What is Argent Wallet?
You talk to non-crypto users about entering and trying out the crypto world, you will most commonly sense fear in them. Why? It is because the entire technology, the alphanumeric keys, phrases, and wallets make it overwhelming for them. We are going to discuss why Argent is one of the best wallets in this Argent wallet guide.
In short, many people do not find the financial instrument user-friendly, especially to beginners. It is where Argent comes in. The Argent Wallet is a simple platform with a highly intuitive interface that works similarly to a conventional banking app.
Essentially, it is a smart crypto wallet that you can either download from the Google Play Store or the Apple App Store. It lets you have track of all the crypto tokens that you have purchased, and provides an interface to transact and transfer them against other crypto tokens. Argent holds the funds through smart contracts on the blockchain by using ENS addresses and multisig.
Is Argent Wallet Decentralized?
Do you doubt if this is similar to what Coinbase is doing? That’s confusing, but Coinbase is more of a centralized exchange. In a centralized exchange, you trade on their servers, so the control and security are on their part. Argent, on the other hand, is decentralized that gives you complete control over your funds.
It is safer because you need a password to access the funds that only you can do. Also, the Argent wallet is completely digital that you can access through a beautifully designed Argent app.
Argent was launched in 2018 and was initially available only in limited beta. But after having raised funds through Paradigm amounting to $12 million, the Argent wallet can be accessed freely by anyone. Go through the Argent wallet review to know more about this incredible product.
Who is the Founder of Argent Crypto Wallet?
At the time of writing, the Argent Team has nine team members. Gerald Goldstein, Itamar Lesuisse, and Julien Niset are the co-founders of Argent. Julien Niset is also the Chief Science Officer of the company. Again, at the time of writing, the Argent app has nine investors and has raised funding of $16 million to date. The company is based in London, United Kingdom.
Argent Wallet Review – How Does Argent Wallet Make Money?
Argent charges a small fee on trades between one cryptocurrency to the other. These charges are made through the decentralized exchange aggregator that they have been integrated been with, called Paraswap. According to their website, they are considering introducing subscription models in the future providing some premium services in each.
Regarding the charges, the exchange fee is a dot 0.5%. This fee is split between Argent and Paraswap, where the former take in 85% of it and the remaining goes to the latter. Apart from this, there is also a network fee (Ethereum Gas fee), but this does not go to Argent defi wallets. Gas gives incentive for crypto miners to prioritize the verification of your transaction when you broadcast it through the Ethereum network.
If you want more details on their charges and the terms associated with them, you can read through their network fee policy on their website.
How Do I Use Argent Wallet? – Argent Wallet Guide
The main purpose of this Argent crypto wallet review is to provide information to new users to Argent and to make the most of it. Since Argent is famous for its UI, you can guess it is not hard to sign up and get started with the platform. In many cases, it just takes a few minutes.
First, download the wallet from the Google Play Store or the Apple iOS store. Following this, enter your own Ethereum name in the format, your name.argent.XYZ. When you want to receive funds from someone, they can use your argent wallet username other than the usual and complicated hexadecimal public key. It is what makes sharing information and transactions so easy.
Following this, you need to add funds to your wallet. You can either purchase crypto using some fiat currency from an Argent crypto wallet or transfer it from another exchange. Click on ‘Add Funds’ and choose your preferred method. If you want to transfer it from another exchange, copy your Argent address (the hexadecimal number) and paste them into your wallet/exchange.
Some of them do not yet support the Argent address, so you are forced to use the long Argent address. Using some gas, you can transfer the funds to your Argent wallet (typically, it is 23300 gas that is the transaction fees on the Ethereum network).
Enter The World Of DeFi
So, you have finally entered the world of Defi. Defi is useful to make the financial system more efficient and easily accessible to anyone and anywhere. To begin with, the Argent wallet, click on the ‘Finances’ tab. You will see some information, and this is what it means:
- Maker’s Dai Savings Rate – If you contribute to the stability of Maker’s Dai, you earn interest from it. Dai is a token that is designed not to vary in price – it works like a digital dollar. The interest in Dai from other users makes this price variable.
- Compound – You can also earn interest by lending to people who want crypto. You can achieve this through Compound’s lending platform. You can earn interest through this lending, and the rates of interest vary according to the overall interest, supply, and demand.
These are the essentials for using Argent. However, if you want to try out some advanced features – you can try more Dapps like Uniswap or Pool Together. You can go to their wallet and connect your Argent wallet with them. If any platform supports Wallet Connect, Argent wallet supports it for sure. This integration with Uniswap can let you earn fees for becoming one of the providers for liquidity on Uniswap. But note that the calculation of fees can become complex and, in some cases, you might not make profits. So, only go for it once you are familiar with the world of defi.
Argent Wallet Review – Is Argent Wallet Safe?
If you consider history, the Argent wallet has a good track record. Argent is a non-custodial wallet which is what most crypto users want to use because they have complete control of your funds. Argent does not use the traditional seed for recovery, but it uses a private key that is stored on your phone itself but with strong encryption.
Apart from this, the Argent app has your usual security features such as passcode and FaceID. They also have limits on how much funds you can transfer and a whitelist of dApp. It makes the overall security strength and features highly customizable for the user.
But here’s one feature that makes Argent unique. Keep reading this Argent wallet guide.
This feature is ‘Guardians’. They are other users who can maintain the security of your wallet on your behalf. You can either select your friend or any other trusted party and provide them several responsibilities. You can even be your own Guardian.
Some responsibilities of Guardians are – they can freeze your wallet if it is lost or has fallen into the wrong hands, receives notifications when you spend more money than the transfer limit. It is a way to build some degree of familiarity with some of the conventional methods used in banking systems.
If you lose your phone, for example, your guardians can define new private keys that will help you get access back to your digital assets.
Is Argent the Best Ethereum Wallet for Defi?
Easily one of the best. It simplifies the concept and practical usage of defi that even the most expert crypto users get confused. Argent provides a smart contract interface that lets you manage your tokens, and all actions regarding the same happen in the background.
When the Argent wallet supports a dApp, there is a separate smart contract for it. To increase the functionality of their wallet, users can upgrade it and add more dApps. Through this modular structure, you gain better control of your wallet and can customize security levels in it.
What makes the Argent wallet Ethereum even better is the ease of usage. There is no complicated terminology anywhere in its interface, no seed words, no Argent wallet fees for the transaction, and you can even set a daily transaction limit. It gives you complete control over your assets, and you can store the private keys right on your phone. You need an email ID and a phone number to open an account with Argent.
There are no typical blockchain hurdles while starting to use this application, it is what makes this among the mainstream yet different. Keep reading this trustful Argent wallet review to know more about the features of the app.
Argent Wallet Guide – The Argent App
Through this simple mobile app, you can store funds. Then you can use them to transact with other Defi applications. The app allows you to integrate your wallet with popular defi applications like Aave, Compound, Uniswap, PoolTogether, Dai Savings Rate, etc. You can also connect your Argent wallet to desktop applications like OpenSea, WalletConnect, Loopring, etc.
With just a single tap and entering the details (selecting the defi app and the desired amount ), you can now invest in defi and earn interest from it.
The combination of ease of usage, security measures, easy integration with DApp applications makes Argent wallet one of the forerunners to propagate mass use of cryptocurrencies in the world. If you are eager to be a part of Defi, look no further than the Argent wallet. Read the below generally asked questions as a part of this Argent wallet review.
Potential Argent Tokens Airdrop
The Argent wallet makes it easy for crypto users to enter and participate in Ethereum. Thanks to its intuitive user interface and advanced capabilities, the Argent wallet is gaining popularity among users. It might be possible for the wallet to enhance its growth by launching a governance token. It could be beneficial for the early adopters of Argent wallet, and they could benefit from an airdrop token in the future.
Is Argent A Non-Custodial Wallet?
Yes, it is, and you, the crypto user can only control and access the funds you store in them. You can lock your wallet remotely in case you believe someone has unauthorized access to it. If you wish to, you can unlock it sooner else the wallet will unlock automatically after five days.
The wallets integrate all the latest security features of Android and iOS in it. You can set transfer limits for each day. If you do any transfer above this limit, it will take 24 hours to complete. Else, the transfer is instant to the contacts you trust.
What Cryptocurrencies Do Argent Wallet Support?
The focus of Argent wallet is on Ethereum. But you can access more than 240 tokens based on Ethereum on the Argent app SDK. Some famous crypto tokens are BAT, WBTC, DAI, ETH, MKR, and many more.
What Happens to My Argent Assets if I Lose My Phone?
Do not panic. You can use your trusted contacts to recover your access. Apart from this, you can also use hardware wallets like Ledger or Trezor or through an account on MetaMask. Do not worry, you will not need a seed phrase to get access back to your account.
Do I Lose my Crypto if My Argent Wallet Gets Hacked?
No, since Argent does not follow the conventional centralization model like Binance or Coinbase. Only you have control of the keys to your wallet. The company cannot start or process any transaction without your authorization. Even if Argentwallet gets hacked, you remain in control of your assets as long as you have the private key safe with you.
Takeaway – Argent Wallet Review
According to this Argent wallet guide, Argent is the game changer specifically for defi and generally in the crypto world. It provides a balance between robust features, security, and user intuitiveness. With the increasing user base of defi and the Argentwallet growing positively at the time of writing, there are good times to come for this highly innovative product.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates