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IOTA aims to provide an infrastructure to enable transactions between devices on the “Internet of Things”. The platform’s native token is the IOTA cryptocurrency, which is also one of the world’s top 20 biggest digital currencies by market capitalisation at the time of writing.
If you want to buy IOTA, you’ll need to find a secure wallet for storing your holdings. However, there’s only a limited range of wallets available, so read on to find out which IOTA-compatible wallet is right for you.
Learn more How to buy IOTA (MIOTA)
If you’re searching for an IOTA wallet, you’ll need to consider the following criteria:
Learn more about cryptocurrency wallets and how they work in our handy guide.
At the time of writing, the Ledger Nano S is the only hardware wallet on the market that offers support for IOTA.
The Ledger Nano S is a USB that connects to your computer to create a safe environment for cryptocurrency transactions.
Read our full review of the Ledger Nano S
In its simplest form this safe environment takes the form of a screen, which lets you see what you're transferring to where, and a physical button that needs to be pushed to initiate a transaction. This is to prevent someone from remotely stealing funds.
The downside to this level of security is that it doesn't come for free, and that the Ledger is so far only compatible with one IOTA software wallet - the IOTA Trinity wallet, which will also need to be downloaded if you want to use the Ledger for IOTA.
This lightweight wallet is incorporated into IOTA’s graphical user interface (GUI) and allows fast access to your IOTA holdings.
After downloading the wallet, you’ll be able to choose whether you want to run a full node or a light node – selecting a light node is recommended for beginners, as it allows you to use IOTA without the need to find and connect to neighbours via a static IP.
The setup process is simple and straightforward, allowing you to connect to a public node. The GUI Light Wallet interface looks easy at first glance, and the wallet runs on Windows, Mac and Linux operating systems. Your private key also remains in your possession at all times.
However, this wallet doesn’t have a great option for user-friendliness, while even the choice between a light and full node during the setup process may be confusing for cryptocurrency newcomers.
If you don’t want to use the GUI or use your computer to run a full node, another option is to use the Nostalgia Light Wallet.
This allows you to modify the Nostalgia code to connect it to a server on which IOTA is running. To do this, you can use a software called Text Wrangler.
The full process is explained in this IOTA tutorial, but it’s likely to be too complicated for tech novices, who may want to explore other options.
Which exchanges let you buy and hold IOTA? Find out in our guide.
It’s reasonably easy to interact with and you’ll be able to start sending and receiving IOTA tokens quickly.
Other features include QR code support, a seed generator, seed password protection and the ability to view your current IOTA balance in a range of currencies. A live Tangle explorer with search function is also included.
However, the app is only available on Android devices and is still in the beta testing phase. It has also received several complaints regarding a number of bugs. To give you an idea of what we’re talking about, at the time of writing (06/03/2018) there were 374 1-star Google Play user reviews, out of a total of 883 reviews.
Compared to some other cryptocurrencies, the choice of wallets available for IOTA is quite limited. However, there are some new offerings on the way soon:
To safeguard your crypto funds as best as possible, remember the following simple tips:
Check out our comprehensive guide to choosing a crypto wallet
At the time of writing, the author holds IOTA and XLM.
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