Exodus

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Exodus Review

If we want to keep it short, we could say that Exodus is a desktop wallet with a user-friendly interface that supports many currencies. However, there is much more to say about the digital wallet. The sleekly designed app was developed in mid-2016 and its structure amounts to three integral components: Multi-Asset Wallet, Portfolio and Crypto Exchange. The app is compatible with Windows, Mac OS and Linux. Brand new is also a web wallet.

For fans of investing in different currencies, the wallet is a real boon: The Exodus Wallet offers almost 100 different coins, including Bitcoin, of course, but also Litecoin, Dash and Zcash, for example. As a light wallet, you do not have to download the entire blockchain to use it.

However, it stands out among its competitors for one feature in particular: it was the first wallet to be fully compatible with ShapeShift. In the crypto community, the wallet is also known for being a “beginner-friendly” wallet due to its intuitive interface. It also tries to give users as much control over their funds as possible. test test

Pros and Cons

The wallet has many supporters in the community, which is mainly due to its ease of use. The large number of cryptocurrencies on offer and the good support team are also attractive for many. Of course, one disadvantage is immediately obvious, as the wallet is a hot wallet and is therefore theoretically constantly connected to the Internet. This means security limitations compared to any cold wallet.

Additionally, there are some Exodus skeptics as the system is not open source based and it does not have additional security features like a multi-signature a 2 factor authentication. In its early days three years ago, the Exodus Wallet only supported a handful of cryptocurrencies. Now, however, there are thousands – and the number seems to be growing every day.

A major strength of the Exodus Wallet is the variety of coins. The only criticism from supporters of a wide range of cryptocurrencies is that some of the big ones like IOTA, XEM or ADA are missing from the list. The highlight of this wallet is that you can even store ERC-20 tokens if they are not officially supported by Exodus. The downside to this, however, is that you cannot see the balance of these in the wallet itself. Instead, you have to use an Ethereum Blockchain Explorer to do so.

Since, as mentioned, the list of supported coins is constantly being expanded, you can always check the homepage to see if the new cryptocurrency you want to store might be on offer in the meantime. On the status page you can also check if the offered Exodus Coins have full functionality at the time when you want to make a transaction.

Exodus Fees

As a service provider, Exodus charges transaction fees for every transaction one makes. The fees are paid to each blockchain network (e.g. Bitcoin, Ethereum, Litecoin or similar) and are not retained by Exodus. Because Exodus considers speed and reliability more important than low fees, the wallet tracks changes in the blockchain network and adjusts fees accordingly. Thus, Exodus fees cannot be adjusted manually. The advantage for crypto beginners is first of all that they do not have to deal with this issue.

The software uses a dynamic pricing model that selects transaction fees according to network load statistics. If you want to change your balance to another currency, there are extra fees due to Exodus’ integration of the ShapeShift feature.

These are calculated as a range of 2% to 4% on the exchange rate of the cryptocurrency. One can see the exact amount in the “Exchange” section of the site. The mentioned spreads are subject to different liquidity levels of the markets and can vary accordingly.

 

The exchange is decentralized so everything is stored on the blockchain, while all your private keys are encrypted and stored on your device with a 12-word recovery phrase as a backup should your device get lost or stolen. Being able to buy cryptocurrency directly through your wallet with just a bank card allows even a crypto novice to start exchanging crypto coins and tokens almost immediately after downloading them.

 

 

1 review for Exodus

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  1. Lil Satoshi

    I’ve been using Exodus Wallet since 2017 and I don’t want to miss this wallet anymore. I mainly use the desktop version of Exodus Wallet.A mobile app is also available. I really like the large coin selection. Likewise, the Trezor integration is excellent. It should be noted that not all coins can be linked to the Exodus Wallet via Trezor. But you can easily check this on the Trezor page. The integration of a hardware wallet is a super security aspect. The desktop app can be secured with a specially assigned password.

    You can hold a lot of coins on the Exodus Wallet. There is also an integrated exchange option for coins which is handled via Shape Shift. This means that you can exchange Bicoin for Ethereum or vice versa directly via the Exodus Wallet. The user interface is well designed and suitable for beginners. You can write down your back-up, i.e. the recovery phrase, and also send it to an email, which you can access in an emergency. However, I advise to always keep the recovery phrase offline. If you send coins from a crypto exchange such as Binance to the Exodus Wallet, the coins are usually visible on the Exodus Wallet within a few minutes. The wallet is updated regularly.

    The Exodus Wallet is not open source. Likewise, as a hot wallet, it is more vulnerable to hacker attacks. So, one should not keep his or her main stock of Coins on the Exodus Wallet. However, if you link the coins to Exodus via the Trezor you have the security features of a hardware wallet.

    The Exodus wallet is easy to use and the variety of coins gives you good options to keep the coins on the wallet. I can recommend Exodus.

    + PROS: - many available coins - easy to use - integrated exchange option
    - CONS: - not opensource - use a hardware wallet for your main stock
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