Toast Wallet Overview
There are also applications available for each platform. The latest update came on June 3, 2018. Developers ensure that Toast wallet will always be free and that they will never put any kind of fees on their customers for withdrawing or depositing funds. It should be noted though, that there is 20 XRP reserve that should be kept on all accounts on the network. In essence, it means that you will need to send 20 XRP in order to get it activated.
From a safety perspective, your wallet is secured by the PIN and a recovery phrase in case if you forget your PIN code and need to reset it. If a user is unfortunate enough to lose both their PIN and passphrase, they will not be able to access their account.
However, there is an option available to create a reserve copy of your wallet when first setting up the application. Despite all this, Toast is an internet-based wallet which makes it not the best option for big investors who want to keep large holdings on their account. It is better to consider hardware wallet like Ledger Nano in such case.
How to set up Toast Wallet
Download it from here and choose the version which you want to download.
Once you opened the app, you will be asked to create a 6-digit pin code. Set up a strong password and repeat it.
Following this, you will need to set a 6-words passphrase. In most cases, it is a sentence of random words, but it should always include one number. Note, that you should not ever give these details to anyone or store it on your device. It is better to write it on paper and store it somewhere in the safe place.
Next, the system will generate a 6-word recovery phrase for you. If it ever happens so, that you forget both your PIN and passphrase, this will be your ONLY option to get the hold of your XRP.
Now you will need to set up your wallet address. Click “Add account” and select “Generate new address option”
Set the address of your account, nickname and enter the passphrase
Now you need to send 20 XRP (~ $8) to activate your wallet. The process is simple as now you have your wallet address. Note: If you are sending funds from the exchange, you will be asked for a destination tag. If you’re moving XRP to your wallet address, you should write the 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.
To sum it up, the Toast Wallet is probably the best solution to store your XRP. The great thing about it is that your wallet data is not shared with the server which makes for extra security. However, always mind keeping your PIN, pass and recovery phrases safe or it won’t end well for your assets.