Exodus is the first desktop multi-asset wallet with ShapeShift built in; co-founded by Daniel Castagnoli and JP Richardson which was officially announced on July 29, 2016.
What is Exodus?
Exodus is a desktop wallet which gives you all the bells and whistles to control the entire cryptocurrency portfolio.
The platform provides full compatibility with ShapeShift- a well-known instant digital exchange supporting dozens of tokens.
It stores cryptocurrency assets directly on your system. As Exodus is a lite wallet, there’s no need to download the entire blockchain.
Short Background about the Co-founders
Castagnoli has worked as a designer for giant companies like Apple, BMW, and Nike and Richardson has formulated the code for many cryptocurrency products.
What Makes Exodus Desktop Wallet Different?
The wallet has a built-in trading feature provided by “ShapeShift”.
This makes swapping of currencies very quick and easy. It might not be available as low prices as exchanges like Bittrex and CoinBase offers you, however, it is great for non-professional traders looking to buy different cryptos.
Exodus makes money by charging fees on trades accomplished with the built-in exchange. So, it’s clear that they can provide proper email support.
The user interface is clean and easy for users to understand. This includes send and receive functions, entire portfolio view, the trading feature, also the backup/recovery options.
A quick primer on how Exodus manage to stay ahead of the crowd!
Exodus desktop wallet allows you to keep your Aragon, Augur, BAT, BTC, Bitcoin Cash, Civic, Dash, Decred, District0x, EOS, Ethereum, etc. all in one place, simply calculate and arrange your savings via pie chart portfolio.
Exodus has also announced plans to support the following altcoins: ZRX, BNT, DGD, FCT, ICN, MIOTA, MAID, MTL, XMR, XEM, NEO, OMNI, QTUM, XRP, SC, SNGLS, SNT, STORJ, PAY, USDT, WINGS, and ZEC.
The wallet is available for Windows (64-bit), Mac OS and Linux
You can also connect with the Exodus Movement on Slack- a popular messaging platform.
- Fee Charges
Being a service provider, Exodus charges transaction fees every time your payment is processed.
The fees are paid to each blockchain network (bitcoin, Ethereum, etc.) and are not taken by Exodus.
Because the desktop wallet prioritizes speed, reliability over lower fees; they track modifications on the blockchain network and balance fees accordingly.
It takes a small portion of the spread on major asset exchanges which range between 1-3%.
How Does Exodus Multi-cryptocurrency Wallet Work?
Exodus contains three integral parts including:
1) Multi-Asset Wallet
Wallet’s interface has a sleek, simplistic design, which makes mapping different altcoins a breeze.
Go to “wallet” and select any crypto assets like Bitcoins, Litecoins, etc. Using this function you can check your transactions, balance, send and receive funds.
The feature that sets Exodus apart from the competition is the visual compound “pie chart” which displays:
- Your diversified crypto assets to view circle
- Allows you to track the value of blockchain assets in real time as market situations fluctuate.
- The percentage breakdown of every digital currency you own with the associated dollar value.
It is the first desktop multi-asset wallet with ShapeShift built in. The amount you receive via trade is shown in both crypto and fiat values including the present spread of transaction.
The platform is designed in such a way to show an overview of transactions made.
The simplest way is to use the option is “one-click email restore system”. When you create the account, an email is sent you with a backup link to restore your account.
So if you want to restore your access click on that link > enter your password > finish the restoring process.
How to Create and Use an Exodus Wallet?
Download the wallet from the Exodus official website. Check the security certificate of the site; it should be “secure” or the name of the company.
After downloading the software > watch the onscreen prompts > follow accordingly to install.
Open your wallet > click the “wallet” tab on the left-hand side of the screen.
Click on the crypto you want to add > click “receive”. The screen displays an address with a QR code.
This address is your public wallet address. You can use this address to send coins from another wallet to your Exodus wallet.
Sending Cryptocurrency Using Exodus
Click “wallet” > Select the cryptocurrency you want to send > Click “send”.
There’s also an option to scan a QR code via device’s camera or to input an address > choose any one > enter the amount > click “send”
Using the Exodus Exchange
Click “exchange” displayed on the left panel to move to the Exchange section.
- Left panel- select the cryptocurrency you are swapping.
- Right panel- select the cryptocurrency you want to receive.
- Click the left-hand option, showing “Bitcoin” by default > change it to the currency you want to swap.
- Repeat the same for the right-hand option, with the currency that you want to receive.
- Bottom panel, you’ll see the current exchange rate between the two assets that you have selected.
- Cross-check the details > click the exchange button.
Is Exodus Safe?
As it’s a desktop wallet, Exodus encrypts all the blockchain assets and stores them directly on the system. This explains that they are 100% in your control.
It operates a backup system and never save any of your keys on its servers. This backup system helps you in the event your system breaks down.
The team emails you with a secure link to reactivate your wallet along with the backup. The 12-word passphrase and a key protects your link.
Earlier this year, desktop wallet introduced a new feature using which you can restore the 12-word passphrase just by clicking a button on the password screen.
However, the wallet criticizes for not providing two-factor authentication, which many other wallets do.
Exodus wallet is good for users who seem entirely new to the cryptocurrency space. It doesn’t confuse its users with complicated extra options. Every wallet’s features are very simple to use.
Thank you for taking the time to read this review. If you’re interested in know more about crypto wallets, feel free to check out here.