IOTA Wallet | Investing in IOTA with a MIOTA Wallet! - 2021
When buying IOTA (MIOTA), it is important to think beforehand about where you want to store these crypto coins, so that others cannot access them. Because you can't put your IOTA in the bank like your normal euros, you will have to store them in an IOTA wallet.
An IOTA wallet is a cryptowallet where you can safely store your MIOTA. A well-known and good example of a platform where you can create your IOTA wallet is Exodus.
Buy IOTA - a step-by-step plan
1 - Choose a broker: Find a suitable cryptocurrency provider (we recommend eToro).
2 - Deposit money: Simply deposit money into your account so you can get started immediately.
3 - Choose a cryptocurrency: Select IOTA from the list of cryptocurrencies.
4 - Buy the cryptocurrency: Complete the transaction and invest in the cryptocurrency.
Ready to start buying cryptocurrency? Click on the green button and start immediately!
This article will clarify what IOTA is, and how best to store it in a wallet. It will also explain how to easily purchase your own IOTA.
What is the IOTA wallet?
IOTA is a cryptocurrency that differs from all other crypto currencies because it is not a blockchain. Instead, IOTA uses a proprietary technology developed called Tangle.
However, IOTA should not be seen as an alternative currency to other crypto currencies, but rather as an extension into the field of cryptocurrency.
One of the major advantages of not using blockchain is that IOTA can offer secure and efficient microtransactions without charging extra fees, which is unique in the world of cryptocurrency.
IOTA must be stored in an IOTA wallet, so you can be sure that you can keep them safe without other people being able to access them. The IOTA wallet developed by the organisation itself is called Firefly.
Firefly was developed specifically for IOTA, and therefore does not offer storage for other crypto currencies such as bitcoins. In order to store all your crypto coins in one place, you will have to choose another platform that not only offers IOTA wallets, but also other wallets.
An application that comes to mind is Exodus. Further on in this article we will explain what Exodus is, and why it could be a wise choice to store your crypto coins here. Next to that you will find other wallets so you can choose the best IOTA wallet at the end of this article.
Wallet IOTA: How to buy cryptocurrency?
If you are interested in buying IOTA, it is important to know how to do this in a safe and easy way. The step-by-step plan below gives you easy instructions on how to buy IOTA or other cryptocurrencies.
It will also explain how to store your IOTA in your IOTA wallet.
Step 1: Choose an online broker | Step 3: Deposit money on your account | Step 5: Store your newly purchased cryptocurrency |
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Step 1: Choose an online broker
If you are new to the world of cryptocurrencies, it is important that you find out beforehand which broker you want to make your investments with. This is because there are many online brokers on the market today, which can differ greatly from one another.
Brokers may differ in terms of the costs they charge, the range of products they offer and the way the products are presented. Also, different brokers can differ in how user-friendly and simple their platform is for new users.
It is important to consider these factors in order to find the broker that suits you best.
eToro
eToro is our favourite trading platform. Not only for cryptos, but also for other trading products, eToro offers a safe and reliable platform. Especially for beginners, this broker is highly recommended.
For example, you can make use of numerous user-friendly features, such as the CopyTrading function. With this tool, you can view the portfolios of experienced investors selected by eToro and even copy them in their entirety.
This way, you can easily create a strong and diversified portfolio. If you are not yet comfortable with investing, you can first start with a free demo account.
This way you can invest with virtual money without any risk. Are you then ready to invest with real money, then you can start low thanks to the minimum deposit of $50 (€42).
At eToro, in addition to buying crypto, you can also invest in a variety of other trading forms, such as trading in ETFs, stocks, indices and commodities. If you trade in stocks and ETFs, you even pay 0% commission.
eToro is regulated by the FCA and CySec. You can therefore confidently invest through this platform without running unnecessary risk.
Would you like to start for free today at eToro? Then create an account today and explore the platform!
Libertex
One of the largest online brokers worldwide is Libertex. Libertex trades CFDs of trading products.
When you buy CFDs of, for example, IOTA, you do not actually become the owner of the currency itself. Instead, you bet on the price of a particular trading product.
With CFDs you can increase the value of your invested money with the leverage effect. This increases your profits, but also your losses per euro. You can reduce the risk of high losses by setting a stop-loss or a stop-profit.
Libertex is based in Cyprus, and as such has been able to obtain a licence to trade on the European market. This licence comes from CySEC (Cyprus Securities and Exchange Commission).
A major advantage of investing at Libertex is that this platform not only offers a huge range of cryptocurrencies, but also shares, ETFs, currencies, commodities and other trading products. This means you can go to one broker to make all your investments.
At Libertex, you can create a demo account, which is very sensible for the novice investor. This way you can practice with fake money before you start trading with real money, so you can gain experience with investing and with the platform without the risk of losing money.
If you want to start investing real money, you can do so from a minimum deposit of €100. This is very beneficial for people who just start investing, because they do not have to put huge amounts at stake right away.
Start investing with Libertex right away by creating an account!
Bitvavo
Bitvavo is a broker which trades cryptocurrency. This relatively young broker has been able to develop quickly in the field of crypto currencies.
Bitvavo has a large offer in both large and small crypto currencies. You can invest in more than 50 different currencies, and this number will continue to grow in the future.
At Bitvavo, you do not trade in CFDs, but you invest directly in the cryptocurrencies. So when you buy IOTAs here, you get to own the actual crypto currency.
Bitvavo is highly recommended for beginning investors, because the entire platform is available. In addition, this broker does not make much use of extra features that could make trading via the platform difficult.
Bitvavo is known for its low transaction fees. You can also deposit money easily with payment methods such as iDEAL.
Curious about Bitvavo? Create an account right away with no obligation!
Binance
Binance is perhaps the largest crypto currency provider worldwide. It has a huge range of crypto-currencies, and it owns one of the most popular crypto-currencies in the world (Binance Coin).
Binance is originally a Chinese company, and therefore cannot offer their services in America due to market regulations. Fortunately, it is still possible to invest in cryptocurrencies in Europe and Asia using this broker.
At Binance, you also invest in the crypto currencies themselves, so you will have to store them somewhere. At Binance, you have the option to leave your coins on the platform, and it also offers various wallets.
You can also choose to store your IOTA elsewhere. At Binance, you can easily send your coins to external wallets for safekeeping.
Start trading immediately by creating an account with this crypto exchange!
Capital.com
Capital.com is a relatively young broker that specialises in CFDs. It has a wide range in cryptocurrencies, but also in other trading products such as shares, ETFs and commodities.
Capital.com is known as a safe broker, and is licensed by the English FCA and the Cypriot CySEC. This allows this broker to offer its services throughout Europe.
Capital.com trades CFDs, so if you want to invest in IOTA here, you will not get to own this crypto currency. Your return will be calculated based on the price of IOTA.
Are you interested in Capital.com? Create an account and start investing immediately!
Step 2: Create an account
If you have been able to choose between the many different online brokers, you can now create an account there. For this article, we are using eToro as an example of how to do that.
Because this process is often largely the same at other brokers, these steps can also be followed if you use another broker.
Go to the eToro website, and create an account by entering your E-mail address and a password. You will then receive an E-mail with which you can activate your demo account.
In order to then be able to invest with real money, you need to provide some additional information so that you can verify that you are behind the account. You will need to provide a copy of your identity document.
Step 3: Deposit money into your account
Once your account has been verified, it is possible to deposit money into your account.
At eToro, this can be done via payment methods such as PayPal or iDEAL. Please note that your first deposit must be $50/€42 or higher.
At eToro, euros are automatically converted into other currencies such as dollars when necessary. So you can simply make purchases with euros everywhere.
Step 4: Choose and buy a cryptocurrency
Now you need to find the crypto currency you want to invest in. If you want to invest in IOTA, you can type the search terms 'IOTA' or 'IOTUSD' in the search bar. You will then be taken to the IOTA product page.
In the top right corner you can click on trade to start trading IOTA.
Step 5: Store your newly bought cryptocurrency
If you invest in IOTA directly, these cryptocurrencies are in your possession and you will have to store them somewhere. Often this can be done on the platform of the exchange itself, but it is safer to store them in an IOTA wallet.
These wallets come in various forms. You have wallets for your computer or your smartphone, but you can also save your IOTA in an IOTA hardware wallet.
If you invest in CFDs, as you do at Capital.com, they simply remain on the broker's platform. The advantage of this is that you can respond directly and quickly to price changes.
How do I use the IOTA Wallet?
How to use your IOTA depends on which wallet you use. IOTA wallets come in various forms: there are desktop wallets, smartphone wallets and hardware wallets.
You could also choose to leave your IOTA on the exchange where you bought them, but this is risky. If for some reason the platform is unreachable, you will not be able to access your IOTA.
IOTA Hardware Wallet: Desktop Wallet
You can download a desktop wallet for your PC or laptop. This allows you to save your IOTA offline on your computer.
The wallet developed by the organisation behind IOTA, Firefly, is a desktop wallet. This wallet is free to download for your Windows, Mac and Linux computer.
This wallet is specially designed for the storage of IOTA. This means you cannot store other crypto currencies here.
Mobile Wallet
A mobile IOTA wallet is a wallet that stores your IOTA on your smartphone. The advantage of this is that you can access your IOTA anytime, anywhere.
Unfortunately the Firefly wallet is not available for smartphones, so if you want to store your coins on your mobile you will have to find an alternative wallet. An example of a wallet that you can download on your smartphone is Exodus.
The advantage of Exodus is that it allows you to link your IOTA wallet to your desktop if you have also downloaded the Exodus program on it, so you can easily transfer your IOTA from one wallet to another.
Moreover, Exodus offers the possibility to store other cryptocurrencies besides IOTA.
Hardware Wallet
Perhaps the safest method of storing your IOTA is to put them on an IOTA hardware wallet. This allows you to hide your IOTA in a physical place that is completely disconnected from the internet.
A hardware wallet is an encrypted usb stick where you can store crypto coins. Two major brands developing hardware wallets are Ledger and Trezor.
The advantage of Ledger IOTA hardware wallets is that you can also store other crypto currencies in it. So if you have other crypto currencies like Bitcoins and Litecoin besides IOTA, you can store them all in one place.
Because you can store several cryptocurrencies on the hardware wallet, this is the best IOTA wallet for users with several different coins. You can store everything in one place and don't have to constantly switch between wallets.
Do you want to start investing in IOTA? Then use eToro to start trading IOTA today.
Why choose the IOTA Wallet?
The IOTA Firelfly wallet offers some unique advantages over other wallets. First, the platform is easy to use, so it is suitable for people who are new to IOTA investing.
A second advantage is that Firelfly is well secured. Your IOTA will be safely stored in the program's isolated memory.
Thirdly, the application is ready for the future, and new developments of the IOTA organisation are immediately available.
However, if you want to invest in multiple cryptocurrencies, Firefly may not be the best choice.
Simple overview of your cryptocurrency portfolio
In this wallet you can only store crypto currencies that have been developed by the IOTA organisation.
Most wallets allow you to store multiple coins. Do you want to fill your wallet with the well-known currency Bitcoin? Then read our article about buying bitcoin or look at the current bitcoin price now.
Advantages and disadvantages of IOTA Wallet
Pros
Cons
Tips before using the IOTA Wallet
When using an IOTA Wallet, it is always very important that you enter the correct recipient address when sending and receiving IOTA. If you enter the wrong address, you will lose your IOTA.
Choose a wallet that suits you, if you have a lot of other cryptocurrencies and want to store them, it is wise to choose a wallet where you can store a lot of different coins. This is often a hardware wallet, almost all hardware wallets are suitable for IOTA.
You can make use of an IOTA Paper Wallet, here you print the codes you need to store IOTA on paper. With the private key on this paper wallet you can always access your IOTA again.
Be careful with the IOTA paper wallet and make sure you have stored it properly. Do not only think of protecting it against theft, but also against fire or other problems in your home, the IOTA paper wallet must be protected.
You may also see the name MIOTA wallet passing by. IOTA stands for 'Internet Of Things Application' but the abbreviation for IOTA is MIOTA. So it's the same coin and in a MIOTA wallet you can simply store the coin.
Tip: Before you start buying IOTA and storing it in an IOTA wallet, it is wise to familiarize yourself with online trading. We recommend everyone to create a free demo account at eToro in order to practice trading without any risk.
The IOTA Firefly wallet is easily downloaded from the IOTA Firefly website. Click on the operating system on which your computer works (Windows, Mac or Linux) to download the program.
Also for an IOTA Wallet download you have many different choices. In addition to a specific IOTA Wallet, you can also choose software that allows you to store all kinds of different coins.
Nowadays, there are thousands of different cryptocurrencies and the number of wallets is impossible to keep up with for the ordinary consumer. So, before you transfer your cryptocurrency to your IOTA wallet download, take a good look at its capabilities.
IOTA Wallet Download
It depends on your choice of wallet where you can find the IOTA wallet download, for smartphones most IOTA wallet downloads can be found in the Google Play Store and Apple App Store.
Ready to start trading IOTA? Quickly create an account at eToro to start investing in MIOTA today!
IOTA Review: Frequently Asked Questions
What the best IOTA wallet is depends on what your personal preferences are. If you are only going to invest in IOTA, the Firefly wallet is a suitable choice.
If you are going to purchase multiple cryptocurrencies, it is a better idea to use the Exodus wallet.
Do you value security highly? Then it is a good choice to purchase an IOTA hardware wallet, this is for many people the safest and best IOTA wallet.
IOTA is easy to store on the platform where you bought it. However, it may be wiser to store your IOTA in an offline MIOTA wallet, such as Firefly or Exodus.
An even safer alternative would be an IOTA hardware wallet.
If you bought CFDs from IOTA, you can just leave them on the broker's site. If you own the IOTA itself, you can store it in both online and offline wallets.
With a paper wallet printer you can create a paper wallet. This printer generates the private key completely offline, making it inaccessible to hackers.
The paper wallet is one of the most secure ways to store crypto coins.
A MIOTA wallet, or IOTA wallet, is where you can store your IOTA.
IOTA is a cryptocurrency that does not run on blockchain, but on a self-developed technology called Tangle.
The fact that IOTA works on Tangle ensures that the cost of microtransactions remains low.
IOTA Wallet: Conclusion
If you only invest in IOTA, and not in other cryptocurrencies, then the Firefly wallet IOTA is the most obvious choice to store your IOTA.
The platform is ready for future developments that the company behind IOTA will make, and provides a safe and convenient place to store your IOTA.
If you do want to invest in multiple cryptocurrencies that you want to be able to store on both your smartphone and computer, then Exodus is a suitable choice. Read our article about the Exodus wallet if you want to know more about it.
If you want to fully guarantee that you are the only one who can access your IOTA wallet, you can choose to purchase an IOTA hardware wallet. We recommend investing in IOTA and other cryptos at eToro.
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