Best Iota Wallet 2021: The Ultimate Comparison
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Iota has become one of the most popular cryptocurrencies. Designed to provide investors in the context of the "internet of things" with a coin that is intended to keep transaction costs as low as possible, IOTA does not use a classic blockchain based on a chained list, but instead uses acyclic graphs to record transactions.
This should bring various advantages and, above all, make trading with this cryptocurrency much cheaper than with other coins. So you also need to keep your eyes open when choosing an IOTA wallet.
Wallet
If you decide to buy Iota, you need, as with other cryptocurrencies, a digital wallet.
There are various ways to store iota. These differ in compatibility, ease of use, security and customer support. In order to find out which Iota wallet is best suited to your own needs, it is therefore advisable to first get an overview of the different types of Iota wallets. Then you can choose which wallet you want to use for your Iota.
Create IOTA Wallet: Step by step guide for eToro
Using our IOTA wallet test winner Etoro as an example, we would like to show you how to set up an IOTA wallet quickly, easily and securely.
Create an account with eToro ("Download")
This link will take you to the eToro registration. Here you enter your details and email address and choose a password.
Deposit money
The next step is to transfer your funds to your eToro account. You can do this using traditional methods such as PayPal, credit card or instant bank transfer. When your wallet is set up later, you can also send the purchased IOTA directly to your eToro wallet.
Buy Iota with credit card
Once you have funded your account, you can buy IOTA on eToro. After the purchase, you can transfer the IOTA to your portfolio.
To buy IOTA, click on the search bar at the top of your account and search for "IOTA". In the trading window, make sure the leverage is set to X1 to buy real IOTA, which you can immediately transfer to your portfolio.
To transfer IOTA to your wallet, download the eToro app from the Playstore or Appstore and link it to your account. You can then use the wallet to transfer your IOR to your wallet.
IOTA Wallet Types
There is not just one particular IOTA wallet, but numerous possible types of wallet in which IOTA tokens can be stored. We will briefly introduce the most important ones here.
Iota Trinity Wallet
Multiple accounts are possible, and an 18-character seed code must be noted for each one. Several security measures ensure the safety of the wallet deposits, such as logging in via biometric data and setting up one or more seed phrases. Users can create backups, visualise the price development in charts and much more. It is important to always update the app to the latest version in order to close possible security gaps.
Iota Light Wallet
IOTA Light Wallet are especially suitable for beginners who do not want to own large amounts of IOTA. With the IOTA Light Wallet, you can install either a Light Node or a Full Node on your device.
As a light node, you download a part of the blockchain, the tangle, and as a full node, you become active as a node in the IOTA chain. You then have to choose a host, which you can change at any time. The light wallet is secured with an 81-digit seed, and you should also create regular backups of your light wallet. The most popular IOTA light wallets include Nostalgia and GUI Iota.
Iota Wallet Github
For IOTA Wallet, Github is an important address, as developers present and discuss the code of the Trinity Wallet created here. Github is the leading developer community with more than 50 million members from all over the world. However, Github does not have its own IOTA wallet.
If you are interested, you can take a closer look at the Github page of the Trinity Wallet. In the Issues and Pull Requests sections, you can see comments and suggestions for improvement from the IOTA community.
Iota Desktop Wallet
With an IOTA desktop wallet, you can manage your IOTA from the comfort of your desktop computer. IOTA desktop wallets are available for Windows, Mac and Linux. The most popular IOTA desktop wallet is Trinity, published by the IOTA Foundation, which can also be used as a mobile wallet. The risks of a desktop wallet are a possible system hack or the risk of loss in case your computer is stolen.
The Trinity Wallet is protected by 2-factor authentication, strong encryption and seed storage. It also makes it possible to send IOTA, manage multiple accounts and process transactions automatically.
Iota Paper Wallet
An IOTA paper wallet is an IOTA-compatible wallet whose private keys are stored exclusively on a piece of paper. Since such a wallet is not online and tokens are stored offline, it is also referred to as "cold storage". The big advantage is that theft through hacker attacks is impossible.
However, an important disadvantage is that IOTA must first be transferred from the paper wallet to an online wallet before they can be sent to other users or wallets. Those who want to hold large amounts of IOTA for a long time can use an IOTA Paper Wallet - but must guard the code like the apple of their eye.
Iota Wallet Ledger
The IOTA wallet Ledger Nano S is the most popular hardware wallet on the market, which can store most of the other top 20 coins in addition to IOTA. The Ledger Nano allows users to manage their own private key and store it on a state-of-the-art secure chip. The wallet integrates with IOTA Trinity and Romeo wallets.
The seed phrase is isolated from the user's device to set up another layer of protection. The security protocol also allows IOTA owners to validate transactions while keeping the IOTA secured on their hardware wallet. Security measures of the wallet include 2-factor authentication, a separate PIN code and availability of a recovery seed.
Iota Wallet Android-App
Mobile IOTA wallet for Android are available in large numbers, but not all of them should be used. The convenience of an IOTA wallet as an Android app lies in its easy handling and permanent availability on the smartphone. IOTA wallets for Android such as the official IOTA Trinity allow you to send your own IOTA, buy new IOTA or view their price development.
It is important to pay attention to robust security measures such as 2-factor authentication, multiple seed phrases and a backup option, regular updates are recommended. We recommend that users only use the simple and user-friendly IOTA Trinity Wallet for Android, which is constantly being further developed as the official wallet of the IOTA Foundation.
Iota Wallet Comparison: What are the requirements for an Iota Wallet?
In order to determine which Iota wallet best meets one's own requirements, the framework conditions must first be clarified, on the basis of which one wants to assess one's wallet. Nowadays, great demands are made on a wallet.
It must be compatible with the respective coin as well as easy to use. Nowadays, security is a major issue. Last but not least, it is advisable to have access to some form of customer support. Here, any questions will hopefully be clarified quickly.
1. Iota compatibility
The most important feature of a personal Iota wallet should of course be its compatibility with Iota. Only if the wallet is actually able to store these coins does it make sense for the Iota owner.
If you compare different wallets, you should first and foremost make sure that they are actually capable of storing Iota. If this is the case, you can then go on to compare the other wallet features with each other.
2. User-friendliness
An important requirement for iota wallets is undoubtedly user-friendliness. Handling the wallet should not take too much time and should also be easy to learn.
An important aspect here is that you should be clear about what you actually want to do with your iota. Do you see ownership as a pure investment in the future and hope for rising prices, or do you use your iota primarily for continuous trading in the hope of short-term profits?
Depending on the strategy, different requirements for the user-friendliness of the wallet are necessary.
3. Security and backup functions
The security of one's own Iota wallets should be a very high priority for every investor. Again and again, one hears in the news, not only with regard to Iota coins, about defective wallets that have been emptied. One's own Iota wallet must meet the high demands on security.
Backup functions are also often helpful, as they protect you from possible hardware damage and double-protect your investments. With regard to security, it is also important to consider the platform on which the iota will ultimately be traded.
This should also be chosen carefully in order to be protected from possible attacks. Depending on the type of wallet, you will come across different security functions; depending on your preference, you can then decide which wallet offers the most protection for you.
4. Customer support
For very experienced investors, customer support may no longer be considered particularly important. However, it can be a very important point, especially for newcomers.
If questions arise, or if you are unsure which functions of the Iota Wallet you want to and can use, the customer support should help you quickly. It is important that they can be reached quickly and also have a high level of competence.
Iota Wallet: The Conclusion
In our Iota wallet test, we wanted to approach the question of which form of storage is best suited for the popular cryptocurrency. The online wallet was particularly convincing in terms of security, user-friendliness and customer support. Of course, you have to rely on a reputable partner.
In addition, hardware wallets, such as the Ledger Nano S and X, also scored well, even if some compromises have to be made in the areas of user-friendliness and customer support. The "Android Wallet" can also be rated as satisfactory.
PC wallets, on the other hand, must be cautiously discouraged, and paper wallets offer the highest level of security, but are completely unsuitable for daily use. For the vast majority of investors, the wallet should therefore be the best alternative for storing their iota. It is important that you do not entrust your Iota to just any crypto broker.
Instead, you should ensure that you have access to your iota at all times and that the digital wallet is stored securely. Accordingly, you should use an established provider such as our test winner eToro.
All requirements for IOTA wallets met: eToro
If you want to store IOTA or buy with it, we recommend our test winner, the broker eToro with integrated crypto wallet. Here you can not only buy IOTA but also buy or trade with it. Of course, you can also transfer previously purchased MIOTA to it. Due to the impressive regulation, your investments are additionally secured up to €20,000.
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FAQ
A wallet is a storage facility for cryptocurrencies. It is nothing more than a digital wallet. If you want to trade in cryptocurrencies, you need a wallet to store your coins.
Online wallets are provided by various crypto brokers. These are located directly with the provider. You need an account to create a wallet. There are also PC wallets. With these, you can store coins directly on your own computer. Mobile wallets are wallets for smartphones. For Iota, for example, there is the "Android Wallet". Hardware wallets are specially modified USB sticks that allow the owner to store his coins offline. The principle of writing down the seed externally on a piece of paper is called a paper wallet.
Our test showed that online wallets are one of the best ways to store iota. Online wallets were convincing both in terms of user-friendliness and security.
In the vast majority of cases, switching to an online wallet should be worthwhile. The prerequisite for this is that you choose a reputable crypto broker. This is the only way to meet the high security requirements.
A wallet stores the IOTA address of the coin. Stored here, this can be decrypted via an algorithm and thus sent in parts.
