Exodus is a multi-currency software wallet that is simple to use and accessible on both desktop and mobile devices. The wallet excels in its straightforward layout and first-rate online assistance. Exodus’ key drawbacks are that it does not support unique network fees for Ethereum and other altcoins, and it is not entirely open source.
How does it work?
Through partnerships with exchanges and other third-party API providers that deliver services inside the Exodus wallet, Exodus makes money.
Exodus pays third-party exchange API providers a tiny portion of the exchange spread. The precise quantity of cryptocurrency you will be trading and the precise amount of cryptocurrency you will get will be revealed to you on the exchange portion of the wallet, despite the fact that exchange spreads might fluctuate substantially depending on market conditions. You can always choose whether the exchange is beneficial to you.
Exodus is a decentralised exchange that doesn’t take fiat money, such as deposits of USD in cash from a bank account. Users trade cryptocurrency instead through peer-to-peer trading. Furthermore, in order to access the exchange, customers must download a desktop or mobile app.
Exodus provides investors with a number of features, such as:
- As a beginner-friendly Bitcoin wallet, Exodus takes the top spot. Investors control their private keys, and it’s free to use.
- Investing in Exodus lets investors earn rewards by staking seven coins. Staking options for altcoins include Algorand (ALGO), Cosmos (ATOM), Neo (NEO), VeChain (VET), Cardano (ADA), Tezos (XTZ), and Ontology (ONT). The estimated annual percentage rate (APR) ranges from 1.24% to 13.88%.
- Using Exodus, Trezor Model T and Trezor One users can quickly transfer funds between their hardware wallets and Exodus.
- You can earn around 3.74% interest by depositing Dai (DAI) into a crypto savings account.
Currently, 33 ERC20 tokens and 70 cryptocurrencies are natively supported by the Exodus desktop client. Only 35 coins and no ERC20 tokens are supported by the mobile client. On your Trezor, you can also use the Exodus wallet, which works with all the coins that Trezor supports.
On all clients, the following coins are supported:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- Stellar (XLM)
- Dash (DASH)
- Ethereum Classic (ETC)
- Zcash (ZEC)
- Maker (MKR)
- Qtum (QTUM)
- Basic Attention Token (BAT)
- OmiseGo (OMG)
More than 225 coins are supported by Exodus, a non-custodial cryptocurrency wallet.
Exodus works locally on your device, so there’s no need to create an account. The private keys and 12-word secret recovery phrase associated with your wallet are saved and encrypted directly on your device. You can immediately start using your wallet. Either you can purchase cryptocurrency or get cryptocurrency from another platform.
The Exodus security level is not very high, but it is reasonable. A user-generated password necessary to access the wallet is part of the first stage of security. In the second stage, you must create a 12-word seed phrase in order to restore your wallet in the event that the machine malfunctions or is stolen. It is essential to write down this sentence offline rather than on your gadget or computer.
The Exodus user interface is simple to use and comprehend; therefore, most users should find it uncomplicated. A clear display of the portfolio balances is provided, and all supported assets have access to the most recent market data. The 24-hour change, portfolio age, maximum balance, and greatest and worst percentage moves are also available to users on an asset-by-asset basis for a specified time period.
Additionally, the desktop version contains a function that enables users to estimate prospective profits based on the value of the asset, the length of the stake, and the average payout rate (via sliding scales).
The process of downloading and using the mobile app isn’t particularly simple. Following setup, consumers have the extremely practical choice of syncing it to their desktop or even making a new wallet. While Exodus enjoys great market share due to its simple mobile interface.
Exodus has taken great care to make sure that your information and transactions are secure and kept private for your use only. Exodus goes above and beyond to protect even the most basic details like your settings, currency preferences, theme selections, background colour, etc., in addition to your transaction and exchange information, even while your private keys never leave your computer or mobile device. Exodus encrypts this data with a password that you alone know in order to keep it private and safe, even while using Exodus across many devices, because this information is specific to you and is not stored on a public blockchain.
Any blockchain network, including those for Bitcoin, Ethereum, and others, charges a tiny fee to send a transaction. This is so that all transactions on the network may be processed and kept secure there. There are people (called miners) who invest in resources like computing power and electricity. To guarantee that transactions are delivered swiftly and reliably, all transaction fees are fully paid to the network (miners).
Exodus provides live chat, email, and customer service options around-the-clock. The fact that there is no telephone option for contacting the business raises some questions, but it is important to note that this is pretty standard practice in the sector. Even so, Exodus performs admirably when measured against rivals.
Pros and Cons
- An easy-to-use interface: Most users should find Exodus’ user interface straightforward and easy to use.
- More than 150 cryptocurrencies are currently supported by Exodus wallet, and the number is still growing.
- Integration with Defi platforms is seamless with Exodus.
- There are currently no custom network fees available for altcoin transactions.
Is Exodus the right choice for you?
The Exodus wallet’s reputation as a top hot wallet, especially for new users, is well-founded. In comparison to other wallets, ease of use has made it a user’s first and great pick. It is the best cryptocurrency wallet because of its appealing design and simple interface, which enables users to send, sell, purchase, and trade cryptocurrencies in tiny amounts without needing to go through a laborious process.
Exodus provides a wallet option that is more than suitable for both novice and experienced cryptocurrency investors. Both categories will undoubtedly find the large variety of digital assets, simplicity of use, and self custody appealing.
New users will feel secure knowing there haven’t been any security breaches in the last five years, while more experienced traders will welcome the ability to stake assets and interface with Defi platforms.
Beginners should feel at ease handling their digital assets thanks to the user interface’s aesthetic appeal. The platform’s instructional aspect, while present, doesn’t take center stage, which is one of its drawbacks. Exodus Support, on the other hand, offers a selection of articles and solutions to frequently asked concerns. Additionally, Exodus offers live human service around-the-clock via email and online chat.