JP Richardson and Daniel Castagnoli co-founded Exodus Wallet in 2015 to try and get rid of the geekiness related to cryptocurrencies. They focussed on creating a beautiful user interface so that trading digital assets would be seamless.
Exodus offers free desktop and mobile versions of their cryptocurrency wallet in addition to supporting Trezor One and Trezor Model T hardware wallets. Exodus Wallet is one of the few software wallets that supports hardware wallets, and its built-in exchange has earned the hearts of many in the cryptocurrency industry. Using our review, you can decide if Exodus Wallet is the best option for you.
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What Is Exodus?
Exodus Movement INC was founded by JP Richardson and Daniel Castagnoli. in 2015 for the secure storage of digital coins. More than 100 cryptocurrencies are supported by the multi-currency wallet. The Exodus mobile app is now accessible on both the Android and iOS platforms in addition to the original desktop version.
Exodus is the best wallet for most mainstream cryptocurrency aficionados who want a safe, easy-to-use wallet with a beautiful design that offers a lot of features and capabilities. It was created with an easy-to-use UI that is perfect for first-time users but strong and secure enough for seasoned crypto users. It’s also a wonderful alternative for consumers who hold a variety of well-known coins because it supports over 145 different cryptocurrencies—and more are being added all the time.
Numerous alternative currencies, including Bitcoin, are supported by the wallet. Without requiring registration, the wallet can be used to exchange cryptocurrencies. Exodus uses Simplified Payment Verification as a lightweight wallet, but it’s important to note this.
This suggests that it uses multiple servers instead of downloading the entire blockchains to track wallet balances. There are additional crucial details about the Exodus wallet and how to exchange cryptocurrencies. Let’s begin with a thorough review of the Exodus wallet!
Is It Safe To Use Exodus?
Exodus uses hot storage, which is ordinarily thought to be less secure than cold storage. However, this does not necessarily imply that Exodus is not secure. Your wallet would be safe even if Exodus itself were to become hacked. The business doesn’t keep any information that could be used to steal your money. Users can easily create their own wallets thanks to Exodus’ approach to security. Exodus offers the option for offline coin storage through its partnership with Trezor, which provides an additional layer of security.
The majority of the burden for keeping your funds safe with Exodus rests with you. When installing and using Exodus on a hot device, the security of the wallet is only as good as the device. Digital wallet integrity is at risk when installed on compromised or maliciously altered computers. Exodus makes your wallet as secure as you do, for better or worse.
Pros And Cons Of Exodus Wallet
- One-click crypto exchanges any time
- Eye-catching Design Language
- Highly Intuitive
- Easy to use interface
- Free to download with no registration required
- Hardware wallet support (Trezor One and Trezor Model T)
- Built-in Exchange
- Mobile app supports less cryptocurrencies
- Network Fees Are Not Fixed
- Doesn’t support cryptocurrency to fiat transactions in-wallet
How Exodus Makes Money
Exodus wallet can be downloaded for free to desktop or mobile devices even though it is not open source software. Exodus does not charge a fee to send, receive, or store cryptocurrency assets; however, if you choose to use the built-in exchange option, a small spread fee will be added to the coin exchange rate. When you are performing the exchange, the precise amount will be shown on the exchange section.
These spreads could alter because of the shifting amounts of liquidity in marketplaces. For example, you are likely to receive spreads that are significantly lower while trading lower market cap cryptocurrencies among one another than when trading BTC / ETH. Users should also be informed that in addition to the spread, there will be a network fee, which will be paid to the network’s miners and validators in order for them to process and validate the transactions. The network fee is not paid or received by Exodus.
I appreciate how open and honest they are about these spreads and network fees at the time of purchase. In addition, they claim that they use the spread’s fees to maintain the wallet’s security and keep it growing by continuously incorporating new features, support, and functionality. If this is where the fees are actually going, it is probably the best use of the money.
Exodus Supported Coins
Despite not being listed as supported, you can store any ERC-20 token in the Exodus. One drawback of this is that your Exodus wallet is unable to display the balance of these ERC-20 coins that are not supported. Instead, in order to transact with it, you will need to view the balances using an Ethereum blockchain explorer and possibly import your private keys into a wallet that does support the asset.
Several of the well-known names are as follows:
- Bitcoin Cash
Before sending money to your Exodus wallet, you should check to see if your asset is supported on their Status Page, where you can also view a complete list of the coins they support. Before engaging in any crypto transactions, it’s a good idea to check the status page to see if there have been any updates regarding network or asset problems.
Security & Customer Support
Exodus is renowned for providing a highly secure product with a variety of potent security features.
The user-generated password acts as the first layer of security for Exodus Wallet. Once the wallet is configured, this password is necessary to access it, confirm transactions, and view private keys.
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. When conducting a transaction, all data sent from the user’s device or stored there is completely encrypted. Transparency is ensured by Exodus not knowing about or having access to your cryptocurrency.
You should carefully consider creating a 12-word backup seed phrase, which is a requirement for the majority of cryptocurrency wallets. If you forget your 12-word backup seed phrase, you will not be able to recover your crypto if the Exodus program is deleted, the device on which it is installed is lost, or the device itself is destroyed.
Last but not least, Exodus is famous for having a knowledgeable customer care team that will answer your questions promptly. Exodus is more accommodating because they have a larger customer service team than the bulk of cryptocurrency wallet providers.
On the downside, downloading phony Exodus wallets from the Google Play Store has led to the fraud of a number of people. Even though Exodus is not at fault, you should use extreme caution when downloading the software. Check to make sure you are downloading from the right location, and keep in mind that Exodus will never ask for your 12-word backup seed phrase.
Exodus does not impose any fees on customers who use its services. On various blockchain networks, transactions are, however, always subject to fees. Depending on how many transactions are being made at a particular moment, these fees may change. Fees will be higher when many users are attempting to complete transactions on the same blockchain. Exodus does not get paid for these fees in any way.
Crypto investors commonly select The Exodus Wallet to handle all aspects of their asset management. Due to its regular product upgrades, app extensions to exchange and stake cryptocurrency, and access to NFT marketplaces, Exodus Wallet is a great solution for both inexperienced and experienced cryptocurrency investors.