Argent Wallet Review: User-friendly Secure Crypto Wallet

April 3, 2023 - Around 8 mins mins to read

Ethereum Argent Wallet aims to solve the problem of abstracting the complexity of cryptocurrencies to create a simple user experience like a regular mobile banking application. Let’s find out the features, pros, cons, and security capabilities of Argent Wallet review through the article below.

About Argent Wallet

Argent Wallet Review: User-friendly Secure Crypto Wallet — Argent Wallet Review

Argent is a wallet you can use to store your cryptocurrencies and NFTs securely. It only supports tokens built on the Ethereum blockchain, so you cannot use it to store other popular cryptocurrencies like Bitcoin and Bitcoin Cash.

Users keep private keys for their Argent wallet. This way, you will keep your crypto assets even if anything goes wrong with the company behind the wallet. You can buy and sell tokens from your Argent wallet or stake them to earn more tokens.

You have complete control over your Argent wallet because you hold the private keys, and Argent cannot access your assets or prevent you from accessing them. You can also use the coins in your Argent wallet to transact with external decentralized applications (dApps).

Argent is different from most crypto wallets for the sole reason that Argent does not support bitcoins directly. While most would consider this a mistake, Argent makes a point of going all-in on Ethereum. Any Ethereum-based tokens can be held in Argent. On top of that, the wallet itself is very well-designed with a very easy-to-use interface.

Argent Wallet Review: Features

Staking

Staking is a way to earn rewards from your crypto assets. It requires locking your assets “staking” on a blockchain to help verify transactions on that blockchain. In return, you get a cut of the transaction fees from that blockchain plus any other rewards allocated to the stakingers.

Argent allows you to stake various Ethereum-based tokens and earn up to 15% interest. The platform uses three staking partners to enable this feature: Yearn, Lido, and Gro.

Store and trade cryptocurrencies

Unlike many mobile wallets, Argent does not support many different cryptocurrencies. In fact, it is built to be used with only one cryptocurrency, and that is Ethereum (ETH).

That said, customers can also store various Ethereum-based tokens in their Argent wallet. The app allows users to deposit any of the more than 250,000 ERC20 tokens currently active on the network.

This includes a wide range of the most popular digital assets, including almost all stablecoins, DeFi tokens, and exchange utility tokens. While BTC cannot be used in the app, a form of Ethereum BTC can. There is a token on the Ethereum blockchain called wBTC, which stands for “Wrapped Bitcoin.” One wBTC is equivalent to one BTC. wBTC exists so users can spend their bitcoins from within the services DeFi offers.

You can purchase tokens for your Argent wallet by debit card, credit card, or bank transfer. You can also transfer tokens from another wallet you own.

Argent uses a third-party payment processor for this feature, charging a fee for their service. The two main partners are Moonpay and Wyre. Unlike many other wallets, Argent does not add fees to the fees charged by third-party payment processors.

You can get tokens from other wallets or another Argent user and send tokens in the same way. Argent addresses use the naming convention “username.argent.xyz” instead of the random selection of numbers and letters that most wallets use. This human-readable address makes it easy for other Argent users to transfer tokens to your wallet.

Swap

You can exchange tokens on your Argent wallet easily. For instance, you can redeem DAI tokens and get the same amount in USDC. Argent charges 0.5% for cryptocurrency swaps, and you will pay an additional network “gas” fee, which varies depending on the existing demand on the blockchain.

Argent X

Argent X is a browser wallet you can use to interact with decentralized applications built on the StarkNet ecosystem. It is different from the main Argent wallet but has similar functionality. You can create accounts and use these accounts to transact with other dApps. You can also send and receive tokens using your Argent X wallet address.

dApps Integration

One of the main benefits of Argent is that it allows you to interact with the world of decentralized applications, or “dApps.” The platform uses WalletConnect, an open-source protocol, to connect dApps with mobile wallets by scanning a QR code or via deep linking.

To connect your Argent wallet to the dApp, follow these few steps:

Open the dApp dashboard page and find the wallet connection option.
Select WalletConnect from among the connection options. You will receive a QR code if you do.
Open the Argent app and tap Scan QR on your Assets page.
Scan the QR code to receive an authorization prompt to connect your Argent wallet to the dApp. Allow it, and you’re good to go.

Argent Wallet Review: NFTs

Argent allows you to store minted NFTs on the Ethereum blockchain. You can buy them from other wallets or from major marketplaces like OpenSea. Unfortunately, some major NFT marketplaces, such as LookRare, still need to build a smart contract wallet, so Argent doesn’t allow you to buy directly from them.

Argent Wallet Review: Security Features

Argent’s security features stack up well against its competitors. Like most mobile crypto wallets, the primary security feature is a security PIN or passcode that must be entered when opening the wallet or performing sensitive actions, like sending payments or changing security preferences secret. In the case of Argent, this is a six-digit code that must be set up during the wallet creation process.

Argent also offers a range of optional extra security features designed to help prevent wallets from being compromised or limit the capabilities of unauthorized users. These include authentication using fingerprints or facial recognition (such as Apple’s Face ID) on compatible devices and setting up a list of Dapps allowed to make transactions.

Since Argent users technically manage a smart contract that controls their Ethereum wallet, they also benefit from intelligent contract-enforced daily transfer limits – which automatically block transactions that push the account beyond the fixed value limit, making it much more difficult a hacker to empty a breached account. Argent says the feature is unique in the industry.

Argent’s most prominent security feature is arguably the Guardians. According to Argent, “Guardians are people and devices you trust to protect you if your phone is lost or stolen.” Guardians can include people, devices such as Ledger and Trezor hardware wallets, and Argent’s own Argent Guard service. They can freeze the funds of any account they are entrusted with and are also responsible for approving wallet recovery requests. Argent users can set as many Guardians as they want, most of which will need to approve or deny the request to process it.

Fee

Argent initially launched their wallet, offering free transactions; however, they are no longer feasible due to increased gas fees. Plus, they can only cover some of the fees to be able to keep their business running.

Therefore, the fees that users will have to pay our network/gas fees and exchange fees. If you exchange fiat for cryptocurrency, you will pay a fee to the third-party provider for that service, and Argent does not currently charge for this.

When you exchange crypto-to-crypto, you pay a small exchange fee and Ethereum (gas) transaction fee. In this case, Argent bears a small portion of the exchange fee.

Argent Wallet Review: Pros and Cons

Pros	Cons
Offers the full range of what Ethereum has to offer User-friendly interface Very safe Cryptocurrency can be purchased with a credit card from within the app Payment of transaction fees (gas) automatically Massively simplified interaction with Ethereum dApps	High card transaction fee No desktop app Only tokens on the Ethereum blockchain are supported

How to set up an Argent wallet

Step 1: Download the Argent wallet app on your iOS or Android smartphone.

Step 2: Launch the app on your phone. Go through the onboarding process on your phone and tap “Create new wallet.”

Step 3: Choose a username.

Step 4: Enter your email address.

Step 5: Enter your phone number and the code Argent sends to your number via SMS.

Step 6: Choose a passcode to protect your wallet and enable biometric security, such as Face ID on iPhones.

Step 7: You can access your wallet and its features at this point.

Conclusion

Argent is a wallet with high potential and comes with a unique combination of functions that multiple users from different blockchain platforms can use. Argent is an easy proposition for users who only deal with the Ethereum blockchain or are okay with maintaining a separate wallet for their Ethereum-based assets.

The main limitation of Argent is that it only supports tokens built on the Ethereum blockchain, and you cannot use it to store some popular tokens like Bitcoin and Solana. There is also no desktop app for Argent, unlike some rival wallets.

While there has been no official announcement so far, the ability to support other blockchains could put this wallet where it deserves.

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DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Other Reviews

Argent Wallet Review: User-friendly Secure Crypto Wallet

Ethereum Argent Wallet aims to solve the problem of abstracting the complexity of cryptocurrencies to create a simple user experience like a regular mobile banking application. Let’s find out the features, pros, cons, and security capabilities of Argent Wallet review through the article below.

About Argent Wallet