The Exodus wallet is a software-based tool you can use to store crypto-currencies. You can also use this virtual wallet to transfer crypto-currencies and keep track of your portfolio. Since there are many cryptocurrency wallets available, it’s important to compare your options. Here is a detailed Exodus wallet review to help you figure out if this is the right option for you.
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What Is The Exodus Wallet And How Does It Work?
Exodus is a cryptocurrency wallet that you can install on a desktop or laptop. You will have to create an account associated with an email address when you use the wallet for the first time.
You will get a unique wallet number you can use for transactions and will be able to access your virtual coins from any computer once you install the Exodus software and restore your wallet from your email address.
It’s important to understand how cryptocurrency wallets work to better understand what Exodus does. Crypto-currencies exist in the form of digital keys. When an exchange takes place, the ownership of a digital key is transferred from one wallet to another.
Each exchange includes a public and private key. For a transaction to be confirmed, the public and private keys have to match.
The purpose of these virtual wallets is to safely store your digital keys. Your wallet will reflect your current balance once a transaction is confirmed.
Virtual wallets are an essential element of using crypto-currencies. You need a wallet to store your digital assets, receive and initiate transactions, and keep your assets safe.
Exodus is an interesting option because it’s easy to access. There is no need to purchase hardware since it’s a software-based solution.
You can access your wallet from different devices. All you have to do is install the Exodus software and restore your wallet.
Exodus goes further than other virtual wallets because you can use this platform to receive virtual coins, send them, and access data about your portfolio. Your dashboard will show your current balance and display data and charts so you can get an idea of how your cryptocurrency portfolio is performing.
You can easily manage your assets by using the Exodus wallet to exchange one crypto-currency for another. This built-in feature is interesting because it allows you to manage your virtual portfolio from a single interface instead of having to use a crypto-currency exchange.
You can send and receive payments or exchange crypto-currencies with a single click. The different interfaces of the wallet are well-designed and help you review all the relevant information linked to transactions.
The design of the software is worth mentioning. You will find that the design is streamlined and that there is a focus on delivering good user experience.
The wallet is easy to navigate and very accessible for beginners. There is a menu you can use to access the different features of the wallet, a dashboard that displays data about your portfolio, and different interfaces you can use to make payments or exchange virtual coins.
You can choose from different themes to customize your wallet.
The backup and restoration system is one of the standout features of this software-based wallet. Your assets are automatically backed up and can be restored thanks to a 12-word phrase.
If you no longer have access to the computer you installed the wallet on, you can install the software on a new computer and use your email address and 12-word phrase to restore the details of your wallet.
Exodus doesn’t store your data for safety. The 12-word phrase is an effective way to protect your digital assets since it’s much longer than a traditional password.
The Exodus wallet supports more than 80 crypto-currencies, including:
The team behind the Exodus wallet has been updating this list regularly, and any cryptocurrency that becomes popular is likely to be added to the list of supported currencies.
What Makes The Exodus Wallet Unique?
Being able to store digital assets and access payment and exchange features from a single platform makes Exodus an interesting choice.
Cryptocurrency can be complex, and many newcomers give up once they realize how much work goes into managing a portfolio. Exodus makes portfolio management easy by combining a wallet with a payment and exchange tool.
Your dashboard will display up-to-date data on the value of your different assets as well as charts to help you track of your portfolio has been performing. You can compare current performance with previous data to determine if your current strategy is still aligned with your goals.
You can use the wallet to simply store your assets and conduct transactions on an occasional basis. You can also decide to dedicate a few minutes each day to reviewing your portfolio and exchanging digital assets if you want to get into cryptocurrencies.
Being able to store and exchange more than 80 different types of virtual coins make Exodus more interesting than other wallets. A lot of virtual wallets support a smaller number of popular coins and don’t actively add new coins.
There is an active team of developers behind Exodus. Their focus is currently on creating a mobile version of the wallet.
The security features of the wallet are one of the reasons to adopt it. Your wallet will automatically backup the keys for your digital assets to ensure that they are never lost.
You can restore this information from any device that has the Exodus software installed on it. Using a 12-word phrase and an email address to access this data is a good way to protect it.
The downside of using a software-based virtual wallet is that your information can be compromised if the device you use isn’t safe. This won’t be an issue if you use antivirus software and never install the software on a public computer.
The team behind the Exodus wallet has put together a very helpful website where you can find videos that walk you through the different features of the wallet.
You can easily learn how to conduct transactions, how to backup your wallet, and how to manage your portfolio. These resources make Exodus ideal for a beginner.
You can download the Exodus wallet and use it for free. However, you will pay a small transaction fee when making payments and exchanging virtual currencies.
The transaction fee varies in function of the crypto-currency you are using. The wallet is very transparent and you will see the transaction fee every time you make a payment or exchange virtual coins.
The average transaction fee listed on the Exodus website is $0.12 per transaction. Keep in mind that some virtual currencies are more expensive to trade than others and that you can pay higher fees to have transactions processed faster.
Public Perception Of The Exodus Wallet
The website Captain Alt Coin has shared an Exodus wallet review and assigned a rating of 9.1 out of 10 to the product. The website 99 Bitcoins has a rating of 9 out of 10 for the wallet, and Coin Central has awarded 4.5 out of 5 stars to the Exodus wallet.
The positive points mentioned in these reviews include the interface. Reviewers think the design of the interface makes the wallet very accessible for everyone.
The one-click email restore system is another positive point. It improves the security of the wallet and users don’t have to worry about every losing their digital assets thanks to this feature.
Being able to store digital assets and manage transactions from a single platform makes Exodus interesting. Very few other wallets offer this same feature.
Reviewers also point out to the list of crypto-currencies supported by the wallet and to the positive reputation of the support team.
The educational resources that include videos and articles are another positive point. Reviews also mention the great community of users, and the exciting future of the wallet since the developers behind this project are dedicated to improving it.
The transaction screens is a standout feature of the wallet. Reviewers liked the fact that you can easily review all the data before confirming a transaction. The screen displays the amount you will receive or send or shows the current value of the two crypto-currencies you want to swap.
The reviews mention a few negative points about the wallet. The main downside of using Exodus is that other exchange platforms offer lower transaction fees.
Exodus isn’t an open-source wallet. You might want to use another product that uses open-source code if you want more transparency.
Even though the 12-word phrase is a safe way to protect your wallet, other options are safer since they rely on a system with two-factor authentication.
How Does The Exodus Wallet Compare To Other Options?
You should compare Exodus with other cryptocurrency wallets before choosing a solution.
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The Ledger Nano S is a hardware-based wallet. The wallet uses a secure chip that is protected by a PIN code. You need to plug the wallet via a USB port and enter the PIN code to access your digital asset.
It supports more than 40 different cryptocurrencies, including Bitcoin and Ethereum. It’s very easy to use and comes with a companion app that allows you to review your balance and manage transactions.
If you ever lose your wallet, there is a recovery phrase you can use to restore your digital assets into a different wallet.
The downside of the Ledger Nano S is the price of the hardware, but this is a safer option compared to software-based products since the only way to access your digital assets is to have physical access to the wallet and use the PIN code.
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Coinbase is an offline storage option for your digital assets. Your data is stored on servers that aren’t connected to the internet.
Your keys are protected with AES-256 encryption and back-ups are created and stored in vaults and deposit boxes around the world.
Coinbase uses a two-step authentication process to confirm transactions. You will need to enter a username and password as well as a code sent to your phone.
Coinbase has an excellent reputation and a very active community. It’s a popular exchange platform as well.
The downside of Coinbase is that it only supports 15 different cryptocurrencies in total, and only nine are available to U.S. users. This is still a great option if you want a safe digital wallet that supports a few major cryptocurrencies.
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Trezor is considered as one of the safest cryptocurrency wallets because it combines hardware with an offline backup option. There are different wallets to choose from, and the features vary a little.
You can use a 12 or 24-word recovery phrase for your wallet. It supports more than 700 different cryptocurrencies, but there are a few differences in the currencies supported from one wallet to another.
The interface of the wallet lets you review the assets stored in the wallet and conduct transactions. Trezor is one of the more expensive wallets, but it’s a good investment if you need to store large amounts of cryptocurrencies.
What We Think
This Exodus wallet review should have given you a better idea of whether or not this wallet is right for you. We think that Exodus is an excellent option if you are new to crypto-currencies and can’t justify purchasing a hardware wallet.
Exodus is easy to use and allows you to manage your portfolio from a single interface. The range of currencies supported is very interesting and can help you build a diverse portfolio. Exodus is also a great option if you want to conduct transactions occasionally.
There are a great community and team of developers behind Exodus, and the online knowledge base is one of the reasons why you should use Exodus to get started with virtual coins. However, you should look into investing a wallet with advanced security features once your portfolio grows.