Introducing the Exodus wallet

The  Exodus  Wallet is a multi-valued cryptocurrency that has made a lot of noise since its launch in 2016.

This wallet is well designed and aesthetically pleasing and has countless features. In addition, the instant exchange feature in this wallet means that you can easily exchange one cryptocurrency with another without taking your coins out of your wallet.

However, is this wallet still safe and reliable?

In this article, by examining the security and credibility of this wallet, we will provide you with everything you need to know about the wallet. We’ll also tell you the important things you need to know when using Exodus and saving your encryption.

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Ideal user of Exodus wallet

Exodus is designed for beginner users of cryptocurrencies, but is also ideal for most mainstream crypto enthusiasts looking for a beautiful, secure, and easy-to-use wallet.

It is also a great choice for those with a variety of popular coins, as it supports up to 100 different cryptocurrencies and adds more and more currencies over time.

There are some users for whom Exodus is not ideal, and these include people who have a large amount of encrypted currency and need a more secure wallet, such as a hardware or paper wallet.

Its  desktop wallet  is currently available for Windows, Linux and OSX operating systems. The mobile version is also available for iOS users in 2019. All available versions can be downloaded from the Exodus website.

Exodus Wallet Security

The Exodus wallet is safe and secure, despite some opponents pointing to the lack of support for two-factor authentication. However, not every desktop encryption wallet is as secure as the one on which it is installed.

Important Note: Be sure to have one of the best antivirus programs and when you are online, do not click on unknown links or download invalid files to be safe.

The Exodus wallet is accessible with a secure password, which should be sufficient for most users. As mentioned above, if you have a large amount of cryptocurrency, it is best to use a cold wallet to store it, rather than a hot wallet connected to the Internet.

For some users, the fact that the Exodus wallet code is not completely open source may be annoying to some users, but one of the founders (JP Richardson) of this wallet in the software code development community is very reliable and has developed over 190 The open source library has been widely involved.

They said keeping a few  “trade secrets”  would allow them to ensure the company’s long-term success and improve wallet security. By not sourcing these important components, it makes it more difficult for hackers to boot their wallets and make phishing versions. In addition, many of the functional components in Exodus are open source and available on Github.

Overall, this wallet is completely secure and certainly outperforms many online wallets and desktop wallets. Exodus users have complete control over their locally generated and stored private keys.

Exodus Wallet Privacy

This wallet can be used completely anonymously, because you do not need personal information to download, install or use the wallet. Exodus does not collect any personal information and private keys remain completely under the control of users.

Public keys and wallet transactions are fully visible in the blockchain and there are no other features to hide your trading sequence.

If trading privacy is your biggest concern, you may want to use ZCash wallets or other popular privacy coins such as Monero (XMR).

Coins supported in Exodus

Exodus only supported a few of the original cryptocurrencies when the first version was released, but from 2019 onwards it will support almost 100 cryptocurrencies and will be added over time. Multi-currency support is one of the powerful features of this wallet.

In fact, you can store any ERC-20 password in Exodus, even if their names are not in the list of supported currencies. The downside is that you can not see the stock of these unsupported ERC-20 coins in the Exodus wallet. Instead, you should view the inventory of these currencies using the Atrium Blockchain probe.

You can see a complete list of coins that support them on your wallet website. While it’s great that this wallet supports most of the ERC20 assets, it still does not support some of the top 50 coins listed on the market. These include currencies such as   Iota (MIOTA), Monero, Nem (XEM)  and  Cardano (ADA)  .

Finally, if you want to know the status of the latest coin support and be up to date on it, as well as whether all the functions of these coins are operational or not, you can refer to the status page of this bag. If you are planning to send a large amount of coins to your wallet, it is best to check this before delivery.

Exodus Wallet & Trezor

What could possibly greatly increase Exodus’ security is their collaboration with Trezor. This allows users to take advantage of the high security of the wallet commensurate with the level of the hardware wallet.

This basically means that Treasury users no longer need to use default programs to manage their cryptocurrencies. They can take advantage of Exodus’ attractive and advanced user interface as well as many other accompanying features.

Exodus UX , for example,   makes it much easier to manage more than 90 Treasury-backed coins in one wallet. You can also use the internal coin exchange option, which is suitable for any hardware wallet.

Another advantage of integrating Exodus with a standard treasury is that you can manage multiple treasures at the same time. If you want to check the balance of another wallet, you do not need to change them.

Of course, the main advantage of this fact is that current Exodus users now have the option of keeping their private keys offline. With the treasury device ,  all authentication and signature of the device is done on the computer.

Make a backup of your wallet

When the wallet is first installed, a 12-word recovery phrase is given to users that can recover your wallet if your computer is stolen, damaged or lost. This means that writing this security phrase and keeping it safe is very important for users.

If you want to recover your Exodus wallet, you can download it to your new device and click “Restore Wallet” when installing.

Encrypted currency exchange

Although this wallet is not an exchange in itself, it allows you to exchange supported encrypted currencies through the internal ShapeShift  integration  . Exodus was the first wallet to include ShapeShift, and the process for users remains simple and hassle-free.

If you have coins in your wallet and want to exchange them, all you have to do is click on the “Exchange tab”. Here you can select the coin you want to exchange and decide which currency you want to exchange it for.

After doing this, you must select the amount you are exchanging. You can select preset values ​​such as ALL, HALF or MIN. You can also select a certain amount of coins or even their value in your local currency.

Once you are sure of your purchase terms, you can   click “Exchange” and then the transaction should be done. Most of these exchanges take less than 30 minutes, as you have to wait for the coins to be sent to your wallet.

When the exchange is over, you can close the wallet and when you open your wallet again, your coins will be in the wallet.

How does Exodus make money?

Although the Exodus Wallet is   not open source, downloading it to your PC and storing your coins is free. However, if you want to use the bag’s internal exchange option, they will get a small spread on the coin exchange rate.

These spreads vary between 2-4% in most cryptocurrency pairs, but the exact amount will be listed in the Exchange section when exchanging.

These spreads may be different due to the different liquidity levels of the markets. For example, you will probably pay much less spreads on BTC / ETH than exchanging lower market value coins.

The fact that they are so transparent about these spreads at the time of purchase is fascinating. In addition, they claim that they want to use the fees they receive through fees to create a wallet development.

If this is really where the money is invested, then paying these fees might not be a bad idea.

Wallet support

Given that the Exodus team is able to generate revenue for the wallet, they can devote some resources to wallet support. It starts with an extensive knowledge base on the Exodus website, which includes more than 100 articles that explain how to use, features, troubleshooting, costs and other aspects of a wallet and how to use it.

There are also frequently searchable questions, and if you do not find the right answer, you can contact support via email and social media channels.

In an industry where support is often secondary, support for this wallet can only be described as extraordinary.

It is important to note that Exodus does not offer telephone support. Therefore, if you happen to see numbers that  are sent online as official “Exodus” numbers  , do not contact them. They are probably a phishing scam, and operators are greedily trying to pull out your private keys.

Result

For novice and experienced users, with small to medium amounts of cryptocurrencies to store, the Exodus Wallet is a great choice. Its beautiful design and ease of use have made it a popular choice for cryptocurrency enthusiasts.

Adding an internal exchange makes it even easier and more versatile, allowing users to trade quickly and manage their cryptocurrency portfolio without excessive transaction costs.

This wallet is a software wallet and a hot wallet for most users whose computers are connected to the Internet around the clock. This makes it less secure than a hardware wallet, but there is no need to worry if users follow good security practices for their PC and online life.

In general, the Exodus wallet is a great option for most cryptocurrency users who want to send, receive and store small amounts of cryptocurrency.

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