Toast Wallet XRP – 2019 Review & Guide

What is Toast Wallet?

There are various cryptocurrency wallets created for specific coins and tokens. And the Toast Wallet is designed specifically for use with XRP (also known as Ripple) tokens.

It’s a FREE open source wallet which is compatible with Windows, Mac, Linux, Android and iOS. It’s owned by StarStone Limited, a software start-up based in Dunedin, New Zealand.

One important aspect to be aware of is that there is a 20 XRP reserve requirement for all accounts on the Ripple network. This means that you must send a minimum of 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 Always make sure the website is shown as “Secure” before downloading anything onto a device and that you’re on the official website listed above.

Step 2: Once you open the application, you will be prompted to enter a 6 digit pin. Following this you will be asked to set a passphrase which is used to encrypt your wallet. This must be entered when you want to send XRP. Note: This should not be shared with anyone and should be a strong password that is stored securely.

Step 3: IMPORTANT: A six word recovery phrase will be generated that you should write down and store in a safe location. If you should ever happen to forget your passphrase, the recovery phrase is 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 must backup your wallet from the settings menu when you finish generating an address. This is vital if you lose the device on which you use your Toast wallet (EG. if you lose your laptop on which your Toast wallet data is stored.)

Toast Wallet encrypt

Step 4: A generated account address is created and you will be prompted to import this 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 originating address.

How to send to Toast Wallet

It’s very simple to send XRP to your Toast wallet. All you need is your Ripple address which can be found in your wallet.

If you are sending funds from an exchange, you will be asked for a destination tag. If you’re moving XRP to your own address you should input the destination tag as “0”. This tag is used by businesses to identify their customers, so if you’re not sending to a business, you can leave it blank or 0.  

Toast wallet address

What about if you’re sending XRP from your Toast Wallet to an exchange? In this case you will need to enter a destination tag to allow the exchange to recognise you. If you forget to do this, you must first locate the transaction by entering the Ripple address you sent from. You can do this here: RPC Tool. Then you must copy the transaction details and send these to the exchange to explain what happened (ie you didn’t enter a destination tag.) They should then initiate a refund back to your Toast Wallet.  

Is Toast Wallet Safe?

Cryptocurrency is all about trust and using a wallet that keeps your XRP safe is absolutely paramount. To date, we have not come across any concerns in regards to 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 adept to review and challenge the code.

Open source allows anyone to view the code. Even hackers. But opening up public access is generally seen as a positive move, as it allows others to verify the quality of the code and help identify vulnerabilities which might be exposed.

The Toast Wallet is certainly viewed as secure within the Ripple community. When you are not actively sending XRP your Ripple secret is heavily encrypted.

Despite this, Toast is a hot wallet for XRP (connected to the internet.) For large holdings you should always consider another solution such as a hardware wallet like Ledger Nano or Trezor

Toast wallet keeps your data on your device and does not send information to its servers. This is useful for security purposes, but it means that if you lose your phrase or backup then your wallet cannot be retrieved. Therefore ALWAYS make backups and store these in safe, preferably offline, locations. 

Toast Wallet restore

Fees and Speed

Toast wallet is free and there are no fees. However as noted previously, 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.

Toast Wallet Review

In summary:

  • The Toast Wallet is seen as being one of the best Ripple wallets and is a trusted means of securely storing your XRP tokens.
  • A minimum reserve of 20 XRP is required to activate your wallet. This will not be refunded for as long as the Ripple network requires this reserve.
  • It’s a free XRP wallet.
  • Make sure to keep your passphrase and recovery phrase safe, and create a backup of your wallet. The backup is required if you lose the device that Toast is on – for example if you’re using the iOS app and lose your phone. Wallet data is not shared with the server. 
  • The code is open source which helps developers to verify the quality of the code.
  • It can be used on a number of different platforms and is a great solution if you want a Ripple desktop wallet.
DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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