Learn more about Exodus, how it works, its features, products, pros and cons, supported currencies, and many more in this Exodus wallet review. However, note that this review does not provide any kind of investment advice. Cryptocurrency markets are highly volatile. Hence, it is advisable to conduct your research and consult a financial advisor before making financial decisions.
What is Exodus?
JP Richardson and Daniel Castagnoli created Exodus Movement INC. in 2015 for the secure storage of digital coins. The multi-currency wallet supports more than 100 cryptocurrencies. It was first available as only a desktop version, but now Exodus mobile app is also available for Android and iOS platforms
Exodus Wallet Review – Platform Interface
Exodus Wallet Summary
|Wallet name||Exodus Wallet|
|Type of Wallet||Decentralized Wallet|
|Supported Hardware Wallet||Yes|
|Supported Countries||Most of All|
|Charges||Zero Fees for Sending or Receiving, But do Charge Network Fee|
|Customer Support||24/7 via Mail|
The wallet supports a wide variety of altcoins, including Bitcoin. The wallet can be used to exchange cryptocurrency without requiring any registration. However, it is essential to note that Exodus employs Simplified Payment Verification as a light wallet. This implies that it does not download the entire blockchains but uses multiple servers to trace wallet balances. There are more necessary details relating to the Exodus wallet and how you can exchange cryptocurrencies. So, let’s get started with a detailed Exodus wallet review!
How Does Exodus Work?
The main objective of the Exodus platform is to simplify the access, management, and use of digital coins. To explain how the wallet works, you have to understand the three essential components:-
- Wallet – Like any other cryptocurrency wallets, Exodus also functions through a series of codes that assist users in managing and linking their crypto coins in different blockchains. So, instead of storing crypto, it stores a set of 3 codes – primary keys, seed phrase, and public address. Primary keys offer access to the crypto coins in blockchains, whereas a public key works as an address to the wallet. However, the seed phrase is a recovery phrase code that helps in regenerating the private keys if they are lost.
- Portfolio – Exodus team designed a portfolio page that shows relevant information, including the breakdown of the crypto coins owned and their updated values against fiat currencies.
Exodus Wallet Review – Live Portfolio by Exodus
- Integrated With ShapeShift – An integration between Exodus and ShapeShift has led to a unique value position. ShapeShift, one of the best crypto exchanges, is praised for its trading, security, and privacy features. Exodus users can trade on this crypto exchange directly from the Exodus wallet with extra speed and privacy.
Features of Exodus Wallet
The effort of the Exodus development team has brought about many impressive features. In this Exodus wallet review, a few of the features have been mentioned below:-
- Users can download Exodus for free with no registration required. It offers a one-click, easy-to-use layout, private keys, hardware wallet support, 24*7 customer support, and easy transaction data storage.
- The layout is aesthetically pleasing, and with just one click, you can make easy cryptocurrency token exchanges. Since Exodus does not possess any knowledge relating to its users’ blockchain assets, all the transaction data and private keys are stored on its device. This offers robust security and privacy.
Exodus Wallet Review – Explore the Features of Exodus
- Exodus supports Trezor Model T and Trezor One hardware wallets where cryptocurrencies can be safely stored.
- In addition, Exodus also offers two methods of restoring a wallet. This is a vital built-in exchange feature that comes in handy if you suddenly lose your Exodus Bitcoin wallet or if it gets damaged or stolen. There are two ways of restoring your wallet:-
- 12-words Passphrase – A 12-word passphrase is given to the users while creating an account. For instance, if your computer breaks down, you can use this passphrase to access the cryptocurrency wallet.
- Email Restoration – This is yet another vital backup facility that allows you to restore your Bitcoin wallets through an email sent to your linked account.
What Kind of a Wallet Is Exodus?
Exodus is a non-custodial wallet that offers excellent support and extensive control over crypto assets. It does not directly manage or take custody of your wallet but allows you to control it. Exodus supports TREZOR wallets that provide a sleek interface and robust security for a hardware wallet. Exodus is also a lite wallet which means it does not download the entire blockchains to the device, making the setup significantly faster. Moreover, both the mobile wallet and desktop wallet versions are available so that the platform can be used on any device, including Windows, Mac OS, Android, Linux, and iOS platforms.
- Mobile Wallet – Navigation on the Exodus mobile wallet is simple with just three categories: Portfolio, Exchange, and Wallet.
- Desktop Wallet – The desktop app comes with a few additional tabs: Settings, Backup, App Explorer, and Help.
Explore & Get the Exodus + Trezor Hardware Wallet Experience
- Trezor Hardware Wallet – Exodus can be paired with the Trezor Model T or Trezor One hardware wallets for more enhanced security functions.
- Exodus Crypto Apps – The application explorer has a featured app segment that offers easy navigation and Crypto apps within the platform. The Crypto app is used to earn interest in cryptocurrencies.
Earn Interest with Exodus Crypto Apps
Exodus Wallet Review: Pros and Cons
- Built-in Portfolio and Trade Functions – It is easy to swap one cryptocurrency with another and keep track of daily profits or losses on Exodus.
- Supports Multiple Cryptocurrencies – You can store more than 100 digital coins in a single place, and hence, it becomes easier to spend and trade significant cryptocurrencies.
- User-Friendly and Intuitive Interface – Exodus is the most user-friendly wallet, built for all kinds of users in the crypto community.
- Automatically Adjustable Fees – This Exodus advantage is for beginners who are still not confident with fixing the correct network transaction fees.
Exodus Wallet Review – Customer Support by Exodus
- Customer Support – Exodus support is not only professional but also responsive to its customers.
- ShapeShift Integration – Exodus is integrated with ShapeShift that makes exchanges anonymous and easy.
- Easily Hacked – The Exodus software wallet can be easily hacked, and users may lose funds if the device gets attacked by keyloggers or malware.
- Lacks Important Security Support– It does not include necessary security features like multi-signature support or two-factor authentication.
- Lacks Crypto-to-fiat Transactions – It does not support crypto-to-fiat transactions.
How to Create an Exodus Wallet?
To start enjoying the groundbreaking features on the Exodus platform, you have to create an Exodus software wallet by following a few steps mentioned below –
Exodus Wallet Review – Download the Exodus App & Create Your Own Wallet
- Go to Exodus’s official website to download the app on your device (Windows, Mac, or Linux operating systems).
- Once the download is complete, an installation prompt will be displayed on your screen.
- After installation, open the wallet and click the Wallet tab located on the left side.
- You can add different cryptocurrencies to your Exodus wallet by clicking on Wallet and Receive. This will generate a unique QR code. Use the code to send crypto tokens from other hardware wallets to the Exodus wallet.
Note that every asset in your wallet comes with a private key. To the private key of a particular asset, go to the Developer Menu → Assets → View Private Keys. For safety reasons, copy the keys and do not disclose them to anybody.
Sending Cryptocurrency Using Exodus
To send cryptocurrencies using Exodus, follow the easy steps mentioned below:-
- Go to the official website and click the Wallet tab
- Choose the cryptocurrency you wish to send and press Send
- Once you click Send, a QR code will be displayed on your screen. You can either scan the code or enter the address of the receiver.
- Enter the crypto amount to be sent and then click Send.
Supported Cryptocurrencies by Exodus Wallet
Exodus boasts its support of more than 100 cryptocurrencies, including Ethereum, Bitcoin, and Litecoin. Here are a few significant cryptocurrencies users can use to store in Exodus wallets –
- BTC – Bitcoin
- ETH – Ethereum
- XLM – Stellar
- BTG – Bitcoin Gold
- USDT – Tether USD
- BCH – Bitcoin Cash
- LTC – Litecoin
- EOS – EOS
- XMR – Monero
- BSV – Bitcoin SV
- DASH – Dash Coin
- BNB – Binance Coin
However, to go through the full list of supported cryptocurrencies check this link.
Exodus Wallet Security
The Exodus security level is relatively reasonable but not impressive. The first phase of security involves a user-created password required to access the wallet. The second phase requires you to generate a 12-word seed phrase that recovers your wallet if the device breaks down or gets stolen. It is crucial to jot this phrase somewhere in offline storage instead of your device or computer.
However, if you look at the drawbacks of Exodus security, there are some serious ones since nobody would want to lose their crypto funds from their wallets. The platform lacks two-factor authentication, which means it is super easy to hack using keyloggers and steal your logins, thereby gaining access into your wallet.
Exodus Wallet Security Measures
In addition to this, Exodus also lacks a multi-signature feature. The multi-signature address provides an extra layer of security to the wallet and requires you to sign the transaction before broadcasting it into a crypto blockchain. But unfortunately, Exodus does not offer a multi-signature wallet.
To conclude the Exodus Wallet review, it is justified that the Exodus wallet is one of the leading hot wallets, especially for beginners. The attractive design of the intuitive interface allows users (who own wallets) to send, sell and buy a cryptocurrency and exchange them in small amounts without requiring a lengthy process that makes it the best cryptocurrency wallet. Although for advanced crypto users, there is a minimal advantage in using Exodus mainly because custom fees are currently restricted to Bitcoin and, more importantly, because the platform focuses more on the user experience than security. This makes the wallet less secure for those who want to keep considerable funds in their wallets.
But all in all, though Exodus does not target to please users of all experience levels, it is specially designed for beginners who would like to buy Bitcoin and other coins from their wallets without any hassle.
Is Exodus Wallet Safe?
Exodus offers a relatively secure cryptocurrency wallet for regular use. However, an online wallet is never as safe as the digital currency stored in cold storage like a paper wallet. Exodus desktop and mobile wallets also lack many important security features, making exodus secure less than other, more complicated ones. So, it is not recommended to store large amounts of crypto on this platform.
How Does Exodus Make Money?
It is a universal fact that no one likes to work for free. So, Exodus does get a small fee as commission when users use Exodus to receive or send cryptocurrency or make cryptocurrency exchanges.
Does Exodus Wallet Charge Fees?
Compared to other crypto wallets, Exodus charges a transaction fee for every process of payment. The fees are then paid to the blockchain network (Ethereum, Bitcoin, Litecoin, etc.). So, you are not paying Exodus any fee for transactions. The platform puts more emphasis on reliability and speed than on lower fees. The fees are adjustable depending on the changes in the blockchain network.
Can Exodus Wallet Be Hacked?
All Exodus does is help you store your funds. It does not store or manage your private keys (credentials that give access to crypto). If your Exodus wallet is hacked, hackers will not be able to take your funds since the private keys are with you on your device.
Is the Exodus Wallet Easy to Use?
Yes, being exceedingly beginner-friendly, Exodus is easy to use with a clear and understandable layout and popular features that are easy to navigate and access.