Table of Contents
- 1 Exodus Wallet Review: What is Exodus?
- 2 Exodus Wallet Review: Why Was Exodus Created?
- 3 Exodus Wallet Review: What Makes Exodus Wallet Different?
- 4 Exodus Wallet Review: Is Exodus Safe to Use?
- 5 Exodus Wallet Review: How Does Exodus’ Security Compare with Other Wallets?
- 6 Exodus Wallet Review: How to Create and Use an Exodus Wallet
- 7 Exodus Wallet Review: Advantages and Disadvantages of Exodus Wallet
- 8 Exodus Wallet Review: Conclusion
Exodus Wallet Review: What is Exodus?The Exodus wallet is a relatively new software wallet. It was created by JP Richardson and Daniel Castagnoli. Richardson has written the code for many cryptocurrency products previously and Castagnoli has worked as a designer for huge companies like Apple, BMW, and Nike. Exodus has been designed to be a user-friendly, multi-cryptocurrency wallet. You can use many different crypto assets with it. I have listed the coins you can use with it below (there are a lot!): 0X (ZRX), Aragon (ANT), Augur (REP), Bancor (BNT), BAT (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Civic (CVC), Dash (DASH), Decred (DCR), District0x (DNT), Edgeless (EDG), EOS (EOS), ETH Classic (ETC), Ethereum (ETH), FirstBlood (1ST), FunFair (FUN), Gnosis (GNO), Golem (GNT), iExec RLC (RLC), Litecoin (LTC), Matchpool (GUP), Numeraire (NMR), OmiseGo (OMG), SALT (SALT), Status (SNT), WeTrust (TRST), Wings (WINGS)
Exodus Wallet Review: Why Was Exodus Created?There are a lot of software wallets already available. Examples of competitors are Jaxx, Green Address, and Bread Wallet. So, why did the Exodus team want to make another one? The designers of Exodus wanted to make a user-friendly wallet that could do everything a basic cryptocurrency user would want it to. This, they hoped, would make the crypto experience easier for people that aren’t used to using the technology. And if these beginners have a pleasant experience using crypto, then they’re more likely to recommend it to their friends. This is how widespread adoption happens! For this reason, the Exodus team included an easy to read portfolio section to help organize assets and check their value against different fiat currencies. They also include a built-in trading function. This lets users swap one currency for another. It’s also how the Exodus team make money since the software itself is free to use. Note: Fiat currencies refer to central bank issued currencies. Examples of these include the US Dollar, the Euro, and the Korean Won.
Exodus Wallet Review: What Makes Exodus Wallet Different?
DesignThe Exodus Wallet team have worked hard to create a piece of software that is as easy to use as possible. The user interface (the bit that you can see!) is clean and has features that basic users are likely to want to use. This includes each asset’s send and receive functions, a complete portfolio view, the trading feature, and back up/recovery options. The design was clearly very important to the creators of the Exodus Bitcoin wallet. In the options menu, you can change the look of the software. There are multiple themes to choose from. None of them are too crazy though and they all give the software a professional look. You can also change the color of the backgrounds on the wallet. This option is quite funny because you can only pick different shades of dark blue, dark purple, and black.
SupportOne thing that’s lacking from most wallets and cryptocurrency services is good customer support. Since most wallets are open source and free, they can’t offer support because they would need to pay people to answer customer’s questions. Exodus is different though. They make money by charging fees on trades made with the built-in exchange. This means they can offer proper email support.
TradingThe Exodus wallet has a built-in trading feature. This is provided by the exchange platform Shapeshift. It makes swapping one currency for another very quick and easy. It might not offer as low prices as you will find on exchanges like CoinBase and Bittrex, but it is great for non-professional traders wanting to buy different cryptos.
Exodus Wallet Review: Is Exodus Safe to Use?No Exodus wallet review would be complete without looking at the security of the software. Exodus gives you a relatively safe cryptocurrency wallet for daily use. Since it is an online wallet, it will never be as secure as leaving digital currency in cold storage (such as a paper wallet). It also lacks some features which make it less secure than other, more complex software wallets. But before we look at these, let’s talk about some of the safety features Exodus does have.
Backup FeaturesIf the device that the Exodus Bitcoin wallet is stored on (your computer) is lost, stolen, or damaged, you can still access your cryptocurrency. Exodus offers its users two ways of restoring their wallet. The first is to use a standard 12-word passphrase. This is given to you when you first make an account. It’s very important that you store this passphrase securely. Write it down and put it in a safe deposit box. Because if you lose it and your computer breaks, you won’t be able to access your cryptocurrency. Another helpful backup feature is the email restore option. When you create an account, you’ll be sent an email with a backup link attached. Clicking on this will restore your account. You just need to enter your password and you’ll be reunited with your precious crypto!
Security FlawsThe above features make restoring your wallet easy, but they don’t offer any high-level protection against hackers and malware. With a few more extra features, the Exodus wallet could offer much better security. However, this would likely stop it being so easy to use.
Exodus Wallet Review: How Does Exodus’ Security Compare with Other Wallets?
Vs. a Web WalletThe Exodus wallet is much more secure than a web wallet. Web wallets, like those found at exchanges (such as Coinbase), are the easiest to lose funds from. They have security risks that no other wallets have. These include the risk of the exchange’s central servers being hacked, and the risk of the company itself going bankrupt. For these reasons, web wallets are not suitable for storing cryptocurrency on. If you are an active trader, you will have to take the risk. This is because trading requires your coins to be available at short notice, so you can take advantage of movements in the price of certain cryptocurrencies. For everyone else, it’s just not worth storing funds on a web wallet service.
Vs. Paper or Hardware WalletsThe Exodus wallet is much less secure than either a paper or hardware wallet. Neither of these are always connected to the internet like most software wallets are. This reduces the chances of them being hacked. If your software wallet is on a computer that you use every day, the chances of you downloading malware or keyloggers are much higher.
Exodus Wallet Review: How to Create and Use an Exodus WalletNext, in this Exodus wallet review, I’ll show you how to get your own wallet. It’s really easy to setup and start using Exodus, but I’ve outlined the steps for you below anyway.
- Download the wallet from the official website. Beware of phishing (fake) websites. Check the security certificate of the site you are visiting by looking at the green text next to the website address. It should say “secure” or the name of the company.
- Once you’ve downloaded the software, follow the onscreen prompts to install it.
- When it’s installed, open your wallet and then click the “wallet” tab at the left-hand side of the screen.
- Click on the cryptocurrency you want to add to Exodus. Next, click “receive”.
- You will be shown an address and a QR code. This is your public wallet address and is what you give to someone that wants to send you some crypto. You can also use this to send crypto from another wallet of yours to your Exodus wallet. If you are sending crypto from another device that has a QR code scanner, you can use the QR code to get the address.
Sending Cryptocurrency Using ExodusTo use your Exodus wallet to send cryptocurrency, follow the steps below. Don’t worry, it’s very easy!
- Click “wallet” in the left-hand panel.
- Select the cryptocurrency you want to send.
- Click “send” in the center of the window.
- You will be given the option to scan a QR code using your device’s camera or to enter an address.
- Scan the QR or enter the receiver’s address in the section labeled “send to … address”.
- Enter the amount you want to send.
- Click “send”.
Using the ExchangeJust like other features of the Exodus wallet, the exchange is very easy to use. Just follow the steps below. I’ll assume that you have already added money to your account to begin with.
- Click “exchange” in the panel on the left of the window.
- On the left you will select the cryptocurrency you are swapping. On the right you select the cryptocurrency you want to receive.
- Click the left-hand option. It will say “Bitcoin” by default. Change it to the currency you want to swap.
- Repeat this for the right-hand option. This will be the currency that you receive.
- At the bottom of the page, you will see the current exchange rate between the two assets you selected. It might say something like: “1 BTC = 12.6092 ETH”. This means, for every Bitcoin you swap, you’ll get just over 12 Ether back into your wallet.
- When you have checked that you have entered all the details correctly, click the exchange button. You should receive your new crypto asset shortly after.
How to Add Custom Tokens to Exodus WalletYou can use your Ethereum address to store ERC20 tokens even if they aren’t listed on Exodus. Ether wallets and all ERC20 tokens share the same address. Cool, huh? It’s easy to add unsupported and custom ERC20 tokens to Exodus.
- Simply find your Ethereum address by following the above steps about receiving cryptocurrencies.
- Then, send the token from the wallet it is stored at (usually MyEtherWallet if you have created a custom token) to your Ethereum Exodus address.
- Go into the help menu on the left-hand panel.
- Scroll down to the bottom and click “show developer menu”.
- More options will then appear at the top of the screen.
- Click “developer” and “assets”, then “Ethereum”.
- Next, click “export private key”. A pop-up box will appear telling you where the private key has been exported to (usually your computer’s desktop).
- Open this file. Highlight and copy the private key.
- Visit “MyEtherWallet” and click “send Ether and tokens”.
- Click “private key” and paste your private key into the box.
- You will then be able to see inside your wallet.
- Using MyEtherWallet’s send options, send your custom tokens in the same way you would with any other wallet.
Exodus Wallet Review: Advantages and Disadvantages of Exodus Wallet
- Easy to use. Exodus wallet is one of the most user-friendly wallets I’ve ever seen.
- Supports multiple currencies. Storing all your assets in one place makes them easy to trade and spend.
- Built in trade and portfolio functions. Swapping currencies and keeping track of gains or losses is very easy on Exodus.
- Automatic fee adjustment. Beginners in cryptocurrency might not be confident with setting the correct network fees for transactions. Exodus takes care of this for them.
- Great support. This is rare with cryptocurrency products.
- Software wallet. More secure than a web wallet. Exodus is ideal for small purchases and day to day spending.
- As a software wallet, the Exodus wallet can be hacked. It is possible to lose funds if your device gets infected with malware or keyloggers.
- Limited security features. With no two-factor authentication or multi-signature support, you should avoid leaving large sums of money on the Exodus wallet.
- No mobile application. As more places start accepting cryptocurrency payments, the chances that you will want to use your wallet when you’re away from your computer will increase. This isn’t possible with Exodus yet.