Argent is a smart contract wallet developed by Gerald, Julien, and Itamar of Argent Labs and launched in 2018. It is a revolutionary crypto wallet that embraces futuristic security and privacy measures in keeping your private keys safe. For instance, instead of the recovery seed synonymous with virtually every wallet’s security, the wallet introduces “Argent Guardians.”
Moreover, while your average crypto wallet will only help you store, secure, and manage your altcoins, Argent does all these while allowing you to earn interest and borrow against your digital assets. It is also a Defi-centric wallet that features virtually all the most popular decentralized finance apps.
On the official Argent wallet website, Argent is described as the simplest and most secure crypto vault as well as the “Future of Money.” But how safe and convenient is this crypto wallet app? We answer these questions and tell you everything you need to know about the Argent wallet in this review.
Argent wallet key features
No transaction fees: Argent is the lone Ethereum based crypto wallet app that pays the transaction fee (GAS) on behalf of its clients. In effect, you won’t be charged a transaction fee when using the Argent wallet – regardless of the amounts involved.
PoolTogether dApp: Argent features the PoolTogether Defi app, a “No-loss savings game” that allows individuals to pool together and invest their Dai Coins and let the pool earn interest, with one person getting a chance to win the accumulated interest every week. The platform is powered by smart contracts to eliminate bias.
MakerDao: Argent features yet another Defi app – MakerDao. This is a smart-contract-powered service hosted on the Decentralized network that makes it possible for anyone to lend and earn interest on their digital assets or borrow, invest, and pay back with interest.
Compound Finance: Compound Finance is yet another Defi app that lets you lock your funds with the Compound Finance protocol that, in turn, lends these funds to dApp developers and other crypto investors within the Ethereum network while earning you regular interest.
Inbuilt exchange: You don’t have to leave the Argent wallet to buy, sell, or exchange your digital assets. The wallet features an in-built proprietary exchange and integrates the Kyber Network that has a crypto exchange where you can buy, sell, or exchange crypto for free.
Purchase crypto with fiat: Argent wallet makes it possible for anyone to buy crypto via either credit/debit cards or direct bank transfers.
Human readable addresses: Most crypto wallets (hardware, software, and app) use the traditional hexadecimal (a mix of letters, characters, and numbers) wallet address system. Argent, however, allows you to create a human-readable wallet address (forinstance.argent.xyz) that goes a long way in eliminating the costly errors of getting the wallet address wrong.
Argent security features
Password + Biometrics: Argent wallet is secured with a password that you get to set when creating a user account for your new wallet. You also have the option of activating the biometric security features like fingerprint and Face ID for compatible devices.
Argent guardians: In the place of recovery seeds, the Argent wallet has Argent Guardians. These may be people like close family members using Argent, a phone number or email address that you can use to activate two-factor activation, or other wallets (like Trezor or Ledger). Through smart contracts, you can give these people or devices limited power over your wallet, including powers to help recover your wallet should you forget the password or help you recover lost wallets and private keys.
Transaction limits: Argent wallet lets you set the daily/weekly/monthly crypto transaction limits. This indicates that even if a hacker was to gain access to your wallet, there is a limit to how much they can get away with.
Freeze crypto wallet: Should you lose control of your account or suspect that it has been hacked, you can use Argent Guardians to freeze your wallet.
Non-custodial: Argent wallet doesn’t store your private keys or any of your personal data in their servers. Rather, this information is encrypted and stored on your mobile device.
How to set and activate the Argent wallet
Step 1: Download and install the Argent crypto wallet Google Play Store or Apple App Store
Step 2: Launch the installed app and select “Create a new wallet.”
Step 3: Chose a unique username for your wallet.
Step 4: The wallet will ask for both your mobile number and email address. It will then send you a verification code via SMS and also send you the Activation link via email (both are time-sensitive)
Step 5: You will then receive an email stating whether your wallet has been created or if you have been added to the waitlist.
Step 6: If (or when) the wallet is activated, the app will display a message asking you to finish the wallet creation process
Step 7: Create a passcode to secure your wallet and set up the fingerprint login option (optional)
Step 8: Your Argent wallet is now active and ready to use
How to add/receive crypto into your Argent wallet
Step 1: Log in to your Argent wallet and click on the “Add Funds” tab
Step 2: The wallet deposit will present you with your wallet address and QR code
Step 3: Copy either and forward them to the party sending you altcoins.
Step 4: Alternatively, choose to buy coins from the integrated exchanges
Step 5: Follow the prompts to deposit fiat into the exchange and purchase your preferred crypto.
How to send crypto from your Argent wallet
Step 1: Log in to your Argent wallet and tap on the “Send” icon
Step 2: If you have multiple assets in your wallet, choose the wallet from which to send coins
Step 3: On the transfer window, enter the recipient’s wallet address and the amount of crypto you want to send
Step 4: Alternatively, select the recipient’s wallet address from your contacts tab
Argent wallet ease of use
Argent wallet is highly intuitive and embraces a minimalist design that only features a few buttons on the user interface. It also has smooth and lag-free navigation.
The wallet app is also multilingual and available in four languages. And all these make it appealing to both expert and novice traders.
Argent wallet supported currencies and countries.
Argent is a multicurrency but Ethereum-specific crypto wallet app that currently supports more than 70 cryptocurrencies and tokens. These include Ethereum, Ethereum Classic, all the ERC-20 tokens, and the non-fungible ERC-721 tokens.
Argent wallet cost and fees
Argent is a fee-less cryptocurrency, and you, therefore, will not be charged to download, send/receive crypto into your wallet, or to store these coins in there.
What are the pros and cons of using the Argent wallet:
Pros:
- Argent wallet is truly free as they pay the GAS transaction fees on your behalf.
- The wallet employs highly innovative and effective security measures.
- You don’t have to worry about forgetting your recovery seed when you have Argent Guardians.
- Argent integrates several Defi apps that let you invest and earn interest from your digital assets.
- Transaction limits and the ability to freeze the wallet minimize the extent of damage a hacker can cause
Cons:
- Argent is an Ethereum-only wallet.
- Though built on the Ethereum network, it doesn’t give you access to most dApps or the block explorer.
- The fee-free approach may not be sustainable in the long run.
Comparing Argent wallet with other Ethereum-based wallets
Argent wallet vs. MyEtherwallet
Argent and MyEtherwallet are Ethereum-specific wallets that will only support altcoins and cryptos built on the Ethereum blockchain network. However, they embrace different operational and security measures in that while Argent is free, MyEtherwallet charges transaction fees for outbound transactions. Similarly, while MyEtherwallet relies on recovery seed to backup your private keys, the Argent wallet introduces the Guardians. Further, Argent also hosts more cryptos and tokens, embraces more security features, and has an easier-to-use interface.
Verdict: Is the Argent wallet safe?
Well, the Argent wallet has put in place adequate security measures aimed at securing the wallet and limiting the amount of harm that a hacker can cause should they gain access to your account. But a recent security report about Argent Wallet described a highly severe vulnerability that could have allowed hackers to use a bug in Argent’s code and access accounts without Argent Guardians and empty their private keys. And while this vulnerability was discovered and patched early enough by crypto security experts, one can’t help but wonder why it went undiscovered by the Argent team for so long and how many other bugs and vulnerabilities are yet to be discovered.
