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Is it Safe to Store XRP on Toast Wallet?

If you are looking to buy Ripple (XRP), you will hopefully also be looking at how to store Ripple Coin safely. If so, you will.

Posted May 9, 2019


If you are looking to buy Ripple (XRP), you will hopefully also be looking at how to store Ripple Coin safely. If so, you will have likely already stumbled upon Toast Wallet.

As the first free and completely opensource XRP wallet, Toast has been a popular XRP storage option since 2014. Primarily, this is thanks to excellent Toast Wallet device support for Android, iOS, Windows, Linux, and Mac. However, several newer Ripple app wallets have recently hit app stores. More importantly, many are more fully featured than Toast.


Is Toast Wallet Still a Good XRP Storage Option?

For anyone looking to buy Ripple and hold XRP coins long-term, Toast is still worthy of consideration in 2020.

Unlike newer multi-currency app wallets which support XRP, Toast Wallet is an entirely open source project. This means that anyone can publicly view the source code which Toast runs on.

  • Being open source means that bugs and Toast security threats can be identified and fixed faster than with closed source wallet apps
  • Toast is immune to security threats posed by bad actors employed directly by closed source app companies
  • The wallet app is free, and Toast proudly professes that it always will be

Toast Wallet Negatives

Toast is unarguably still one of the best Ripple app wallets available in terms of security. However, Ripple Coin investors in 2020, might also find Toast lacking in terms of features.

  • New multi-currency wallets which support XRP, also allow users to exchange XRP for hundreds of other supported altcoins at instant exchanges like Shapeshift
  • Many new to market investors prefer to store diversified cryptocurrency portfolios in a single app. With Toast, this isn’t possible
  • Some new wallets like CoinPayments, allow XRP users to make real-world purchases using their XRP balance. With Toast, this isn’t possible

Will Toast Wallet Eventually Become Obsolete?

Toast Wallet key features in 2020, definitely don’t appeal to as many XRP users as they used to. However, Toast will likely remain a popular XRP storage option for the foreseeable future.

Because Toast isn’t hosted on closed source app servers, Toast Wallet benefits from comparable security to hardware wallets offered by Trezor and Nano Ledger. For this reason, Toast is still a viable Ripple Coin storage option and is unlikely to become obsolete any time soon.  To find out more about Toast, click here.

To learn where to buy XRP in New Zealand, click here.

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Last updated December 27, 2021

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