Exodus Wallet Review: What is Exodus?

The Exodus wallet is a relatively new software wallet. It was created by JP Richardson and Daniel Castagnoli. Richardson has written the code for many cryptocurrency products previously, and Castagnoli has worked as a designer for huge companies like Apple, BMW, and Nike.

Exodus has been designed to be a user-friendly, multi-cryptocurrency wallet. You can use many different crypto assets with it. I have listed the coins you can use with it below (there are a lot!):

0X (ZRX), Augur (REP), Bancor (BNT), Binance coin(BNB), BAT (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Civic (CVC), Dash (DASH), Decred (DCR), Edgeless (EDG), EOS (EOS), ETH Classic (ETC), Ethereum (ETH), FirstBlood (1ST), FunFair (FUN), Gnosis (GNO), Golem (GNT), iExec RLC (RLC), Litecoin (LTC), Matchpool (GUP), Numeraire (NMR), OmiseGo (OMG), SALT (SALT), Status (SNT), Wings (WINGS), Aptos (APT), Polkadot(DOT), Solana (SOL)

You can also store any currently unsupported and custom ERC-20 tokens using the Exodus software wallet.

Why Was Exodus Created?

There are a lot of software wallets already available. Examples of competitors are Jaxx, Green Address, and Bread Wallet. So, why did the Exodus team want to make another one?

The designers of Exodus wanted to make a user-friendly wallet that could do everything a basic cryptocurrency user would want it to. This, they hoped, would make the crypto experience easier for people that aren’t used to using the technology.

If these beginners have a pleasant experience using crypto, then they’re more likely to recommend it to their friends. This is how widespread adoption happens – that’s obvious from reading user Exodus wallet reviews, too!

For this reason, the Exodus team included an easy-to-read portfolio section to help organize assets and check their value against different fiat currencies. They also include a built-in trading function. This lets users swap one currency for another. It’s also how the Exodus team make money since the software itself is free to use.

What Makes Exodus Wallet Different?

Let’s quickly run through the main things that make Exodus stand out of the crowd of cryptocurrency wallets that are currently available to be used.

Design

The team behind the Exodus Wallet has worked hard to create a piece of software that is as easy to use as possible. The user interface (the bit that you can see!) is clean and has features that basic users are likely to want to use. This includes each asset’s send and receive functions, a complete portfolio view, the trading feature, and back up/recovery options.

The design was clearly very important to the creators of the Exodus Bitcoin wallet. In the options menu, you can change the look of the software. There are multiple themes to choose from. None of them are too crazy, though, and they all give the software a professional look.

You can also change the color of the background on the wallet. This option is quite funny, since you can only pick different shades of dark blue, dark purple, and black.

Support

Multiple user Exodus wallet reviews will tell you that that one thing that’s lacking from most wallets and cryptocurrency services is good customer support. Since most wallets are open-source and free, they can’t offer support simply because they would need to pay people to answer customer’s questions.

Exodus is different though.

They make money by charging fees on trades made with the built-in exchange. This means they can offer proper email support.

I haven’t personally used the customer support on Exodus. However, the internet is full of people’s stories about using it. They are mostly very positive, and it sounds like Exodus are doing a great job of keeping their customers happy.

Is Exodus Safe to Use?

No Exodus wallet review would be complete without looking at the security of the software. Exodus gives you a relatively-safe cryptocurrency wallet for daily use. Since it is an online wallet, it will never be as secure as leaving digital currency in cold storage (such as a paper wallet).

It also lacks some features which make it less secure than other, more complex software wallets. Before we look at these, though, let’s talk about some of the safety features Exodus does have.

Backup Features

If the device that the Exodus Bitcoin wallet is stored on (your computer) is lost, stolen, or damaged, you can still access your cryptocurrency. Exodus offers its users two ways of restoring their wallets.

The first is to use a standard 12-word passphrase. This is given to you when you first make an account. It’s very important that you store this passphrase securely. Write it down and put it in a safe deposit box. If you lose it and your computer breaks, you won’t be able to access your cryptocurrency.

Another helpful backup feature is the email restore option. When you create an account, you’ll be sent an email with a backup link attached. Clicking on this will restore your account.

How to Create and Use an Exodus Wallet?

Next, in this Exodus wallet review, I’ll show you how to get your own wallet. It’s really easy to set up and start using Exodus, so I’ve outlined the steps for you below.

1. Download the wallet from the official website. Beware of phishing (fake) websites. Check the security certificate of the site you are visiting by looking at the green text next to the website address. It should say “secure” or the name of the company.

2. Once you’ve downloaded the software, follow the onscreen prompts to install it.

3. When it’s installed, open your wallet and then click the “wallet” tab at the left-hand side of the screen.

 

4. Click on the cryptocurrency you want to add to Exodus. Next, click “receive”.

5. You will be shown an address and a QR code. This is your public wallet address and is what you give to someone that wants to send you some crypto. You can also use this to send crypto from another wallet of yours to your Exodus wallet. If you are sending crypto from another device that has a QR code scanner, you can use the QR code to get the address.

Note: Phishing websites are sites that have been designed to look like popular websites. They are made by scammers to steal information such as login data. This is then used to steal funds from the actual service the victim was trying to access.

Sending Cryptocurrency Using Exodus

To use your Exodus wallet to send cryptocurrency, follow the steps below. Don’t worry, it’s very easy – you truly don’t even need any user Exodus wallet reviews to help you out!

1. Click “wallet” in the left-hand panel.

2. Select the cryptocurrency you want to send.

3. Click “send” in the center of the window.

4. You will be given the option to scan a QR code using your device’s camera or to enter an address.

5. Scan the QR or enter the receiver’s address in the section labeled “send to … address”.

6. Enter the amount you want to send.

7. Click “send”.

Note: On the Exodus Wallet, each network fee is automatically worked out for you. This is great for basic users. However, the fees are often much larger than they need to be. Exodus wallet fees are set up to transfer as quickly as possible, not as cheaply as possible.

Using the Exchange

Just like other features of the Exodus wallet, the exchange is very easy to use. Just follow the steps below. I’ll assume that you have already added money to your account, to begin with.

1. Click “exchange” in the panel on the left of the window.

2. On the left, you will select the cryptocurrency you are swapping. On the right, you select the cryptocurrency you want to receive.

4. Click the left-hand option. It will say “Bitcoin” by default. Change it to the currency you want to swap.

5. Repeat this for the right-hand option. This will be the currency that you receive.

6. At the bottom of the page, you will see the current exchange rate between the two assets you selected. It might say something like: “1 BTC = 12.6092 ETH”. This means that, for every Bitcoin you swap, you’ll get just over 12 Ether back into your wallet.

7. When you have checked that you have entered all the details correctly, click the exchange button. You should receive your new crypto asset shortly after.

How to Add Custom Tokens to the Exodus Wallet?

You can use your Ethereum address to store ERC20 tokens even if they aren’t listed on Exodus. Ether wallets and all ERC20 tokens share the same address. Cool, huh?

It’s easy to add unsupported and custom ERC20 tokens to Exodus.

1. Simply find your Ethereum address by following the above steps about receiving cryptocurrencies.
2. Then, send the token from the wallet it is stored at (usually MyEtherWallet, especially if you have created a custom token) to your Ethereum Exodus address.

Done!

Advantages and Disadvantages of the Exodus Wallet

Next up in this Exodus Wallet review, I’ll look at the advantages and disadvantages of using the software. Let’s start with the good stuff before moving onto the not so good.

Advantages

• Easy to use. The Exodus wallet is one of the most user-friendly wallets I’ve ever seen.
• Supports multiple currencies. Storing all your assets in one place makes it easy to trade and spend.
• Built-in trade and portfolio functions. Swapping currencies and keeping track of gains or losses is very easy on Exodus.
• Automatic fee adjustment. Beginners in cryptocurrency might not be confident with setting the correct network fees for transactions. Exodus takes care of this for them.
• Great support. This is rare with cryptocurrency products.
• Software wallet. More secure than a web wallet. Exodus is ideal for small purchases and day to day spending.

Disadvantages

• As a software wallet, the Exodus wallet can be hacked. It is possible to lose funds if your device gets infected with malware or keyloggers.
• Limited security features. With no two-factor authentication or multi-signature support, you should avoid leaving large sums of money on the Exodus wallet.