From fully functional web wallets to applications, software, hardware to full node wallet systems. These are forms of wallets you can make use of based on your preference and the amount of coin you are willing to store.

IOTA is an open-source system developed to exchange value and data between humans and machines seamlessly.

Therefore, by harnessing the power of this cryptocurrency, users tend to enjoy conducting transactions without fees, low resource demand, tamper-proof data, and the ability of the network to power the Internet of Things without any requirement or infrastructure.

However, with all of these being said, it is not yet a significant digital asset that is well-known among many crypto traders. And though it is proposed to have a revolutionary vision, the odds are a bit low since it may take a long period to come to fruition.

Quickly, here are the six best reliable wallets you can use to store and trade your IOTA.

  • Ledger Nano S

The Ledger Nano S, widely known as the most user-friendly cold wallet capable of keeping your assets secure on the market and for such reason makes it a go-to option in terms of hardware wallets.

For your convenience, the Nano S fully supports a variety of cryptocurrencies and tokens but a quick review of this hardware wallet is its efficiency and versatility. 

You can invariably store any of your coins on it, including IOTA, and still, be confident of stashing them up in an offline device in their large numbers.

A lot of people due to the type of trade they take and the type of coin they secure makes them succumb to the use of software or mobile wallet for the majority of their transactions.

These however do have their advantages, and also their major drawbacks. One majorly which is cyber hacks and attacks.

Hardware on the other hand does not make use of private keys to secure its assets but a secure pin that will always prevent remote hackers from accessing your digital assets.

IOTA proves to be an upcoming cryptocurrency asset that might grow big later in the future.

However, if you’ve seemed to have acquired quite a number and do not know where to secure them, then making use of this hardware wallet wouldn’t be so bad in ensuring optimum protection and privacy is ensured.

What we like:

  • Affordable
  • Makes use of a secret pin best known to the user alone
  • Support  variation of coins and tokens
  • High-security system
  • User satisfaction 

What we don’t like:

  • Small display

Coinbase

Considered to be one of the many safe mobile cryptocurrencies available and in full operation, the Coinbase wallet is designed to easily accommodate Ethereum, Bitcoin, and ERC20 tokens amidst hundreds of cryptocurrencies.

Today, Coinbase has fully developed and expanded to now being more compatible with different tokens and coins listed on it. And with its user-friendly interface, it presents users who are even new to the system a trading opportunity of easy navigation.

Like a typical digital wallet, you can always receive, send, and store with ease as well as make use of all the functionalities without hassle.

The Coinbase digital wallet can deliver many benefits that work beyond cryptocurrency transactions. That is, you can always participate in ICOs, airdrops, access the decentralized Apps, buy things online using crypto coins or even collect NFTs which are rapidly becoming well-known with time.

This is all a result of the interface-friendly nature allowing for simple transactions to be conducted without complications.

Also, IOTA coins can be safely stored on the Coinbase wallet as you will always receive your assets once you’ve participated in any tasks and completed them.

The wallet is very much free to download and set up and since it’s decentralized, no central authority takes part in auditing or taking transactions conducted into record. All are being preserved by the network.

Receiving and depositing assets using the Coinbase wallet is also a lot free, however, sending of funds do require certain transaction fees.

What we like:

  • Compatible with different crypt currencies
  • Free and secure
  • User-friendly interface
  • Low transaction fee
  • Provides an excellent market trend and forecast

What we don’t like:

  • Susceptible to attacks
  • Not compatible with some tokens

Exodus

Exodus digital wallet is a multi-coin wallet with a mobile and a desktop application. But since it’s more than just a wallet, you can also manage a portfolio, invest and also exchange cryptocurrencies like IOTA on the platform.

This, however, comes with safety and privacy while sending or receiving cryptocurrencies. It is quite safe, convenient to use, secure in a way, clean, sharp, and user-friendly.

It is a cross-platform application that is available for Mac OS, Linux, as well as Windows. And since it will not always require registration of some kind, you can always download it, install and get started.

Transferring funds on Exodus is also quite spectacular as, by default, an empty wallet on Exodus is not always locked.

Security of the wallet starts when you start depositing coins inside of it.

This is done by switching to the Wallet tab, you select the cryptocurrency you are wanting to receive if you need an asset, and then click on the asset and copy the address of the asset on the wallet.

You can also make use of a Quick Response code to receive or send crypto coins.

What we like:

  • Ease of use
  • Excellent customer support
  • Compatible with multiple cryptocurrencies
  • Wallet is software-based
  • Inbuilt exchange features

What we don’t like:

  • Prone to cyber issues
  • High transaction fees

Jaxx 

The Jaxx is a multi-currency digital wallet and can store lots of crypto coins, IOTA included.

This however can be a go-to option for you if you are willing to store different cryptocurrencies you might have possessed in an individual wallet.

It also has a cross-platform pairing where it links all of your Jaxx wallets together and by this, you can make use of your account on any device you log in into.

It is pretty much user-friendly, free, and also features an internal cryptocurrency exchange.

What we like:

  • Compatible with 90+ different cryptocurrencies
  • Ease of use
  • Inbuilt cryptocurrency exchange
  • Allows for cross-platform pairing
  • Free

What we like:

  • Prone to attacks

GUI Light

IOTA GUI Light wallet is a highly innovative digital wallet that can store and help you manage your IOTA tokens with the most simple, user-friendly, and economical way of interacting and securing your digital assets.

This wallet commenced work in 2016 and has been severally upgraded with cogent and interesting security and operational features being brought into the system.

GUI Light is a wallet incorporated into the IOTA system’s GUI and this only allows you to store your IOTA coins on its platform but also provides a direct link for you to directly access the IOTA network.

There are also two nodes of this IOTA wallet, that is the light and the full node.

GUI Light is pretty much light as its name expresses and is non-technical since it’s specifically developed for beginner use. With this, you can always interact with the IOTA network without having to install the desktop client that do use up your space and rain your computer’s speed.

The GUI wallet is quite versatile and very much compatible with familiar operating systems.

What we like:

  • Open-source
  • Optimum security features
  • High versatility
  • Non-custodial

What we don’t like:

  • Few security concerns

Types of IOTA Wallets

You can always make use of these IOTA wallet types to store your IOTA coins.

Nevertheless, each wallet type do offer a certain degree of accessibility, functionality, and security. Below are reviews of the most effective.

Hardware wallet

A hardware storage system otherwise known as cold storage appears to be the most secure out of several available wallets. Examples include the Trezor and Ledger hardware wallet that can only allow access by plugging the device into your computer system.

And since it is mostly connected to a server, it is not susceptible to cyber hacks and theft. They are usually the best whenever you seek to store a large number of IOTA coins.

  • Desktop wallet

Mostly accessible on your systems when downloaded, the desktop wallet tends to hold your assets offline on your device and the only means by which you can gain access to it is by using your designated private key.

Your digital assets remain safe and well preserved on your device as you only have to connect to the internet to conduct transactions whenever the need arises.

  • Mobile wallet

A bit similar to a Desktop wallet, the only difference between the two is that the mobile is an application that is downloaded on a mobile phone.

You can as well store your cryptocurrencies on your mobile wallet as well as access them on your smartphone anywhere, anytime.

This however makes it a lot more easy to use than a desktop wallet while also adding extra features to make transactions seamless.

Yet, your mobile device can be stolen or corrupted which can ultimately lead to loss of funds. This is a major drawback to the use of this wallet.

Benefits of IOTA

MIOTA makes use of a non-sequential distributed ledger meaning once a transaction is approved, it is almost impossible for the system to reverse that which has occurred. This, therefore, removes the tendency for modifications.

Besides, the IOTA has inbuilt immutability making it a bit impossible to compromise. And apart from the network being almost impossible to breach, this network also makes use of cryptographic encryption for all of its activity and interaction in a bid to prevent unnecessary interference and ensure optimum privacy.

Below are the benefits of owning IOTA coins.

  • High Scalability

What an innovative way of maintaining a system that becomes even more secure and faster with transaction settlement with an increase in traffic on the network. This is more reason it is built on the Tangle network and engineered in such a way as to serve users the better.

 

  • Decentralized

While it doesn’t rely on traditional blockchain networks to work effectively, its distributed ledger, Tangle ensures that its decentralized nature disallows the indulgence of third-party structures to tamper with the system.

It is built on a decentralized platform and whence no central power has total control over its operations.

  • No Transaction Fee

Conducting transactions on the IOTA platform does not require any fee unless you are buying from exchanges which might involve a little though do depend on the quantity you are acquiring.

You sending a coin for a certain value will in turn give you the same amount for the same coin sold. There are no reductions in the IOTA.

And also, its transactions are very fast and quick. You do not always have to wait aimlessly before your transaction is verified and you are notified.

  • Adaptable Technology and Low Resource Consumption

Your data and information are tamper-proof by ensuring every operation conducted on the network is of high integrity and kept safe.

You can always send anything using this network provided it contains value.

Also, the Tangle network doesn’t necessarily need proof of work or heavy computing machines before it can sustainably work efficiently. This is all to ensure faster and affordable processing as well as environment friendly.

Conclusion

Here are a fee but most reliable digital wallets you can commit to. However, make a lot of research before you commit finally. This is to ensure optimum security of your assets and prevent sudden loss.