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What is the best IOTA wallet? – The big wallet comparison

 


What is IOTA?

IOTA is a cryptocurrency that caused massive hype in 2017 and was considered the cryptocurrency of the future. It was founded in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo and Serguei Popov. In 2017, the IOTA Foundation, which is behind the protocol, entered into a partnership with Bosch, among others, which brought the MIOTA token a massive price increase.

IOTA wants to be a pioneer in the "Internet of Things" and create a protocol with which technical devices can interact with each other in a decentralized manner. What is special about the IOTA Blockchain is the Tangle structure, which promised massive scalability. In recent years, IOTA struggled with many technical problems and lost its hype. Nevertheless, the fan community continues to believe in the success of the protocol. 


What are crypto wallets?

Wallets are used to secure your own crypto tokens. The tokens are stored on the blockchain. The owners have access to their cryptocurrencies via certain keys, public and private keys. These keys are stored in a wallet. There are different wallets:


Paper wallets: The keys are written on a piece of paper by hand.

Online wallets: A wallet that has access to the internet and stores the keys. This also includes mobile wallets. 

Hardware wallets: They work similarly to USB sticks and store your keys without having access to the internet.

Wallets on crypto exchanges: These wallets are part of a trading platform. Your coins will be stored there as soon as you have purchased them on the platform.

Each type of wallet has its pros and cons. You can find more information about all types of crypto wallets in this article.

What do you need a wallet for IOTA?

If you have purchased IOTA, most likely on an exchange, the MIOTA tokens are first stored in the wallets of the exchange. Theoretically, you already have an IOTA wallet. However, this is not recommended in the long term. The risk of theft still exists.


Historically, exchanges have been prone to hacks. Security has improved massively in recent years. Nevertheless, it is recommended that you get an independent wallet for your MIOTA tokens. This increases security and minimizes the risk of theft. 

What is the best IOTA wallet? 

In the following we would like to briefly introduce the best wallets for IOTA .


IOTA Firefly Wallet

One of the most famous online wallets for IOTA was the IOTA Trinity Wallet. The wallet is open source and impresses with a user-friendly interface. The wallet can be used on desktop as well as mobile. Nevertheless, the wallet is considered very safe. It uses Seed Vault and biometric authentication for identification. The wallet transitioned to the Firefly Wallet last year , which now offers the same features. 


Advantages:


User friendly

high security 

quick and easy execution of transactions 

Open Source 

Disadvantage:


only recently on the market


Save Wallet

Another good wallet for IOTA is the Guarda Wallet. It is a wallet for different cryptocurrencies. It includes major coins like Bitcoin, Ethereum and ERC-20 tokens. But the Guarda wallet is also suitable for IOTA. Furthermore, the wallet can be used for almost all operating systems. Private information is stored locally, which massively increases security.


Advantages:


Large selection of other coins besides IOTA

cross-platform solution

high security  

fast transactions

Disadvantage:


No 2 factor authentication

not specialized in IOTA 

GUI IOTA Light Wallet

If you are a fan of IOTA and want to invest a little more time in the intricacies of a wallet, we recommend the GUI IOTA Light Wallet. Here the user has to generate his own seed online. You have a high level of control over your wallet activities. But the wallet is also suitable for beginners who are advised to invest some time. It is easy and clear to use. 


Advantages:


Open Source

established wallet

suitable for beginners 

Disadvantage:


own seed must be generated

Interface partly complex and cumbersome


IOTA Android Wallet

If you are looking for a secure and simple mobile wallet, you are very well served with the original IOTA Android wallet . It has a lake generator and QR code support. The IOTA Android wallet is a very good solution for Android devices.


Advantages:


Open Source

Seed Generator

for free 

Disadvantage :


Only for Android

relatively new wallet with teething problems 

IOTA Wallet

IOTA Wallet: Ledger Nano S

The Ledger Nano S is probably the best-known hardware wallet. It is suitable for extremely many cryptocurrencies. You can find more information in our article on the device. 


Advantages:


Hardware Wallet

many coins

very high security 

USB-Stick Design

Disadvantage:


High costs

more effort than with online wallets

Ledger Cold Wallet

Which IOTA wallet should you use?

Now it comes down to your own preference. Is ease of use or security more important to you? How much money do you want to spend on an IOTA wallet? 

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