If you are new to crypto or trading, it can be hard to find the right wallet for your needs.
Exodus is a popular choice among traders and investors because of its simplicity and security.
It has more than 20 million downloads on both the Apple App Store and Google Play Store.
This article will review what makes this wallet so appealing.
I will also guide you how to use it effectively to get the most out of your investment!
What is Exodus Wallet?
Exodus Wallet was co-founded in 2015 by JP Richardson and Daniel Castagnoli in an effort to remove the geek requirement associated with cryptocurrency.
They emphasized on creating a beautiful user interface to achieve a simple experience while exchanging digital assets.
Exodus offers free downloadable desktop and mobile versions of their cryptocurrency wallet, while also having hardware wallet compatibility with the Trezor One and Trezor Model T.
By providing a built in exchange and being one of the only software wallets that offers hardware wallet compatibility.
Exodus Wallet has been well-received by many in the crypto community.
Source: cryptovantage
Exodus is an easy to use multi-currency software wallet that is available for desktop and mobile.
I stumbled across and used the Exodus wallet when a friend of mine said he wanted to find a simple, easy-to-use Bitcoin wallet for his Bitcoins.
so i searched for solution on google
As a result, Exodus is rated by many users and given 5 stars
Even more great compliments.
The truth is, Exodus is very simple and easy to use for beginners.
Exodus’ interface is friendly and well designed.
I fell in love with Exodus as soon as I started using it. It’s great isn’t it?
Mobile App
The mobile app has only 3 tabs:
- Investment portfolio:
Here is an overview of cryptocurrencies, and shows a price chart with various content.
- Wallet
Where to receive and send specific currencies.
- Exchanges
Exodus allows you to trade between currencies without leaving your wallet.
This feature is provided by the Shapeshift exchange platform.
Swapping between cryptocurrencies on the wallet helps amateur investors who want to diversify their investment portfolio.
Desktop App
In addition to the same tabs on the mobile app, the Desktop version of Exodus also includes:
- Backup
Allows you to recover the wallet password or the wallet’s seed phrase.
- Setting
Where you can tweak the security and design of the Exodus wallet
- Help
Watch videos, FAQs, join a Slack chat, or email support.
- App Explorer
App Explorer has a featured apps section that makes it easy to find and use crypto apps in the Exodus wallet.
Setting up the Exodus wallet is very simple with a few steps, you don’t need to download the entire blockchain to use it.
The private key is saved on Desktop, mobile app.
Exodus wallet is compatible with Mac, Windows, Linux, iOS and Android operating systems.
You can also use Exodus wallet on both desktop and mobile to manage your assets
The wallet is also compatible with the TREZOR hardware wallet, allowing you to use the sleek Exodus interface with strong security.
The weakness of Exodus is that there is no customization of transaction processing fees for coins like Ethereum or altcoins, but only for bitcoin.
How to Use Exodus Wallet
Setting up and starting to use Exodus is really easy with these basic steps:
- Go to Exodus official website exodus.com, Click Download to download wallet.
- Install the wallet software after downloading
- After successful installation, it’s ready to use.
Remember that in its default state, the Exodus wallet is not locked, it is only locked when you transfer money to the wallet.
As soon as you receive your first funds into your wallet, Exodus will ask you to enter a password to protect the wallet.
Exodus will also display a 12-word phrase to help you recover your password.
My advice, is to back up this phrase on a piece of paper and keep it offline.
Wallet tab
Open tab: Wallet, click on the currency you want to receive to your wallet or the currency you want to send
If receiving money, the wallet will open showing the wallet address or optionally a QR code for you to provide to the sender.
If sending money, there will be the option to scan the QR code or enter the recipient’s address in the section labeled “send to… address”. Then enter the amount you send and click the Send button.
Note: each network fee is automatically charged to you. This is very handy for basic users.
Exchange Tab
The exchange on Exodus wallet is also very simple as follows:
- Click on the Exchange Tab when opening the wallet software.
- Select the currency you want to exchange on the left hand column is Exchange, the amount you want to swap, and the right hand column is the currency you want to receive after exchanging.
- After checking the correct coin type and amount, click the “exchange” button to execute.
Note: the exchange rate of the 2 coins is displayed below the “Exchange” button
What cryptocurrencies does Exodus wallet support?
Exodus supports over 115 cryptocurrencies in total (coins and tokens). The most notable coins supported by the wallet are:
- Bitcoin
- Ethereum
- Litecoin
- Ripple
- Binance coin
- Bitcoin Cash
- Tether
- Dash
- Tron
- Ethereum Classic
Customer support
It should be understood that Exodus earns by charging fees on trades made with the built-in exchange.
That said,
They pay close attention to customer opinions, users can submit support requests on many different platforms:
- Facebook page
- Hepl desk
- Video
- .
The internet is full of stories of people using it, most of the customer reviews are very positive.
In addition, more than 100 articles on the site fully explain the wallet’s features, fee information, or advice to users when having problems.
Security
User-generated passwords are the first stage of security.
This password is required to access the wallet after setup, along with transaction confirmation and private key viewing.
The next step is to copy a randomly generated 12-word backup seed phrase that can be used to restore access to the wallet if your device is lost or stolen.
All data stored on the user’s device or sent when making a transaction is fully encrypted.
Exodus has no knowledge or access to your cryptocurrency, ensuring transparency.
As an online wallet, of course, Exodus cannot be as secure as a cold wallet or a paper wallet.
However, Exodus is a relatively safe crypto wallet for everyday use.
Conclusion
To be fair, Exodus is a good choice for newbies in the crypto market.
For advanced users with a lot of experience, Exodus wallet is not the perfect choice.
I personally appreciate the Shapeshift exchange integration, it allows newbies to try trading but don’t want to risk leaving money on exchanges like Binance, Huobi, Etoro..
Moreover, I think it would be better if developers add custom network fee handling option for altcoins.
If you want to learn more about other crypto wallets, check out the other reviews on this blog, examples below:
What kind of Bitcoin wallet are you using? and do you have experience with Exodus?
Either way, let me know by leaving a quick comment below.