Exodus Wаllеt Rеvіеw
Exodus wallet is a user-friendly software wallet that supports multiple digital assets. It is the first desktop wallet that supports ShapeShift exchange. This implies that users can access and swap several coins via the wallet. The wallet was built mainly for beginners who might not have used an exchange before. It is a good wallet for portfolio builders.
Exodus provides a safe space for daily trading. It employs industry standard backup features to restore wallets from a damaged or lost device.
The wallet boasts an attractive interface with multiple themes and background colors to choose from. The company has a responsive customer support system as well.
Exodus Movement Inc. was co-founded in 2015 by JP Richardson and Daniel Castagnoli. The company was created to give users without technical knowledge of blockchain access to digital assets. This is one reason why Exodus focuses on design as a way to provide users an easy experience of using digital assets. Exodus wallet was released as a desktop wallet in 2016. Also, the company recently introduced a mobile version for both Android and iOS-enabled devices.
Daniel, one of the co-founders, oversees the creative and user experience side of Exodus. His experience includes previous designs for high net-worth companies such as BMW, Apple, Disney, Nike and Loius Vuitton. Exodus has its headquarters in the United States.
In addition to the storage of assets, the Exodus wallet also offers an easy-to-use exchange service. Exodus works with several exchange partners, including Changelly, to provide quick swaps within the wallet.
Main competitors include Jaxx, Green Address and Bread Wallet.
Exodus Supported Coins
Exodus wallet currently supports 103 digital assets. The list includes Bitcoin, Bitcoin Cash, Ethereum, Ethereum Cash, Litecoin, Binance Coin and many more. You can also store any unsupported ERC-20 token using the wallet.
To find out where you can trade these cryptocurrencies, have a look at our Cryptocurrency Exchange List to find a suitable exchange for you to trade at.
Exodus Wallet Fees
Exodus charges transaction fees to process payments. These fees go to miners on the respective blockchains and they change based on the network. The fees cannot be set manually. Since Exodus gives priority to speed, you can expect your transaction to be processed fast enough regardless.
Exodus receives a portion of the spreads on the major digital exchanges as revenue.
This wallet has both desktop and mobile versions which you can download for free. The desktop version is available for Windows, Mac and Linux OS computers. You can find it on the official website. On the other hand, the mobile wallet is available on Google Playstore for Android devices and Apple’s App store for iOS-enabled devices.
Exodus Wallet Ease of Use
Exodus presents one of the easiest ways to use crypto wallets. Setting up an Exodus wallet will be an easy activity even if you are a beginner. To start using the wallet, download the latest version. You can find this on the official website or the respective app stores for Android and iOS devices. Follow the prompts to install the wallet. Then, receive your first digital asset. It is that simple as you do not have to “create an account” using your name and other personal details.
Backing up your wallet
Note that you need to make your first deposit to display your 12-word recovery seed. The seed phrase is a recovery option to reclaim your wallet. It is necessary to keep it safe in case your device gets damaged or missing. Once you have made a deposit of any of the supported assets, back up your wallet using the following simple steps:
- Click “Backup” on the left side of the wallet home page.
- Follow the prompt to create a strong password and click next to confirm this password.
- Next, you will find your 12-word seed phrase. Keep it safe by either writing on a piece of paper and storing in a safe place or printing a hard copy.
- Click next and enter your e-mail address to receive a backup link. You can use this to recover your account in case you forget your password.
- Finally, click “Finish” to complete the process. You should find “Your Backup is Complete” displayed on your screen.
Exodus requires no personal information for wallet creation. So, users remain anonymous in this regard. It is also good to note that Exodus wallet does not provide blockchain anonymity. In other words, users have their public keys visible to everyone. This is however the case for all wallets using public ledgers.
Exodus Wallet Security
Like most hot wallets, Exodus is vulnerable to phishing attacks. The creators of the wallet have deployed security measures to minimize any form of breach. However, you should protect your wallet with strong passwords and keep your seed phrase safe.
Exodus is a non-custodial wallet. This implies that it encrypts your private keys and stores them for you but not on an external server. Therefore, you should keep your computer safe with a good anti-malware software. In addition, do not download strange files as this may put your assets at risk of an attack. Users should also maximize the wallet’s backup and recovery features. With these, you can regain access to your funds in the event of a lost or damaged device.
Finally on this point, the company recently announced very exciting news: the wallet now offers Trezor integration. This means that customers can now have the peace of mind of using a hardware wallet, but the UX of Exodus.
Where to buy Exodus Wallet
Exodus is also free for download on the official website. You can find the mobile version on both Google Playstore and Apple’s App Store for Android and iOS respectively.