Toast Wallet Review

[Nayana Patil]

What is a Toast Wallet?

Toast is a Ripple (XRP) non-custodial wallet that was founded in 2017. It was created by a company named StarStone Unlimited, based in New Zealand, Dunedin. Toast Wallet is a free, open-source Ripple XRP wallet which is compatible with iOS, Android, Windows, Mac, and Linux.

One of the positive aspects regarding this wallet is that it is non-hosted, which means you are the only entity that holds the private keys of the wallet. This makes things more secure as important information is less exposed to hacking attempts.

Toast Wallet Features

User interface: The interface has a very simple design. it is extremely easy to navigate and very intuitive. The bottom menu features three tabs: home, send & settings, and you also have the option to set up multiple Ripple addresses.

Backup: You can export a backup of the Toast wallet into a different wallet. This is done by importing the Ripple secret and passphrase. You do need to make a backup of the toast wallet from the settings menu after generating addresses so you can use it later.

Minimum XRP Reserve: As with other Ripple wallets, you need to maintain a minimum balance of 20 XRP in your Toast wallet. You also have to keep a reserve of 5 XRP for each trust line or object in your account.

Security: Toast Wallet is made secure by using a combination of a PIN and a passphrase. These are strongly encrypted and stored in your device using PouchDB.

Customer Support: Customer service in the case of the Toast Wallet, has been commendable. You can reach customer support by using phone, online ticket, and email on [email protected]. You can also reach through social media such as Facebook and Twitter.

Toast Wallet Fees and Limits

Toast wallet is free and there are no fees. However, there is a 20 XRP minimum reserve which cannot be withdrawn. This is a feature of the Ripple network for the purposes of limiting transaction spam.

In terms of speed, Toast wallet transactions are generally fast. However, like most applications, congestion can occur when many users are trying to process transactions at the same time. There are no limits to how much you can deposit in your wallet, but when withdrawing, you always have to make sure that 20 XRP remains in your wallet.

Source: CoinPedia

[Ben Jonas]

I downloaded Toast on my mobile. I tried to generate a new account address by entering my passphrase but it doesn't work. Do i need to send 20 XRP to the generated account address first? Half of the address is blurred out.

[Melissahill]

The wallets protect the funds using a passphrase and a PIN code. This information is saved in PouchDB– an open source database, which enables you to store data offline and prevents Toast Wallet developers from accessing it.