The Ultimate Guide to Choosing the Best IOTA (MIOTA) Wallet

IOTA is a totally different iteration of familiar blockchain technology, forgoing the linear “Blockchain” of Bitcoin for multi-dimensional “Tangle” of transactors.

IOTA is a totally different iteration of familiar blockchain technology, forgoing the linear “Chain” 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 become 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 it for.

What is a IOTA/Crypto Wallet?

IOTA is a digital currency. This means that it’s used like physical money, but it must be 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.

Everyone who uses IOTA has an IOTA wallet. There’s a wallet for every other kind of cryptocurrency, as well. Crypto wallets perform these functions:

IOTA’s Tangle and wallet technologies can do many things. However, you can’t use a crypto wallet to:

Create IOTA Wallet

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 claim 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. Exchange 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!).

Best IOTA Wallet in the US – Full Reviews

IOTA is supported by a number of digital wallets as it is quite a popular cryptocurrency. However, before selecting an IOTA wallet, you need to do good research and compare different wallets to find the one that perfectly suits your needs. The key factors to take into account while analyzing the IOTA wallets include safety features, fees, and functionality.

If you don’t have too much time to spend on the research and need some help in finding a good wallet, you are in the right place. Below we have reviewed the best software decentralized wallets to store IOTA, which offers some superb functions along with keeping your coins safely.

eToro Money WalletBeing one of the most reputable online brokers, eToro provides a top-notch cryptocurrency wallet known as Money. To use the Money wallet you need to be an active user of the eToro platform, meaning you need to create an eToro account and verify it. The first factor making eToro Money wallet an excellent choice is its security features. The wallet uses strong security to protect your account from cyber attacks and hacking, making the platform really trustworthy.

The Money wallet also stands out with the multiple functions it provides, including wallet-to-wallet transactions, the availability of 120 crypto tokens, an exchange opportunity between 500 crypto pairs, etc. It also enables you to view your portfolio and trading history with a simple click. You can navigate the wallet to see what positions you opened, how much crypto you own or trade them if you want.

Another crucial factor is its user-friendliness and availability. You can download the app on your iOS or Android phone, or visit the eToro website. The wallet is completely free to download and does not charge any fees to store your crypto coins. If you are already an eToro user you can easily get access to the wallet using the same username and password that you use for your eToro account. If you don’t have an eToro account yet, you can register which is a quick process and takes 20-30 minutes.