Exodus Wallet Review: Everything You Need to Know
The Exodus wallet is a multicurrency cryptocurrency wallet that has generated a great deal of buzz since its launch back in 2016.
It is a well designed wallet that is aesthetically pleasing and packed with numerous features. Moreover, their instant exchange integration means that you can easily swap one crypto for another without the coins ever leaving your wallet.
However, is the wallet still safe and reliable?
In this Exodus wallet review, I will give you everything that you need to know about the wallet by digging into their security and reputation. I will also give you some top tips when using Exodus and storing your crypto.
Ideal Exodus Wallet User
Exodus was built with beginning cryptocurrency users in mind, but is also ideal for most mainstream cryptocurrency enthusiasts who are looking for a secure, easy to use, beautiful wallet. It’s also a great choice for those who hold a variety of popular coins since it supports nearly 100 different cryptocurrencies, with more being added all the time.
Benefits of Exodus wallet
There are some users the Exodus is not ideal for, and those include users who need a mobile wallet or those who have a large amount of cryptocurrency and need a more secure wallet such as a hardware or paper wallet. This will soon change however as a mobile version of the Exodus is being planned for release in 2019.
The Exodus desktop wallet is currently available for Windows, Linux and OSX operating systems. They are also developing a mobile version for iOS users that is planned for release in 2019. All the available versions can be downloaded from the Exodus website.
Exodus Wallet Security
Despite some detractors pointing at the lack of two-factor authentication support, the Exodus wallet is safe and secure. With that said, any desktop cryptocurrency wallet is only as secure as the computer its installed on.
Pro tip: Be sure to have one of the top anti-virus programs, and remain safe when online, not clicking unknown or untrusted links or downloading untrusted files.
The Exodus wallet itself is accessed with a secure password, which should be sufficient for most users. As mentioned above, if you have a large amount of cryptocurrency to store it should be in a more secure cold wallet, not in a hot wallet that is connected to the internet.
Some users might be put off by the fact that the code for the Exodus wallet is not 100% open-source, but one of the founders (JP Richardson) is considered to be very trustworthy within the developer community, having contributed over 190 open-source libraries.
They have stated that keeping a few “trade secrets” has allowed them to ensure the long term success of the company and improve the security of the wallet. By not open sourcing these critical components it makes it harder for hackers to bootleg the wallet and develop phishing versions. Moreover, many of the functional components in Exodus are open source and available on their Github.
Overall though, the Exodus wallet is quite secure. It certainly beats online wallets, and many desktop wallets as well. Exodus users keep full control of their private keys, which are generated and stored locally.
Exodus Wallet Privacy
The Exodus wallet can be used completely anonymously as no personal information is required to download, install or use the wallet. Exodus doesn’t collect any personal information, and private keys also remain fully in the users control. That said, the Exodus isn’t focused on anonymity.
Public keys and transactions made with the wallet are fully visible on the blockchain and there are no features for hiding your transactional trail. While they do suppor privacy coins such as Zcash (ZEC), they are unable to perform the fully shielded transactions.
If transaction privacy is a chief concern of yours then you may want to consider using the core wallets of ZCash or other well known privacy coins such as Monero (XMR).
Exodus Supported Coins
When first released the Exodus supported just a handful of cryptocurrency assets, but in 2019 it has support for nearly 100 cryptocurrencies and more are being added all the time. Multi-currency support is one of the strong features of Exodus.
Extensive Coin Support
In fact, you can store any ERC-20 token in the Exodus, even if they aren’t listed as supported. The downside to this is you can’t see the balance of these unsupported ERC-20 coins in the Exodus wallet. Instead you need to view the balances using an Ethereum blockchain explorer.
You can see a full list of the coins that they support on their website. While it is great that they have all this support for the ERC20 assets, they are still lacking support for a few coins that are in the top 50 in market cap. These include the likes of Iota (MIOTA), Monero, Nem (XEM) and Cardano (ADA).
Finally, if you want to keep up to date with the latest coin support and whether all of the functionality of these coins is operational then you can head on over to their status page. If you are considering sending a large amount of coins to the wallet then you may want to check this before hand.
Creating a Wallet Backup
When the wallet is first installed users are given a 12-word recovery seed phrase that can be used to restore the wallet if your computer is ever stolen, destroyed or lost. This means it is crucial for users to write down this seed phrase and keep it safe. If you ever need to restore the Exodus wallet you simply download it to a new device and when installing it click the “Restore Wallet” option.
Exodus used to provide backup support via email and this is still an option if you created your wallet prior to Exodus version 19.2.1. However, given the risks that came with having these links in emails, they have stopped supporting this. If your wallet was created in an earlier version then you can follow these steps in order to restore it.
While the wallet itself isn’t an exchange, it does allow you to exchange supported cryptocurrencies with each other through its built-in ShapeShift integration. Exodus was the first wallet to include ShapeShift, and the process remains simple and seamless for users.
If you have coins on the wallet and would like to exchange them then all you need to do is click on the “exchange tab”. Here you can select the coin that you would like exchange as well as which one you would like to exchange it for.
Choosing the coins to exchange. Image via Exodus
Once you have done this you will need to select the amount that you are exchanging. You could select preset values such as ALL, HALF or MIN. You can also choose a given amount of the coin or even the value in your local currency.
Choosing amount of Exchange
When you are certain of your purchase conditions then you can hit “exchange” and the transaction should go through. Given that you will have to wait for the coins to be sent to your wallet, most of these exchanges will take under 30 minutes.
Once you have completed the exchange, you can close the wallet and the coins should be there when you open it up again.
How Exodus Makes Money
Altough the Exodus wallet is not open source, it is still free to download onto your PC and store your coins. However, if you want to use the built in exchange option then they will charge a small spread on the coin exchange rate. These spreads will range from between 2-4% on most crypto pairs but the exact amount will be listed on the exchange section when you are doing the exchange.
These spreads may vary due to the fact that markets have different levels of liquidity. For example, you are likely to get much lower spreads on BTC / ETH than you are when exchanging lower market cap altcoins among each other.
I like the fact that they are fully transparent about these spreads right there at the time of purchase. Moreover, they claim that they would like to use the fees that they generate from the spread to maintain the development of the wallet. If this is indeed where the fees are going then it is probably the best to be spent.
Given the the Exodus team is able to generate an income for the wallet, they are able to dedicate some resources to wallet support. That begins with the extensive knowledgebase on the Exodus website, which contains over 100 articles that explain the usage, features, troubleshooting, fees and other aspects of the wallet and its usage.
The Knowledgebase at Exodus
There is also an extensive searchable FAQ and if you can’t find a suitable answer you can reach out to support personnel via email and social media channels. In an industry where support is often a second thought, the support for Exodus can only be described as phenomenal.
It is important to note that Exodus does not provide telephone support. Hence, if you happen to see numbers that are posted online as “official” Exodus phone numbers, avoid these. They are likely to be a phishing scam and the operators are trying to get their greedy hands on your private keys.
For beginning and experienced users with small to moderate amounts of cryptocurrencies to store, the Exodus wallet is an excellent choice. Its beautiful design and ease of use has made it a favorite choice among cryptocurrency enthusiasts.
The addition of a built-in exchange makes it even more convenient and versatile, allowing users to quickly make trades and manage their cryptocurrency portfolio without excessive transactional fees.
The Exodus wallet does remain a software wallet, and a hot wallet for most users whose computers are connected to the internet 24/7. This makes it not as secure as a hardware wallet, but if users are following good security procedures for their PC and online life there should be no concerns.
Overall the Exodus wallet is an excellent choice for most cryptocurrency users who want to send, receive and store small amounts of cryptocurrency.
Featured Image via Exodus.io