A crypto wallet is a digital wallet used to manage and securely store digital currency. Several software wallets are available today, but the Exodus cryptocurrency wallet is one of the finest. Exodus wallet is ranked best among all crypto wallets by reputable sources such as Finder.com and Bitcoin Exchange Guide. In this Exodus wallet review, you will learn about Exodus, how it works, its features, products, pros, and disadvantages, supported currencies, and much more.
This review does not offer investment advice. Cryptocurrency markets are volatile. Before making financial decisions, it is prudent to talk with a financial expert.
What is Exodus Wallet?
Let’s look at a question for beginners: what is the finest crypto wallet for efficiently managing digital wealth? Exodus Movement INC. was founded in 2015 by JP Richardson and Daniel Castagnoli for the secure storing of digital currency. The multi-currency wallet supports more than 100 cryptocurrencies. It was once only accessible as a desktop version, but the Exodus mobile app is now available for Android and iOS devices.
The wallet accepts a wide range of cryptocurrencies, including Bitcoin. The wallet allows you to swap cryptocurrencies without having to register. It is important to remember, however, that Exodus uses Simplified Payment Verification as a light wallet.
This means it does not download whole blockchains but instead uses many servers to track wallet balances. More information on the Exodus wallet and how to swap cryptocurrency is available. So, let’s begin with a thorough Exodus wallet review.
Exodus Wallet Review: How Does It Work?
The Exodus platform’s main goal is to make digital currency easier to access, manage, and utilize. To understand how the wallet works, you must first grasp the three key components: –
Wallet: Exodus, like any other cryptocurrency wallet, operates through a set of codes that aid users in maintaining and connecting their cryptocurrencies across many blockchains. Instead of crypto, it saves a set of three codes: main keys, seed phrase, and public address. In blockchains, primary keys provide access to the cryptocurrency, while public keys serve as an address to the wallet. The seed phrase, on the other hand, is a recovery phrase code that aids in regenerating private keys if they are lost.
Portfolio: The Exodus team created a portfolio page that displays pertinent information, such as a breakdown of the crypto coins held and their current valuations about fiat currencies.
Integrated with ShapeShift: The combination of Exodus and ShapeShift has resulted in a unique value position. One of the top cryptocurrency exchanges, ShapeShift, is lauded for its trading, security, user interface, and privacy features. Exodus users may trade on this cryptocurrency exchange straight from their Exodus wallet, providing increased speed and anonymity.
Advantages of Exodus Wallet
The Exodus development team’s efforts have resulted in numerous outstanding features. A couple of the features covered in this Exodus wallet review are as follows:
- Exodus Wallet is free to download, with no registration or personal information necessary. Exodus provides a one-click, user-friendly interface, private keys, hardware wallet support, a 24*7 customer support staff, and simple transaction data storage.
- The design is appealing, and you can easily convert bitcoin tokens with a single click. Exodus does not know its users’ blockchain assets, so its device stores all transaction data and private keys. This provides robust security and privacy.
- Exodus supports the Trezor Model T and Trezor One hardware wallets for storing cryptocurrency safely.
- Furthermore, Exodus provides two techniques for recovering a wallet. This important built-in exchange option will come in handy if you lose your Exodus Bitcoin wallet or if it fails.
Exodus is What Kind of Wallet?
Exodus is a non-custodial wallet that provides excellent service and broad control over crypto assets. It does not actively handle or take custody of your wallet but gives you complete control over it. You may use it with a wide range of crypto assets. Exodus accepts TREZOR wallets, which have a slick UI and strong security for a hardware wallet.
It is also a lightweight wallet, which does not download complete blockchains to the device, allowing for a far speedier setup. Exodus Wallet is also responsive and convenient as result of this. Furthermore, mobile and desktop wallet versions are available on Windows, Mac OS, Linux, Android, and iOS. The crypto trading assets tool in the Exodus wallet works exceptionally well and is straightforward to use for both novices and expert users.
Exodus Wallet Review: Pros and Cons
- Integrated Portfolio and Trading Functions: On Exodus, exchanging one cryptocurrency for another is simple and keeping track of daily earnings and losses.
- Supports Multiple Cryptocurrencies: You may save over 100 digital and particular coins in a single location, making spending and exchanging key cryptocurrencies easier.
- Exodus is the most user-friendly wallet and simple to use, created for all types of users in the crypto world for the first time.
- Automatically Adjustable Fees: This Exodus benefit is for novices still unsure about determining the appropriate transaction network charge.
- Customer Service: Exodus support is not only competent, but it is also attentive to its clients.
- Exodus links with ShapeShift, which makes transactions anonymous and simple.
- Keyloggers or malware may target Exodus software wallets and steal cash from users.
- Lacks Critical Security Support: It lacks critical security features like multi-signature support and two-factor authentication.
- Crypto-to-fiat Transactions Are Not Supported: It does not support crypto-to-fiat transactions.
Exodus Wallet Security
The Exodus security level is adequate but not exceptional. The first stage of security entails a user-generated password necessary to access the wallet. The second phase asks you to create a 12-word seed phrase to let you recover your wallet if the device fails. It is critical to saving this phrase somewhere other than your smartphone or computer.
However, there are also significant limitations to Exodus security since no one wants to lose their crypto assets from their wallets. Exodus Wallet provides no high-level protection against hackers. Because the site lacks two-factor authentication, it is straightforward to hack using keyloggers and steal your logins, obtaining access.
Exodus lacks a multi-signature functionality. The multi-signature address adds more protection to the wallet by requiring you to sign the transaction before being broadcast onto a crypto network. A multi-signature wallet on a laptop and phone are widespread. Exodus does not provide a multi-signature wallet.
To summarize the Exodus Wallet review, the Exodus wallet is one of the leading hot wallets, particularly for newcomers. The ease of use has made it the user’s first and best option compared to alternative wallets. The appealing design of the straightforward interface allows users to transfer, sell, and purchase cryptocurrencies and swap them in small quantities, making it the ideal cryptocurrency wallet.
Exodus offers little benefit to expert cryptocurrency users, mainly because bespoke fees are presently limited to Bitcoin. More crucially, the platform focuses on the user crypto experience rather than security. This makes the wallet less safe for people who wish to store large sums of money in their software wallets.
While Exodus does not aim to delight users of all expertise levels, it is specifically suited for newbies who want to buy Bitcoin and other coins directly from their wallets.