Toast Wallet Review ▷ Our experiences with the official Ripple (XRP) Wallet!
What is the Toast Wallet?
It is a FREE open source wallet that is compatible with Windows, Mac, Linux, Android and iOS. It is owned by StarStone Limited, a software start-up based in Dunedin, New Zealand.
An important aspect to note is that there is a reserve requirement of 20 XRP for all accounts in the Ripple Network. This means that you must send at least 20 XRP to your Toast Wallet to activate it. You will NOT get these funds back unless the network lowers the reserve requirements.
How to use Toast Wallet
Step 1: Download the Toast Wallet from https://toastwallet.com. Always make sure that the website is displayed as "Secure" before downloading anything to a device and that you are on the official website listed above.
Step 2: When you open the application, you will be prompted to enter a 6-digit pin. You will then be prompted to specify a passphrase that will be used to encrypt your wallet. This must be entered if you want to send XRP. Note: This should not be shared with anyone and should be a secure password that is stored securely.
Step 3: IMPORTANT: A six-word recovery phrase is generated, which you should write down and keep in a safe place. If you ever forget your passphrase, the recovery phrase will be used to gain access to your XRP. Similar to your passphrase, you should never share the recovery phrase with anyone.
NoteThe recovery phrase is useless without a wallet backup. You must backup your wallet from the settings menu when you have finished generating an address. This is important if you lose the device on which you use your Toast wallet (e.g. if you lose your laptop on which your Toast wallet data is stored).
Step 4: A generated account address is created and you will be prompted to import it into your wallet.
Step 5: Finally you can send the required 20 XRP minimum to your ripple address to activate your wallet. If you send less than this, the transaction will not be processed and your XRP will be returned to the original address.
How to send to Toast Wallet
It is very easy to send XRP to your Toast Wallet. All you need is your ripple address, which you can find in your wallet.
When you send money from a stock exchange, you will be asked for a target tag. If you move XRP to your own address, you should enter the target tag with "0". This tag is used by companies to identify their customers. So if you are not sending to a company, you can leave it blank or 0.
What if you send XRP from your toast wallet to a stock exchange? In this case you have to enter a target tag so that the Exchange can recognize you. If you forget this, you must first find the transaction by entering the ripple address you sent from. You can do this here: RPC tool. Then you need to copy the transaction details and send them to the Exchange to explain what happened (i.e. you did not enter a target tag.) You should then arrange for a refund to your Toast Wallet.
Is Toast Wallet safe?
Crypto currency is all about trust, and using a wallet that ensures your XRP security is absolutely critical. To date, we have not identified any concerns about the security of Toast.
The Toast Wallet is open source, and you can publicly view the full code here.
This won't mean much to the average Joe, but it allows those who are more technically savvy to review and challenge the code.
Open source allows everyone to see the code. Even hackers. However, opening public access is generally seen as a positive step, as it allows others to check the quality of the code and help identify vulnerabilities that may be at risk.
The Toast Wallet is certainly considered safe within the Ripple community. If you are not actively sending XRP, your Ripple Secret is strongly encrypted.
Nevertheless, toast is a hot wallet for XRP (with internet connection.) For large holdings, you should always consider another solution, such as a hardware wallet like Ledger Nano or Trezor.
Toast Wallet stores your data on your device and does not send any information to its servers. This is useful for security purposes, but means that if you lose your phrase or backup, your wallet cannot be recovered. Therefore, you should ALWAYS make backups and keep them in secure, preferably offline, locations.
Toast Wallet is free and there are no fees. However, as mentioned above, there is a minimum reserve of 20 XRP, which cannot be withdrawn. This is a feature of the Ripple Network to limit transaction spam.
In terms of speed, toast wallet transactions are usually fast. However, as with most applications, congestion can occur when many users try to process transactions at the same time.
Toast Wallet: Conclusion
To sum up, it can be said that
- The Toast Wallet is considered one of the best ripple wallets and is a proven means of securely storing your XRP tokens.
- A minimum reserve of 20 XRP is required to activate your wallet. This will not be refunded as long as the ripple network requires this reserve.
- It is a free XRP wallet.
- Make sure that your passphrase and recovery phrase are secure and make a backup of your wallet. The backup is required if you lose the device running Toast - for example, if you use the iOS app and lose your phone. Wallet data is not shared with the server.
- The code is open source, which helps developers to check the quality of the code.
- It can be used on a variety of different platforms and is a great solution if you want a Ripple Desktop Wallet.