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Exodus Cryptocurrency Wallet Review

Exodus Cryptocurrency Wallet Review

Today, our review is about one of the easiest-to-use software wallets- “Exodus wallet”. Let’s get started!

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 developed to give you all the bells and whistles to control the entire cryptocurrency portfolio.

For newbies, it’s the initial desktop wallet providing full compatibility with ShapeShift- a well-known instant digital exchange supporting dozens of tokens.

It stores cryptocurrency assets directly on your system. Because Exodus is a lite wallet, there’s no need to download the entire blockchain.

Founders
Founders

Short Background about the Co-founders

The Exodus wallet is relatively a fresh software wallet created by JP Richardson and Daniel Castagnoli.

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?

Trading

The desktop wallet possesses a built-in trading facet provided by the exchange platform “ShapeShift”.

It makes swapping of currencies very quick and easy. It might not give as low prices as exchanges like Bittrex and CoinBase offers you, however, it’s great for non-professional traders looking to buy different cryptos.

Support

Since the majority of wallets are open source and free, they don’t provide support as they would need to pay clients to answer customer’s questions.

Exodus is distinct though because they make money by charging fees on trades accomplished with the built-in exchange. This specifies that they can provide proper email support.

Design

The user interface is clean which is easy for users to understand. This includes every asset’s send/receive functions, entire portfolio view, the trading feature, also the backup/recovery options.

Now let’s take a quick primer on how Exodus has managed to stay ahead of the crowd.

Multi-Versatility

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.

Compatibility

Windows (64-bit), Mac OS and Linux

Users 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
  2. Portfolio
  3. Exchange

Wallet’s interface is an impressive facet with its sleek, simplistic design, which makes mapping different altcoins a breeze.

Select “wallet” then click via various crypto assets like Bitcoins, Litecoins, etc.

Here you can check your transactions, balances, send/receive funds.

Multi-asset Wallet
Multi-asset Wallet

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.

Portfolio
Portfolio

As discussed earlier, it is the first desktop multi-asset wallet with ShapeShift built in.

The amount you receive via trade is clearly displayed in both crypto and fiat values including the present spread of transaction.

The wallet is designed in a way to place a clear overview of transactions made.

Exchange view
Exchange view

The simplest way is to use the option “one-click email restore system”.

While you create the account, an email is sent you with a backup link for restoring your account.

So if you need to restore your access just click on the link and input your password to finish the restoring process.

How to Create and Use an Exodus Wallet?

It is really easy to setup and starts using Exodus; below I’ve outlined the steps:

  • First of all download the wallet from the Exodus official website. Furthermore stay aware of phishing (fake) sites.
  • Ensure the security certificate of the site by looking at the green text next to the web address. It should be “secure” or the name of the company.
Security Check
Security Check
  • Once you download the software, watch the onscreen prompts and follow accordingly to install. After installing, open your wallet; click the “wallet” tab on the left-hand side of the screen.
Wallet tab
Wallet tab
  • Click on the crypto you wish to add to Exodus, next, click “receive”.
  • The screen displays an address with a QR code.
QR code
QR code
  • The address is your public wallet address. You can use this address to send coins from another wallet to your Exodus wallet.
  • If you are forwarding coins from another device that has a QR code scanner, you can use QR code to get the address.

Sending Cryptocurrency Using Exodus

To send cryptocurrency via Exodus wallet:

  • Click “wallet” shown in the left-hand panel
  • Select the cryptocurrency you wish to send
  • Click “send” shown in the center of the window.
  • You can see an option to scan a QR code via device’s camera or to input an address.
Send crypto
Send crypto
  • Scan the “QR” or input the receiver’s address showing the section “send to … address”.
  • In conclusion, enter the amount you wish to send and click “send”

Using the Exodus Exchange

Similar to the other features of the Exodus wallet, the exchange is very simple to use. Let’s assume you have money in your account.

  • First of all click “exchange” displayed on the left panel.
Exchange Panel
Exchange Panel
  • Left panel- select the cryptocurrency you are swapping.
  • Right panel- select the cryptocurrency you wish to receive.
  • Click the left-hand option, giving “Bitcoin” by default, changes it to the currency you wish to swap.
  • Repeat the same for the right-hand option, with the currency that you 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.

The Exodus wallet operates a backup system, however 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 link is guarded by a 12-word passphrase and Exodus “key”.

Earlier this year, desktop wallet introduced a new feature due to which you can restore the 12-word passphrase just by clicking a button on the password screen.

However, Exodus wallet criticizes for not providing two-factor authentication, which many other wallets offer. This is something you should consider when securing your wallet.

Exodus Wallet Review

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. So, that’s our Exodus wallet review.

Thank you for taking the time to read this review. If you’re interested in reading out more about such cryptocurrency wallets, feel free to check out here.

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Author

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.