Toast Wallet Review 2020

Anisa Batabyal
| 06 May, 2020 | 2 min

The Toast Wallet is specifically designed for the use of XRP tokens (also known as Ripple). It is an open-source FREE wallet compatible with Windows, Mac, Linux, Android, and iOS. StarStone Limited, a start-up company, based in Dunedin, New Zealand, owns it.

Toast wallet is free, as the company aims to earn money by offering undisclosed XRP-related services; they simply want to develop their brand with the wallet, and then branch out to other XRP-related items.

Table of Contents

If the wallet is downloaded and enabled, there are three choices to choose from: building a new wallet, restoring an existing XRP wallet, and making an offline transaction. You can now click on the green button "Build New Wallet" and start setting up your own XRP wallet.

First, you'll be asked to enter your chosen6-digit PIN number. The PIN serves as a privacy guard that will prevent people who are not authorized (say your nosy friends or a child) to access the contents of the wallet once it has been fully created and filled with XRP.

The wallet will then ask you to enter a passphrase after entering your Card. This passphrase will be used to encrypt your wallet, check to send XRP from the wallet, and recover your Toast Wallet accounts if, for different reasons, you can no longer access it.

It is recommended that you print both the PIN and the passphrase and securely store it somewhere because if you forget these, you won't be able to access your XRP. The wallets use passphrase and PIN code to secure the funds. This information is saved in PouchDB–an open-source database, which allows you to store data offline and prevents access by Toast Wallet developers.

Toast Wallet Backup

The wallet then produces a phrase of 6 words recovery that can be used to unlock your wallet if you lose your passphrase, too. Both the passphrase and the phrase for recovery allow that the user creates a backup of his / her account.

Making the backup should be done after accessing all the accounts that the user holds, to ensure that the backup can be used to regain potentially missing access to them all. Accounts can be either created from inside the wallet interface (clicking on the"+ Add Account" button) or imported if they existed outside of the wallet already.

Is the Toast Wallet Safe?

Toast wallet is considered safe, as reports of community users generally seem positive. Some more tech-capable members also looked into the code and found there was nothing to report about. Additionally, the company does not store user data behind the wallet, so there is no danger that they will be compromised and revealed to you.

If anyone had access to this code, they would also need a passphrase and your recovery phrase and your PIN to move your wallet to another computer and steal your funds. Nevertheless, bear in mind that Toast Wallet qualifies under "soft" wallets and is less secure than a cold wallet such as Ledger Nano or Trezor.

You can run the wallet on/from several devices; all you need to do is create the wallet backup and then use that either your PIN or passphrase or your recovery phrase to restore the wallet to another device. On the initial wallet setup screen, all you need to do is select the "current wallet" option.

Toast wallet support: Customer service can be contacted via email, mobile, online ticket, Discord or social media such as Twitter or Reddit. The support team looks reliable, as you don't have to wait long to receive the answer.

How To Send XRP to The Toast Wallet?

Sending XRP to your Toast wallet is pretty easy. What you need is your username Ripple that can be found in your wallet.

If you send funds from an exchange, a destination tag will be prompted. When you transfer XRP to your own address, the destination tag should be entered as "0 ». Businesses use this tag to classify their customers, and if you don't give it to a business, you can leave it blank or 0.
 

Ripple Toast Wallet: Toast Wallet is the best Ripple android wallet available. Toast Wallet allows XRP sending, receiving, and saving simply on your Android phone.

Fees and Speed

Toast wallet is open, and fees do not apply. However, as already noted, there is a minimum allowance of 20 XRP that cannot be removed. This is a Ripple network feature designed to restrict spam transactions.

Toast wallet transactions are usually swift in terms of size. Nonetheless, as in most applications, congestion can occur when multiple users simultaneously attempt to process transactions.

The Toast Wallet is considered one of the best Ripple wallets and is a safe way to store your XRP tokens safely.

To trigger your wallet, you need to have a minimum balance of 20 XRP. It won't be refunded as long as this reserve is provided by the Ripple network.

It's a free wallet on XRP.

Conclusion

Toast Wallet is a simple hot wallet that has established a good reputation among XRP. It offers an easy and intuitive interface coupled with strong protection and compatibility with multi-platforms, features that should and should attract a broad user base.

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