Exodus Crypto Wallet Review: Is It a Safe Bet?

Exodus is a crypto wallet that facilitates the safe storage and transfer of crypto assets. It was launched in 2015 by Daniel Castagnoli and JP Richardson. 

What is Exodus?

So, let’s begin our Exodus wallet review. Initially, it was a desktop-only system. Now, iOS and Android users can easily use this platform. You can use it to trade in Bitcoin as well as multiple altcoins. 

How does Exodus work?

The user interface of Exodus is simple enough for a beginner to understand. You get a comprehensive view of your portfolio. Users can back up their transactions and recover them in the future, as well as change the appearance of the interface through the options menu. You can use this platform on various operating systems like Linux, macOS, and Windows. 

To exchange one coin for another, you need to:

1. Open your wallet and navigate to settings.
2. Enable the New Exchange feature from the personalize tab.
3. Go back to the home screen and open the Exchange tab.
4. Select the assets you wish to send and receive and choose the proper portfolios for each.
5. Choose the amount, check the applicable fee, and click on Exchange.

Features of Exodus

Here are the main functionalities, according to the vendor:

• Multiple-asset wallet

You can use it to trade in all the well-known crypto coins and ERC-20 tokens.

• User-friendly design

The intuitive interface allows you to visualize your holdings via charts and graphs. Traders can effortlessly track their instruments and view all the features on the menu located to the left.

• In-built exchange

Thanks to the on-platform exchange, you can easily deal in crypto instruments.

What kind of wallet is Exodus?

Exodus stores all your coins online, and this makes it a hot wallet. Compared to hardware wallets, hot wallets are less secure. However, there is a private key that impedes others from accessing your coins.

How to send cryptocurrencies using Exodus?

Follow these steps to send crypto coins using this wallet:

1. Open Exodus and click on the wallet icon at the top
2. Choose the asset and click on send
3. Enter the address where you wish to send the crypto
4. If your recipient has a QR code, you can scan it to get the address
5. Optionally, enter a personal note and a custom fee
6. Enter the amount and confirm the transaction

Supported coins

Apart from popular crypto coins like Bitcoin and Ethereum, Exodus also supports some of the newer assets like Lisk, Dai, Stellar, Cardano, Cosmos, Tether, Tron, Chainlink, Monero, EOS, etc.

Is Exodus wallet safe?

For accessing your private keys and carrying out trades, you must create a passkey. Also, there is a seed phrase that you can use to unlock the wallet in the event of loss or theft. The platform cannot access your assets and it uses encryptions to guard personal information. However, the absence of two-factor authentication and multi-sig raises some questions about its safety.

Does Exodus wallet charge fees?

You don’t need to pay any fee for transferring crypto instruments through this platform. However, there are network fees to ensure authenticity and speed of transactions. For the exchange, the system charges spreads that differ based on the market conditions.

Customer support & reviews

This platform has an average rating of 4.3 out of 5 on Trustpilot. The reviews are overwhelmingly positive and several customers have appreciated the ease of usage and the wide variety of coins supported.

Exodus pricing

There is no one-time fee for this crypto wallet and you only need to pay the network fees.

Exodus vs competitors

Exodus is more suitable for beginners compared to other services. Its simple interface allows for easy exchange of coins and portfolio management. That being said, its safety features are quite limited, which makes it more vulnerable.