Argent Wallet Review

Beginner Perspective of Argent Wallet

Understanding the various dApps that exist within DeFi is complicated, even for the experienced Ethereum user. Argent makes an honest attempt to simplify DeFi to the point where it is usable by the average cryptocurrency user. For the users that are absolutely fresh to cryptocurrency, Argent is slightly too much to handle. However, for the user that has been following Ethereum, and has a solid understanding of dApps, Argent is absolutely perfect. Argent is for the beginner user that is looking to become an intermediate user.

What Argent has done, is they’ve created seamless onramps onto many of the advanced features of Ethereum. Users no longer need to study best practices of borrowing, lending, and staking. Argent has simplified the process so you can take advantage of the features of DeFi at the click of a single button. One of the largest barriers of understanding when using Ethereum is the transaction fees. Argent has brilliantly taken out the need for users to understand Ethereum gas, and transaction fees. Most fees are paid for by Argent completely. If Argent does not pay the transaction fees, then they are transparent with what you are being charged.

Best Features of Argent

The Argent wallet has a lot to offer users from all levels of experience. From an absolute beginner, it is a great place to start investing in cryptocurrency. The advanced user can save a lot of time moving money around the Ethereum ecosystem and instead take advantage of the one-click ease that Argent offers. The single best feature of Argent, is the number of DeFi products available within Argent, and how easy they can be used.

The second best feature of Argent is the removal of Ethereum transaction fees. This is an annoying by-product of the way that Ethereum works. Argent has decided to do away with fees, and pay for users fees by themselves. This greatly simplifies the user experience.

Cryptocurrencies Supported

Argent is an Ethereum-only wallet. They’ve implemented the full range of coins and tokens that the Ethereum blockchain has to offer. The cryptocurrencies that are supported by Argent are therefore limited to the tokens found on the Ethereum blockchain. The good news is that virtual every asset that you can think of is available in one form or another.

Argent supplies an interface for managing all types of Ethereum tokens. This includes non-fungible tokens (NFT’s) such as crypto kitties and collectable tokens. Although BTC cannot be used within the application, an Ethereum form of 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 that users may utilize their bitcoin from within the services that DeFi has to offer.

Is Argent Wallet Safe?

Argent wallet has a stellar track record over the years when it comes to security. It should be noted that Argent wallet is a non-custodial wallet solution (which means you have control over your assets), which most crypto users prefer. Interestingly Argent has opted to forgo the traditional seed phrase for recovery and instead uses a unique private key that is stored locally on your phone with a heavy layer of encryption. The unique private key never leaves your phone.

Furthermore Argent has all the traditional security features such as passcode protection and faceID. They’ve built in transfer limits, and an authorized dApp whitelist. This means that your in-app security is highly customizable.

There is one security feature that is completely unique to Argent. The concept of “Guardians” is new to the cryptocurrency space. It works like this, Guardians are other users of Argent that can perform certain actions on your behalf. You can elect a friend or a trusted third party with several responsibilities. Lastly, your guardian can also be yourself. You can make your own ledger hardware wallet your Guardian.

Guardians can freeze your wallet if you suspect that your wallet has been lost or compromised. Furthermore, if you’ve set a transfer limit and try to transfer more than you are allowed, your Guardian will be notified. You then need the permission of your Guardian in order to transfer above your set limit. The notion of Guardians is a genius way to build in an aspect of familiarity with traditional banking systems. Think of Guardians like the 1-800 support number you call in case you lost your credit card. Instead of that being a random person on the other line, you get to pick your own friends to be your support person.

If you lose your phone then Guardians will be utilized to define new private keys for you and help recover your digital assets.