Connect with us

Crypto

Exodus Wallet Review – Is This The Best Software Wallet?

Published

on

exodus wallet review

One of the most important tools any crypto trader should always have is a good cryptocurrency wallet. No matter which platform you are using to trade or invest, a crypto wallet should be part of your arsenal.

While platforms like Binance, Coinbase, and BlockFi will provide you with a hot wallet, it is recommended that you have another wallet.

The reason for this is simple: The centralized nature of these crypto platforms makes them highly attractive to hackers and propense to mismanagement. The whole idea behind cryptocurrency is decentralization and while centralized exchanges might be useful, they go against this principle.

It is not surprising that until February of 2020, more than $292 million worth of crypto had been stolen from centralized platforms. Add the more than 500 thousand logins that were stolen, and you got a recipe for disaster.

Don’t get us wrong, centralized platforms are an essential element of the crypto ecosystem. Not only do they allow investors to trade fiat into crypto, but they also bring legitimacy to the space. However, it is important to minimize the risk by using their crypto wallets only when actively trading.

We have reviewed several crypto exchanges in the past. Now, it is time to take a look at some of the best cryptocurrency wallets you can add to your toolbox. While many underestimate the potential of a good wallet, we hope you won’t be one of them once you are done with this Exodus Wallet review.

What Is Exodus?

Exodus is the company behind Exodus Wallet, one of the most popular crypto wallets in the cryptocurrency world. The company was founded with the aim to make crypto accessible to anyone by facilitating its adoption and use. Ever since, Exodus has worked toward removing the technical barriers preventing new traders to experiment with crypto.

Since 2015, the year when it was founded by JP Richardson and Daniel Castagnoli. Exodus has seen exponential growth. The company has released more than 200 wallets across its desktop, mobile, and hardware platforms. With support for over 100 cryptocurrencies, Exodus tries to keep up with the growing crypto market by releasing new updates every two weeks.

This focus on continued growth and updates has allowed Exodus Wallet to keep its role as one of the leading wallets. The company recently published its report for the second quarter of 2020, which reflects this popularity. The report shows that the wallet had over 832 thousand active users by June, processing more than $1.6 billion in crypto volume.

Numbers and history are great, but the question has to be asked. Is Exodus Wallet all it promises to be? Well, keep reading this Exodus wallet review to find out!

Exodus Wallet Overview

Exodus is a household name in the world of cryptocurrency. The wallet is widely known for its incredible multi-currency support, sleek design, ease of use, great security, and being free to use. Boosted by its constant updates, the wallet has been able to keep up with the evolving crypto landscape, adapting to its users’ needs.

Unlike other wallets, Exodus does not limit itself to being a tool for the storage of crypto, although this is its main use. This crypto wallet aims to be a tool that improves your trading experience by providing you with useful insights, built-in crypto exchange, support for multiple platforms, dApp explorer, and more.

When using Exodus, you will be able to gain access to your crypto via its desktop and mobile app, as well as from your Trezor hardware wallet. This is great for any crypto investor, as it means no matter what platform you are on, you can always react to the latest market movements.

Each of the platforms offers different features and is automatically linked with each other, providing you with an integrated ecosystem.

While other crypto wallets make use of a native token to charge fees and provide other services, Exodus doesn’t have its own coin. This might be positive or negative depending on your point of view, but it certainly results in increased ease of use.

How Does Exodus Wallet Work?

Getting started with Exodus Wallet is a process that every crypto trader can follow independently of their experience. Choosing the platform(s) you want to use Exodus with, downloading and installing the app, setting it up, and finally using it, are all super simple processes to do.

As we said before, Exodus has a Desktop (Windows, macOS, and Linux), Mobile (Android and iOS), and Hardware Wallet (Trezor) version. While the process might slightly differ when it comes to downloading and installing the software, it will be just like installing any other app on your preferred platform. From there, the process is basically the same for all platforms.

Unlike other wallets that have you backup your seed phrase before being able to use it, Exodus allows you to try it first. This is great, as you can decide if Exodus is a good fit for you before going through the process of setting it up.

If you decide Exodus is the right fit for you, you will then need to go to the “Backup” menu, create a password, safely store your seed phrase, and start using it.

Receiving or sending crypto is a pretty straightforward deal with Exodus. Just click on the “Receive” or “Send” button. If you are sending, you will need to paste the destination address, choose a coin, and decide the amount followed by pressing “send”.

If you are receiving, you will need to choose the currency you want to receive, copy the address you will be shown, and share it with the sender. As easy as that!

What Cryptocurrencies Does Exodus Wallet Support?

When it comes to supporting coins, Exodus has nothing to envy other wallets.

At this time, the wallet offers support for 148 crypto assets. It is important to note that this number is always expanding as the team is constantly reviewing requests.

If an asset has excellent documentation, specialized AP servers, good market cap and trading volume, and is deemed to be legit, the asset is likely to be added to the wallet.

The wallet is currently supporting the following cryptocurrencies:

Bitcoin (BTC)Ethereum (ETH)Tether (USDT)Cardano (ADA)Binance Coin (BNB)
XRP (XRP)Solana (SOL)USD Coin (USDC)Polkadot (DOT)Dogecoin (DOGE)
Uniswap (UNI)Binance USD (BUSD)Litecoin (LTC)Chainlink (LINK)Bitcoin Cash (BCH)
Algorand (ALGO)Wrapped Bitcoin (WBTC)Filecoin (FIL)Cosmos (ATOM)Polygon (MATIC)
FTX Token (FTT)Stellar Lumens (XLM)Tron (TRX)Sai (SAI)Dai (DAI)
Ethereum Classic (ETC)VeChain (VET)Theta (THETA)Tezos (XTZ)PancakeSwap (CAKE)
Monero (XMR)Shiba Inu (SHIB)Crypto.com Coin (CRO)EOS (EOS)Aave (AAVE)
Quant (QNT)The Graph (GRT)Hedera Hashgraph (HBAR)Neo (NEO)Unus Sed Leo (LEO)
Bitcoin SV (BSV)Waves (WAVES)Maker (MKR)BitTorrent (BTT)Huobi (HT)
Compound (COMP)Amp (AMP)Dash (DASH)Chiliz (CHZ)Decred (DCR)
Revain (REV)OMG Network (OMG)Zcash (ZEC)Holo (HOT)TrueUSD (TUSD)
Theta Fuel (TFUEL)NEM (XEM)SushiSwap (SUSHI)Synthetix (SNX)Decentraland (MANA)
Enjin Coin (ENJ)ICON (ICX)Yearn Finance (YFI)Zilliqa (ZIL)Ontology Gas (ONG)
Qtum (QTUM)Curve DAO (CRV)Basic Attention Token (BAT)Bitcoin Gold (BTG)Ravencoin (RVN)
Paxos (PAX)Bancor (BNT)Ren (REN)0x (ZRX)Ontology (ONT)
Voyager (VGX)DigiByte (DGB)UMA (UMA)Nano (NANO)Golem (GNT)
Golem (GLM)1inch (1INCH)Numeraire (NMR)Serum (SRM)Lisk (LSK)
Dent (DENT)Polymath Network (POLY)Storj (STORJ)Gnosis (GNO)VeThor (VTHO)
PAX Gold (PAXG)Status (SNT)Civic (CVC)StormX (STMX)IExec RLC (RLC)
Kyber (KNC)Augur (REP)Ark (ARK)FunFair (FUN)Metal (MTL)
Aragon (ANT)Melonport (MLN)Request (REQ)Dentacoin (DCN)Gemini Dollar (GUSD)
Balancer (BAL)Power Ledger (POWR)Crypto.com (MCO)Loom (LOOM)District0x (DNT)
Matchpool (GUP)NEO Gas (GAS)Populous (PPT)Dragonchain (DRGN)DigixDAO (DGD)
Veritaseum (VERI)AirSwap (AST)Raiden (RDN)Quantstamp (QSP)Cindicator (CND)
Qash (QASH)Salt (SALT)Shapeshift FOX (FOX)Ambrosus (AMB)Appcoins (APPC)
Genesis Vision (GVT)Ripio (RCN)Bread (BRD)BnkToTheFuture (BFT)Santiment (SAN)
Time New (Bank (TNB)TenX (PAY)Pillar (PLR)Viberate (VIB)MediShares (MDS)
Wings (WINGS)Breaker (SNGLS)Edgeless (EDG)WeTrust (TRST)Lunyr (LUN)
Rivetz (RVT)AdToken (ADT)Compound Dai (CDAI)Storm (STORM)Po.et (POE)
TaaS (TAAS)FirstBlood (1ST)SportX (SX)

As you can see, Exodus supports the most popular cryptocurrencies and some you might not have heard of. If you are a gem hunter regularly looking for projects that just launched or are only available on Decentralized Exchanges… You might need another wallet in addition to Exodus (or just a different one altogether).

Does Exodus Wallet Charges Fees?

Let’s talk about money, the reason why most people are interested in crypto if not for the technology. Exodus wallet is technically free as you won’t need to pay for the software or to create a wallet. However, this doesn’t mean there are no fees involved.

Before you run away, let us explain how these fees work. When sending or receiving money, Exodus will charge you a transaction fee that is determined by the network (Bitcoin, Ethereum, Binance Smart Chain, etc).

These fees are charged by the network instead of Exodus, which means that no matter which wallet you use… You will have to pay them when transacting. Other than these network fees, Exodus doesn’t charge any fees for transacting with crypto nor keep part of the network fee.

You might now be wondering how Exodus makes money as a company if it doesn’t charge fees. Well, the answer is that Exodus Wallet does charge fees, it just doesn’t when sending or receiving money. The only fees that Exodus wallet keeps are the ones charged when you use their exchange service.

These exchange fees will vary depending on market conditions and the currency you want to trade. However, they will typically be within the 1-4% range. While this might look high for many, you need to keep in mind that you will not be transferring your cryptocurrency to another wallet, trading, and back, which would be the process with most other wallets.

As such, the process is not only simpler, but it also results in you not paying fees you would be charged otherwise.

While this fee structure might sound troublesome, you need to remember: These fees are for trading using Exodus’ exchange. If you don’t trade there, you will not be charged fees. It is a matter of choice!

Does Exodus Offer Good Customer Support?

Exodus offers 24/7 customer service via email, Facebook, and Twitter. This service is easily accessible from within the mobile and desktop platforms, which will result in them contacting you via email.

The company gives a lot of importance to customer satisfaction, which is reflected by the quick response times the wallet manages.

The customer support team at Exodus Wallet is extremely efficient and helpful, an aspect that has set the wallet apart from the competition. While response times will vary depending on the demand, you are sure to get fast response times if needed.

As a wallet that is constantly being updated, Exodus is extremely stable and reliable. Combine this with the extensive knowledge base the service has amassed over the years, and it is unlikely you will ever need support. If you have a question, you will find that most of the time you will have an article, video, or other resources that will provide you with an answer.

While you might find negative reviews when looking online, you will see that most complaints are about high transaction fees. As we explained previously, these fees are charged by the network running the currency, not by Exodus itself. This means that with Ethereum still trying to solve the high gas prices, people tend to mistakenly attribute such high fees to the wallet.

Another complaint that is not uncommon to see about Exodus (and other wallets, for that matter), is a “lack of help” recovering lost wallets.

As we have pointed out in other articles explaining crypto, a wallet’s private keys need to be owned only by its user in order to be secure. This means that there is only so much such services can do to help recover lost passwords.

Always remember to keep your seed phrase in a safe place, as it is your only way to recover your wallet for certain!

Is worth saying that this Exodus Wallet review is not intended to be a defense of Exodus. However, we feel it is necessary to make these clarifications in order to be completely neutral. If you have read other of our wallet reviews, you will see these misconceptions are not uncommon.

What Other Features Does Exodus Wallet Have?

As we said at the start of this Exodus Wallet review, Exodus aims to be more than just another wallet. Sure, it has support for multiple currencies, great customer support, great design, and high security… But there is no reason why a wallet couldn’t provide more features, right?

Well, if you agree, you are in luck. Exodus might not be a crypto platform like Binance, BlockFi, or other similar exchanges (and it doesn’t aim to), but it offers great tools to elevate your game.

One of the most popular features is “Exodus Apps”, which allows Exodus users to discover new uses for their cryptocurrency. No matter if you are interested in crypto gaming or generating interest, this feature covers several categories and includes popular platforms like Compound Finance.

In addition to the use of the standard 12-word seed phrase most wallets use, Exodus also provides another backup option: Using your email address.

We are not necessarily fans of this feature as it results in lower security… After all, your crypto might be stolen if your email address is compromised. But it can be a decent option if you have good security practices and use a reputable email provider.

We also have the Exodus exchange, which allows you to trade cryptocurrency without leaving the app or transferring your crypto. This feature results in quick and easy trading, which can be convenient for new investors.

However, it is important to remind you that fees will apply, and you should consider them as well as the fact that prices might be less convenient than those offered by major exchanges. Make sure to put everything in the balance if you are looking to squeeze every penny!

Is Exodus Wallet Secure?

We have discussed several topics in this Exodus Wallet review but we are still missing one of the most important aspects to consider when choosing a crypto wallet: Security

The quick answer to the question “Is Exodus wallet secure?” is “Yes”. However, there are several factors to consider when looking at this answer in more detail. As we said before, Exodus wallet is one of the easiest to use crypto wallets out there as it aims to facilitate access to crypto. Although, this approach has its drawbacks…

Consider the email recovery feature: By itself, this feature is not “secure” or “insecure” as it depends on the security practices of the user.

You could argue that the feature itself reduces the security of the wallet by adding points of failure to it. This is one of the trade-offs that come with ease of use, unfortunately, which is one of the reasons why this feature isn’t recommended for new users.

Exodus doesn’t support security practices like 2-Factor Authentication (2FA) beyond the use of a hardware wallet. This means you can’t use your favorite authentication app to increase the security of your wallet.

The wallet claims that this is to keep the decentralization of the wallet and your control over your funds in case you lose access to your 2fa for some reason… Which can technically be true but is debatable.

A novel feature added by Exodus wallet was “Lock Wallet”. This function ensures your wallet is locked on your devices after a certain amount of time has passed (E.g. 5,10,15 minutes). While this might not look as much, it can be a lifesaver if your device is breached or stolen, as it will require your password to be unlocked. While this feature looks like common sense, not all crypto wallets offer it.

That being said, Exodus wallet by itself is a pretty secure wallet that everyone can use.

Ever since being founded, Exodus as a company has never been hacked. Even if they were to be hacked as a company, hackers won’t have access to your private keys as these are stored locally. This is what sets a wallet service like Exodus apart from cryptocurrency exchanges’ wallets!

Conclusion

As you can see from this Exodus Wallet review, this is one of the most popular wallets in the crypto space for a reason.

Not only is Exodus wallet intuitive and easy to use but it also offers a variety of features that make it great for traders looking for convenience. While the wallet doesn’t shine in terms of security, it is well above average in that regard.

The fact that the wallet is completely free to use, has multiplatform support, and allows you to interact with so many cryptocurrencies is a big pro. The integrated dApp explorer is also a great way to improve your crypto game and learn more about the ecosystem.

If you are an experienced trader looking for top-notch security and more advanced features like network management… Exodus wallet might not be for you.

However, this wallet should offer more than enough features for most crypto traders, so we really recommend you consider using it. Remember, you can see what the Exodus wallet has to offer before setting it up!

Click to comment

Leave a Reply

Your email address will not be published.

SUBSCRIBE TO OUR
MAILING LIST
Get the news right in your inbox




Advertisement

Trending