A crypto wallet is a digital wallet for managing and safely storing digital coins. There are many software 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 users 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.
Table of Contents
Exodus Overview
Official Website
https://www.exodus.com/
Wallet name
Exodus Wallet
Type of Wallet
Decentralized Wallet
Coins Accepted
100+
Native Token
None
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!
What Kind of a Wallet Is Exodus?
Exodus is a non-custodial wallet that offers great support and extensive more control over crypto assets. It does not directly manage or take custody of your wallet but allows you to full control it. Users can apply many different crypto assets with 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 wallets versions are available so that the platform can be used on any device, including Windows, Mac OS, Linux, Android and iOS platforms. In the Exodus wallet, crypto exchanging assets feature works extremely very well and is simple to use for beginners and experienced users.
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 website or Google Play store 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. One thing for safety reasons, copy the keys and do not disclose them to anybody.
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 doesn’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.
Read More: What Is The Best Litecoin Wallet?