Table of Contents
Pros & Cons
Pros
- Easy to use
- Has customer support
- Multiple cryptocurrency choices
- A software-based wallet
- Built-in exchange features
Cons
- Prone to security issues
- The Fees Can Reportedly Be Quite High
- The Exodus wallet is a relatively new software wallet. It was created by JP Richardson and Daniel Castagnoli. Richardson has written the code for many cryptocurrency products previously, and Castagnoli has worked as a designer for huge companies like Apple, BMW, and Nike.
- Exodus has been designed to be a user-friendly, multi-cryptocurrency wallet. You can use many different crypto assets with it.
- You can also store any currently unsupported and custom ERC-20 tokens using the Exodus software wallet.
What Makes Exodus Wallet Different?
Let’s quickly run through the main things that make Exodus stand out of the crowd of cryptocurrency wallets that are currently available to be used.
Design
The team behind the Exodus Wallet has worked hard to create a piece of software that is as easy to use as possible. The user interface (the bit that you can see!) is clean and has features that basic users are likely to want to use. This includes each asset’s send and receive functions, a complete portfolio view, the trading feature, and backup/recovery options.
The design was clearly very important to the creators of the Exodus Bitcoin wallet. In the options menu, you can change the look of the software. There are multiple themes to choose from. None of them are too crazy, though, and they all give the software a professional look.
You can also change the color of the background on the wallet. This option is quite funny, since you can only pick different shades of dark blue, dark purple, and black.
Trading
The Exodus wallet has a built-in trading feature. This is provided by the exchange platform Shapeshift. It makes swapping one currency for another very quick and easy. It might not offer as low prices as you will find on exchanges like CoinBase and Bittrex, but it is great for non-professional traders wanting to buy different cryptos.
Is Exodus Safe to Use?
No Exodus wallet review would be complete without looking at the security of the software. Exodus gives you a relatively-safe cryptocurrency wallet for daily use. Since it is an online wallet, it will never be as secure as leaving digital currency in cold storage (such as a paper wallet).
It also lacks some features which make it less secure than other, more complex software wallets. Before we look at these, though, let’s talk about some of the safety features Exodus does have.
Transferring Funds
By default, an empty Exodus wallet isn’t locked. However, the process of securing it begins automatically once you’ve made a deposit in the wallet.
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To receive crypto, switch to the Wallet tab, and then first select the cryptocurrency you want to receive. You can also view a price chart of the selected crypto on this page, in case you’re interested, else just click and copy the receiving address for your wallet. You can also email this address and even take a screenshot of the QR code, which the sender can then scan from their device.
As soon as you receive the first deposit, Exodus will ask you to password protect your wallet. The app, through its documentation and videos, suggests using a password manager app for this purpose, which we believe is very prudent advice. Exodus will also display a 12-word phrase that’ll help you recover your password. Again the developers suggest jotting this phrase on a piece of paper for offline storage rather than on your computer.
The process to send cryptocurrency from your Exodus wallet is also pretty intuitive. Just click the send button and enter the address of the public wallet you want to transfer the crypto to. Alternatively, you can also hover over the QR code option to either scan the QR code of the receiver from the webcam or either from your screen.
In the same fashion, you can easily exchange your cryptocurrencies. Just head to the Exchange section and use the Exchange and Receive pull-down menus to select the cryptocurrencies you wish to exchange between.
Support
In both types of transactions, Exodus will display the relevant information for maximum transparency. For instance, when sending and receiving crypto, the wallet will display the fees it’ll charge for the transfer at the bottom of the screen. Similarly, it’ll display the value of crypto that’ll be debited from your wallet and the amount of crypto that’ll be added when you’re exchanging between two crypto currencies. Exodus receives a fee every time you use it to exchange between cryptocurrencies.
Exodus shares more details about the fees in its extensive support section. The section has lots of articles that are nicely categorized into relevant sections, such as Getting Started, Buying Crypto, Exchange, and more. There’s also a search bar to help you find information quickly.
In case your query isn’t answered, you also have the option to send a message to the support team. It’s important to note that Exodus doesn’t provide telephonic support, so if you find a number posted online, it’s most definitely posted by a scammer.
Read More: What Is The Best Litecoin Wallet?