Toast Wallet Review – Is Toast Wallet Safe?

The availability of dedicated cryptocurrency wallets has been one area where XRP lagged significantly behind the rest of the “best” cryptocurrencies on the market.

For example, this was one stick that was used quite often by holders of the Stellar Lumens cryptocurrency to beat “Ripplers” with, as XLM notably has a serious selection of wallets that were built to store it. Other cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. all have their own dedicated hot wallets too. This deficiency was addressed with the introduction of a product called Toast Wallet.

About Toast Wallet

This wallet was created in 2017 by a company called StarStone Unlimited, Dunedin (NZ)-based enterprise founded by one called Richard Holland.

StarStone corporation has been around since 2017 itself and the wallet seems to be their only business endeavor so far. The motto they went with while designing this product was to create something that is “simple enough for your grandma but safe enough for a Swiss banker”.

Toast wallet can be downloaded from its official website, which shows you that its software was latest updated in October of 2018 to a version 2.3.12. See our list of other top XRP wallets.

As long as you have this version installed, your Toast Wallet will be up to date. The wallet is open source and is available for multiple platforms, including PC/tablet (Windows, Linux, Mac OSX, browser) and mobile (Android, iOS). The team recommends that people with jailbroken iOS devices don’t use their wallets, as it’s highly likely that it won’t behave normally on pirated software. They also recommend that people update their legitimate software to at least iOS 11 for normal operation.

Wallet’s phone binaries are built directly from the GitHub repository using Adobe Phonegap’s cloud build service, the output of which can be found at

Its PC binaries are built from the browser version of Toast Wallet using electron-builder; the wallet creators show their transparency by openly inviting third-party analysts to look into the code and inspect the binaries. You can download your version of choice from the official Toast Wallet website

Wallet Setup

Toast wallet is free, as the company expects to earn money by providing unnamed XRP-related services; they clearly want to build their brand up with the wallet and then branch out onto other XRP-related things.


Once you download and install the wallet, you will be given the choice between three options: creating a new wallet, restoring an existing XRP wallet, and submitting an offline transaction. For now, you can click on the “Create New Wallet” green button and start setting up your very own XRP wallet.

First, you’ll be asked to enter a 6-digit PIN number of your choice. The PIN serves as a privacy guard that will stop people who aren’t authorized (say your nosy friends or a child) from accessing the wallet’s contents once it’s fully created and filled with XRP.

After entering your PIN, the wallet will ask you to enter a passphrase. This passphrase will be used to encrypt your wallet, verify sending XRP from the wallet, and recover your Toast Wallet account in case you aren’t able to access it anymore for various reasons.

toast passphrase

It’s recommended that you print out both the PIN and the Toast wallet passphrase and store them somewhere safely, as you won’t be able to access your XRP if you forget these. 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.

Creating a backup

The wallet then generates a 6-word recovery phrase that can also be used to access your wallet in case you lose your passphrase. Both the passphrase and the recovery phrase require the user to create a backup of his/hers account.  

toast backup

Making the backup should be done after entering all of the accounts the user owns, in order to make sure that the backup can be used to restore potentially lost access to all of them. Accounts can either be created from inside the wallet’s interface (clicking on the “+ Add Account” button) or imported if they already existed outside the wallet. Each account will have a unique address to which you can send your XRP. After you are finished with adding the accounts, create the backup and store it somewhere safe.

20 XRP for Opening Account

XRP network by default requires each wallet to keep at least 20 XRP stored at all times, meaning that you’ll effectively have to “pay/donate” this much to have an address open on the XRP ledger.

This was introduced to protect the shared global ledger from growing excessively as the result of spam or malicious usage. As such, your Toast Wallet will always need to have at least 20 XRP on it if you intend to use it.

Next, you will need to “activate” any newly-created address you have by sending at least 20 XRP to it. This will both help you learn how to send XRP to an address (with only 20 XRP on the line if you screw something up) and activate the wallet for future transactions. To send XRP to your wallet, you can enter the desired address which can be found in your wallet.

Destination Tag

If you are sending funds from an exchange, you will need to enter 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 differentiate customers; if you’re not sending it to a business, you can leave it blank or 0, which explains the Toast Wallet FAQ. 

If you’re sending XRP from your Toast Wallet to an exchange you will need to enter a destination tag to allow the exchange to recognize you. If you fail to enter this tag, you’ll need to speak with the exchange about the funds you sent. First, you’ll need to locate your transaction with the help of the RPC Tool; when you do so, you need to copy the transaction details and send them to the exchange to verify you made the transaction. Once you do so, the exchange will refund your funds back to the Toast wallet.

If you completed all of these steps without any issue, you are now a proud owner of a functional, backed-up Toast Wallet and even know how to properly use it.

Other Features

Toast wallet is considered to be safe, as the community user reports seem generally positive. Some more tech-capable members looked into the code as well and found nothing of concern to report. Additionally, user data isn’t stored by the company behind the wallet, thus there’s no danger of them being hacked and exposing you.

Some people had concerns about the backup code generation; the code is saved on your desktop computer as a desktop wallet which can potentially be a sign of trouble and low safety.

Still, if someone were to gain access to this code, they would still require the passphrase and your recovery phrase, and your PIN to be able to restore your wallet on a different device and steal your funds. Still, keep in mind that Toast Wallet qualifies under “hot” wallets and is a less safe solution than a cold wallet like Ledger Nano or Trezor.

The wallet can be run on/from multiple devices; all you need to do is generate the backup of the wallet and then use that + either your PIN or your passphrase or your recovery phrase to restore the wallet on a different device. All you have to do is select the “existing wallet” option at the initial wallet setup screen.

Toast wallet can even be run from a USB thumb drive by downloading the portable executable installation.

The wallet has been developed over time on a mostly volunteer basis, making any significant upgrades almost impossible to organize and pull off. People have mentioned that the interface, while simple and intuitive, looks a bit dated; others also asked for the introduction of advanced features like FaceID/TouchID. The team admitted that they are currently looking to secure financing which would enable them to make more concrete, direct development efforts in the future.

Customer Support

You can reach customer support via email, phone, online ticket, Discord, or social media like Twitter or Reddit. The support team seems reliable as you don’t need to wait long for receiving a response.

The company also has an extensive FAQ section you can read to attempt to troubleshoot any potential issues you might have with the wallet. Still, the Discord will likely be your best bet as the developers and moderators are almost always online there.


Toast Wallet is a simple hot wallet that has developed a positive reputation among the XRP community. It offers a simple and intuitive interface combined with solid security and multiplatform compatibility, which are features that should and will attract a large user base. Overall, if you are a member of the XRP army or are looking to become one, Toast Wallet isn’t the worst place to stash your crypto ammunition.

6.8 Total Score
Toast Wallet

  • Pleasant user interface
  • Open-source applications
  • Dedicated and accommodating assistance
  • Many XRP wallet features
  • Enables backup
  • 20 XRP reserve and activation
  • No blockchain capabilities
  • only works with XRP
  • The initial setup device is the only place where the wallet can be accessed
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Dobrica Blagojevic
  1. Hi i lost my backup and i have not the secrect code, do you know if i lost my coins?

    only i have my family seeds and passphrasse…

    Hope you reply


    • Try importing those seeds on a new wallet (on a different device if possible). You will not need the passphrase and should be able to access the funds.

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