So you’ve bought yourself some IOTA and are now looking for the best IOTA wallet to store your crypto safely and securely. In this article, we will be breaking down the different types of IOTA wallets and examining which options are the most secure and reliable for you to safely protect your investment.
We will be evaluating all of the different types of IOTA wallets based on factors like cost, security, accessibility amongst a variety of other factors to see which comes out on top. With that said, let’s first examine the different types of wallets there are to choose from…
The Different Types of IOTA Wallets
The different types of IOTA wallets include:
- Hardware wallets
- Exchange wallets
- Web wallets
- Desktop wallets
- Mobile wallets
These types of wallets for IOTA come in various forms, features, and capacities and also from various providers, which we are going to explore in the following section.
IOTA Hardware Wallets
Hardware wallets are physical wallets where your crypto is stored on an actual device (Ledger Nano types fall in this category). They are so far among the most secure wallets currently available. Coins can be stored and secured offline and can also be accessed when the physical wallet device is connected to a computer system. This type is usually convenient for storing large amounts of IOTA.
IOTA Exchange Wallets
These are system/software wallets only programmed by exchanges where IOTA can be traded and exchanged. These types have a very low-security option due to the fact that the user has no full control over the wallet, especially when it comes to centralized exchanges. It is always advisable to only keep small amounts of coins in such wallets and move a large number of coins to private wallets after trading.
IOTA Web Wallets
These are wallets with the capacity to store IOTA programmed only to be accessed online through a server using a web browser. These kinds of wallets are easily accessible and their user interface is often quite simple. But it has a high probability of risk due to the fact that it is also easily vulnerable to cyber attacks, hacking and online thefts. These web wallets are owned and managed by the various providers that make them available.
IOTA Desktop Wallets
Here we find IOTA wallets for Windows, IOTA wallets for Mac, and IOTA wallets for Linux.
They're app-like wallets, made to be downloaded and used on your desktop or laptop in the same manner other software applications are downloaded and used. Most web wallet providers/companies also create desktop wallet applications to store coins.
Here, your coins are held offline on your desktop/laptop, you can only access it by connecting to the internet using your private keys specific only to your wallet. These kinds of wallets are easily accessible and easy to use but their disadvantage is that your coins can only be accessed with your desktop/laptop.
IOTA Mobile Wallets
They're also software applications just like desktop wallets. They are available for various mobile phones, which means that we can get both IOTA wallet for iOS and IOTA wallet for Android.
Just like the desktop wallets, IOTA coins are also stuck with the phones with the mobile wallet applications, are stored offline, and can only be accessed using the internet with the wallet's private key or password set to the application. It is a secure kind of wallet unless your phone becomes virus-infected or is stolen, and it is also more convenient to use than the desktop wallets (IOTA wallet Windows, Mac, and Linux) especially with its special features like QR codes scanning and a more user-friendly mobile interface.
So What is the Best Iota Wallet?
Based on the types of IOTA wallets listed above, there are several wallets available in all the categories. Some of them are free IOTA wallets especially the kinds of the IOTA wallet for Windows and the wallet applications (desktop and mobile) while some are with a price tag, a perfect example will be the hardware IOTA wallet ledger.
The various wallets include; Trinity wallet, Nelium wallet, Ledger Nano S IOTA, Ledger Nano X IOTA, IOTA wallet for Android, GUI IOTA Light wallet, Nostalgia IOTA Light wallet, Coinbase IOTA wallet, etcetera.
When it comes to ranking the best IOTA wallets, here is a note on my top five:
1. Trinity Wallet
The first on my list is the Trinity Wallet. This is a mobile wallet with lots of ease and convenience. It is a top choice for storing IOTA because it is developed by the IOTA organization and has all Tangle needed features imputed in it. It is available for mobile (iOS and Android) and desktop (Mac, Windows and LinuX), easy to set up and use, and also has a guarantee of topnotch security with its use of seed encryption. It also offers a Market Watch feature for monitoring prices of cryptocurrencies for a couple of featured cryptos and it is a perfect choice for IOTA beginners.
2. Ledger Nano for IOTA
The Ledger Nano is a kind of hardware device wallet and also tops my list when it comes to the best IOTA wallets. This is because it is a hundred and one percent secured and your coins are at your full control and disposal. The Ledger Nano comes in Nano S and Nano X and both hardware devices support IOTA. Your IOTA coins are secured offline and can only be accessed by you when you plug the wallet device into a computer system.
3. GUI IOTA Light Wallet
This is also a great choice IOTA wallet for those with IOTA coins or looking forward to getting some soon. It is a desktop wallet, compatible with Windows, Mac, and Linux, and can be downloaded from GitHub. It comes with two wallet types; the Full Node Wallet and the Light Node Wallet. Whilst the Light Node wallet is for beginners and is used for regular transactions of sending and receiving IOTA, the Full Node wallet is a bit complex and is used by those with the required technical expertise. In the general view, GUI has an easy-to-set-up process with few simple steps, it is easy to use, and also has a good user-friendly interface.
4. Nostalgia IOTA Light Wallet
This is another wonderful choice for IOTA holders seeking for best IOTA wallets. It is also an IOTA desktop wallet compatible with Windows, Mac, and Linux. It performs its transactions at a higher speed due to it being a light solution. Also, it has great security features though it is a bit complex to use for beginners.
5. Coinbase Wallet
This is an exchange wallet and so far one of the best IOTA wallets in the exchange wallets category. You can store, make transfers and also trade IOTA on this platform and with its IOTA wallet. It is a popular exchange with a great trading volume and thereby gives you the opportunity to easily trade your IOTA to other cryptos or fiat and also to buy IOTA with fiat or other cryptos and store them there. It is easily accessible, user-friendly, and has great security features through its use of a biometric authentication process.
Coinbase is available as a web wallet and also as a Mobile application available for Android and Mac.
Following the increasing adoption of cryptos and IOTA, in particular, it is always advisable to use safe and convenient storage wallets for your IOTA coins. Trinity wallet and Ledger Nano top the list of the five recommended here as best IOTA wallets. The goal of storing IOTA is to keep it safe and easily accessible when needed and this can be achieved by using the safest and best IOTA wallets.
Leave any questions or comments you have below!