A good crypto wallet is an absolute necessity if you decide to venture into DeFi or if you no longer trust the traditional finance system. You will be spoilt for choice when selecting which one to use but today, we look at the Exodus wallet as a viable alternative. This review will help you decide whether Exodus is the right crypto wallet for you, the setup process, and how to use it. Let’s get started.
What Is the Exodus Wallet?
Exodus is a software cryptocurrency wallet that supports multiple digital currencies and one of its most notable features is its user-friendly interface. Some of the cryptos the wallet supports include Bitcoin (BTC), Dash (DASH), Litecoin (LTC), and many more. Most of the initial wallets that were pioneers in the space had a bit of a learning curve, making it a bit challenging for the masses to venture into DeFi (decentralized finance). But this is where Exodus really differs.
Companies or groups that make crypto wallets collect fees from transactions. Lower fees result in less profitability while high transaction fees discourage users from using DeFi platforms. But what if you could solve those problems and still come out on top? The founders of the Exodus wallet definitely set out to solve these challenges by making a user-friendly wallet that would attract more users, thus allowing them to achieve favorable profitability without hefty fees.
Who Are the Founders Of Exodus Wallet?
Daniel Castagnoli and JP Richardson created the Exodus wallet in 2015. Castagnoli has previously been involved in design work for companies such as Nike, BMW, and Apple, while Richardson's track record includes programming for a variety of crypto products. Their goal was to create a wallet that would make the crypto experience easier for users, especially those new to cryptocurrencies. They also thought that their creation would boost the rate of adoption because users would likely recommend this software wallet to their friends and families if they had a good experience. So, let’s take a deeper look into what the Exodus wallet offers.
Exodus Wallet Security
One of the most stand-out features of the Exodus crypto wallet is its clean user interface which displays the user's portfolio and usable data. The middle section contains a circle that consists of different color-coded segments to represent each cryptocurrency in the user's portfolio and the percentage it occupies. In the middle of the circle is the total portfolio value. This value can be checked against different fiat currencies such as the US dollar or the euro.
Some of the information displayed in the wallet includes how much the total portfolio value has changed in 24 hours, the highest balance, and the portfolio age. It also highlights the best-performing cryptocurrencies within every 24 hours and the worst performing digital coin within the same timeframe. The top segment has a line menu with tabs for the ‘receive’ and ‘send’ features for every cryptocurrency, a trading tab, another tab for viewing the complete portfolio with more data, and a recovery and backup segment.
The Exodus wallet allows users to customize some aspects of the interface, by choosing different themes. However, the simplicity also extends to customizability, which means it maintains its simplistic appearance despite the customizability options. Exodus is also one of the few crypto wallets that offer round-the-clock customer support. This feature can be useful especially to new users when they face some challenges while using the wallet.
Another notable feature of the Exodus wallet is the built-in trading function. This allows users to exchange one cryptocurrency for another. The trading function is provided by the exchange platform Shapeshift. It is this feature that enables the Exodus team to make money since this software wallet is actually free to use. Based on this, the transaction costs are not as low as those you will find on exchanges such as Coinbase, but this is still a great option for new traders who want to get in on the crypto trading action.
What Safety Features Does the Exodus Wallet Implement?
Exodus is a software wallet, which means it is connected to the internet and while this offers the convenience of quick deposits and withdrawals, it has a significant level of risk. The biggest risk that such wallets face is hacking by malicious actors. This risk is often minimized via 2-factor authentication but the downside with the Exodus wallet is that it lacks 2FA.
The best remedy to minimize the risk of hacking is installing the Exodus wallet on a device that is not often connected to the internet. The wallet features a 12-word recovery phrase that is generated when a user creates an account on the wallet. The recovery phrase should be written down and stored safely because it is the only way to recover your account in case you forget your password or if the device in which the wallet is installed, gets damaged or stolen.
Loss of the recovery phrase will lead to the complete inaccessibility of the user's account. The Exodus wallet goes around this by providing a backup feature in the form of an email restore option. The email backup requires the password for the user to regain access to their crypto.
Aside from the lack of 2FA, Exodus also lacks multi-signature address support. The latter adds an extra layer of security by enabling transaction approval from multiple devices. However, the Exodus wallet makes up for the security limitations by providing integration with the Trezor hardware wallet. The latter is an ideal crypto storage solution especially for users with a large crypto holding. To learn more about the Trezor hardware wallet.
Who Is the Exodus Wallet For?
So far we have observed that the Exodus wallet is ideal for beginners courtesy of its simple and intuitive interface. However, the security limitations disqualify it as a long-term crypto storage solution especially when holding large sums in crypto. However, its advantages make it a good wallet for transacting smaller amounts or transferring funds out of centralized exchanges and into a cold storage crypto wallet such as the Trezor wallet.
Setting Up Your Exodus Wallet
If you find the Exodus wallet useful for your particular needs, then you should consider taking the next step, which is to install it on your preferred device. We recommend installing it on your PC and avoiding connecting it to public networks. It would also be wise to make sure that the device is protected from malware. Once you have secured the target device, you can commence the installation process.
You will need to download the wallet for the Exodus wallet through its official website. Make sure to download from here and not from any other link to avoid phishing. Once the download process is done, click on “install” and follow the guidelines. When the installation is complete, the password is created, and the wallet will provide a 12-word seed phrase. Make sure you store this information somewhere secure where nobody else has access to it. Perhaps consider having multiple duplicates of your seed phrase written down in separate locations for additional precaution.
Once you are done with the setup process, click on the “Wallet” tab to select the cryptocurrency you wish to receive. As we said above, the Exodus wallet supports multiple cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Cash, and many others, including ERC20 tokens.
The Exodus wallet is not only available as a PC software, but also as an iOS or Android app which can be synchronized with the PC version. However, note that smartphones are almost always connected to the internet, and this means more exposure to risks such as hacking. If you decide to go ahead with a mobile app download and installation, consider implementing the necessary measures to protect your cryptocurrencies from theft.
Sending And Receiving Cryptocurrencies In The Exodus Wallet
Buying or selling cryptocurrencies through Exodus is quite easy. In case you are sending, select the cryptocurrency you wish to send, copy the receiving wallet, open your Exodus wallet, click on the "Send" tab and enter the receiving wallet's address. Confirm that the address is correct and enter the amount to send, then click the "Send" tab. If you are receiving cryptocurrency from someone else, share your address and you should expect to receive funds upon proper implementation on their side. As simple as that!
We would not recommend using the mobile version of the Exodus wallet due to the lack of security measures, such as 2FA and multi-signature support. However, the Exodus wallet does offer many other great benefits. Its simple and intuitive interface makes it ideal for new users and even for those who wish to link it with the Trezor hardware wallet. The wallet also supports many cryptos enabling you to store all your assets in one place. The crypto swapping feature within the Exodus ecosystem highlights another appealing reason to use it plus the wallet offers automatic network fee adjustments which are ideal for those new to the crypto world. Finally, Exodus offers great support, and this software is the perfect solution for small purchases and day-to-day spending.
To gain access to an Exodus Crypto wallet so that you can exchange, send and receive cryptos from your desktop, mobile device, and hardware crypto wallet, click here.