Exodus Crypto Wallet Review: All About Cryptocurrency Wallet

Exodus Wallet is a cryptocurrency wallet that allows users to store and manage different types of cryptocurrencies. It was launched in 2016 and has been one of the most popular wallets ever since. The wallet is non-custodial, meaning users retain full control of their private keys.

Exodus Wallet supports over 291 cryptocurrencies, including Bitcoin, Ethereum, Litecoin and many others. The wallet has an easy-to-use interface, allowing users to transact, stake and track their investments. However, the wallet does not offer security features like two-factor authentication and multisignature.

Exodus Wallet users can benefit from additional features such as support for NFTs, chat and staking. Furthermore, the wallet is compatible with multiple platforms, including desktop and mobile devices. In this article, we'll review the Exodus Wallet in detail to help you decide if it's the right wallet for you.

Company Overview

Founded in 2015 by Daniel Castagnoli and JP Richardson, Nebraska-based Exodus emerged with the mission of democratizing access to cryptocurrencies. The Exodus wallet is known for its intuitive interface and attractive design, features that make it accessible to beginners and at the same time robust enough to please more experienced users in the world of cryptocurrencies.

Available on mobile platforms such as iOS and Android, as well as desktop versions compatible with Windows, Mac OSX and Linux, Exodus Wallet currently supports 291 cryptocurrencies. This wallet offers advanced features that allow users to secure, manage, and exchange popular crypto assets such as Bitcoin, Dogecoin, and Ethereum directly within the wallet interface.

Exodus Wallet also stands out for its ability to integrate with other cryptocurrency exchanges. However, due to recent events that resulted in the bankruptcy of FTX, Exodus has discontinued support for this exchange. To protect users from adverse situations similar to those experienced by FTX or Celsius, Exodus offers non-custodial functionality, ensuring that crypto assets are securely stored on users' devices.

The lack of two-factor authentication (2FA) integration is a point of criticism regarding Exodus Wallet. The Exodus team justifies this decision by citing security concerns related to the absence of reliable backup options for 2FA. While wallet security depends on the device it is installed on, Exodus fully supports the Trezor hardware wallet, adding an additional layer of security for those who prioritize extra protection.

What is Exodus Crypto?

Exodus is a cryptocurrency wallet which allows users to store, manage and exchange multiple cryptocurrencies in one place. It is a non-custodial wallet, which means users have full control over their private keys and therefore their funds.

Exodus is available on multiple platforms, including desktop, mobile and browser extension. It supports operating systems such as Windows, Linux, iOS and Android.

One of Exodus' best features is its easy-to-use interface. It's intuitive and well-designed, which makes navigating and performing tasks simple and straightforward.

Setting up Exodus is quick and easy. Users can download the wallet to their preferred device and follow the instructions to set up their account. Exodus also supports several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.

In summary, Exodus is a reliable and secure option for those looking for an easy-to-use and versatile cryptocurrency wallet.

Exodus Crypto Wallet Download

To download the Exodus wallet, the user can access the official website from Exodus and choose the version that best suits your needs. The Exodus wallet is compatible with desktops, mobile devices, and browser extensions, providing a wide variety of options for users.

The desktop version of the Exodus wallet is available for Windows, macOS and Linux, and can be downloaded directly from the Exodus website. The installation process is simple and easy to follow, and the user can create a new wallet or import an existing one.

The mobile version of the Exodus wallet is available for iOS and Android, and can be downloaded directly from the App Store or Google Play. The mobile wallet offers the same functionalities as the desktop version, and allows the user to access their wallet anywhere.

The browser extension version of the Exodus wallet is available for Google Chrome and Mozilla Firefox, and can be downloaded directly from the Chrome Web Store or the Exodus website. The browser extension offers a convenient way to access your wallet without having to leave your browser.

In short, the Exodus wallet download is simple and easy to follow, and the user has a wide range of options to choose from. With its compatibility with desktops, mobile devices, and browser extensions, the Exodus wallet offers a convenient and flexible user experience.

How to buy cryptos on Exodus

Exodus is a wallet that allows you to purchase cryptocurrencies directly within the platform. This means users can buy Bitcoin, Ethereum and other cryptocurrencies without having to leave their wallet.

To buy cryptos on Exodus, follow these steps:

1. Open the Exodus wallet and select the cryptocurrency you want to buy.
2. Click the “Buy” button at the top of the screen.
3. Select the fiat currency you want to use to purchase cryptocurrencies.
4. Choose the desired payment method (credit card or bank transfer).
5. Enter payment information and confirm the transaction.

Users can also use Exodus' integration with the ShapeShift exchange to purchase cryptocurrencies. To do this, simply select the “ShapeShift” option on the purchase screen and follow the instructions.

It is important to remember that purchasing cryptocurrencies may be subject to fees and limitations depending on the payment method chosen and local laws. Furthermore, cryptocurrency prices can vary greatly and it is important to be aware of this before making any transaction.

Exodus Crypto Wallet Review: Pros and Cons Explained

Pros explained

• Simplified Configuration: Setting up Exodus is a simple process on both computers and mobile devices. Users start by creating a wallet and can sync it between devices using the 12-word seed phrase.
• Broad Cryptocurrency Support: Exodus supports 291 cryptocurrencies, including popular ones like Bitcoin and Ethereum, and allows the storage of ERC-20 tokens, which can be sent to the wallet's Ethereum address.
• High Quality Customer Support: Exodus offers support via chat and email, as well as a detailed help page. There is also the option to contact the founders, JP and Daniel, directly, despite a possible delay in responding.
• Regular Updates: The wallet receives software updates every two weeks, although users are required to update manually via the official Exodus website.
• Staking Options: Supporting proof-of-stake blockchains, Exodus enables crypto asset staking, which requires locking cryptocurrencies for a set period of time.

Cons explained

• Lack of Two-Factor Authentication (2FA): Exodus does not offer two-factor authentication, relying only on a user-defined password, which can lead to security risks if the password is compromised.
• Limitations on Conversion to Fiat Currency: It is not possible to convert crypto assets into fiat currency directly in the wallet. Users must transfer their assets to a cryptocurrency exchange to make withdrawals.
• Closed Code: Exodus operates closed source, limiting transparency and external review of the wallet software.
• Restriction on Custom Fees for Altcoins: Network fee customization is only available for Bitcoin and Ethereum, with restrictions for other altcoins.

Exodus Wallet Features

Exodus Wallet stands out in cryptocurrency market with its visually attractive and easy-to-navigate software, especially attractive for those just starting out in the world of cryptocurrencies. With a simple and intuitive design, it allows users to easily manage and maintain a diverse portfolio of 291 cryptocurrencies. The wallet is free to use, with the exception of network fees blockchain applicable for transactions and a small fee for using the exchange service integrated into the wallet.

Recently, Exodus Wallet expanded its functionality with the addition of a web browser extension, providing access to a variety of decentralized applications (dApps) and collections of non-fungible tokens (NFTs). This expansion includes support for multiple blockchains, such as Ethereum, Solana, BSC and Algorand. Users can thus integrate dApps with all supported networks and manage NFTs directly in the wallet. Additionally, Exodus is one of the few wallets that offers an integrated NFT marketplace, available only after installing the app within the wallet itself.

For those interested in earning passive income, Exodus Wallet offers staking functionality, supporting coins such as Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA) , VeChain (VET), Vethor (VTHO) and Solana (SOL). The APY, or annual percentage yield, from staking varies and can be monitored directly in the wallet. Alternatively, for users who prefer not to participate in staking, Exodus makes it possible to use the DeFi Compound Finance protocol to lend Ethereum assets to a pool and thus accumulate interest on these assets.

Exodus Wallet is Secure

Exodus Wallet stands out in the crypto sector as a non-custodial wallet, which ensures that it does not store or collect personal information or sensitive data from users. This approach ensures that all data is preserved directly on users' devices, reinforcing security and privacy.

To access their assets, Exodus Wallet users use a 12-word recovery phrase and personal password, ensuring full control over their cryptocurrency funds. The wallet also incorporates modern security features, such as Face ID and Touch ID, to provide an additional layer of protection for users.

Exodus Wallet remains vigilant about security, performing software updates every two weeks. These updates are essential to fix specific wallet flaws or to prevent potential vulnerabilities.

Although Exodus Wallet does not offer two-factor authentication functionality, it is compatible with the Trezor Model T and Trezor One hardware wallets, which enable offline storage of cryptocurrencies. The security offered by Trezor, combined with the practical and efficient features of Exodus Wallet, provides users with a safe and reliable experience in managing their digital assets.

Exodus Crypto Wallet Review: Privacy and Anonymity

Exodus Wallet is known for its approach that prioritizes users' privacy and anonymity, not requiring compliance with Know Your Customer (KYC) procedures. This means that to download, install or use the wallet, users are not required to provide any personal information. All transactions carried out through Exodus Wallet are kept anonymous.

However, it is important to note that Exodus Wallet does not have features that promote anonymity in transactions on the blockchain itself. This implies that transactions made through the wallet can be more easily tracked when analyzed using blockchain scanners. Furthermore, Exodus Wallet is not equipped with the CoinJoin functionality, which would make it possible to combine several crypto transactions into a single operation, thus making it difficult to identify the senders and recipients involved in these transactions.

How to Set Up Exodus Wallet

Installing and configuring Exodus Wallet is a simple and efficient process, both for computers and mobile devices. To start using Exodus Wallet, the user simply needs to download the application on the device of their choice and start using the services offered, without the need to share personal information. Synchronization between the desktop and mobile versions is facilitated by the use of a QR code.

During the configuration process, although it is not necessary to provide personal data, Exodus Wallet asks users to keep a recovery passphrase, consisting of 12 words. This phrase is crucial to the security of the wallet and must be written down in the exact order in which it is presented. Users have the option to access and review this recovery phrase at any time by navigating to the “Settings” section in the wallet interface.

Usability

Workspace

The desktop version of Exodus Wallet stands out with its refined user interface, which is intuitive and easy to navigate. The main panel displays a complete summary of stored crypto assets, including detailed information such as the change in value in the last 24 hours, the best and worst performing asset in the same period, the age of the portfolio, the maximum balance reached, among others. This desktop version also makes it easier to manage a wide range of cryptocurrencies.

mobile app

The mobile version of Exodus Wallet, available for iOS and Android, offers similar functionality and features to the desktop version, making it ideal for users who prefer to manage their cryptocurrencies on the go. Additionally, Exodus Wallet allows synchronization between mobile and desktop versions, providing flexibility and convenience. To increase security, users can enable biometric features such as facial recognition or fingerprint scanning, adding an extra layer of protection against unauthorized access.

Customer Service

Exodus Wallet's customer support is widely recognized for its efficiency. The wallet has a vast knowledge base, full of articles and explanatory videos about its operation, resources, fees and other important aspects. There is also a frequently asked questions section, making it easier to find quick answers. If users encounter difficulties or have specific questions, they can contact the support team via email or social media. The Exodus Wallet support team is available 24/7, ensuring agile and effective responses.

Costs and Fees

As with most software wallets in the cryptocurrency market, Exodus Wallet is a free option for download, access and use, facilitating its adoption by users. The wallet does not impose fees on received crypto assets.

However, when it comes to sending cryptocurrencies, users are required to bear network fees for each transaction carried out. Exodus Wallet currently allows customization of these fees, but this functionality is limited to Bitcoin (BTC) and Ethereum (ETH) only.

While receiving and sending cryptocurrencies is fee-free on Exodus Wallet, there is a small fee in the form of an exchange spread charged when users choose to exchange assets within the wallet itself.

Conclusion: Exodus Crypto Wallet Review

Exodus Wallet is widely recognized for its intuitive user interface and easy navigation, as well as exceptional customer support, making it one of the best digital wallet options, especially for beginners in the field of cryptocurrencies. The inclusion of features such as staking for a variety of crypto assets, in addition to support for dApps and NFTs, makes it attractive even to mid-level investors and industry professionals. Its integrated exchange adds convenience, allowing users to quickly exchange their crypto assets without needing to go to a centralized exchange. The wide range of digital assets available and the self-custody policy further enhance its appeal.

However, the absence of a Two-Factor Authentication (2FA) Security functionality may be a matter of concern for users who hold large amounts of crypto assets. Still, by following good security practices in managing digital assets, it is possible to minimize risks. For those looking for additional security, Exodus Wallet offers the ability to store and transact cryptocurrency through integration with the Trezor hardware wallet.

FAQ

Is Exodus Wallet safe to store cryptocurrencies?

Yes, Exodus Wallet is a secure wallet for storing cryptocurrencies. Exodus uses strong encryption and offers full control of private keys, keeping users' assets safe. Furthermore, Exodus does not store any personal user information, which further increases security.

What is the difference between Exodus Wallet and Atomic Wallet?

Exodus Wallet and Atomic Wallet are two different cryptocurrency wallets. Exodus Wallet supports over 100 cryptocurrencies, while Atomic Wallet supports over 500 cryptocurrencies. Additionally, Exodus Wallet has a more beginner-friendly interface and is easier to use. On the other hand, Atomic Wallet offers more advanced features for experienced users.

Is Exodus Wallet compatible with Trezor?

Yes, Exodus Wallet is compatible with Trezor. Users can connect their Trezor wallet to Exodus Wallet to increase the security of their assets.

How to download and install Exodus Wallet?

To download and install Exodus Wallet, simply access the official Exodus website and click the “Download” button. Exodus Wallet is available for Windows, Mac and Linux. After downloading the installation file, simply follow the on-screen instructions to complete the installation.

Is Exodus Wallet more secure than Coinbase?

Exodus Wallet and Coinbase are two different cryptocurrency wallets and cannot be directly compared in terms of security. However, Exodus Wallet is a non-custodial wallet, which means users have full control of their private keys and therefore greater security. Coinbase, on the other hand, is a custodial wallet, meaning the company controls users' private keys.

Does Exodus Wallet report transactions to the IRS?

Exodus Wallet does not report transactions to the IRS. However, users are responsible for declaring their cryptocurrency transactions on income tax in accordance with Brazilian laws.