Exodus Multi Currency Wallet Review
Exodus Multi Currency Wallet
Exodus Wallet Review
Crypto wallets are essential if you want to trade crypto. But, with the massive amount of wallets options today, it may be hard for you to decide which one is best for you, especially if you are new to crypto. Exodus, however, is one of the best options available today.
If you are just hearing about this crypto wallet for the first time, you are in the right place. Here is what you will learn as you go on:
What is the Exodus wallet?
How does Exodus wallet work?
What are the pro features of Exodus wallet?
What are the cons of Exodus wallet?
How to get started on Exodus wallet
How to exchange on Exodus wallet
Exodus wallet faqs
What is Exodus wallet?
Exodus wallet is a software-based multi-currency wallet where you can send, receive and exchange Bitcoin and 100+ cryptocurrencies with ease. Exodus lets you store many cryptocurrencies like Bitcoin, Litecoin, Dash, Ethereum, and more in one place.
It is an attractive and easy-to-use mobile and desktop interface that sets it apart from other wallets.
JP Richardson and Daniel Castagnoli started Exodus Movement Inc. in 2015. They launched the wallet in July 2016, and in a few months, it rose to one of the top multi-currency wallets. The company has garnered more than 700,000 users globally.
The two co-founders have a reputation in the tech world. JP is seasoned in crypto and blockchain technology, having worked on the design of Bitcoin's blockchain. Daniel is an expert UI designer who has worked with Apple, Nike, and the likes.
Together, Richardson and Daniel started Exodus: To remove the geek requirement for trading crypto.
Combining years of experience in blockchain and UI, the co-founders built Exodus, a crypto wallet everyone can use.
What are the pro features of exodus wallet?
These are the features of Exodus wallet that users are most excited about:
Exodus wallet has an exciting interface.
Exodus wallet's user interface on the web and mobile is A+. The developers emphasized usability and functionality so that you can start using the wallet without any guide, even if it's your first time dealing with cryptocurrencies.
You can even play around with the design and choose from multiple themes. This helps you personalize your profile and offers a great user experience.
Simple and easy to use the navigation
It is easy to walk through this crypto wallet with its easy-to-use. You will find all the assets you can exchange or swap on the home screen. Each asset has its send and receives button, a portfolio view, and a trading feature.
Mobile and Desktop access
The unique thing about Exodus is that it is the first desktop wallet entirely built to support Bitcoin and Ethereum, and other altcoins.
Easy-to-read portfolio section
It also offers an easy-to-read portfolio where you can organize assets and compare their value against different fiat currencies. You can make sense of your portfolio sections like "Best 24hrs asset", "24hrs change", "Worst 24hrs asset", etc. This removes all the heady stuff in crypto trading so you can focus on actionable insights.
Exodus wallet has received positive feedback from thousands of users about its customer support network. On the website navigation bar, you can use the "Support" button to access a three-tier level of support:
Support: To get help from customer support engineers
Knowledge base: To get answers to common questions and blockchain education. The knowledge base portal features hundreds of expert-rated articles and videos.
Status: To get updates and reports on Exodus and available assets.
Exodus wallet offers many unique functionalities.
A built-in trading function
Exodus is more than just a wallet for holding assets. It also features a built-in trading function that allows you to exchange cryptocurrencies. The trading function is powered by Shapeshift, one of the best exchangers on the market.
The Exodus team makes money from the network fees charged on these transactions. But transferring and receiving crypto is free.
Custom network fees
Supports multiple cryptocurrencies
Another unique feature of Exodus wallet is that it holds more than 100 cryptocurrencies, including Bitcoin and Altcoins. Since its launch in 2016, the website has been updated bi-weekly to keep it fresh with new projects.
Exodus wallet supports staking, and you can even make passive income from it. On the app, you can stake coins like Algorand, Cardano, and lots more. Each coin works differently according to terms and rewards. So, be sure to read this guide to learn more.
In the Exodus wallet, users can adjust network fees as they see fit. This benefit is for novices who are still unsure about how to set the proper transaction network fee.
Compound Finance is an Ethereum-based system that allows users to lend their Ethereum assets to a pool of assets and accrue interest each time an Ethereum block is mined. So, in simple terms, it is a way to get paid while sleeping- a great feature for all crypto enthusiasts.
You may also withdraw your assets at any time, allowing you the flexibility to lend and take money when you see fit. Here is a guide to compound finance in Exodus wallet.
Privacy and safety Features
No KYC required
Exodus takes user privacy seriously. They do not demand any registration or personal data for signup.
Exodus features a strong backup that ensures you never lose your assets or data. Imagine losing assess to your computer or mobile device. You can still restore access to your Exodus wallet from another device. There are two ways to do that:
- You can use a standard 12-word passphrase to log in to your account on another device. Please write down or store the passphrase in a secure place.
- You can also use the email restore option. You need a backup link to do this. You will find the backup link in the email sent to you after signing up on Exodus wallet. Click the link, enter your password, and you're ready to go.
What are the Cons of Exodus Wallet?
Users are concerned about these Exodus wallet features:
Exodus wallet is considered less secure because it is a software wallet. This would not come as a surprise to people who are familiar with how things work in crypto. When you rank crypto wallets according to their level of security, hardware wallets and paper wallet are more secure than software wallets.
So, while Exodus offers accessibility as a software-based application, it is not the most secure place to trade.
Alternatively, users can link their wallets with Trezor, a hardware wallet, to secure an asset. Trezor works like an Exodus wallet extension.
Another point of concern is that Exodus wallet does not offer Two Factor Authentication (2FA). Crypto users consider 2FA one of the best cybersecurity options today. The absence of a 2FA feature on the Exodus wallet leaves the wallet vulnerable to keylogging and malware attacks.
Supports one private key
The essence of a multi-signature key is to add an extra layer of security to your crypto wallet. The way it works is that you require three keys to unlock the funds in your wallet. This makes it hard for hackers to steal your assets.
But, Exodus wallet offers only one private key, another downside to the wallet's security.
How to get started on Exodus wallet
If you wish to start trading crypto with Exodus wallet on your desktop or mobile device, this is how to get started:
- Download and install the wallet from the official website.
- Head over to "setting" on the top-right corner of the application to set a password. You will also write down the 12-word recovery phrase you get during the setup.
- Open the application and click the "wallet" tab on the left-hand side of the screen.
- Select any cryptocurrency you want to add to your wallet and click "receive."
- The system will show you a QR code and an address.
- The address is your public wallet address that you sent to people to receive and send crypto.
- You can use the QR code to send crypto to your wallet from another device that has a scanner.
That is how to create an account on Exodus wallet and start sending and receiving crypto.
How to Exchange Cryptocurrency on Exodus wallet
Follow the steps below to exchange cryptocurrency on Exodus wallet.
- Once you log in, click on the crypto exchange option at the top.
- On the left-hand side, select the cryptocurrency you wish to exchange. The list continues to load as you scroll down. You can choose from over a hundred crypto, provided that you enabled them.
- If you have funds stored in the Trezor hardware wallet, you can select and trade funds from it in the drop-down menu above the search bar.
- On the right-hand, select the crypto you want to exchange the funds for.
Once you have selected the assets, you will choose the amount you wish to exchange. There are three options here:
- Select minimum to trade the least amount tradeable
- Selecting half will exchange the average amount
- Selecting maximum will trade the maximum amount your funds allow.
Use these options when you are unsure about the amount to spend buying assets. Otherwise, choose a specific amount.
If you are satisfied with the transaction details shown at the bottom of the exchanger, click "Exchange."
The transaction processes instantly.
Exodus Wallet FAQS
Is Exodus wallet Legit?
Exodus Wallet is a legit crypto exchange platform. It has been functional since 2015 and hosts more than 100 crypto assets in one place. Although Exodus wallet is not as secure as cold storage, since it is an online wallet, connecting a hardware wallet like Trevor to Exodus is more secure and reliable.
Does Exodus charge a fee?
Exodus does not charge a transaction fee. Exodus does not keep any of the transaction fees incurred for withdrawing Bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency, unlike exchange platforms.
Is Exodus wallet any good?
Exodus wallet is ideal for anyone who wants to start trading cryptocurrency without having to understand complicated technical terms. Overall, the Exodus wallet satisfies the security standards required of one of the most popular hot wallets, and the Trezor connection makes it even better. It's also nice to be able to earn interest and bet on coins.
How do I transfer money from Exodus to my bank account?
In Exodus, go to the bottom-left corner and press the portfolio icon. Scroll down until you locate the crypto you want to send and select it. On the left side of your wallet, press the outgoing arrow button. By tapping where it says "Enter amount," you may enter how much you want to send.
Exodus wallet is one of the most accessible crypto wallets to use. It is essentially built for people who are new to cryptocurrency. To start using the Exodus wallet, download the mobile or desktop app, set up your password, and connect it with Trezor for additional security.
Be sure to read more about staking and compound finance on Exodus wallet to earn extra income on your crypto assets.