Review of Toast Wallet
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With the rise of cryptocurrencies, came digital wallets which users can use to store their digital currency. Just about every cryptocurrency on the market today has its own unique official wallet. Bitcoin has Bitcoin wallet, Ethereum has Mist, Litecoin has Litecoin Core and so on.
Like aforementioned, every cryptocurrency has its own wallet. The toast wallet is a digital wallet that was created for Ripple users. Here is the full review that ill answer to questions like “Can I trust Toast Wallet?”, “Is Toast Wallet legit?” and more.
What is Toast Wallet?
Toast wallet is an open-source Ripple (XPR) wallet, which according to its developers, can be used by both experts and crypto-dummies. Toast wallet is available for Android, IOS, Windows, Linux, Mac OSX, and Chrome browser. Toast Wallet is a product of StarStone Limited, which is based in Dunedin, New Zealand. Toast wallet was launched in 2017. Toast wallet is a very simple wallet. The only feature available is the Discord app, which works much the same way as Skype. Once you join, you can ask questions and get information and interact with other users.
Toast Wallet Encryption
Toast wallets are secured using a PIN and a passphrase. This information is stored in PouchDB, an open-source database that runs within your browser for the chrome plugin. This software allows a user to store their data locally when they are offline.
You also need to write down a recovery phrase, which will help you recover your wallet in case you lose your passphrase. There is also an encrypted backup feature, which users can use to sync their wallet with their devices.
It is important that you store your secret words, passphrase, and PIN offline. An encrypted USB or a hardware wallet would be ideal, as no one can hack them even from your PC. You can also write it down in a notebook. Don’t just jot your secrets on a piece of paper and leave it lying around.
Toast Wallet Limitations
A reserve of 20 XRP must be maintained in your XRP wallet and it cannot be withdrawn. This is not unique to toast wallet. All active Ripple wallets must have a minimum balance of 20XRP, which is a requirement of the Ripple Network.
Toast Wallet Fees
Toast wallet is free and does not charge any fee. But, there is a reserve of 20 XRP, which is a requirement and cannot be withdrawn. The reserve is a feature of the Ripple Network and it’s used to help prevent spam.
Is Toast Wallet safe?
So far, there is no reason not to trust Toast Wallet. Here is why.
Toast wallet is open-source, which means that the source code is available for public view. Toast wallet is not an online wallet and no data is sent from the wallet to the company’s servers. So technically, a hacker has nothing to hack. Toast wallet does not interact with anything else other than the Ripple Network.
The wallet has had good reviews. No complaints have been made thus far, so it’s safe to say that toast wallet is legit. In any case, their source code is available on Github for public viewing.
The Ripple community greatly supports the use of Toast Wallet because it’s secure and it can be used on any device (IOS, Android, Mac OSX, and Windows). It also popular because it’s easy to use, and lightweight.
Can I trust Toast Wallet?
Yes. You can trust Toast Wallet and here is why.
- All the data stored in the wallet is not stored anywhere else or backed up in the company’s servers.
- The wallet is secured using a passphrase and a PIN. You also need to write down a recovery PIN in case you lose your passphrase.
Toast Wallet Customer Support
You can reach Toast customer support via Discord, email, phone, online ticket or social media (Facebook, Twitter). The support team is very reliable and you don’t have to wait long to get a response from them.
Toast Wallet transactions are fast, but when there is a network congestion, it may quite sometime before a transaction goes through.
How to use Toast wallet?
To use toast wallet,
- download the application to your PC or device. During the installation process, you will be prompted to enter a 6-digit PIN.
- Once you enter your PIN, you will be prompted to enter a passphrase. Once you enter the passphrase, the next step is to write down a recovery phrase of 6 words.
- When you confirm that you have written down your recovery phrase, you can go ahead and add an account. You can choose to add an existing account or you can generate a new one.
- When you generate a new account, you will get an address of which you’ll use to send you’re Ripple to.
To activate your wallet, you need to send 20 XRP to the new address. If you send less, the payment will bounce and be returned to the sending address.
To test how well the wallet works, deposit 21 XRP, then send back 1 XRP to the wallet that you sent from. By doing this, you will be able to determine if toast wallet is the wallet for you.
Toast wallet is simple and easy to use. There are no fees charged for deposits or withdrawals, but a balance of 20 XRP must be maintained, which is a requirement of the Ripple Network.
If you lose your passphrase or PIN, you can use your recovery phrase to reset your PIN and passphrase. But, if you lose your recovery phrase, too bad. You can forget about your coins. So under no circumstances should you lose or misplace your recovery phrase. Make sure to back up your wallet because it is the only back up you’ll have of the wallet. If you back up the wallet and delete the app, you can recover your wallet with the backup code and either your recovery phrase or passphrase. Without the backup code, you cannot recover your wallet using the recovery phrase because Toast wallet does not generate addresses from it.
All in all, it is a pretty good wallet to store Ripple. Although currently, toastwallet.com does not provide any XRP- related services, this is one thing they say they are working on and will able to provide in future.
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