Exodus Wallet Review - Is It Right For Your Crypto?
Crypto wallets can be intimidating to a newbie crypto trader or someone who isn’t tech-savvy. To make your trading experience as simple as possible, Exodus wallet uses a user-friendly UI and simple features.
It, like all wallets, has its flaws. It is, nevertheless, suitable for those who are new to crypto trading. This Exodus wallet review attempts to provide you with a thorough understanding of the wallet’s functionality, trading opportunities, and security concerns.
Exodus Wallet Review
Exodus is a multi-currency wallet that can be used on both computers and mobile devices (iOS and android). The software offers a simple layout with only a few features, making it accessible to anyone who wants to get into cryptocurrency trading. Furthermore, it supports a large number of cryptocurrencies for such a simple crypto wallet.
Trusted sites like Bitcoin Exchange Guide and Finder have named Exodus as a great desktop wallet. Investopedia also named it the best wallet for beginners. Even if you aren’t familiar with trading, Exodus can assist you in learning more about it.
In This Review
- Binance Coin
- Ethereum Classic
Exodus Wallet Interface and Usage
The Exodus’ core mobile interface comprises of three primary features:
Wallet: This is the wallet’s most important function. It allows you to transfer and receive cryptocurrency in a timely manner. Exodus does not store crypto currency because it is a hot wallet. It instead keeps track of three separate codes: the primary key, the public key, and the seed phrase. Later in this Exodus wallet review, we’ll go over why this is important.
Portfolio: Those who invest in numerous currencies may find it challenging to keep track of them all while doing transactions. This feature is a great method to keep track of your crypto assets. It provides a visual representation of the currencies you own, with separate price graphs that update the market value of the coins on a regular basis.
Exodus offers an in-built trading tool that utilizes the Shapeshift exchange platform, one of the most popular cryptocurrency exchanges noted for its security and innovative trading capabilities. This allows for rapid cryptocurrency trading without ever having to leave the wallet.
The desktop app also contains capabilities such as backup, app explorer, and so on, in addition to these basic functionalities.
Exodus has chat feature on the website. One of the benefits of this wallet that has been praised in every single Exodus wallet review is its friendly customer care. The Exodus team has made it possible for you to communicate with them about any issue you may be experiencing.
They have over 100 instructive articles and videos on their website to help you manage the software and, as a result, crypto trading. For further information, you may visit their help desk, follow them on Twitter, or send them an email. They’ve enabled Slack chat to make it even easier to contact them.
Security and Fee's
The wallet’s transaction fees and security issues are two of its most notable drawbacks.
Now we must remember that, unlike open-source systems, Exodus can afford to give customer service because they collect fees. Because the higher costs promote a smoother trading experience, you can choose whether or not to consider this a disadvantage. This kind of customer service also demonstrates that Exodus is in it for the long haul.
Is Exodus wallet, despite all of its advantages, secure? In order to comprehend this, we must first discuss the ideas of hot and cold wallets.
The reason cryptocurrencies are so secure is that when your private key (a code) is used to make a transaction, it generates a unique signature that hackers can’t guess.
Hot wallets, unlike cold wallets, are internet-connected and hold your private keys. As a result, hot wallets are more vulnerable to security vulnerabilities. They do, however, allow for far speedier transactions and exchanges. This is why hot wallets are so popular, as they are much more suited for active financial transactions than cryptocurrency storage. You might wonder how safe Exodus wallet is.
Don’t be alarmed. Your private keys are encrypted within your personal wallet because it is a hot wallet. Unlike numerous other platforms, however, Exodus does not have access to your private keys as an entity. It’s as secure as a hot wallet can possibly be. There are two key security features they provide:
Your wallet is protected by a standard 12-word passphrase.
Wallet locking function that can be tweaked over a set period of time
Even if the device that held the Exodus wallet is lost or destroyed, you may use the pass to recover your cryptocurrency, and the automatic wallet lockdown will keep your profile safe. It also includes an option for email restoration as a backup.
Exodus, on the other hand, is more vulnerable because
Two-factor authentication isn’t used.
A multi-signature address is not used.
With hot wallets, however, the worst-case situation is hacking. One such issue can be seen in this Reddit discussion. The most remarkable aspect of this circumstance is how quickly the Exodus team responded to the problem, despite the fact that it was not posted on any of their conventional customer care venues. And this is the general, and largely favorable, perception of them.
Attacks on hot wallets will always be a possibility. Exodus developers try to check the app on a frequent basis in order to find flaws. One such example is when they deleted Dogecoin in 2017 because it was making Exodus more vulnerable.
To summarize this Exodus wallet review, if you have a significant number of crypto assets, hardware wallets or cold storage are preferable. Exodus, on the other hand, is safe for light-duty operations like minor transfers, rudimentary crypto trading, or simply learning the trade.