Toast wallet is a mobile and desktop cryptocurrency wallet. As of February 2019 Toast only supports XRP. The cost to create a Toast wallet (and any XRP wallet) is 20 XRP. This is in the form of a minimum balance allowance. There always has to be 20 XRP left in any activated wallet, and you will be unable to withdraw this amount.
Toast is an excellent wallet for strictly XRP cryptocurrency consumers, as long as anyone new to the cryptocurrency industry. It is simplistic and easy to use, as well as being as secure as it gets.
Having the option to be a mobile wallet, security is very important, as well as the ability to recover your cryptocurrency should you lose/break your mobile phone.
This article will take you through the set-up process, as well as the (sometimes overlooked) steps needed to back up your Toast wallet.
Firstly, download the Toast wallet from their website (for desktop) or the app/play store (for mobile).
We will cover creating a new Toast wallet first. When you open the application (on either platform) it will display the terms and conditions of Toast wallet, and also some important notices to adhere to.
Select “Create a new wallet” from the initial list. Toast will prompt you with the most important notice of all, which is that Toast cannot restore your wallet from the recovery phrase only. Once you have activated your wallet, you must create and copy down a backup code as well. If you do not copy this code and keep it safe, you will be unable to restore your wallet should your phone or computer be lost/stolen. To recover a Toast Wallet backup you need: the backup code and either your passphrase OR your recovery code for that wallet.
You will then need to create a pin and set a passphrase.
Toast will then give you your recovery passphrase; this is very important to keep safe, again, as either this or your passcode, as well as your backup code, are needed to restore a lost wallet.
Once all of these steps are completed, your wallet is set up. But at this point it is not activated, to activate an XRP wallet, you must deposit at least 20 XRP into it. This is the minimum balance allowable in XRP wallets. This is to prevent fake or unused wallets being created. The created (but unactivated) wallet screen is shown below:
If you try and back up your wallet (create backup code) before you have activated your wallet (made a transaction), you will be given this prompt. You need to have an active address before you back up.
Once you have sent the XRP to your toast wallet, and it is showing in the wallet screen like below you can backup your wallet:
To get to the backup screen, click settings in the bottom right of your screen, which will take you to the following screen.
Click “Backup Wallet”, and this will display your wallet backup code. You should make a new backup whenever you add a new account to your wallet. This backup needs to be copied down and stored safely. You will not be able to recover your wallet if you do not have this backup code.
And that’s it, your Toast wallet is ready to use and backed up!
I will now briefly cover the simple process of restoring your Toast wallet from a backup. For this we will go back into the original startup screen prompted when you first install Toast wallet.
Select “Restore an Existing Wallet”, this will take you to the following screen.
Simply copy and paste your backup code from your previous wallet in here and select “Restore Backup”. Your previous wallet will be fully restored on your new device, assuming you have backed up all of the accounts present in the previous wallet.
To restore a wallet on a device that already has another active wallet created on it, select restore wallet in the setting menu. This will prompt the following screen. Input your Backup Code of your previous wallet, and your passphrase or recover phrase of the current active wallet you are deleting.
Those are all the steps necessary to set-up, back-up and restore a Toast wallet.