While not a blockchain in the traditional sense, IOTA (MIOTA) is a decentralized, distributed ledger powered by Internet of Things technology. Instead of relying on blockchain proof-of-stake or proof-of-work consensus algorithms, IOTA utilizes connected devices to verify transactions via its Tangle network. To quote the IOTA website, Tangle is a “secure, scalable and feeless transaction settlement layer.”
In this guide, we’ll go over the best IOTA wallets available today. Some of these wallets are desktop while others are mobile or hardware. Regardless of the model, we’ll break down the positives and negatives of each one so you can pick the best wallet for your needs.
Let’s take a quick look at what factors you should consider when choosing a wallet:
- Security: Does the wallet provide proper security features? Does the wallet support two-factor authentication (2FA) or cold storage?
- Private Keys: Where are private keys stored? Are they accessible by the provider?
- Cost: Does the wallet cost money? Are there any additional fees?
- User-friendliness: Can anybody use it? Is it recommended for experienced investors?
- Supported coins: Does the wallet support coins other than just MIOTA?
- Device compatibility: What devices is the wallet available on? Some might only have Windows support, while others are on Mac as well.
- Convenience to transact: Does trading MIOTA come easy with the wallet?
Now that you’re aware of what makes a good IOTA wallet let’s take a look at the best ones!
Trinity – Best Desktop Wallet For IOTA (MIOTA)
Trinity is the official wallet developed by the IOTA team. While it’s only in a beta state, this wallet a fantastic desktop option.
As you can imagine, Trinity only supports MIOTA and will probably stay that way. However, this wallet is incredibly user-friendly and provides easy access to sending and receiving these assets. Sending MIOTA requires nothing but the amount and the proper address. The main page contains your transaction history, a price trend graph, and value pairs for BTC, USD, EUR, and ETH.
You can also create multiple accounts, though each requires an 81 character “seed,” which is considered the “master key to your funds.” The seed creation process is simple, and even has you personally randomize some of the characters. You can back up your seed within the application, write it down, or print it out. It’s essential to store, however, as the wallet will ask you for the seed again before completing the sign-up process. Trinity also features two-factor authentication (2FA) for additional security.
The Trinity Wallet also supports a wide variety of languages. You can customize it with different themes and even switch the connected node via a simple drop-down menu.
Finally, the wallet can be used in an advanced or a simple mode. There are also options such as an auto-confirmation setting, a security timeout, and even a reset button.
Trinity is available on Mac, Windows, Linux, Android, and iOS via TestFlight. The Android version works just like the desktop one, but I’ve had it crash many times on my device so I can’t recommend it at this time.
Nelium Wallet – Best Mobile Wallet For IOTA
Built off of the old official IOTA wallet, the Nelium wallet is also in beta and requires acceptance to use at this time. However, this app takes pride in its “frictionless” approach to trading.
Traditional IOTA trades require many steps, such as trading nodes and the creation of a new address. Similar to the Trinity wallet, however, Nelium transactions only require an amount and an address.
A unique feature of Nelium is that the app stores addresses in your phone’s address book for easy access. By accessing your phonebook, Nelium provides an automated way to store different addresses. Whereas other IOTA wallets require manual management, this one connects to different users for easy tracking.
For security reasons, seeds are stored within the device and are never sent to any servers. You can back up the wallet in a myriad of ways, including within a paper wallet or by using an on-the-go stick.
To streamline the trading process, the Nelium team maintains a wide variety of IOTA nodes. In fact, they plan on having “15 nodes of 20 GB of RAM each” by full release. Because of this, users can bypass the node set-up process.
The biggest limitation of the Nelium wallet is that Nelium users can only send between other Nelium wallets. This is partly so the team can manage a high-quality trading process due to their node management.
Nelium is available in Beta for both Android and iOS devices.
Ledger Nano S – Best Hardware Wallet For IOTA
Earlier this month, the IOTA Foundation announced a collaboration with the Ledger Nano S Hardware Wallet. With this update, users can integrate their Trinity wallet information into the safest wallet type available: a hardware wallet.
The Ledger Nano S utilizes a secure chip much like the ones credit cards use. That chip is tamper-resistant thanks to the EAL5 protocol. This wallet runs its own operating system called BOLOS, which is exclusive to Ledger wallets. With these features, users can safely store their seeds in cold storage, far away from internet-connected devices such as smartphones or desktops.
To keep secure, this wallet provides a backup phrase upon setup. This ensures you can access your assets in case of wallet theft. For general use, logging in is as easy as plugging in the device via USB and entering a PIN.
For simplicity’s sake, users can also make transactions via the Ledger Nano S wallet. All they need to do is download the IOTA application from the Ledger Live manager. Unlike the other wallets on this list, the Ledger Nano S is $100. However, this is incredibly cheap compared to other hardware wallets, and that price is worth paying to ensure the security of your digital assets.
A Note On Storing IOTA
As of now, there are very few spaces to store MIOTA. The asset is listed on very few exchanges, with Binance and Bitfinex being the largest. Do not invest in this coin without knowledge of the Tangle network and how to store seeds.
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