If you are a novice crypto investor or someone who isn’t tech-savvy, crypto wallets can seem daunting. Exodus wallet employs a user-friendly interface and simplistic features to make your trading experience as smooth as possible.
Like other wallets, it has its drawbacks. However, it is ideal if you are a beginner in crypto trading. This Exodus wallet review aims to give you a clear idea about its features, trading options, and security aspects.
Exodus Wallet Review
Exodus is a multicurrency wallet that works on both desktops and mobile (iOS and android). The app has a neat interface with a small handful of features that makes it accessible to anyone who wants to start with crypto trading. Moreover, for such a simple crypto wallet, it supports a great number of cryptocurrencies.
Exodus has been recognized as a top desktop wallet by trusted sites like Bitcoin Exchange Guide and Finder. It has also been considered to be the best wallet for beginners by Investopedia. Even if you are not as acquainted with trading already, Exodus can help you explore the trade better.
The basic mobile interface of the Exodus consists of three main features:
Portfolio: For those who invest in multiple currencies, keeping track of each while running the transactions can be difficult. This feature is an efficient way of organizing your crypto assets. It gives you an overview of the currencies you are holding with individual price graphs that constantly update the market value of the coins.
Wallet: This one is basically the main function of the wallet. It provides you with a swift way of sending and receiving cryptocurrencies. Since Exodus is a hot wallet, it does not store crypto coins. It rather stores three different codes: primary key, public key and seed phrase. We will discuss why this matters later in this Exodus wallet review.
Exchange: Exodus has an in-built trading feature that uses the Shapeshift exchange platform, one of the leading crypto exchanges known for its security and unique trading features. This enables quick crypto trading without even leaving the wallet.
In addition to these primary features, the desktop app also includes functions such as backup, app explorer, and so on.
Despite not being as fancy as other crypto wallets, Exodus supports more than a whopping 115 crypto assets that include both coins and tokens. Some of the most notable such coins are:
- Binance Coin
- Ethereum Classic
One of the pros of this wallet that every other Exodus wallet review has regarded highly is its helpful customer service. The Exodus team has ensured that you can communicate with them about whatever issue you might be having.
On their website, they have uploaded over 100 instructional articles and videos to help you navigate the app and, in turn, crypto trading. You may also visit their help desk, twitter channel or contact them via email support for inquiries. For an even easier way to contact them, they have enabled Slack chat.
Is Exodus Wallet Safe To Use?
Two of the most prominent cons of this wallet are its high transaction fees and security concerns.
Now, we have to consider that Exodus can afford to provide their customer service, unlike open-source platforms, because they charge fees. Since the higher fees provide you with a smoother trading experience, whether you want to treat this as a con is your prerogative. This kind of customer support also shows that Exodus is here for the long run.
However, despite all of the pros, is Exodus wallet safe? Well, in order to understand that, we have to talk about the concepts of hot and cold wallets.
The reason cryptocurrencies have airtight security is that your private key (a code), when used to perform transactions, creates a unique signature each time, which hackers cannot possibly predict.
Unlike cold wallets, hot wallets are connected to the internet, and they store your private keys. This makes hot wallets naturally more susceptible to security issues. However, they enable way faster transactions and exchanges. This is why hot wallets are very popular, as they are way better suited for active financial transactions than crypto storage. You might ask how is exodus wallet safe then.
Don’t panic. Since it is a hot wallet, your private keys are encrypted within your personal wallet itself. However, Exodus as an entity does not have access to your private keys, unlike several other platforms out there. It is as safe as a hot wallet can get. They offer two main security features:
- Standard 12-word passphrase protection for your wallet
- Automatic wallet locking function within a customized time span
You can use the passphrase to recover your cryptocurrencies even if the device that contained the Exodus wallet is lost or damaged, while the automatic wallet locking will ensure your profile is safe. It also has an email restoration option for extra backup.
On a more negative note, Exodus is more vulnerable because
- It does not use two-factor authentication
- It does not use a multi-signature address
However, hacking is the worst-case scenario with hot wallets. This Reddit thread shows one such issue. The interesting thing about this situation is how quick the Exodus team was at responding to this issue, even though it was not even posted on any of their traditional customer service platforms. And this is the common and a rather positive trend about them.
Hot wallets will always be prone to attacks. The Exodus development tries to review the app regularly to identify vulnerabilities. One such example would be when back in 2017, they removed Dogecoin since it was making Exodus more vulnerable.
To put this Exodus wallet review in a nutshell, if you have a very large amount of crypto assets, hardware wallets or cold storage would be more advisable. However, Exodus is safe for light-duty operations, such as simple transactions, basic crypto trading, or if you are simply trying to learn the trade.
It is needless to say that caution is essential while handling crypto assets. To its credit, Exodus has been recognized by respectable platforms. As long as you are using it for basic crypto finance and not storage of large sums of assets, Exodus is a pretty reliable and extremely accessible crypto wallet for beginners.