The majority of mainstream cryptocurrency enthusiasts who are looking for a secure, user-friendly, beautiful wallet that offers a wide range of functions and features will find Exodus to be ideal because it was built with an intuitive interface that is ideal for new users but robust and secure enough for crypto veterans. Since it supports over 145 different cryptocurrencies, with more being added on a regular basis, it’s also a great option for those who hold a variety of well-known coins.
Exodus Wallet Review: Pros And Cons
- Built-in Portfolio and Trade Functions — Exodus makes it simple to switch between different cryptocurrencies and keep track of daily gains and losses.
- Supports Multiple Cryptocurrencies – You can store more than 100 digital and unique coins in one location, making it simpler to spend and exchange big cryptocurrencies.
- Exodus is the most user-friendly wallet and is the easiest to use, having been designed from the ground up for all different types of users in the cryptocurrency community. It has an intuitive interface.
- Automatically Adjustable Fees – This advantage of Exodus is for beginners who are still unsure of how to fix the right transaction network fee.
- The Exodus software wallets are easily hackable, and the majority of users risk losing money if their device is infected with malware or keyloggers.
- Lacks Important Security Support – It does not have essential security features like two-factor authentication or support for multiple signatures.
- Lacks Crypto-to-Fiat Transactions; it is not compatible with such transactions.
Exodus Wallet Creation: How To?
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:
- To install the app on your device (running Windows, Mac, or Linux), visit the Exodus website or the Google Play store.
- An installation prompt will appear on your screen after the download is finished.
- Open the wallet after installation, then select the Wallet tab on the left.
- Selecting Wallet and Receive will allow you to add various cryptocurrencies to your Exodus wallet. A special QR code will result from this. To transfer cryptocurrency tokens to the Exodus wallet from other hardware wallets, use the code.
Each item in your wallet has a private key, so keep that in mind. Navigate to the Developer Menu > Assets > View Private Keys to view the private key for a specific asset. Make a copy of the keys and keep them to yourself for safety’s sake.
Exodus Wallet Privacy
The Exodus wallet can be used completely anonymously because it doesn’t require any personal information to download, install, or use it. Exodus doesn’t gather any personal data, and users retain complete control over their private keys. However, anonymity is not a major theme in the Exodus.
There are no features for hiding your transactional trail, and public keys and transactions made with the wallet are fully visible on the blockchain. While they do support privacy coins such as Monero (XMR) and Zcash (ZEC), they are unable to perform fully shielded transactions for Zcash. If transaction privacy is a chief concern of yours then you may want to consider using the core wallets of ZCash, or transact in privacy coins such as Monero (XMR).
Exodus Wallet Security
Although not particularly high, Exodus’ security level is respectable. To access the wallet, a user-generated password is necessary in the first stage of security. You must create a 12-word seed phrase in the second stage in order to restore your wallet in the event that the machine malfunctions or is stolen. It is essential to write down this phrase offline rather than on your device or computer.
There are some significant shortcomings with Exodus security, though, as nobody wants their cryptocurrency funds to disappear from their wallets. Exodus Wallet doesn’t offer very strong anti-hacker defenses. Because the platform in this case lacks two-factor authentication, it is very simple to use keyloggers to hack it and steal your logins, giving hackers access to your wallet.
Beginner Perspective Of Exodus Wallet
A great cryptocurrency for beginners is Exodus. It is one of the simpler non-custodial options, though not quite as simple as the custodial options on exchanges like Coinbase and Gemini (where you essentially buy your coins and just let them sit on the exchange).
Exodus offers a user-friendly interface and does away with the need for registration, which is required on an exchange. With the built-in exchange and storage of cryptocurrencies in the wallet, the typical person can anticipate having a simple, trouble-free experience. Additionally, Exodus provides its users with top-notch security.
Exodus requires a secondary app or exchange to be used for the initial cryptocurrency purchase. Then, Exodus can receive those cryptocurrency assets. It’s crucial that newcomers to cryptocurrency learn how to store their purchased crypto assets in a non-custodial wallet like Exodus, even though it’s an extra step.
Exodus Wallet Cryptocurrencies Supported
Over 100 cryptocurrencies and tokens are supported by Exodus wallet, including all the major players like Bitcoin, Ethereum, and Litecoin as well as some up-and-coming coins like Stellar, Dai, Lisk, and others. Here’s a look at some Exodus Wallet supported coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Chainlink (LINK)
- Cosmos (ATOM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Brave Attention Token (BAT)
Exodus Wallet Customer Support
Exodus is renowned for providing a product that is extremely secure and has many potent security features.
The user-generated password serves as the first line of defense for Exodus Wallet’s security. This password is necessary to view private keys, confirm transactions, and access the wallet after it has been set up.
The next step is to copy a 12-word backup seed phrase that was generated at random and can be used to regain access to the wallet in the event that your device is lost or stolen. All information sent during a transaction or stored on a user’s device is completely encrypted. Transparency is guaranteed because neither Exodus nor its employees have access to your cryptocurrency.
Most cryptocurrency wallets require you to create a 12-word backup seed phrase, and you should take this seriously. In the event that the Exodus software is deleted, the device on which it is installed is lost, or the device itself is destroyed, you will not be able to recover your crypto if you are unable to remember your 12-word backup seed phrase.
Last but not least, Exodus is renowned for having a competent customer service team that responds to inquiries quickly. Exodus is a larger company than the majority of cryptocurrency wallets, so they provide more support than the typical cryptocurrency wallet provider.
On the downside, downloading phony Exodus wallets from the Google Play Store has led to the fraud of several people. Exodus is not at fault for this, but you should use extreme caution when downloading Exodus software. Exodus will never ask for your 12-word backup seed phrase, so make sure you are downloading from the right location.
The FTX Exchange app, which can be accessed directly from the Exodus wallet, has just been released by Exodus. One of the biggest and fastest-growing cryptocurrency exchanges in the world, FTX has partnered with Exodus to give users the option to exchange assets using the FTX exchange without leaving the Exodus wallet.
Users of the FTX Exchange app can exchange supported crypto assets at market rates right from their wallet. Exodus has teamed up with a centralized exchange because doing so will enable users to exchange assets with greater liquidity, lower spreads, and lower minimum amount requirements—some exchange minimums are as low as one dollar. The user’s Exodus wallet receives a direct deposit of the funds from the successfully completed exchange.
Exodus Wallet Review: Conclusion
The Exodus wallet is one of the top hot wallets, especially for beginners, according to the Exodus Wallet review’s conclusion. With regard to other wallets, ease of use has made it the user’s first and best option. It is the best cryptocurrency wallet because of its appealing design and simple interface, which enables users to send, sell, buy, and exchange cryptocurrencies in small amounts without needing to go through a laborious process.
There isn’t much of a benefit for experienced cryptocurrency users to use Exodus, mainly because custom fees are currently only available for Bitcoin and, more importantly, because the platform places more of an emphasis on user experience than security. If you want to keep a large amount of money in your software wallets, this makes the wallet less secure.