Exodus Wallet Review | Pros And Cons 2021
If you’re looking for a secure digital wallet in which to store your cryptocurrencies, you could do a lot worse than Exodus Wallet. Exodus wallet has been supporting a multitude of cryptocurrencies for the past few years, offering a series of high quality updates, and providing an intuitive interface for new and experienced cryptocurrency users all the while.
As Exodus Wallet’s offerings and fundamentals have improved, there’s little reason why any crypto enthusiast wouldn’t use the platform to secure their holdings. With more coins on the way, and even hardware wallet support (Trezor, KeepKey, Ledger Nano S), it’s only a matter of time before Exodus Wallet is the easiest-to-use and most-secure wallet around.
If you’re new to crypto or are simply looking for a good new way to safely store your coins, check out this whole Exodus Wallet review. We’ll cover the history of Exodus, its various stages of development, its best features, and more.
What Is Exodus Wallet?
Exodus Wallet was co-founded by Daniel Costagnoli, who continues to be a vocal vocal face of the company. Exodus was founded on the principle that usability was a major impediment to cryptocurrency adoption. Basically, too many people were mystified about crypto, and afraid to try the technology for themselves.
Using the rock solid cryptography methods that made digital currencies viable, but combining them with world-class intuitive design, made Exodus Wallet a hit application in the blockchain market, and it continues to create happy customers today. Exodus wallet has initiated a number of excellent updates through the years and continues to be a relevant solution for mainstream crypto storage.
Exodus Wallet is one of the first blockchain wallets to feature an exchange within the application itself. It also provides very easy-to-appreciate visual representations of coin value. Like the Apple software to which it is sometimes compared, Exodus wallet is all about intuitive design – users feel like they know how to use it without even being taught.
There’s a lot more to talk about in this Exodus Wallet review, but if you’re ready to try out Exodus for yourself, go to Exodus.io and download this desktop wallet client for yourself.
What Features Does Exodus Wallet Offer?
Sure, Exodus Wallet has a good reputation in the blockchain space, but what does it offer that other cryptocurrency wallets don’t?
There’s plenty of crossover in the multi-cryptocurrency wallet space right now. Storage solutions like Ledger, MyEtherWallet, Jaxx, and others frequently support the same coins, and have other ways in which they offer the same value use cases to customers. We’ve already discussed how Exodus Wallet’s simplicity of design differentiates itself from the crowd, but what else makes it a cut above the rest?
First of all, Exodus Wallet is constantly expanding its list of supported currencies, with a long Exodus Wallet roadmap both past and future. Here are the current Exodus Wallet coins:
- 0x, Aragon, Augur, Bancor, BAT, Bitcoin, Bitcoin Cash, Bitcoin Gold, Civic, Dash, Decred, DigiByte, District0x, Edgeless, EOS, Ethereum Classic, Ethereum, Gnosis, Golem, iExec RLC, Litecoin, Matchpool, Numeraire, OmiseGo, Ripio, SALT, Status, Storj, Vertcoin, WeTrust, and Wings.
All of these coins can be both stored and exchanged for one another through the Exodus wallet, using the Shapeshift exchange protocol (integrated with Exodus Wallet).
In addition to these well-known blockchain projects, Exodus Wallet also supports a growing list of Ethereum-launched coins and tokens (ERC20 tokens). These currently include:
- AdToken, Aeron, Aeternity, Aion, Airswap, Amber, AppCoins, Binance Coin, Bread, ChainLink, Cindicator, DAI, Decentraland, Dent, Dentacoin, Digixdao, Dragonchain, Ethos, FirstBlood, FunFair, GenesisVision, ICON, Iconomi, Kin, KuCoin Coin, Kyber, Loopring, Lunyr, Maker, Medishares, Mediport, Metal, Monaco, Pillar, Po.et, Polymath, Populous, Power Ledger, Qash, QTUM, Quantstamp, Raiden, RChain, Request, Revain, Rivetz, Santiment, SingularDTV, Storm, Substratum, TAAS, TenX, Time Bank, Tron, VeChain, Veritaseum, Viberate, Walton, Wax
It’s important to note that, while all of these ERC20 tokens may be safely secured on Exodus Wallet, they cannot be exchanged through the exchange portion of the Exodus Wallet like the previous list of cryptocurrencies can.
Exodus Wallet is mostly open source. The open source portion of the code has been fully developer audited on multiple occasions and the wallet has yet to have a major snafu. Basically, Exodus Wallet does what you want, and many great coins you might already be invested in are already supported by Exodus wallet.
How to Download and Open Your Own Exodus Wallet
Your Exodus Wallet Download can be accomplished simply. Use the link we’ve just provided and select the desktop client for Windows, Mac, or Linux, as your case may be. There is no Exodus app (no Exodus Android or Exodus iOS…sorry) at this time, but this doesn’t mean that this update won’t be added in the future.
When you download your wallet, open up the resulting file. Be careful to note the passphrase given to your as you install. This passphrase will only be supplied one time. Passphrases are random words, in order, associated with your Exodus wallet and your’s alone. If you were to lose your computer or forget your Exodus wallet password, you could recover your coins using this code. There’s no other way to make this recovery. More on why this works later.
After that, choose a unique password to protect your Exodus Wallet, and you’re done! Exodus wallet is used just like any other application on your computer.
How to Use the Exodus Wallet
As we’ve mentioned, Exodus Wallet has 2 main functions: Storage of a diverse array of cryptocurrencies and exchange of these cryptocurrencies one for the other. We’ll cover how to use both of these basic functions here.
How to Send Cryptocurrencies to Exodus Wallet
Exodus wallet does trade cryptocurrency for US Dollars or other Fiat currencies. This must be done on an exchange like Coinbase. Most crypto exchanges in the world trade “altcoins” for major cryptocurrencies like Bitcoin and Ethereum, and both of these currencies can be bought at Coinbase. Once you have one of those, you can move it to a large exchange like Binance, where you can trade those currencies for any supported by Exodus wallet, or you can simply move your Bitcoin/Ethereum straight to Exodus Wallet.
When you’re ready to make a deposit to Exodus wallet, go into the platform that currently holds your coins. Click “Withdraw” or “Send” beside the coin you wish to send to Exodus wallet. Then go back to the Exodus wallet “Wallet” page, and click on the coin you wish to send.
For the purpose of this example, let’s say you want to send Bitcoin to Exodus wallet, as pictured above. Once you’ve selected the asset, click “Receive”, also pictured above. This will make the following screen appear.
You’ll see your Bitcoin address. It’s the alphanumeric code listed in orange. Copy this, return to the place that currently holds your coins, and paste this in the “Send” or “Withdraw” menu (as the case may be). Choose how many coins you want to send, and confirm the transaction. If you’re ever nervous about doing this for the first time, just send a little bit first, and wait for it to arrive in your Exodus Wallet. When it arrives, send the rest using the same method.
Cryptocurrencies stored this way can be kept safely for any amount of time. It’s always a good idea to install updates to your Exodus wallet as they are released, but you can always recover your wallet no matter what using the passphrase we’ve already discussed. You can see all of your assets under “Portfolio”, along with a nice visual breakdown of how much currency you have overall.
How to Exchange One Coin For Another On Exodus Wallet
Most cryptocurrency wallets just store your coins safely, but Exodus Wallet offers you even more utility. They allow you to inter-trade most of their supported currencies, without ever leaving for a centralized exchange like Bittrex. This keeps your coins safer, and saves you both time and money.
Exodus uses an innovative exchange API called Shapeshift, which looks for liquidity in the market and quickly trades you coins for any of the other Exodus wallet coins. It takes a few minutes, and the exchange rate may be a little higher than you’d find in a centralized exchange, but the convenience and security. outweighs the cost for many.
Simply click the “Exchange” button on the left side of the platform, choose the coins you want to exchange, choose how much of the one coin you wish to trade for the other, and confirm the trade by clicking “Exchange”
Your fee will be deducted straight from your order, and that amount will be listed on the bottom of the screen. You’ll be able to track your transaction in real time with a link provided by Exodus wallet on that same screen. Finally, your coins will arrive with a satisfying coin purse sound effect when they arrive in just a minute or two. These new coins are then stored just as securely as the ones for which they were exchanged.
Common Exodus Wallet Questions
You’ve already received most of what you need to know to download and use Exodus Wallet, but here are answers to some common Exodus Wallet questions.
- How does Exodus Wallet make money? – When you exchange one Exodus wallet coin for another, Exodus wallet takes some of that trade spread. Exodus Wallet doesn’t take any of the money you pay to move coins in or out of their platform. Those fees go to the blockchain networks associated with those coins.
- Is Exodus Wallet security good? – Exodus Wallet’s security is strong, but they don’t want to bug users with complicated security information. Most users are confident knowing that the code has been audited and that no major issues have arisen for users in the three years since the wallet was introduced. If you wish to export your private keys, Exodus Wallet makes that possible. 2FA is also slated for inclusion on the wallet this year, as is hardware wallet integration for password-free login.
- Will X Coin get added to Exodus Wallet? – Exodus Wallet is very responsive to user input. This writer has even had his Reddit questions personally answered by Exodus’s COO. However, Exodus doesn’t add every coin. The coins they are currently planning to add are listed in the Exodus roadmap linked at the beginning of this article. If you love a coin and want to see it added to Exodus, send them an email, or better yet, get together with other people on Reddit or BitcoinTalk who all want the same thing.
- Will Exodus Work on My Device? – Exodus Wallet is a desktop only client. It doesn’t work for mobile devices like iPhones. There are no immediate plans to change this, so power up the ol’ desktop if you wish to use Exodus wallet.
Final Thoughts on Exodus Wallet
Exodus Wallet is one of the oldest and most trusted multi-currency crypto wallets in the industry. It is also one of the most attractive and easy to use. While other wallets and come and gone (sometimes in obscurity, sometimes in infamy), Exodus wallet has continued to supply rock-solid service and an ever-increasing range of features and support.
Today, Exodus wallet supports dozens of currencies, enabling new users an easy way into multi-currency storage, and experienced users a continuing standard of quality. With their newer exchange functionality, Exodus wallet acts very much like the decentralized exchanges that are becoming so popular, and future-proofs its service in the process.
Exodus Wallet may only be known within the cryptocurrency community, but it provides a valuable service here, and we expect it to continue doing so for years to come. No matter who you are, if you have cryptocurrencies, you can likely benefit from Exodus, one of the strongest and most recognizable names in cryptocurrency storage in the world.