There are over a dozen IOTA wallets out there to choose from. But which one is the best IOTA wallet? At TotalCrypto we believe in keeping things as simple and beginner friendly as possible. This is why after testing all the different options on the market, we came to the conclusion that the GUI IOTA light wallet is probably the best option out there. In this review, we will tell you everything you need to know and how to set it up.
What Is The IOTA Light Wallet?
The GUI IOTA Light wallet is a no-nonsense solution for storing and sending your IOTA coins. It’s user-friendly interface, fast and easy set up, making it the best option for beginners. However, the only drawback we found with this choice is that it doesn’t have mobile support. This means that if you need to be able to store or send coins on a mobile device, then you should look at other storage options.
With any wallet, a key consideration is security. The IOTA light wallet has you covered, as it is made so that you are the only person who knows and can access your private keys. In terms of supported operating systems, the good news is that it is compatible with Windows, MAC, and Linux.
What Cryptos Are Supported?
The GUI IOTA light wallet is specifically designed to store IOTA coins. This means that it does not support any other cryptocurrency.
Is It Safe?
The wallet is highly secure and is made so that you are the only person who holds your private keys. However, to keep your coins secure you should take the following steps:
- Don’t generate a recovery seed on a third party website. We know that creating a random string of words or numbers can be annoying and it can be tempting to use an automatic seed generator. However, there are a lot of bad people out there on the internet. Why do you think they are offering this service? Is it really to help you or is it more likely that they want to rob you later? Always generate your own recovery seed and do not use anything you find in Google.
- Don’t share your recovery seed with anyone. Some people will pretend to be representatives of IOTA and ask for your recovery seed to ‘help you’. Don’t fall for the trick. The truth is that no one needs your recovery seed to help you.
- Store your seed on paper and keep in a safe place. Computers can get hacked. The neat thing with pen and paper is that computer hackers cannot get to your recovery seed. We strongly recommend you store your seed this way and don’t store it in a word document on your computer. If you have a lot of IOTA, you can copy what the Winklevoss twins did with their Bitcoin recovery seed. Step one, rip your recovery seed into separate pieces, step two, lock these in different bank safes around the world.
The GUI light wallet is safe to use. However, it’s security can be compromised by human error. Provided you follow the steps above you should be just fine though.
IOTA Wallet Setup
Ready to get the most beginner friendly IOTA wallet? The first thing to do is to go to Github to get the wallet download.
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- Beginner friendly.
- You will be the only person to have access to your private keys.
- Supported on Windows, MAC, and Linux.
- Easy to setup and use.
Ready To Store Your Coins The Right Way?
Step 1: IOTA Wallet Download
Once you’re on the Github site you should see the latest releases of the GUI IOTA light wallet. Which download is the correct one for you? The file ending ‘.dmg’ is the MAC wallet and the file ending ‘.exe’’ is for Windows.
Step 2: IOTA Wallet Setup
Once you have downloaded the necessary file, the next thing you need to do is to install it. On a MAC you just open the file and move the IOTA wallet to your applications folder.
If you try and open the app in your applications folder you will get a message saying it cannot be opened “because it is from an unidentified developer”.
Don’t worry about this warning message, its just because the application hasn’t been officially registered on the app store. To open the application just head to ‘system preferences’ and select ‘security & privacy’.
Then click ‘open anyway’.
Once the app opens, you will be asked if you want to run a ‘light node’ or a ‘full node’. We recommend you keep things simple and select ‘light node’.
You will then be asked to select a host. Just select any one of these from the dropdown and hit the ‘start’ button.
You will then see a login screen and be asked to create a recovery seed.
As we said earlier, do not use an automatic seed generator and instead create your own. The seed must be created using the following rules:
- A seed is made up of 81 characters. Accepted characters are letters A to Z and the number 9.
- All letters must be in capitals.
An example of an acceptable IOTA seed would be: HFHUFHUHROHOAFGHARUDXUOAUFIAGFIGFYOIAHFOFIAHFUAFFGAFUFFUIRGFUIAFIYFUAUHSCEAYFYAE9
How To Send & Receive IOTA?
Once you have logged in you will see the home screen.
To receive coins, click the receive button on the home screen and ensure you attach the address to the tangle. Once the address is attached you can then use your receive address to send funds to your wallet.
To send tokens, all you need is the recipient address and to key in the amount of IOTA to send. Once you click ‘Send It Now’, your transaction will be processed.
That’s literally all there is to it. You should now be all set up and ready to go.
IOTA wallets are a little more complicated to use and set up than they are for other cryptocurrencies. However, after testing all the other options on the market, we think that the GUI IOTA light wallet is the simplest to set up and use. It has all the functions you will need and we think it also looks awesome too.
A word of warning about IOTA seeds again. We know it’s super tempting to use a seed generator online. Whatever you do, please be aware that choosing to do this will compromise the security of the wallet. We strongly recommend you generate your seed yourself.