In this guide, we’ll look into the Exodus wallet, which is one of the most popular and user-friendly software wallets. In this Exodus wallet review, we’ll go over everything you need to know about this popular wallet, including how to get started with it, what coins you can store on it, what security features are available, and a full list of its benefits and drawbacks.
By the time you’ve finished reading our Exodus review, you’ll be ready to download and install Exodus and use it to transfer and receive various cryptocurrencies through the wallet. You’ll also learn how to use the wallet’s built-in exchange features, how to back up your wallet, and which use cases Exodus is best for.
Exodus is a multi-cryptocurrency wallet with an intuitive user interface that was released in 2016. It is one of the newest wallets on the market for keeping coins, and it allows you to access and transfer your bitcoin funds.
What is Exodus wallet
Exodus is a multi-currency wallet that can store more than a hundred different cryptocurrencies. The crypto wallet was previously only available on the desktop, but it is now also available on iOS and Android devices.
Exodus stands itself from other wallets by focusing on those who have never used cryptocurrencies before. It features a user-friendly interface, and its creators have spent a lot of time and effort improving it to make it more intuitive.
Support for a variety of altcoins, as well as Bitcoin, is one of Exodus’ most popular features. You can also use the wallet to exchange cryptocurrency for cryptocurrency without having to register.
Exodus is a light wallet that uses Simplified Payment Verification, which means it doesn’t download entire blockchains and instead relies on a network of computers to keep track of wallet balances.
How Does Exodus Work?
The Exodus platform’s main goal is to make digital coin access, management, and use as simple as possible.
To describe how the wallet works, you must first grasp the following three components:
Exodus, like all other cryptocurrency wallets, works with a set of codes that help users manage and link their crypto assets across different blockchains. Rather than cryptography, it holds a set of three codes: primary keys, seed phrase, and public address.
Primary keys provide access to the crypto currency stored in blockchains, whereas a public key serves as the wallet’s address. The seed phrase, on the other hand, is a recovery phrase code that can be used to regenerate private keys if they are lost.
Following each of your coins in a multi-asset wallet like Exodus can be a Herculean chore, especially if you’re executing many transactions.
The portfolio is particularly useful whether you want to buy new coins or participate in initial coin offers (ICO) because it shows the current value of the coins in the market. You may also use the portfolio to predict when a particular coin’s value will rise or fall, allowing you to take a position in the crypto market.
Integrated With ShapeShift –
Exodus and ShapeShift have teamed up to create a one-of-a-kind value proposition. ShapeShift is praised for its trading, security, and privacy features, making it one of the top crypto exchanges. Exodus customers may trade on this crypto exchange with increased speed and anonymity directly from their Exodus wallet.
Features of Exodus Wallet
A couple of the features covered in this Exodus wallet review are as follows: –
- Exodus Wallet may be downloaded for free and there is no need to register. It features a one-click, user-friendly interface, private keys, hardware wallet compatibility, round-the-clock customer service, and convenient transaction data storage.
- Exodus supports the Trezor Model T and Trezor One hardware wallets for storing coins.
- The design is attractive to the eye, and you can easily trade bitcoin tokens with only one click. This provides a high level of protection and privacy.
How to set up exodus wallet
To make use of the Exodus platform’s functionality, you must first create a wallet.
- Visit the Exodus official website and select your platform to download the app (Mac, Windows, or Linux).
- To successfully install the wallet, follow the screen prompts.
- Open it once it’s been installed and go to the “wallet tab” on the left side of the platform. You are now prepared to use the wallet.
- To add a crypto asset to your wallet, go to “Wallet” and then “Receive” to get a QR code (public address) that you may provide to those who want to send you money.
Exodus Wallet cryptocurrencies
Exodus offers a wide range of cryptocurrency assets, which is why multi-currency compatibility is one of the wallet’s strongest features. Its development team is constantly adding support for new cryptocurrencies, and it already supports the majority of the most popular ones.
All a user has to do is transfer their ERC20 token to the Ethereum Exodus address, and their token will be held there.
The main drawback is that you can’t see the balances of ERC20 tokens that aren’t supported in the Exodus wallet. Users will need to use an Ethereum blockchain to check their token HODL.
Exodus Wallet Fees
The Exodus wallet’s design allows users to automatically determine the charge for conducting network transactions. The cost for each network varies substantially because it supports numerous coins.
Exodus, on the other hand, has a higher fee structure than other wallets because it is meant to send transactions as quickly as feasible rather than as inexpensively as possible.
What you gain in terms of speed, you lose in terms of cost. That is why, in comparison to Exodus, we recommend eToro (you can read our eToro review here), which is far more economical and has more controlled fees.
Exodus also calculates mining costs using a dynamic pricing methodology that aims to get the transaction into the next block as soon as possible, i.e. it prioritizes speedy transaction confirmations.
Other wallets should be used by users who want to manually adjust the fees for each transaction.
Exodus Wallet Price
This wallet is accessible in both desktop and mobile versions, both of which are free to download. The desktop version is available for PCs running Windows, Mac OS, and Linux.
It’s available on the official website. The mobile wallet, on the other hand, is available on the Google Playstore and the Apple App Store for Android and iOS devices, respectively.
How secure is Exodus as a crypto wallet?
The Exodus wallet is a safe and secure cryptocurrency wallet, but it’s only as safe as the machine it’s installed on and the security precautions you employ.
You must download the Exodus wallet on a secure computer with a competent anti-virus and anti-malware program in order to use it safely.
Users should avoid downloading potentially infected files and check that their network security settings are up to date.
A safe password is the only security mechanism for accessing your Exodus wallet. The only way to secure the Exodus wallet is for users to create a unique password that is difficult to guess.
Exodus does not allow multi-signature wallets or two-factor authentication. As a result, the Exodus wallet is less secure than many of its competitors. Furthermore, because the code is not entirely open source, the Exodus wallet may have a single point of failure.
Large sums of cryptocurrency should not be stored in the Exodus wallet due to these security issues. While there are certain security flaws in the Exodus wallet, it is still safer and more secure than internet wallets.
Exodus users have complete control over their private keys, which are generated locally and are only visible to you.
How to transfer coins to Exodus wallet?
The following is a step-by-step guide to completing each of the three types of transactions.
How to Receive coins on Exodus
- When you first start using the Exodus wallet, you’ll need to load it up with coins to store them safely and send them to other wallets.
- To get started, launch the app and select the ‘Wallet’ menu.
Click “receive” on the cryptocoin you want to receive in your wallet.
- A wallet address will be displayed alongside a QR code. Share it with someone you wish to send money to, or copy and paste it into another wallet you have.
How to Send coins on Exodus
- Select the ‘Wallet’ tab.
- Choose a cryptocurrency from the drop-down menu.
- Select ‘send.’
- To send money, paste the wallet address or scan a QR code.
- Put the amount of money you want to send in the box provided.
- Click the ‘send’ button.
How Exodus Makes Money
Despite the fact that the Exodus wallet is not open source, it is still free to download and use on your PC. If you utilize the built-in exchange option, however, you will be charged a tiny spread on the coin exchange rate.
Most crypto pairs will have spreads ranging from 2-4 percent, however the precise amount will be mentioned in the exchange area when you perform the trade.
Because different markets have differing levels of liquidity, these spreads may fluctuate. When exchanging lower market cap altcoins among each other, for example, you are likely to acquire considerably lower spreads on BTC / ETH.
I appreciate how open and honest they are about these spreads right at the point of purchase.
Furthermore, they claim that they would like to use the fees generated by the spread to fund the wallet’s development. If this is where the fees are going, it is most likely the greatest way to spend them.
Exodus Wallet review,pros and cons:
- It offers a number of security features, including an email and an offline wallet backup.
- It’s a multi-platform wallet that works with a variety of PC and smartphone operating systems.
- It’s simple to view your portfolio on the go thanks to the desktop/mobile app connection.
- The program is highly customisable and simple to use, making it ideal for beginners.
- Its compatibility with hardware wallets provides an added layer of security.
- Their transaction costs may appear to be relatively hefty.
- The wallet does not allow two-factor authentication, which is more secure.
- Transactions from crypto to fiat are not supported.
To sum up the Exodus Wallet review, the Exodus wallet is one of the most popular hot wallets, especially among novices. It is the finest cryptocurrency wallet because the appealing design of the straightforward interface allows users (who own wallets) to send, sell, and purchase cryptocurrencies in tiny amounts without requiring a lengthy process.
Exodus has a minor advantage for expert crypto users, mostly because custom fees are currently limited to Bitcoin and, more crucially, since the platform prioritizes user experience over security.
For people who wish to keep a lot of money in their wallet, this makes it less secure.
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