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Exodus Review: Wallet and Services

By Arthur Crowson10/07/2022

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Exodus is a slick multi-asset wallet that focuses on design to make crypto accessible for everyone.

The wallet is available as a free download for both desktop and mobile. Exodus is non-custodial, encrypted locally on users’ devices. It ensures privacy, security, and complete control of the users over their wealth. Even if you don’t have crypto yet, Exodus is a good place to start.

In this Exodus review, we would have an in-depth look at how Exodus works, what its advantages or disadvantages are, and Exodus wallet’s key features.

Pros

  • Slick, streamlined wallet that’s easy to understand and navigate

  • Non-custodial wallet which means you own your keys

  • Features like staking and swaps

  • Supports hardware wallets like Trezor

Cons

  • Staking services are custodial

  • Some regions don’t offer crypto swaps

  • Doesn’t support Ledger wallets

How does Exodus work?

  • Exodus Wallet on Desktop

You can download Exodus on your desktop without having to give up control of your wealth to a third party. Once you have downloaded it on your desktop, you can give it a try before having to back it up. Once you are happy with the way it works, you need to back up your wallet. It is the phase when you will receive a 12-word secret recovery phrase. This phrase will work as a master key to all of your assets. For enhanced security, you will be asked to enter your self-created password each time you log in to the wallet. This provision stays there even though you have chosen a 12-word secret recovery phrase and backed your data up. After logging in, you can start receiving any blockchain asset that Exodus supports as your Exodus deposit.

Exodus wallet also has an instant exchange feature. This feature enables you to securely and quickly exchange assets directly from your wallet. Without any mandatory sign-up or account creation, you can trade between more than 70 fully supported blockchain assets.

  • Exodus Wallet on Mobile

You can download the Exodus Wallet app on your smartphone. It is currently compatible with iOS 10 and above and Android 8.0 and oreo and above. You can search ‘Exodus Free Wallet’ on Google Play Store and Apple App Store to find the wallet and click on the download button to begin the installation process. After installation, Exodus offers a small tutorial, and then you can start with your backup. Similar to its desktop version, the Exodus app will provide you with a 12-word secret recovery phrase. After back-up, you can start receiving your deposits. If you are on an iOS device that has Apple Pay, you can buy some Bitcoin directly inside of the wallet. However, such a direct buying facility is still not available for Android. The instant exchange feature is available on the mobile app as well.

History of Exodus

Founded in 2015 by Daniel Castagnoli and JP Richardson, and headquartered in Nebraska City, Nebraska, the United States, Exodus bitcoin and crypto wallet enables users to send, receive, and exchange Bitcoin and more than 100 other cryptocurrencies.

To date, Exodus has raised total funding of $60 million. It raised the entire amount from its initial coin offering that happened on April 14th, 2021. Thanks to Exodus’ unique offering, you can actually own tokenized stock in the company through its EXIT token.

Exodus has become one of the most popular crypto wallets in the world.

Is Exodus Safe?

Exodus is one of the safest crypto exchanges in the world. While there will always be risks involved with owning crypto, Exodus has a stellar reputation and has never been the target of a major hack.

Keep in mind that because Exodus is connected to the internet, it is considered a “hot” wallet. In otherwise if your computer was compromised you would be in danger of losing your crypto. You can combine Exodus with a hardware wallet, however, which significantly mitigates that concern and essentially turns the service into a “cold” wallet.

Does Exodus Cost Money?

Exodus is free to download but it’s definitely recommended to buy a hardware wallet to go with the software and get maximum security.

Exodus Advantages and Disadvantages

  • Exodus Advantages

The Exodus crypto apps make it easier to leverage the most out of your crypto assets. These apps improve your user experience and make Exodus easier to use. With these featured apps, it is easy to earn interest without you having to set up an account.

With Exodus, it is also easier to set up your idle crypto holdings for passive income. Staking crypto through Exodus is as easy as a tap of a button. You can earn on Algorand, Cosmos, Cardano, Tezos, Ontology, VeChain, and Neo.

You can sync your Exodus mobile app with your desktop application for a smoother and more synchronized experience. With the mobile app, you can additionally monitor the market movements while on the go.

Other than the fees that go to the network, Exodus does not charge fees for sending or receiving. Unlike many other exchange platforms, Exodus also does not keep any of the transaction fees charged for withdrawing BTC, ETH, or any other cryptocurrency.

  • Exodus Disadvantages

Exodus is a relatively safer wallet than many of its competitors in the market. Yet, Exodus lacks some of the features that could have made it more secure. For instance, it does not offer two-factor authentication. It also lacks the feature of multi-signature addresses. However, these missing features do not make a heavy impact if you are not considering the wallet for the storage of large amounts of crypto. Exodus perfectly meets the needs of day-to-day use.

Exodus Key Features

Exodus currently supports more than 130 assets for users to send, receive, and exchange. The support is also available for most of the currencies on mobile, desktop, and Trezor hardware wallets. The coins supported by Exodus include BTC, ETH, Binance Coin, Dogecoin, USDT, Cardano, Ripple, Polkadot, Bitcoin Cash, and many more. 

Although we talked about online security vulnerabilities earlier, Exodus offers effortless hardware security where you can manage crypto assets in Exodus securely from your Trezor hardware wallet. Exodus also encrypts private keys and transaction data on your device for only you to see. Your data will remain private without you having to have any registration or account setup. 

Exodus has an intuitive design and interactive interface best suited for first-time users. The one-click easy exchange feature of Exodus hides the complex asset exchange details of Exodus behind the scenes in seconds.

Since Exodus and Trezor have started to work in partnership to advance the hardware wallet experience, you can manage and exchange your cryptocurrencies in Exodus securely from your Trezor without any additional signup or registration.

The collaboration between Exodus and Trezor brings built-in Trezor security. You can plug and play with all existing Trezors and manage multiple Trezor devices simultaneously. The collaboration works for more than 90 Trezor supported cryptocurrency assets.

What Cryptocurrencies Are Supported on Exodus?

Most major cryptocurrencies are supported on Exodus including Bitcoin, Ethereum, Cardano and much more. In total the service supports over 266 different coins.

Here’s a look at some of the most popular coins supported by Exodus:

Bitcoin

  • Ethereum
  • USDT
  • USDC
  • BNB
  • Cardano
  • Solana
  • Dogecoin
  • Polygon
  • Shiba INU
  • TRON
  • Uniswap

Supported Devices

Exodus is available as a mobile app for Android and iOS and as a standalone desktop app for Windows and MacOS.

In 2022 the company also launched a Web3 wallet, which you can install on Chrome or Brave, which gives you access to DeFi, staking, NFTs and much more.

Verdict: Find Freedom with Exodus

With its extensive list of crypto assets – available for users to send, receive, and exchange – Exodus has let individuals control the entire flow of their crypto assets. Its collaboration with Trezor has enhanced its security credentials, while the mobile application has made it suited for on-the-go use. Very few crypto wallets have managed to make the user experience so enticing. With its pixel-perfect icons to subtle sounds, Exodus is a treat for first-time or new users. Exodus has purposefully attempted to remove the geek element from crypto wallets and tried to make it fun and easy to learn.

On the technological front, Exodus has always been on its toes as far as innovation and product updates are concerned. Within the past six years, Exodus has released more than 200 new product updates across desktop, mobile, and hardware, ensuring an average of a new release every two weeks.

With innovation and user convenience combined, Exodus can reasonably be expected to grow exponentially in the days to come. If you are looking for Exodus offer code, you must keep a tab on their social media sites as they will publish information about discounts and offers on various social media platforms.

Article tags

Arthur Crowson

Editor

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