In just a few years, Exodus has been able to establish itself as one of the most popular desktop cryptocurrency wallets, and its core features are combined with a beginner friendly UI which has resulted in a growing number of cryptocurrency enthusiasts making the multicurrency wallet their go to choice.
The team behind Exodus have striven to produce a wallet that is easy to use, good looking, and appealing to new entrants to the world of digital assets. When using the wallet, the majority of available actions can be performed via straightforward and easy to follow, step-by-step processes, and the clean design makes it difficult for anyone to get lost when transferring or exchanging their funds.
Exodus Overview
Exodus was co-founded by Daniel Castagnoli and JP Richardson, and officially launched in July 2016. Exodus acts as a multi-currency, “hot”, software wallet that allows users to receive, store, and transfer their cryptocurrency holdings.
The wallet is famous for its ease of use and intuitive design, and is also popular due to its wide range of currency support. Exodus currently supports over 100 different digital currencies and portfolio balances can also be displayed in over 30 fiat currencies. Leading cryptocurrencies such as Bitcoin, Bitcoin Cash, Binance Coin, Litecoin, EOS, and Monero are all supported, as well as Ethereum and a range of ERC-20 tokens including Augur, ChainLink, and True USD.
The wallet can also be used on a variety of operating systems with versions available for Windows, Mac, and Linux users and the team have just recently announced the release of their mobile app.
The Exodus desktop client is comprised of three main components which include a multi-currency wallet, a portfolio tracker, and a built-in cryptocurrency exchange. The team have also recently announced integration with the Trezor hardware wallet which allows anyone to use the Exodus interface to view and transfer funds held on their hardware wallet.
Key Features
- Functionality – Exodus provides a high quality user experience, and combines an aesthetically pleasing UI with an intuitive design. The desktop software client contains a wallet, portfolio tracker, and cryptocurrency exchange, and allows users to track their holdings and transactions around the clock, as well as store and exchange a wide range of digital currencies.
- Flexibility – Exodus is available to Windows, Mac, and Linux users, and in addition to its internal integrated features, Exodus also provides an easy to use mobile app that is currently available to iOS users with Android support planned for the future. It also supports over 100 cryptocurrencies including popular currencies such as Bitcoin (BTC), Binance Coin, (BNB), Litecoin (LTC), EOS, and Monero (XMR). Ethereum (ETH) and a host of ERC-20 tokens are also supported.
- Security – As a “hot” wallet, Exodus requires its users to create and use secure passwords, and when first installing the wallet, users are provided with a 12-word recovery seed phrase that is used to restore the wallet in the case of an emergency. The wallet also integrates with a Trezor hardware wallet and doesn’t require any personal information, and users’ private keys and transaction data are encrypted and stored locally on their devices.
- Customer Support – Despite not operating as an exchange, the team provide a good range of support including their resource page which contains an FAQ section and over 100 articles, and their video The status page gives a quick overview of any issues that the team are experiencing, and they can be contacted via email. They also run a Twitter account, Facebook page, and Slack channel.
How to Get Started with Exodus
1) Download the correct version
Head to the official site and click the “Download “button at the top right to select the version compatible with your desktop operating system.
2) Create a secure password and backup
When you first install the wallet you will be prompted to create a secure password, and a long password which makes use of upper and lower case letters, as well as numbers and symbols is a good option. You can also use a password manager or generator to create a secure password. From here you will also be given a 12-word recovery seed phrase that can be used to restore the wallet if you ever run into issues with your computer. This seed phrase should be written down and stored safely offline. You can restore the Exodus wallet whenever necessary by uninstalling it and downloading it again and clicking the “Restore Wallet” option.
3) Personalize your wallet
After installing Exodus, you can choose exactly how you would like it to look by clicking the Settings tab and then selecting a theme. You can also choose which fiat currency your portfolio will be displayed in by clicking on the Localization tab, as well as select which digital assets you would like to be actively shown by clicking on Assets.
4) Transfer cryptos to your wallet
After installing the wallet and selecting an asset, you’ll see that an address has already been created and you can receive a payment by clicking “Wallet” on the left sidebar, and choosing your desired asset. From here, clicking the receive button will show your address (e.g. Bitcoin).
You can transfers funds to yourself using this address or give this Bitcoin address to another person in order to receive a payment. The QR code allows you to quickly send yourself Bitcoin from a mobile device by scanning the code and completing the transfer process. Finally, the four action buttons under the address allow you to copy, print, or email your Bitcoin address, and view it on the blockchain.
How to exchange assets in Exodus
You can exchange around 70 different assets directly from inside the wallet by the following process:
Click on the Exchange tab on the left side of your wallet.
Select your desired assets from the two drop-down menus on the left and right sides of the exchange window.
Next, you can enter the exact amount you would like to exchange or use the All, Half, or Min buttons. After confirming the details, click Exchange, and Exodus as uses live rates, you are given a 3-second window to cancel the exchange before the funds leave your wallet. Once completed, the first asset will be sent from its wallet to be exchanged while the second asset will be delivered to its receiving wallet.
Exchanges can take anyway from a few minutes to over an hour and depend on the state of the host blockchain networks. In the case of a delay, you can use your wallet addresses to check the status of any transfers.
How Secure is Exodus?
The team employ a number of methods to help to maintain the security of their wallet and each user’s private keys are generated and encrypted locally and stored on their computer or mobile device. These keys remain in the user’s control and are never stored in a cloud; and they can be accessed from the Settings tab if necessary. The backup system backs up encrypted metadata or transaction data, and this data remains secure and can only be accessed by your password, therefore only the user can read and use their own data.
Also, if you lose access to your computer or need to reinstall your wallet you’re provided with a 12-word seed phrase when you create an account. This allows you to recover your assets and regain access to your account, and acts as the fall back safety method when you forget your password or experience serious issues with your computer.
These features have helped Exodus to maintain an overall positive reputation, and despite this, there are some disadvantages to the approach taken by the team. Firstly, the Exodus wallet is a hot wallet, and works via an internet connection, meaning that it isn’t as secure as a cold, hardware wallet.
In addition, it is not 100% open-source, meaning it requires a higher degree of trust although both co-founders have made a number of repositories publicly available on Github. There is also no room for two-factor authentication (2FA) when using the wallet and user funds are only protected by a password. As a result, when using a hot wallet it’s important to remember that the wallet is only as the secure as the computer it is running on.
In order to overcome these issues, Exodus has partnered with the Trezor wallet which allows anyone to connect the two and use the Exodus interface to view and transfer funds held securely on their hardware device.
Does Exodus Charge Fees?
Asset transfers made using Exodus incur fees in line with each blockchain network’s transaction and/or miner fees. These fees go to the network, and Exodus does not mark up any network fees with 100% of revenues being paid to the digital asset network. Exodus doesn’t derive any revenue from network transaction fees, and it’s important to remember that Exodus calculates and sets fees automatically.
This method of calculation sometimes leads to high exchange fees, and Exodus does generate revenue from the spread on asset exchanges with typical spreads ranging between 2% – 5%, although the exact amount and rate applied to your exchange will be listed on the exchange section of the wallet.
In any market, low numbers of buyers and sellers result in higher spreads, and popular market pairs such as Bitcoin and Ethereum are more liquid and have lower spreads. Exodus currently supports over 100 different cryptocurrencies with users being able to exchange around 70 digital assets directly inside the wallet.
Is Exodus Suitable for Beginners?
The Exodus wallet has been designed with new users very much in mind, and setting up the wallet is quite a straightforward process. Exodus operates as a light node which does away with the need to locally download a currency’s entire blockchain as it simply requests the relevant data from full nodes.
Furthermore, navigating the wallet addresses, portfolio, and exchange are extremely simple when compared to other competing wallets. The dashboard is also well designed, and users can keep up with market trends, and changes in their portfolio composition and coin metrics from inside the wallet.
Security is also well handled as private keys are encrypted and stored locally, and most users will never have to play around with their private keys. Furthermore, for anyone interested in learning more about Exodus and blockchain technology in general the website contains video resources and educational articles, while the support site contains a wide variety of articles as well as an FAQ section.
The support team is also available via email or live chat in their Slack channel with team members available to resolve any issues around the clock. The team also regularly announce any planned updates or developments as well as any issues they may be dealing with, and this helps to reduce any potential anxiety new users may experience if they encounter any problems related to network issues.
Despite its simplicity, it’s important to remember that Exodus is primarily a hot software wallet and should only be used for small to medium amounts. Anyone looking to store more significant amounts should make use of a hardware wallet, and fans of the Exodus UI can now integrate the wallet with a Trezor to get the best of both worlds.
Pros:
- Multi Currency Support
- User Friendly Design
- Constant Software & Development Updates
- Available for Mac, Windows & Linux
- Trezor Hardware Wallet Integration
Cons:
- High Exchange Fees
- Must Reuse the Same Addresses
- No 2FA Available
Conclusion
Exodus has a lot going for it, and remains one of the most impressive services on offer in the cryptocurrency sector. Its core features and clean, modern design have brought the wallet a significant user base, and the team continue to innovate and improve on its functionalities.
The wallet currently incorporates a slick dashboard with live charts, alongside a currency exchange, and multi-coin storage support. The team also provide top class customer support, constant updates, and educational resources that go a long way in helping to maintain the positive sentiment that surrounds the project.
However, the wallet may still not be for everyone, and due to the multicurrency nature of the wallet, users are not able to generate new addresses and must continuously use the same Bitcoin or Ethereum addresses for example.
Obtaining a new address requires the uninstalling and reinstalling of Exodus (after transferring out your funds) and as a result, the wallet may not be suitable for staunch privacy advocates. In addition, while Exodus stores coins such as Dash and Zcash which can be transferred anonymously, transfers made via Exodus remain public.
Also, fans of top 25 coins such as Cardano (ADA), and Iota (MIOTA) may be disappointed as they are still not supported. Most importantly, Exodus is a hot wallet and remains connected to the internet, therefore, to guarantee safety, users must make use of common sense and ensure that their laptops and devices are as clean and safe as possible. Exodus is best suited to storing moderate amounts, and is a solid choice for anyone looking for an easy to use desktop wallet.
Anyone looking to store more significant amounts should choose a hardware wallet, and when using a Trezor simply integrate it with Exodus to get the best of both worlds.
Exodus Wallet
Pros
- Multi Currency Support
- User Friendly Design
- Constant Software & Development Updates
- Available for Mac, Windows & Linux
- Trezor Hardware Wallet Integration
Cons
- High Exchange Fees
- Must Reuse the Same Addresses
- No 2FA Available
2 Comments
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