Exodus Wallet: The Ultimate Review of Functionality and Flexibility

Exodus wallet is a highly popular multi-currency cryptocurrency wallet designed to provide users with a secure, attractive, and easy-to-use asset storage solution. It supports hundreds of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many other popular tokens.

Advantages and Disadvantages of Exodus Wallet

Advantages

• Simple Setup Process: Setting up Exodus on computers and mobile devices is very straightforward. First, create a wallet, then import it across devices using a 12-word mnemonic phrase.
• Supports 291 Cryptocurrencies: Exodus supports a wide range of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus’s Ethereum address.
• Exceptional Customer Service: In addition to help pages, Exodus offers chat and email support services to users.
• Regular Update Schedule: The software is updated frequently; users can expect an update every two weeks. However, users need to manually update their wallet on the Exodus official website.
• Available Staking: As Exodus supports Proof of Stake blockchains, it offers users a way to stake crypto assets directly from within the wallet. If you wish to stake, you need to lock your cryptocurrency for a specific period.

Disadvantages

• Lack of 2FA Security Protection: Exodus lacks traditional two-factor authentication methods to provide an additional layer of security, instead relying on users providing a password. If a user’s password is compromised, it could have serious consequences.
• Does Not Support Cryptocurrency to Fiat Conversion: Users cannot directly exchange their crypto assets with fiat currency within the wallet. To cash out, users need to send their assets from the Exodus wallet to a cryptocurrency exchange.
• Not Open Source: Exodus is not open source. This means that no one outside of the company can view, modify, or distribute the software code of Exodus Wallet. Hence, the public cannot assess its robustness.
• Lacks Custom Fee Support for Altcoins: The wallet lacks custom network fee options for Ethereum and altcoins. Currently, users can only customize fees for Bitcoin and Ethereum networks.

Features of Exodus Wallet

Beautiful software like Exodus can make beginners no longer intimidated by cryptocurrencies. Its simple layout allows users to easily access, manage, and hold 291 cryptocurrencies directly from within the wallet. It is free, with no additional fees for sending or receiving crypto assets, other than blockchain network fees. However, using the built-in wallet exchange requires paying a small fee.

Users can also access a variety of decentralized applications (dApps) and non-fungible token (NFT) collections on Exodus via its recently launched web browser extension. The wallet supports Ethereum, Solana, BSC, Algorand, and other blockchains. Thus, users can connect their dApps to all supported networks and collect NFTs within the wallet. It is also one of the few wallets with a built-in NFT marketplace, accessible only after installing applications within the wallet.

Exodus also offers staking features for users who want to earn passive income from their favorite assets. It supports staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO), as well as Solana (SOL). The APY paid as staking rewards is variable and can be tracked within the wallet. If users do not want to stake, they can also earn interest by lending their Ethereum assets to a pool using the DeFi protocol Compound Finance through Exodus.

Security

Exodus is a non-custodial wallet, meaning it does not collect users’ personal information or any sensitive data about the wallet. Instead, data is stored locally on the user’s device.

Users always have control over their crypto funds by using a 12-word recovery phrase and a password to log in. The wallet also integrates security measures such as Face ID and Touch ID. Moreover, Exodus releases software updates every two weeks to address any wallet-specific vulnerabilities or eliminate possible exploits.

Although Exodus lacks two-factor authentication, it supports Trezor Model T and Trezor One hardware wallets for offline storage of cryptocurrencies. Trezor’s security combined with the convenience features and functionality of Exodus provides users with both security and peace of mind.

Privacy and Anonymity

Exodus has no Know Your Customer (KYC) requirements. Therefore, users do not need to enter any personal information to download, install, or use the wallet. All transactions on Exodus are anonymous.

However, Exodus does not support on-chain anonymity, as transactions made with the wallet are easier to track on blockchain scanners. It does not support CoinJoin, meaning the wallet cannot merge multiple crypto transactions into a single transaction, making it difficult to determine the identity of senders or receivers.

How to Setup Exodus Wallet

Setting up the Exodus wallet on desktop and mobile devices is a smooth process. All users need to do is download the wallet on

their preferred device and start using the service without revealing any detailed information. Both desktop and mobile versions can be synchronized by scanning a QR code.

Although users do not need to enter personal information, the wallet will ask them to save a secret recovery phrase composed of 12 words, which should be copied in the order provided during the prompt. Users can also access this recovery code by navigating to the “Settings” tab within the wallet.

Usability of Exodus Wallet

Desktop

The desktop wallet has a smooth user interface, making it easy to use and navigate. The dashboard displays the total amount of crypto assets held in the wallet and also shows various other portfolio metrics, such as 24-hour change, best and worst 24-hour assets, portfolio age, highest balance, etc. Users can also send, receive, or exchange various cryptocurrencies directly contained within the desktop wallet.

Mobile App

The mobile version of the Exodus wallet has similar features and characteristics to the desktop wallet, making it an ideal choice for users who wish to manage their cryptocurrencies on the go. It is available for both iOS and Android mobile operating systems. If users want to use both versions, Exodus also offers an option to synchronize the mobile wallet with the desktop wallet. For enhanced security, users can enable biometric technologies such as facial or fingerprint scanning to prevent unauthorized access to the mobile app.

Customer Service

Exodus is renowned for its customer support, as it offers an extensive knowledge base containing hundreds of articles and videos explaining the wallet’s use, features, fees, and other aspects. It even has a searchable FAQ section to answer common questions. If users cannot find a suitable answer or have any issues with the wallet, they can contact the support team at any time via email or social media channels. Exodus’s support staff is also available 24/7 and typically responds quickly.

Costs and Fees

Like most software wallets in the cryptocurrency space, Exodus can be downloaded, accessed, and used for free. The wallet does not charge any fees for received assets. However, when sending cryptocurrencies, users need to pay the network fee for the transaction. This fee can also be customized, although as of the time of writing, this option is only available for BTC and ETH.

Although sending and receiving cryptocurrencies on Exodus is free, if users want to exchange assets within the wallet, it charges a small fee in the form of an exchange spread.

Bottom Line

Exodus’s intuitive user interface, simple navigation, and exceptional customer support make it one of the best hot wallets available, especially for beginners. Added staking options for various crypto assets, as well as support for dApps and NFTs, make it a favorite among intermediate and professional crypto investors. Its built-in exchange makes the wallet even more convenient, allowing users to quickly swap their crypto assets without needing a centralized exchange. The wide selection of digital assets combined with self-custody undoubtedly makes it more appealing.

However, the lack of 2FA security could be an issue for users holding large amounts of cryptocurrency, although they can follow good security practices to manage their digital assets. Nonetheless, for those seeking additional security, Exodus offers a way to store and exchange cryptocurrencies from a Trezor hardware wallet.