Exodus Wallet Review: Features, Pros And Cons
Are you in the market for a secure cryptocurrency wallet? If you are, you should take a moment and read our Exodus wallet review. This high-quality crypto wallet supports a wide variety of digital coins and tokens, frequently updates its software, and provides an intuitive and easy-to-use interface that’s perfect for both novice and advanced cryptocurrency users.
If you are new to cryptocurrencies and need a good wallet to store your digital coins, check out this entire Exodus wallet review.
I’m going to go over the history of Exodus, its features, and what’s good and bad about the wallet itself.
Created by Daniel Castagnoli and JP Richardson, Exodus is a desktop software wallet that offers users a way to store various cryptocurrencies.
It doesn’t hurt that the company’s CTO, JP Richardson, has plenty of experience with blockchain technology.
He has written and published hundreds of open-source libraries, so it’s safe to say he knows what he’s doing.
His partner, Castagnoli, serves as the CCO (Chief Creative Officer), which makes sense given his background in animation.
Castagnoli brings experience from brands like Apple and Disney to the table, which has helped with the design, user interface, and appeal of the Exodus desktop wallet.
Exodus has made a name for itself in a very competitive niche market within the crypto industry. Its strategy is to outdo its rivals by providing better value and quality while offering top-of-the-line customer service. Additionally, Exodus strives to provide new assets as soon as they are released to the market.
Has Exodus wallet been hacked?
To date, Exodus wallet itself has not been hacked, but the platform takes additional steps to protect your digital assets.
For example, the company cannot access your personal crypto or your wallet.
And, unlike other custodial wallets – such as Binance and Coinbase – Exodus does not store your private keys on its platform.
Instead, Exodus encrypts your private keys and stores them locally on your smartphone or laptop.
Your private keys are used for logging you into your crypto account. Think of it as your bank account login info.
If anyone else has access to it, they’ll have access to all your banking information. The same goes for your private keys.
So, if Exodus were ever breached, the hackers wouldn’t have a way to take your funds without your private keys.
Since these are stored on your local device, your assets are protected against any such breach.
To ensure the wallet has all the latest security features possible, Exodus releases a new update every two weeks.
These updates fix bugs and patch vulnerabilities within the software.
If there’s an update available, the wallet will tell you as soon as you launch the software. Just click on update and let Exodus take care of the rest.
There is no shortage of features when it comes to the Exodus wallet.
Here are the features you’ll experience when you sign up for this high-quality cryptocurrency wallet.
Hundreds of supported currencies
When the wallet first launched, Exodus only supported a handful of crypto coins and tokens.
However, just a few short years later and there are hundreds of cryptocurrencies available, with more being added on a regular basis.
One of the most important features Exodus has going for it is its multicurrency support.
As a matter of fact, if you own an ERC-20 token, you can store it in Exodus.
This is true even if the wallet doesn’t support the coin yet.
You won’t be able to see the balance of your token, but at the very least, you’ll know where it is.
If you do need to know the balance, you can use an Ethereum blockchain explorer to view it.
If you want to see a complete list of all the tokens and coins Exodus supports, check out the wallet’s website.
To get an idea of which supported cryptocurrencies you can store on your Exodus wallet, here is a short list of some of the more popular options:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dash (DASH)
- Litecoin (LTC)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- Ripple (XRP)
- ZCash (ZEC)
- Monero (XMR)
One question that many people ask is, How does Exodus make money?
After all, the software is free to download to your mobile phone and your PC, so you don’t have to pay anything to store your crypto.
However, if you decide to use the built-in Exodus exchange (we’ll talk about that more in a moment), then you’ll pay a small fee when you perform a transaction.
You’ll typically pay between 2 and 4% on most trading pairs, but Exodus will list out the exact amount during the exchange.
These fees will vary based on the market value and the amount of liquidity available on the platform.
For instance, if you’re trading Ethereum or Bitcoin, you’re likely to have all the liquidity you need, so you won’t pay as much in fees as you would with lesser-known altcoins.
Something I really like about Exodus is how transparent the wallet is regarding the amount you’ll pay in transaction fees.
Plus, the fees are used to develop more features for the wallet, so it’s nice to know that the fees you pay are being invested right back into the software you’re using.
You can find plenty of information and answers to all your Exodus questions in the support section of the wallet.
The support section organizes its articles neatly into categories and relevant topics, so you know exactly where to look.
This includes information on getting started, buying and selling crypto, trading, and much, much more.
If you can’t find the answer to your question, don’t worry. Exodus also offers an option that allows you to send a message directly to its support team.
One thing to note is that Exodus does not offer phone support, so if you see a number somewhere online, it’s probably a scam.
The important thing to remember is that while the wallet allows you to perform trades on its platform, it is not an exchange itself.
With its built-in exchange, Exodus creates a seamless and simple way for its users to trade one crypto asset for another.
Plus, the process is easy and straightforward.
So, if you have coins you want to trade, all you have to do is locate and select the ‘Exchange’ tab.
Once you get to the exchange, the only thing you need to do is find the coin you want to trade from the dropdown, then do the same for the crypto you want to receive.
Once you’ve selected the coins you want to trade, the next thing you’ll need to do is enter the amount you want to exchange.
Exodus offers preset values like MIN, HALF, and ALL, or you can type in your own amount if you have a specific value in mind.
Double-check all the parameters of your purchase before you click that ‘Exchange’ button.
When you’re sure it’s just the way you want it, submit the transaction, then just sit back, relax, and wait for your funds to arrive.
It should take less than half an hour for the transaction to complete.
Exodus supports a wide variety of operating systems, so whether you’re at home or on the go, you can use your wallet.
If you’re using a desktop or laptop, the wallet is available on Mac, Linux, and Windows devices, which covers nearly all PCs throughout the world.
Additionally, if you own an iOS or Android smartphone or tablet, you can download the mobile app to use your wallet wherever you are.
Exodus lets you pair the two wallets, so you don’t have to worry about one or the other providing outdating information.
With access to both a mobile and desktop wallet, you’ll have complete control over your digital coins no matter which device you’re using.
Another great feature Exodus offers that is seeing significant growth is through its staking options.
Through the wallet, users can stake a wide variety of coins, including Cardano, Neo, Atmos, Algorand, and many others.
You can see all the cryptocurrencies you can stake under the “Rewards’ tab of the wallet.
If you’re unfamiliar with staking, it’s a way to earn additional crypto by participating in the validation of blockchain transactions.
This is known as Proof of Stake, or PoS, and is a great way to make your crypto work for you.
Manage your crypto
Exodus offers a portfolio tracker within its wallet that lets you view all your cryptos in a single place.
You can quickly and easily view the balances of all your digital assets, so you know how they are performing.
Additionally, you can view financial charts and market history, making it easy to see trends over time.
Will Exodus get a hardware wallet version?
While no plan to release a hardware version of Exodus wallet is in the works, it is compatible with Trezor hardware wallets.
You can quickly connect your Trezor device to your Exodus wallet and perform transactions at your leisure.
Unfortunately, Exodus is not yet compatible with Ledger Nano devices.
Exodus wallet pros and cons
Let’s quickly recap some of the advantages and disadvantages of the Exodus wallet.
- Users retain control of their private keys
- Ease of use, excellent for beginners
- Multicurrency support
- Excellent design and interface
- Mobile app support for both iOS and Android devices
- Built-in crypto exchange
- Two-factor authentication is not available
- Some trades incur high transaction fees
- Multi-sig addresses are not supported
- Could offer more security features
If you’re just getting started in the world of cryptocurrency, using the Exodus wallet is a solid option.
The platform has an excellent and easy-to-use design, an intuitive user interface, and is great for managing your favorite digital assets.
One of the things Exodus does best is to avoid getting into the nitty-gritty of the trading process.
While it may not be the best wallet for advanced crypto investors and traders, it still offers plenty of high-quality features and functionality.
You’ll get a built-in exchange, a staking section, and support for all the most popular coins.
Plus, the wallet updates every two weeks, so you know it’s staying as current as possible.
The reality is that Exodus isn’t a wallet for everyone.
It is designed with new users in mind who don’t have a problem spending a little extra to have all the features they want in one place.
This is what Exodus does, and it does it well.