Toast Wallet Review ▷ Our experience 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.
One important aspect to note is that there is a reserve requirement of 20 XRP for all accounts on the Ripple network. This means that you have to send at least 20 XRP to your toast wallet in order to activate it. You will NOT get these funds back unless the network lowers the reserve requirements.
How to Use Toast Wallet
Step 1: Load the Toast Wallet from https://toastwallet.com. down. Always make sure that the website is listed as "Safe" before downloading anything to any device and that you are on the official website listed above.
Step ⓶:: As soon as you open the application you will be asked to enter a 6-digit PIN. You will then be asked to set 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 strong password that is stored securely.
Step ⓶:: IMPORTANT: A six-word recovery phrase is generated, which you should write down and keep in a safe place. If you should 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.
Note: The recovery phrase is useless without a wallet backup. You will need to secure 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 ⓶:: A generated account address will be created and you will be asked to import it into your wallet.
Step ⓶:: Finally, you can send the required 20 XRP minimums 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's very easy to send XRP to your toast wallet. All you need is your Ripple address, which you can find in your wallet.
When sending money from an exchange, you will be asked for a target tag. If you are moving XRP to your own address, you should enter the destination tag with "0". This tag is used by companies to identify their customers. So if you're not sending to a company, you can leave it blank or 0.
What if you send XRP to an exchange from your toast wallet? In this case you have to enter a target tag so that the Exchange can recognize you. If you forget to do this, the first thing to do is to find the transaction by entering the Ripple address that 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 initiate a refund to your Toast Wallet.
Is Toast Wallet Safe?
Cryptocurrency is all about trust and using a wallet to keep your XRP safe is absolutely crucial. To date, we have not encountered any concerns about the safety of toast.
The Toast Wallet is open source and you can get the full code here view publicly.
This won't mean much to the average Joe, but it does allow those who are more tech-savvy to review and challenge the code.
Open source allows anyone to see the code. Even hackers. However, opening up public access is generally seen as a positive step as it allows others to review the quality of the code and help identify vulnerabilities that may be at risk.
The Toast Wallet is certainly considered secure within the Ripple community. If you are not actively sending XRP, your Ripple Secret is heavily encrypted.
Even so, Toast is a hot wallet for XRP (with internet access.) 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 it means that if you lose your phrase or backup, your wallet cannot be restored. Therefore, you should ALWAYS create backups and keep them in a safe, preferably offline, location.
Toast Wallet is free and there are no fees. However, as mentioned earlier, there is a minimum reserve of 20 XRP that cannot be withdrawn. This is a function of the Ripple Network to limit transactional spam.
In terms of speed, toast wallet transactions tend to be quick. However, as with most applications, congestion can occur when many users try to process transactions at the same time.
Toast Wallet: Conclusion
All in all:
- 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 needs this reserve.
- It's a free XRP wallet.
- Make sure your passphrase and recovery phrase are secure and back up your wallet. The backup is needed if you lose the device that Toast is running on - 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 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.