Should you trust Toast wallet with your Ripple XRP? Is it safe enough?
Let me help you out!
Toast wallet has made a very bold statement- “Simple enough for your grandma but safe enough for a Swiss banker”.
Toast wallet has largely been popular due to word of mouth in the Ripple community.
It has even been said as the next best alternative after Ledger Nano S.
I’ve been personally using Toast wallet to hold my XRP, and you should also use it due to several reasons which I’m going to discuss in this review right now.
So, let’s begin with the Toast Wallet Review-
1. Security & Privacy
Toast wallet is a non-hosted wallet which simply means that this wallet doesn’t transfers your confidential information to their own server.
You will be in full control of your Ripple XRP Address & its secret key. Your private information will not leave your device.
Therefore, it also becomes necessary for you to protect the device which will use toast wallet.
Inbuilt options for application security are:
a) Setting up a PIN to access the toast wallet application
b) Setting up a Passphrase which will be required to do an XRP transaction
c) Back-Up the whole wallet in an encrypted form of code to your system
d) Making an offline XRP transaction while your device is not connected to the internet
Always remember to write your Ripple XRP address, its secret key, toast wallet pin & passphrase on a piece of paper and store it somewhere safe.
Also, make sure to take a print out of the backup code generated by toast wallet.
Now, you might wonder why should I take all this stress? Why not just keep my XRP on the exchange?
That’s because cryptocurrency exchanges use a single XRP wallet with different destination tags for multiple users.
Please realize that these exchanges put your XRP on a shared wallet whose private keys are with them.
While with the help of toast wallet, you can create your own personal XRP wallet where you will be in full control of your wallet’s private key.
Also, no destination tag is required while receiving funds because you own that wallet.
Thus, no third party can even access or touch your wallet’s funds.
2. Availability on multiple platforms
Toast wallet is available on both desktop & mobile platforms.
It is available on iOS, Android, Windows, Mac, and Linux.
Thus, you can access your Ripple XRP wallet from any device you like which makes your accessibility more flexible.
3. Open Source
Toast wallet is an open source wallet which simply means that the developers of toast wallet have made their software code public.
You may think that open source makes toast wallet vulnerable but in fact, it makes toast wallet more secure.
That’s because they’ve got nothing to hide!
Unlike other wallets which have things in the backend to hide, toast wallet is open to read by any developer.
Their software is just a user interface that acts as a bridge between the user & the Ripple network. Thus, making it super secure.
Toast wallet has no transaction fee what so ever!
Other wallets may charge you a fee on your send & receive transactions, but not toast wallet.
In fact, what toast wallet actually does is ask for a small donation once in a while. You can donate to the developers if you wish or you can just skip it.
ccording to our toast wallet review, it will save you some money if you do a lot of send & receive transactions.
5. 20 XRP Reserve
Ripple Company has officially set this 20 XRP reserve for opening your own wallet.
Thus, in order to activate your toast wallet’s XRP address you need to send a minimum of 20 XRP to that address.
This 20 XRP reserve is valid for all the ripple wallets. Even a ledger nano s ripple wallet requires a 20 XRP reserve.
This is a network requirement which has been set by the ripple company itself so that people won’t create unnecessary multiple wallets on their network.
Also, Ripple might lower their 20 XRP reserve in the future when the price of XRP increases.
Therefore, please note that if you have 100 XRP in your wallet address then you can only withdraw 80 XRP until & unless ripple lowers their network requirement.
Toast wallet is an XRP focused wallet and it does its job pretty well in securing your Ripple XRP funds.
If you don’t want to get a hardware wallet like the ledger nano s, then consider toast wallet as your next best alternative.
Toast wallet is one of the safest & fastest way to generate your own ripple XRP wallet address.
The generated wallet address & its secret key is only present in your own toast wallet device which is never shared over their server.
Also, as long as you have your XRP’s wallet address secret key available with you, no third party can even mess with your XRP. Not even toast wallet itself!
Therefore, Toast wallet makes a perfect choice for anyone who is looking for an XRP focused wallet.
If you have any questions regarding our Toast Wallet Review, then let us know about it in the comment section below.
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