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Best US IOTA Wallets 2022

Last updated 27th Jun 2022
Disclosure

IOTA (MIOTA) is a distributed ledger built for the Internet of Things (IoT) that enables users to transfer value across a decentralized network.

The project was launched in 2016 and has since grown to become a top 100 cryptocurrency in terms of market capitalization. As crypto adoption in the US continues to rise, many users who buy IOTA, are now looking for ways to store their tokens in a safe and secure way and also, protect the investment.

Most crypto platforms (brokers and exchanges) will provide users with a wallet for free when they sign up for an account. However, a private IOTA wallet is also available for those who are looking to store their tokens in a wallet to which no other entity has access.

In this guide, we will be covering the best IOTA wallets so you can make a more informed decision.

What Types of IOTA Wallets Are There?

Cryptocurrency wallets are the fundamental means of storing crypto assets and they vary in terms of security and user interface. IOTA crypto wallets provided by crypto brokerages tend to have the most beginner-friendly features.

Private wallets on the other hand come with additional features but require more technical knowledge. Most crypto wallets now offer the ability to store non-fungible tokens (NFTs) by default and allow users to earn interest on top of their crypto holdings.

When you set up a private IOTA crypto wallet, you are presented with two strings of characters. One string is known as your public key (address) and the other is called the private key (seed).

The public key can be shared with other users when you want to receive digital assets and the private key should be stored securely as it serves as the password to your MIOTA holdings.

Wallets that give you access to the private keys are known as non-custodial wallets since only you have access to the assets.

When the private keys are held by a third party such as an exchange, then the crypto wallet is referred to as a custodial wallet, since the company has full control over the wallet, and users can just send and receive assets.

It is worth noting that assets held in a custodial wallet may be stolen in the event that the exchange gets hacked and even seized if the company goes bankrupt. This would not be the case for non-custodial wallets as no one apart from you has access to the funds.

Hot Wallets - Best IOTA Wallets in the US For Beginners

There are various types of crypto wallets but they can all be classified into two distinct groups: Hot and Cold wallets.

A hot wallet is a wallet that is always connected to the internet. Some examples include:

  • Desktop & laptop software applications

  • Web browser extensions

  • Smartphone applications

  • Wallets provided by exchanges/brokerage platforms

Note:

Cold Wallets - Best IOTA Wallets in the US For More Experienced Users

A cold wallet on the other hand is not connected to the internet which means there is a lower risk of it being compromised or hacked by online attackers. Examples of cold wallets include:

  • Paper Wallets: they store public and private keys on a printed piece of paper

  • Hardware Wallets: hardware wallets allow you to store a digital wallet in a physical device

Cold wallets are typically used for larger amounts of money and long-term holdings.

Note: Never enter your private key/seed phrase on any website as it may be a scam or a phishing attempt to steal your assets.

Scammers often pose as customer service representatives of popular projects to trick unsuspecting users into giving up their private keys.

Top Hot & Cold IOTA Wallets in the US

Best IOTA Wallets Overall

The table below contains a list of the top wallets overall for users of all experience levels, starting with the one that beginners prefer.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
eToroPlatform (Hot wallet)FreeYesWide range of assets supportedIntuitive
FireflySoftware (Hot wallet)FreeYesUser interface.
LedgerHardware (Cold wallet)$59 - $119+YesPrivate keys secured on device

Here’s a more in-depth look at each of these wallets:

eToro

Best for Beginners

eToro is a social trading platform that enables users to trade a wide range of cryptocurrencies including IOTA. The platform provides users with a free wallet that can be used to send and receive assets and comes with 2-factor authentication for a high level of security.

Pros

Quick account registration
Avoid the technical side of crypto
Easy to use
Great for beginners

Cons

Customer service can be slow sometimes
Withdrawal fees may apply
Inactivity fees after 12 months

Firefly

Best for More Experienced Users

Firefly serves as the gateway to the IOTA ecosystem. Users can send, receive and manage their MIOTA tokens directly through the desktop application. Its modular design means that new features can be added easily in the future.

Pros

Enables users to manage multiple wallets in the same application
Can send and receive MIOTA tokens in a quick and efficient manner
Free wallet for all

Cons

Limited to the IOTA ecosystem, unlike other wallets
Currently only exists as a desktop app, and not available on mobile devices

Ledger

Best for Advanced Users

Ledger wallets are widely considered to be the most secure form of crypto storage. Transactions require physical authorization on a ledger device which adds an extra layer of security to the assets.

Pros

Provides a higher level of security than software wallets
Ledger Live app comes with crypto management tools
Thousands of coins supported including IOTA

Cons

Not free
Not as beginner-friendly as other wallets
Set-up process can be time-consuming

If you’re looking for a more extensive list of IOTA wallets then have a look at the section below for rankings by each type.

Best IOTA Wallets in the US By Type

Best Software IOTA Wallets

A software wallet is a good option for beginners. Below we have listed a variety of different software wallets, beginning with the most beginner-friendly one to help you make a more informed decision.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
FireflySoftware walletFreeYesIntuitive user interface

Note: A software wallet is more secure than an online wallet.

Best Hardware IOTA Wallets

In this section we have listed the top hardware wallets on the market that support IOTA.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
LedgerHardware Wallet$59 - $119+YesPrivate key encryption

Best Mobile Application IOTA Wallets

Here we have listed the top mobile app IOTA wallets to help you manage your assets on the go.

Wallet NameWallet TypePriceBeginner Friendly?Best Feature
eToro walletMobile AppFreeYesVariety of coins
Coinbase WalletMobile appFreeYesBeginner-friendly

Top Free IOTA Wallets

Have a look below for the top free IOTA wallets on the market.

Wallet NameWallet TypeBest Feature
eToroHot walletMany coins supported
FireflyHot walletUser-interface

What to Consider When Choosing An IOTA Wallet in the US?

Do IOTA Wallets Support NFTs?

Non-fungible tokens (NFTs) are digital assets stored on the blockchain and they can come in many forms including digital art, certificates, music, virtual land, and more. IOTA does not operate on the blockchain, but rather on a similar distributed ledger technology known as the Tangle. This means that it can technically support NFTs; however, this feature does not yet exist. NFT products on IOTA are in the research phase and will come out sometime in the future.

Is Staking Possible With An IOTA Wallet?

Staking is the process of “locking up” your tokens for a period of time and earning interest on your holdings in a similar way to how a bank pays interest on your savings account. Platforms such as eToro provide this feature for a wide range of coins; however, IOTA is not included on this list. Users can instead stake their IOTA tokens using the Firefly wallet.

Can I Use The Same IOTA Wallet For Multiple Exchanges?

Cryptocurrency wallets can be used to send funds to any exchange and the same wallet can be used for multiple different platforms. Wallets allow users to generate as many wallets as they wish and there are no limitations as to how much IOTA cryptocurrency can be stored on each wallet. When sending assets, double-check the address you have copied as there is no way to recover assets sent to the wrong wallet.

Fortunately, wallet addresses give you a clue to which network they belong.

For example, a typical IOTA wallet address looks like this:

iota1qzg90wwndza0acghkyf5m2rll8jz2et6gffajtqfw532k25t6mtykerqv7l

Note: wallet address starts with ‘iota’

A typical Ethereum wallet address always begins with ‘0x’:

0xbe0eb53f46cd790cd13851d5eff43d12404d33e8

Can I Trade On Decentralized Exchanges Using A IOTA Wallet?

IOTA wallets do not yet offer support for decentralized exchanges (DEXs), however, this feature may be added in the future. One platform that is working on an IOTA-based DEX is called TangleSwap. According to its website, the DEX will offer staking, an NFT marketplace, and more. These features are currently in development and will be released in the future.

Can I Buy IOTA Using A Wallet?

Some cryptocurrency wallets enable users to buy digital currencies directly from the wallet itself. This is a feature that is offered through the eToro wallet and enables users to access a wide range of cryptocurrencies alongside IOTA. Once you sign up for an account, simply search for IOTA and follow the onscreen instructions to buy IOTA. Once the transaction is complete, the IOTA tokens will appear in your wallet shortly after.

How Do You Cash Out And Spend IOTA From A Crypto Wallet in the US?

To cash out your IOTA holdings from a wallet, you can follow these steps below:

Step 1: Open the wallet
Step 2: Click send
Step 3: Enter the recipient's wallet address
Step 4: Select IOTA
Step 5: Click ‘deposit’
Step 6: Paste the address
Step 7: Click confirm
Step 8: Sell your MIOTA
Step 9: Withdraw the money

Top Tips For IOTA Wallet Users in the US

  • Never enter your seed phrase on a website as it could be a scam/phishing site.

  • Disregard any messages you receive from people pretending to be customer service.

  • Do not click on any suspicious links you receive via email or social media platforms.

  • Double and triple-check wallet addresses before making a transaction. An incorrect address may lead to a loss of funds forever.

  • Make a copy of your seed phrase / private key and keep it safe in case you forget your password. One of the best ways to keep it safe is to print the key out on a piece of paper and store it in a safe place.

FAQs

Is it safe to provide your IOTA wallet address for crypto giveaways?
Do I need a wallet for IOTA faucets?
Do you need a wallet for IOTA betting?
What are the best wallets for ICOs?
What are the best multi-currency wallets?
What is the best personal IOTA wallet?
Which type of IOTA wallet is best?
What is the difference between an IOTA wallet and an exchange?
Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.