Exodus offers a hardware wallet that is compatible with the Trezor One and Trezor Model T and is available for free download on desktop and mobile devices. Exodus Wallet is well-liked by many members of the cryptocurrency community because it has an integrated exchange and is one of the few software wallets that supports hardware wallets. You can decide if Exodus Wallet is right for you with the aid of our review.
What Is Exodus?
Since Exodus is a non-custodial cryptocurrency wallet, it does not hold any of your private keys. Your coins are kept safe by Exodus in hot storage. Your wallet connects to the internet when using hot storage, making invasion more likely. Exodus does not support 2FA or multi-sig security to keep security simple for users. Instead, it advises users to move their money to cold storage on a different computer.
The use of Trezor’s sophisticated hardware wallets is supported by a partnership between Exodus and Trezor. These enable offline coin storage, shielding your coins from prying eyes. You continue to be solely responsible for keeping your cryptocurrency safe with Exodus. Your coins will probably be safe if the device you use to store them is secure.
Pros & Cons Of Exodus
- Eye-catching Design Language
- Frequent Software Updates
- Reasonable Crypto Support
- Built-in Exchange
- Private & Anonymous
- Exchange Fees are Quite High
- Network Fees Are Not Fixed
- Some crypto traders prefer the Ledger Nano X wallet
Exodus: What Sort Of Wallet Is It?
A non-custodial wallet called Exodus provides excellent support and a lot more control over crypto assets. Your wallet remains entirely under your control; it is not managed or taken into custody by the app. Numerous different crypto assets can be used with it by users. Exodus provides support for TREZOR wallets, which offer a slick user interface and strong security for a hardware wallet.
Exodus is also a “lite” wallet, which means that it doesn’t download the entire blockchain to the device, significantly speeding up installation. Exodus Wallet becomes responsive and practical as a result of this. Additionally, the platform can be used on any device, including Windows, Mac OS, Linux, Android, and iOS platforms, as both the mobile wallet and desktop wallet versions are available.
The cryptocurrency asset exchanging feature in the Exodus wallet works incredibly well and is easy to use for both novice and seasoned users.
How Does Exodus Work?
The main goal of the Exodus platform is to make it easier to access, manage, and use virtual currency.
You need to be familiar with the following three components in order to explain how the wallet functions:-
- Wallet – Exodus operates similarly to other cryptocurrency wallets through a set of codes that help users manage and connect their cryptocurrency coins across various blockchains. Therefore, it stores a set of 3 codes instead of cryptography—primary keys, seed phrases, and public addresses. A public key serves as an address to the wallet, whereas primary keys provide access to the cryptocurrency in blockchains. However, if the private keys are lost, the seed phrase serves as a recovery phrase code to aid in generating new copies of the keys.
- Portfolio – A portfolio page created by the Exodus team displays pertinent data, such as a breakdown of the digital coins owned and their most recent exchange rates to fiat money.
Exodus Wallet Creation: How To?
You must first create an Exodus software wallet by following the steps listed below in order to begin taking advantage of the ground-breaking features on the Exodus platform:
- To install the app on your device (running Windows, Mac, or Linux), visit the Exodus website or the Google Play store.
- An installation prompt will appear on your screen after the download is finished.
- Open the wallet after installation, then select the Wallet tab on the left.
- Selecting Wallet and Receive will allow you to add various cryptocurrencies to your Exodus wallet. A special QR code will result from this. You can transfer cryptocurrency tokens to the Exodus wallet using the code from other hardware wallets.
Keep in mind that every item in your wallet comes with a private key. Navigate to the Developer Menu > Assets > View Private Keys to access the private key for a specific asset. Copy the keys and keep them to yourself as a security precaution.
Exodus Review: Cryptos Supported
Over 100 cryptocurrencies and tokens are supported by Exodus wallet, including all the major players like Bitcoin, Ethereum, and Litecoin as well as some up-and-coming coins like Stellar, Dai, Lisk, and others. Following is a list of some of the coins that Exodus Wallet supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Chainlink (LINK)
- Cosmos (ATOM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Brave Attention Token (BAT)
Exodus Review: Fees
Exodus doesn’t impose any fees on customers who use its services. To make transactions on various blockchain networks, however, there are always costs involved. The amount of transactions at any given time may affect these fees. Fees will be higher when many users are attempting to complete transactions on the same blockchain. Exodus does not get paid for these fees in any way.
Is Exodus Safe To Use?
Exodus uses hot storage, which is typically viewed as being less secure than cold storage. However, this does not necessarily imply that Exodus is not secure. Your wallet would be safe if Exodus itself were to become hacked, which it hasn’t yet. The business does not retain any information that might allow someone to steal your wallet. Users can easily create their own wallets thanks to Exodus’ approach to security. Exodus gives you the option to store your coins offline for an additional layer of security by collaborating with Trezor.
You bear the majority of the responsibility for Exodus’ coin security. Exodus will only be as secure when installed and used on a risky device if that device itself is secure. The integrity of a digital wallet could be compromised if it is installed on a computer that has malware or viruses. Your wallet is only as safe with Exodus as you make it, for better or worse.
User-generated passwords are the first line of defense in Exodus Wallet’s security system. This password is necessary to view private keys, confirm transactions, and access the wallet after it has been set up.
The next step is to copy a 12-word backup seed phrase that was generated at random and can be used to regain access to the wallet in case your device is lost or stolen. All user data that is sent during a transaction or stored on the user’s device is completely encrypted. Transparency is guaranteed because neither Exodus nor its employees have access to your cryptocurrency.
It is typical for most cryptocurrency wallets to generate a 12-word backup seed phrase, and you should take this seriously. In the event that the Exodus software is deleted or the device on which it is installed is lost or destroyed, you won’t be able to recover your crypto if you don’t have your 12-word backup seed phrase.
Last but not least, Exodus is renowned for having knowledgeable customer service representatives who will respond to your inquiries quickly. Exodus is a larger company than the majority of cryptocurrency wallets, so they provide more support than the typical cryptocurrency wallet provider.
On the downside, downloading phony Exodus wallets from the Google Play Store has led to the fraud of a number of people. Although it’s not Exodus’ fault, you should use extreme caution when downloading Exodus software. Exodus will never ask for your 12-word backup seed phrase, so make sure you are downloading from the right location.
Exodus Wallet Privacy
No personal information is needed to download, install, or use the Exodus wallet, allowing for completely anonymous use. Exodus doesn’t gather any personal data, and users retain full control over their private keys. The Exodus, however, isn’t concerned with secrecy.
There are no features to hide your transactional trail, and public keys and transactions made with the wallet are completely visible on the blockchain. While they do support privacy coins such as Monero (XMR) and Zcash (ZEC), they are unable to perform fully shielded transactions for Zcash. If transaction privacy is a chief concern of yours then you may want to consider using the core wallets of ZCash, or transact in privacy coins such as Monero (XMR).
A lot of fantastic features are included with the Exodus hardware wallet. Unquestionably one of the best cryptocurrency wallet options is the Exodus wallet. Investors can easily make the most of their coins with the help of the service’s impressive feature set and well-designed user interface.
eToro, one of the most reputable and governed cryptocurrency brokers on the market, provides a service for storing virtual currencies called eToro Money. The wallet was developed as a way for eToro users to securely store and send their currencies, and it has since grown into one of the most well-known cryptocurrency wallets available. More than 500 cryptocurrency trading pairs and more than 120 coins are supported by this wallet.