Is Exodus A Wallet Or Exchange

A crypto wallet is a digital wallet for managing and safely storing digital coins. Many software wallets are available today, merely one of the all-time options is the Exodus cryptocurrency wallet. Exodus wallet holds the first position among all the crypto wallets by authentic websites such as Finder.com and Bitcoin Exchange Guide.

Learn more about Exodus, how it works, its features, products, pros and cons, supported currencies, and many more in this Exodus wallet review. Nevertheless, here note that this review does not provide users any kind of investment communication. Cryptocurrency markets are highly volatile. Hence, it is appropriate to bear your research and consult a financial advisor earlier making fiscal decisions.

Exodus Wallet Summary

Official Website https://www.exodus.com/
Wallet name Exodus Wallet
Type of Wallet Decentralized Wallet
Coins Accepted 100+
Native Token None
Linked Exchange Yeah
Supported Hardware Wallet Yes
Supported Countries Near of All
Languages English
Charges Zero Fees for Sending or Receiving Crypto, But do Charge Network Fee
Mobile App Yes
Cloud Storage No
Cold Storage Yes
Customer Back up 24/7 via Mail service

Sign Upwards Now

What is Exodus?

Let’s explore the question for beginners like what is the best crypto wallet that can help users manage their digital wealth efficiently. JP Richardson and Daniel Castagnoli created Exodus Motion INC. in 2015 for the secure storage of digital coins. The multi currency wallet supports more than than 100 cryptocurrencies. It was showtime available as simply a desktop version, but now Exodus mobile app is likewise available for Android and iOS platforms.

Exodus Wallet
Exodus Wallet Review – Platform Interface

Sign Upward Now

The wallet supports a wide variety of altcoins, including Bitcoin. The wallet can be used to substitution cryptocurrency without requiring any registration. However, it is essential to note that Exodus employs Simplified Payment Verification as a light wallet.

This implies that information technology does not download the entire blockchains only uses multiple servers to trace wallet balances. At that place are more necessary details relating to the Exodus wallet and how you tin substitution cryptocurrencies. And then, allow’due south get started with a detailed Exodus wallet review!

How Does Exodus Wallet Work?

The main objective of the Exodus platform is to simplify the access, management, and use of digital coins.

To explain how the wallet works, you accept to empathise the three essential components:-

  • Wallet –
    Like any other cryptocurrency wallets, Exodus also functions through a series of codes that help users in managing and linking their crypto coins in different blockchains. So, instead of storing crypto, it stores a set up of three codes – main keys, seed phrase, and public address. Primary keys offer admission to the crypto coin in blockchains, whereas a public central works equally an address to the wallet. However, the seed phrase is a recovery phrase code that helps in regenerating the private keys if they are lost.
  • Portfolio –
    Exodus team designed a portfolio page that shows relevant information, including the breakdown of the crypto coin endemic and their updated values against fiat currencies.

Exodus Wallet Review - Live Portfolio by Exodus
Exodus Wallet Review – Live Portfolio by Exodus

Sign Up Now

  • Integrated With ShapeShift –
    An integration between Exodus and ShapeShift has led to a unique value position. ShapeShift, one of the all-time crypto exchanges is praised for its trading, security, user interface, and privacy features. Exodus users can trade on this crypto exchange directly from the Exodus wallet with extra speed and privacy.

Fundamental Features of Exodus Wallet

The effort of the Exodus evolution team has brought about many impressive features. In this Exodus wallet review, a few of the features accept been mentioned below:-

  • Users tin can download Exodus Wallet for gratis and in that location is no registration and personal information required. Exodus offers a one-click, easy-to-utilise layout, individual keys, hardware wallet support, 24*7 customers support squad, and easy transaction data storage.
  • The layout is aesthetically pleasing, and with just ane click, you can brand piece of cake cryptocurrency token exchanges. Since Exodus does non possess any knowledge relating to its users’ blockchain assets, all the transaction data and private keys are stored on its device. This offers robust security and privacy.

Exodus Wallet Review - Explore the Features of Exodus
Exodus Wallet Review – Explore the Features of Exodus

Sign Upwards Now

  • Exodus supports Trezor Model T and Trezor One hardware wallet where cryptocurrencies tin be safely stored.
  • In add-on, Exodus also offers two methods of restoring a wallet. This is a vital born substitution feature that comes in handy if you suddenly lose your Exodus Bitcoin wallet or if it gets damaged or stolen. There are two ways of restoring your wallet:-
    1. 12-words Passphrase – A 12-word passphrase is given to the users while creating an business relationship. For instance, if your computer breaks down, y’all can employ this passphrase to access cryptocurrency wallets.
    2. E-mail Restoration – This is yet some other vital fill-in facility that allows you to restore your Bitcoin wallets through an e-mail sent to your linked account.

What Kind of a Wallet is Exodus?

Exodus is a non-custodial wallet that offers great support and extensive more command over crypto assets. It does not directly manage or take custody of your wallet but allows you to fully command information technology. Users can apply many different crypto avails with it. Exodus supports TREZOR wallets that provide a sleek interface and robust security for a hardware wallet.

Exodus is too a calorie-free wallet which ways information technology does not download the entire blockchains to the device, making the setup significantly faster. And this also makes Exodus Wallet responsive and convenient. Moreover, both the mobile wallet and desktop wallets versions are bachelor and then that the platform can be used on any device, including Windows, Mac Os, Linux, Android, and iOS platforms.

In the Exodus wallet, the crypto exchanging avails feature works extremely well and is simple for beginners and experienced users.

Exodus Products

  • Mobile Wallet – Navigation on the Exodus mobile wallet is simple, with simply 3 categories: Portfolio, Substitution, and Wallet.
  • Desktop Wallet – The desktop app comes with a few boosted tabs: Settings, Backup, App Explorer, and Assistance.

Explore & Get the Exodus + Trezor Hardware Wallets Experience
Explore & Get the Exodus + Trezor Hardware Wallet Experience

Sign Upward Now

  • Trezor Hardware Wallets – Exodus tin be paired with the Trezor Model T or Trezor One hardware wallets for more enhanced security functions.
  • Exodus Crypto Apps – The application explorer has a featured app segment that offers easy navigation and cryptocurrency apps within the platform. The app is used to earn interest in cryptocurrencies.

Earn Interest with Exodus Crypto Apps
Earn Interest with Exodus Crypto Apps

Exodus Wallet Review: Pros and Cons

Pros:

  • Built-in Portfolio and Trade Functions – It is piece of cake to swap 1 cryptocurrency with another and keep track of daily profits or losses on Exodus.
  • Supports Multiple Cryptocurrencies – You lot tin store more 100 digital and specific coins in a single place, and hence, it becomes easier to spend and trade significant cryptocurrencies.
  • Convenient and Intuitive Interface – Exodus is the most user-friendly wallet and ease of utilise, kickoff time built for all kinds of users in the crypto community.
  • Automatically Adaptable Fees – This Exodus reward is for beginners who are nonetheless not confident with fixing the correct transaction network fee.

Exodus Wallet Review - Customer Support by Exodus
Exodus Wallet Review – Client Back up past  Exodus

Sign Upward At present

  • Customer Support – Exodus support is not merely professional but also responsive to its exodus customers.
  • ShapeShift Integration – Exodus is integrated with ShapeShift which makes exchanges bearding and like shooting fish in a barrel.

Cons:

  • Easily Hacked – The Exodus software wallets can be easily hacked, and most users may lose funds if the device gets attacked by keyloggers or malware.
  • Lacks Important Security Support – It does not include necessary security features similar multi-signature support or ii-factor authentication.
  • Lacks Crypto-to-fiat Transactions – It does non back up crypto-to-fiat transactions.

How to Create an Exodus Wallet?

To commencement enjoying the groundbreaking features on the Exodus platform, you lot have to create an Exodus software wallet by following a few steps mentioned below:-

Exodus Wallet Review - Download the Exodus App & Create Your Own Wallet
Exodus Wallet Review – Download the Exodus App & Create Your Own Wallet

Sign Up At present

  • Go to Exodus website or Google Play shop to download the app on your device (Windows, Mac, or Linux operating systems).
  • One time the download is complete, an installation prompt will be displayed on your screen.
  • Subsequently installation, open the wallet and click the Wallet-tab located on the left side.
  • You can add unlike cryptocurrencies to your Exodus wallet by clicking on Wallet and Receive. This will generate a unique QR code. Utilize the lawmaking to send crypto tokens from other hardware wallets to the Exodus wallet.

Annotation that every asset in your wallet comes with a private key. To the private key of a particular asset, go to the Developer Card → Avails → View Private Keys. One matter for safety reasons, copy the keys and do not disclose them to anybody.

Sending Cryptocurrency Using Exodus

To transport cryptocurrencies using Exodus, follow the easy steps mentioned below:-

  • Go to the official website and click the Wallet tab
  • Cull the cryptocurrency you wish to send and press Transport
  • Once you click Send, a QR code volition be displayed on your screen. You can either scan the code or enter the address of the receiver.
  • Enter the crypto amount to exist sent and and so click Send.

Supported Cryptocurrencies by Exodus Wallet

Exodus boasts its support of more than 100 cryptocurrencies, including Ethereum, Bitcoin, and Litecoin. Here are a few pregnant cryptocurrencies users can utilize to shop in Exodus wallets:-

  • BTC – Bitcoin
  • ETH – Ethereum
  • XLM – Stellar
  • BTG – Bitcoin Gold
  • USDT – Tether USD
  • BCH – Bitcoin Cash
  • LTC – Litecoin
  • EOS – EOS
  • XMR – Monero
  • BSV – Bitcoin SV
  • Nuance – Dash Coin
  • BNB – Binance Coin

However, to become through the full list of supported cryptocurrencies bank check this link.

Exodus Wallet Security

The Exodus security level is relatively reasonable but not impressive. The first security phase involves a user-created password to access the wallet. The second phase requires yous to generate a 12-word seed phrase that recovers your wallet if the device breaks downwards or gets stolen. It is crucial to jot this phrase somewhere in offline storage instead of your device or computer.

However, if you lot await at the drawbacks of Exodus security, there are some serious ones since nobody would want to lose their crypto funds from their wallets. Exodus Wallet doesn’t give any high-level protection against hackers. Here, the platform lacks two-factor authentication, which means it is super like shooting fish in a barrel to hack using keyloggers and steal your logins, thereby gaining access to your wallet.

Exodus Wallet Security Measures
Exodus Wallet Security Measures

Sign Up Now

In improver to this, Exodus too lacks a multi-signature feature. The multi-signature address provides an extra layer of security to the wallet and requires you to sign the transaction before broadcasting information technology into a crypto blockchain. And ordinarily It is mutual to have a multi-signature wallet on a laptop and a telephone. But unfortunately, Exodus does not offering a multi-signature wallet.

Decision

To conclude the Exodus Wallet review, it is justified that the Exodus wallet is ane of the leading hot wallet, peculiarly for beginners. Ease of use has fabricated it a user’s offset and fantabulous choice compared to other wallets. The attractive design of the intuitive interface allows users to send, sell and buy a cryptocurrency and exchange them in small amounts without requiring a lengthy process that making it the best cryptocurrency wallet.

For advanced cryptocurrency users, at that place is a minimal advantage in using Exodus mainly because custom fees are currently restricted to Bitcoin and, more importantly, because the platform focuses more on the user crypto experience than security. This makes the wallet less secure for those who want to keep considerable funds in their software wallets.

But all in all, though Exodus does not target to please users of all experience levels, it is peculiarly designed for beginners who would similar to buy Bitcoin and more coins from their wallets without any hassle.

FAQs

Is Exodus Wallet Safe?

Exodus offers a relatively secure cryptocurrency wallet for regular use. However, an online wallet is never as safe as the digital currency stored in cold storage like a paper wallet.

Exodus desktop and mobile wallets also lack many of import security features, making exodus secure less than other, more complicated ones. So, storing large amounts of crypto on this platform is not recommended.

How Does Exodus Brand Coin?

It is a universal fact that no one likes to work for gratis. And then, Exodus does get a pocket-size fee equally a small commission when new users use Exodus to receive or send cryptocurrency or make cryptocurrency exchanges.

Does Exodus Wallet Charge Fees?

Compared to other crypto wallets, Exodus charges transaction fees for every process of payment. The fees are so paid to the blockchain network (Ethereum, Bitcoin, Litecoin, etc.).

So, you are non paying Exodus any transaction fee. The platform puts more emphasis on reliability and speed than on lower fees. There are only network fees will be listed at the end of the Wallet app before yous send. The network fees are adaptable depending on the changes in the blockchain network.

Tin Exodus Wallet Be Hacked?

All Exodus does is assist you lot store your funds. Information technology does not store or manage your private keys (credentials that give access to crypto). If your Exodus wallet is hacked, hackers will not be able to take your funds since the private keys are with you on your device.

Is the Exodus Wallet Like shooting fish in a barrel to Employ?

Aye, being exceedingly beginner-friendly, Exodus is easy to use with a clear and understandable layout and popular features that are easy to navigate and access. so, users can use this wallet effortlessly.

Source: https://www.cryptonewsz.com/crypto-wallet/exodus-wallet-review/

Check Also

Will Dogecoin Go Up In Value

Will Dogecoin Go Up In Value

On Dec. 6, 2013, Billy Markus and Jackson Palmer decided to combine their dearest of …