Argent wallet: Review and guide

Discover the Web 3.0 compatible cryptocurrency wallet that provides easy access to DeFi applications.

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What is Argent?

Argent is a non-custodial Ethereum wallet that allows users to take full control of their own cryptocurrencies. The wallet also works extremely well with decentralised finance (DeFi) applications, which makes it easy to earn interest, exchange and access a whole host of features from a range of different platforms. As an Ethereum-based wallet, the Argent only supports Ethereum-based cryptocurrencies.

Founded in 2017, the wallet was eventually launched to the public in mid-2020 after thorough beta testing. Argent is now available as a mobile app on both Android and iOS. It is part of a new breed of mobile cryptocurrency wallets that tries to remove the confusion around cryptocurrency and DeFi by creating an easy-to-navigate wallet that resembles common banking apps.

When investors first start buying or selling cryptocurrency, they tend to leave those digital assets in a custodial wallet on an exchange, like Binance, Huobi or Coinbase. By doing so, the investor does not truly control the private keys for the cryptocurrency they hold. They are entrusting the exchange to look after them accordingly. If the exchange gets hacked, or a vulnerability is exploited, digital assets could be lost.

Holding cryptocurrencies in non-custodial wallets, such as Argent, means an investor remains in complete control. Argent cannot execute any cryptocurrency transactions without prior authorisation from an investor.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Features of Argent

Argent makes the process of storing cryptocurrencies, trading and interacting with decentralised applications (dApps) simple for beginners. As mentioned previously, the platform design echoes familiar banking-style apps to help users become comfortable with the world of cryptocurrency. Alongside the normal functions of a cryptocurrency wallet, Argent boasts a number of innovative features which set it apart from competitors in the market today.

The app removes the need for complex recovery seed phrases. This is achieved through the security measure known as Social Recovery. If access to a cryptocurrency wallet is lost, usually a 24-word seed phrase is required for restoration. However, in Argent, users can select Guardians to verify their identity. These Guardians can be close friends, family or hardware wallets like Ledger or Trezor. If more than half of the selected Guardians can confirm a user's identity, cryptocurrency funds can be restored.

The crypto wallet also leverages Ethereum's Name Service to remove the need for long address strings. Instead of the long addresses composed of alphanumeric combinations, wallet addresses can be changed to simpler, more memorable terms.

One of the best features of the app is its integration with DeFi applications. Along with facilitating the connection to DeFi apps, there are several DeFi apps that have been directly integrated with the mobile app. This means some DeFi investments can be completed in just a few clicks, removing the need to move between multiple platforms.

In the past, the wallet has also covered the cost of Ethereum transaction ("gas") fees, which can be a significant burden for investors. Unfortunately, our testing showed that this feature has been deactivated. Gas fees were still present when purchasing and selling cryptocurrency in DeFi apps like Uniswap.

How to install Argent

Argent is available on Android devices via Google Play Store and on iOS through the App Store. The wallet can be downloaded like any other mobile app. Head over to the Argent website for a download link.

The following set-up instructions are for the Android version of the app, but will still be applicable for iOS.

How to add cryptocurrency to Argent

How to send cryptocurrency from Argent

How to use Argent for staking ETH

Argent gives user's the opportunity to stake ETH within Ethereum's upcoming proof-of-stake consensus mechanism, Ethereum 2.0.

Head over to the Invest tab and click on the Eth2 staking option. The Argent wallet uses the Lido app to facilitate the staking process. Be aware that when staking ETH you will receive stETH tokens in return. These are tokens that prove your staked amount. They are required when you withdraw ETH assets at the end of the staking period.

Note. Once ETH staking has begun, a user will not be able to withdraw ETH until Ethereum 2.0 goes live. This is expected sometime between now and 2023.

How to use Argent for DeFi

Accessing DeFi using Argent is extremely convenient. Due to its range of DeFi integrations, it is one of the fastest and most accessible wallets for the job.

Click on the Invest tab in your app. Pick your preferred DeFi platform from the list. At the time of writing current options include:

Once you have chosen a preferred platform, continue through to access that platform's features.

How to use Argent for Defi

Argent fees

The only fees a user has to pay in relation to Argent are gas fees on the Ethereum blockchain. These fees will vary depending on the congestion of the Ethereum network. As mentioned previously, there are lots of guides that state Argent pays gas fees on behalf of the user. While that might have been the case when it first launched, testing in 2021 has shown that this feature is no longer active.

As cryptocurrency adoption has increased throughout 2021, gas fees have risen sharply and in some instances have made small transactions unworkable. Argent has stated that it is working on Layer-2 solutions, which should reduce gas fees and increase transaction speeds. At the time of writing, these were not available.

On the Argent wallet users have to pay gas fees for:

  • The initial creation of a wallet.
  • Adding and removing a guardian.
  • Changing the daily transaction limit.
  • Transferring ETH, ERC20 tokens and collectable NFTs.
  • Using DeFi apps like Uniswap and Aave.
  • In-app token buying and selling.

Is Argent safe?

Argent has never been hacked and while one vulnerability was discovered in 2020 there are no user reports of stolen funds or examples of other exploits within the app.

Argent implements a daily transfer limit on all user accounts to mitigate fraudulent transfers. Transfers above the daily limit are automatically blocked for 24 hours, giving users time to approve or cancel them. The allowance resets every day and can be altered accordingly. This feature means that even if a hacker gains remote access to private keys, they should not be able to drain all cryptocurrency funds.

Alternatives to Argent

Pillar and Loopring are 2 of Argent's main competitors. Both are Ethereum-based and allow the integration of smart contracts. The pair are also non-custodial and can integrate with DeFi apps. However, both come with some limitations.

Pillar is a decentralised, community-run wallet but its support and security are currently untested. As a result, it is not recommended for new cryptocurrency investors.

Likewise, Loopring appears to contain all of the main features that Argent promotes, including social recovery by "guardians", daily limits on transfers, and the ability to lock down a wallet if necessary. However, the wallet has been known to suffer from its intimidating user interface.

Our verdict

Argent developers have clearly spent time focusing on developing a wallet that simplifies the process of accessing DeFi. It is a great introductory wallet for cryptocurrency and in many ways mirrors standard mobile banking apps. It is secure, safe to use, and the guardian social recovery is an innovative approach to account recovery. Although initially covering the cost of gas fees and removing that pain point for users, the wallet no longer supports this feature.

Pros and Cons

Pros

  • DeFi Integration. Access DeFi markets in a couple of taps. More app integrations are being added all the time.
  • Security. Set daily transaction limits and use the guardians feature to secure your account.
  • Trading features. Add simple bets on the overall movement of DeFi and NFT markets using the Index Co-op function.

Cons

  • Ethereum only. Can only be used for Ethereum based applications and tokens.
  • Gas fees. No longer pays network fees. Gas fees are now paid by the user.
  • Upfront cost. There is an upfront network fee to pay when first creating a wallet. This is not required by other cryptocurrency wallets.

Compare Argent against other cryptocurrency wallets

Name Product Wallet Type Supported Cryptocurrencies Price (USD) Disclaimer
Ledger Nano X Wallet
Hardware wallet
BTC, ETH, XRP, BCH, ADA, LTC, BNB, EOS, XTZ, XLM & 1,350+ more
$119
The Ledger Nano X comes with added Bluetooth functionality, more memory and a higher quality screen than its big brother, the Nano S.
ZenGo Cryptocurrency App
ZenGo Cryptocurrency App
Mobile wallet
BTC, ETH, BNB, DOGE, USDT, MATIC, LINK, CHZ, XTZ & 60+ more
Free download
Take advantage of ZenGo's unique self-custody system to buy, sell and spend and earn cryptocurrency in your own wallet.
TREZOR Model T Wallet
Hardware wallet
BTC, ETH, XRP, USDT, BCH, LTC, EOS, XTZ, LINK, XLM & 1380+ more
$190
The next generation of hardware wallet from TREZOR, the Model T includes a host of new features including a touchscreen and improved processing.
Ledger Nano S Wallet
Hardware wallet
BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA & 1,330+ more
$59
Securely store some of the world's leading cryptocurrencies on the Ledger Nano S hardware wallet.
Atomic Wallet
Desktop wallet
BTC, LTC, ETH, TRX, DGB, QTUM, XLM, ZEC, XRP, BCH and 150+ more
Free download
Store, buy and sell 130+ cryptocurrencies using Atomic Wallet's in-built atomic swap exchange.
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