A crypto wallet is a digital wallet for managing and storing digital coins. There are many wallets available today, but one of the best options is the Exodus cryptocurrency wallet. Exodus wallet holds the first position among all the crypto wallets by authentic websites such as Finder.com and Bitcoin Exchange Guide. Learn more about Exodus, how it works, its features, products, pros and cons, supported currencies, and many more in this Exodus wallet review. However, here 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.
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|
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.
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.
- 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 Wallet for free and there is 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 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. And this also make Exodus Wallet responsive and convenient. 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. In the Exodus wallet, crypto exchanging feature works extremely very well and is simple to use for beginners.
- 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.
- 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.
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.
- 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 :-
- 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. Exodus Wallet don’t give any high-level protection against hackers. Here, 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.
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. And normally It is common to have a multi-signature wallet on a laptop and a phone. But unfortunately, Exodus does not offer a multi-signature wallet.