Exodus is a desktop client or software wallet that allows the users not only to store but also exchange the blockchain based assets as it has a built in exchange. It is a relatively newcomer in the crypto world as the wallet was launched only in 2016.
However, it has quickly gained popularity among the traders primarily due to its versatile design. It displays the real-time value of your digital assets using beautiful live charts. In addition to that, Exodus wallet also allows the users to personalize their portfolio by changing the themes, background colour and more to fit their style.
Exodus is a multi-asset cryptocurrency wallet as it supports more than 80+ coins and tokens. It has a simple interface which can be used comfortably even by the novice traders. Using the integrated Exodus exchange, you cannot buy/sell cryptocurrencies using fiat currency but can only exchange between the digital assets.
Exodus is not considered the best option to store huge amounts of cryptocurrency as it is not as robust as a hardware wallet. That’s why it recommends the users to go for hardware wallets like Trezor, KeepKey or Ledger for storing large amount of digital assets.
It doesn’t offer any advanced security features to protect the funds except a recovery phrase and password. As it doesn’t store any of the user’s information like private keys, passwords etc on its server, it becomes the sole responsibility of the user to protect their funds.
What Exodus lacks in security, it excels in ease of use.
Exodus wallet supports more than 71 coins and tokens which include the following:
Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum (ETH), Ethereum Classic (ETC), Civic (CVC), Basic Attention Token (BAT), Dash (DASH), Litecoin (LTC), Decred (DCR), Digibyte (DGB), Edgeless (EDG), EOS Mainnet (EOS), Genesis Vision (GVT), Gnosis (GNO), Golem (GNT), Litecoin (LTC), Loopring (LRC), Neo (NEO), OmiseGo (OMG), Qtum (QTUM), Ripple (XRP), Salt (SALT), Storj (STORJ), Tron (TRX), TrueUSD (TUSD), Zcash (ZEC), Tether USD (USDT), WeTrust (TRST), Aragon (ANT)
To know the full list of coins and tokens supported by the Exodus wallet, kindly visit https://support.exodus.io/article/96-exodus-wallet-roadmap
As the Exodus is a software wallet and not a hardware wallet, the users don’t need any additional hardware to connect it to the computer. All one needs to do is install the desktop client on their computer. Exodus wallet works on Windows, Linux and Mac.
To get started, users must download and install the latest version of the Exodus software from https://www.exodus.io/releases/. Depending on their OS (Windows/Linux/Mac), they have to choose the appropriate version.
As the Exodus wallet is a software wallet installed on your computer, there is no need to create an account. The only way to start using Exodus is to deposit at least a small amount of cryptocurrency like Bitcoin on the wallet. It will only show the 12-word recovery seed after you make the first deposit.
Follow the steps below to receive a digital assets (eg. BTC) on the Exodus wallet.
Congratulations! You have successfully received your first digital asset on the Exodus wallet. You will get a small deduction to cover for the transaction fees.
Once you have made your first deposit on the Exodus wallet, follow the steps below to set up your account.
Congratulations! You have successfully set up your Exodus account by creating the password and storing the recovery seed.
Follow the below steps to send a digital asset from Exodus wallet to another wallet.
Congratulations! You have successfully sent your first digital asset from Exodus wallet. You will be charged a small transaction fee to send coins/tokens.
In addition, to storing your digital assets, Exodus wallet allow you to exchange your coins and tokens. For example, you can exchange BTC for ETH and vice versa. Exodus supports more than 50 different trading pairs.
Follow the below steps to quickly exchange your digital assets. In this example, it is assumed that the user would like to swap BTC to ETH and has already deposited BTC on the Exodus wallet..
Congratulations! You have placed your first exchange order on Exodus wallet and you will receive the asset within 30 minutes to your wallet.
Exodus wallet has given the full control of the funds to its users. Hence, it is the responsibility of the users to protect their account by creating strong passwords and keeping the recovery seed safe.
Like any other web wallet, Exodus is also vulnerable to attacks by hackers as the security of the wallet is equivalent to that of the computer it stored on. If your computer is attacked by any malware, virus or other kinds of malicious software, then your wallet will no longer be secure.
That’s why it is recommended to use hardware wallets like the Ledger or Trezor in case of storing a large number of digital assets. For smaller transactions, Exodus is a really good wallet as it supports a large number of cryptocurrencies.
Exodus has a detailed guide on how to keep your funds safe. It is highly recommended to follow the steps mentioned in https://support.exodus.io/article/767-how-do-i-keep-my-money-safe.
Exodus wallets allow the users to recover their account using any of the two options listed below:
Like the hardware wallets, Exodus wallets provide the 12-word recovery phrase to recover your digital assets in case you had forgotten the credentials to log in to your account.
Congratulations. You have successfully restored your Exodus wallet using the recovery phrase. (Don’t forget to set a new password for your wallet)
While making your first deposit, Exodus wallet will send a backup link (URL with your recovery phrase) to your email address. This backup link along with the password can be used to recover your account.
Congratulations! Your wallet is successfully recovered using the backup link. In case you forgot your password, then the only way to recover your wallet is using the 12-word recovery phrase. (If you also lose your recovery phrase, then there is no option to recover your account and your funds will be lost forever)
Due to its elegant and easy-to-use interface, Exodus wallet is popular among the novice traders. As Exodus itself has mentioned on its official website that it is not suitable for holding large amount of digital assets, it is less popular among the experienced traders.
Regarding the security, some users on Reddit have reported loss of funds from their Exodus wallet due to hacking / security breach. But, Exodus has clearly mentioned in its website that the wallet is only as secure as a computer. If your computer is hacked or infected with malwares or viruses, then there is no guarantee about the safety of your funds.
Exodus is a desktop or software wallet whereas the Coinbase is a web-based wallet integrated with the Coinbase exchange. Even though Exodus allows the users to create a more diversified portfolio, it doesn’t provide better security when compared to the Coinbase exchange wallet.
The Coinbase exchange wallet is trusted by millions of investors mainly due to its unmatched security features. As the Coinbase exchange allows the users to buy cryptos using fiat currencies, it is much easier to buy and store the assets. On the other hand, Exodus allows the exchange of crypto-to-crypto only.
Both Exodus and MyEtherWallet don’t recommend their users to store large amounts of digital assets on their wallets. Regarding security, Exodus is considered better than MEW as it has undergone a lot of hacks or security breaches in the past.
Even though both the wallets provide support for more cryptocurrencies, MEW supports only Ether and ERC20 tokens whereas Exodus allows the users to store more coins and tokens. MyEtherWallet doesn’t offer any kind of recovery procedure whereas Exodus wallet helps the users to recover their account in case they had forgotten their password.
Portability – 4.2
Security – 3.8
Ease of use – 4.9
Cryptocurrency Support – 4.6
Trusted by both novice and professional traders to secure their digital assets, Ledger Nano S is the most popular and secure hardware wallet.
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