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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.
Step 1. Open application.
Once the application is installed, open it up and click 'Create new wallet'.
Step 2. Authorisation fee.
Users pay a one-time gas fee to open their first wallet. This is paid when initiating your first transaction.
Step 3. Choose Argent wallet name.
Reserve your unique Argent wallet name: 'yournamehere.argent.xyz'.
Step 4. Verify details.
Set your mobile number for notifications, verify your email, then head back to the app to choose a passcode.
Step 5. Complete set-up.
Once all of the details are input click 'Finish setup'.
From the main Assets tab, click on "+ Add Funds". The next screen is where you pay your opening fee.
The set-up fee can be paid using ETH, DAI, USDC or USDT. If you choose ETH, the fee will vary depending on how congested the Ethereum network is (around 0.0023 ETH at the time of writing). If you're using 1 of the 3 stablecoins, the fee is equivalent to US$5. Click "Deposit" and follow the prompts.
On the next page, select the country in which you are based.
Next, you must select the method you wish to use to deposit cryptocurrencies into the wallet. You can purchase cryptocurrencies directly using a credit or debit card or alternatively, you can send cryptocurrency from another wallet or exchange. Click on the option you want to use.
For a credit or debit card, click on "Get Started" and you'll be transferred to Argent's partner MoonPay. From the dropdown list pick from ETH, USDT, BAT, DAI, TUSD, USDC or WBTC. The first time you use this service you'll need to verify your email with MoonPay.
For a wallet/exchange deposit, click on "Share" and you'll be given the option to copy your Argent wallet address (the long string of numbers and letters starting with 0x). Now go to your preferred cryptocurrency wallet (for example, Metamask) or exchange wallet (for example, Binance), and paste the address into the "Send" or "Withdrawal" service. Click "Send" to transfer the chosen cryptocurrency to your new Argent wallet.
On the next screen, you'll see a little note that says "Set gas limit to 23,300 when sending ETH". Argent recently added this gas limit feature. It lets you control the gas fee you want to spend when transferring cryptocurrencies to your Argent wallet. Remember, if you pay lower gas fees you may have to wait longer for your cryptocurrency assets to transfer.
Back on the Assets tab, you'll see your balance reflected at the top of the screen. In the Profile tab, you can change your preferred fiat currency display.
How to send cryptocurrency from Argent
From the main Assets tab, swipe up from the bottom of the screen and click on the cryptocurrency you want to withdraw from the Argent wallet.
Next, click on "Send" and follow the instructions on the screen. The app cautions you to send a small amount first to check that you have the correct wallet address. For this small "test" transaction, network fees may be higher than the amount you want to send.
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.
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
Frequently asked questions
No, users have to pay gas fees to send and receive ETH and ERC-20 tokens, and to interact with DeFi apps.
Yes, as the prices of cryptocurrencies move up and down, Argent account balances automatically update to match.
Argent wallet is free to download from Google Play Store and the App Store, but users have to pay a one-time set-up fee to open their wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
James Edwards is a personal finance and cryptocurrency writer for Finder. He has qualifications in both psychology and UX design, which drives his interest in fintech and the exciting ways in which technology can help us take better control of our money. His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think.
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