Exodus Wallet Review

Professionals & Cons Defined

Professionals Defined

• Simple setup course of: Getting arrange with Exodus on a pc and cellular units is simple. Begin by creating one pockets, then import it throughout units utilizing the 12-word seed phrase.
• Helps 291 cryptocurrencies: Exodus helps an in depth array of crypto property, together with Bitcoin and Ethereum. Customers can even retailer customized ERC-20 tokens by sending them to Exodus’s Ethereum handle. 
• Distinctive customer support: Together with a assist web page, Exodus provides chat and e mail help companies for customers. The pockets even permits customers to message founders JP and Daniel immediately, though the response may take some time. 
• Common replace schedule: Software program updates are frequent; customers can count on an replace after each two weeks. Nevertheless, customers have to replace their wallets manually on Exodus’s official web site.
• Staking accessible: Since Exodus helps proof-of-stake blockchains, it provides a approach for customers to stake crypto property immediately from throughout the pockets. If you wish to stake, you will have to lock your cryptocurrencies for a particular interval.

Cons Defined

• Lack of 2FA safety safety: Exodus lacks the normal two-factor authentication technique to offer an additional layer of safety and as a substitute depends on customers supplying a password. It may have severe penalties if a person’s password will get compromised. 
• No help for crypto-to-fiat conversion: Customers would not have a option to trade their crypto property with fiat currencies immediately throughout the pockets. To money out, customers have to ship their property from Exodus Pockets to a crypto trade. 
• Not open supply: Exodus just isn’t open supply. Meaning nobody exterior the corporate can see, modify, or distribute Exodus Pockets’s software program code. Subsequently, most people can not overview its robustness. 
• Lack of customized charge help for altcoins: Customization of community charge for Ethereum and altcoin is lacking from the pockets. Presently, customers can solely customise Bitcoin and Ethereum community charges.

Options

An aesthetically pleasing software program like Exodus could make novices really feel much less intimidated by cryptocurrencies. Its easy format permits customers to simply entry, handle, and maintain 291 cryptocurrencies immediately from throughout the pockets. It’s free and doesn’t cost extra charges for sending or receiving crypto property, besides blockchain community charges. There may be, nevertheless, a small fee for utilizing the built-in pockets trade.  

Customers can even entry numerous decentralized purposes (dApps) and non-fungible token (NFT) collections on Exodus by means of its lately launched internet browser extension. The pockets helps Ethereum, Solana, BSC, Algorand, and different blockchains. Subsequently, customers can join their dApps to all of the supported networks and acquire NFTs throughout the pockets. Additionally it is one of many few wallets with a built-in NFT market, accessible solely after putting in the app from throughout the pockets. 

Exodus additionally provides a staking function for customers trying to earn passive earnings from their favourite property. It helps staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Fuel (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO), and Solana (SOL). The APY paid as staking rewards is variable and will be tracked throughout the pockets. If customers don’t wish to stake, they’ll additionally use DeFi protocol Compound Finance by means of Exodus to lend their Ethereum property to a pool to earn curiosity. 

Safety

Exodus is a non-custodial pockets, that means it doesn’t acquire customers’ private info or any delicate knowledge in regards to the pockets. As an alternative, the info is saved domestically on the customers’ units. 

With the flexibility to log in with a 12-word restoration section and a password, customers are at all times in command of their crypto funds. The pockets has additionally built-in safety measures like Face ID and Contact ID. Furthermore, Exodus releases software program updates in a two-week cycle for added wallet-specific exploits or to take away doable vulnerabilities.

Although Exodus doesn’t function two-factor authentication, it helps Trezor Mannequin T and Trezor One {hardware} wallets for offline storage of cryptocurrencies. The safety of Trezor, mixed with the handy options and functionalities of Exodus, offers customers security and peace of thoughts. 

Privateness and Anonymity

Exodus doesn’t have Know Your Buyer (KYC) necessities. Subsequently, customers need not enter any private info to obtain, set up, or use the pockets. All transactions are nameless on Exodus. 

Nevertheless, Exodus doesn’t help on-chain anonymity, since it’s simpler to trace transactions made with the pockets on the blockchain scanner. It is not CoinJoin-enabled, that means the pockets can not mix a number of crypto transactions right into a single transaction to make it troublesome to find out the id of the senders or receiver.

Setup  

Establishing Exodus Pockets is a clean course of on desktop and cellular. All a person must do is obtain the pockets on their most well-liked gadget and begin utilizing the companies with out sharing any particulars. Each the desktop and cellular platforms will be synced by scanning a QR code. 

Although customers need not enter private info, the pockets will ask them to avoid wasting a secret restoration phrase consisting of 12 phrases, which ought to be copied within the sequence supplied through the immediate. Customers can even entry this restoration code by navigating to the “Settings” tab accessible throughout the pockets. 

Usability

Desktop

The desktop pockets has a slick person interface that’s straightforward to make use of and navigate. The dashboard exhibits complete crypto property held in a pockets and likewise shows numerous different portfolio metrics, like 24-hour change, greatest and worst 24-hour asset, portfolio age, highest steadiness, and many others. Customers can even ship, obtain, or trade a variety of cryptocurrencies immediately throughout the desktop pockets. 

Cell App

The cellular model of the Exodus Pockets has comparable functionalities and options because the desktop pockets, making it a super selection for customers trying to handle their crypto on the go. It’s accessible for each cellular working programs, iOS and Android. Exodus additionally options an choice to sync cellular and desktop wallets ought to a person wish to use each variations. For further safety, customers can allow biometrics like face or fingerprint scanning to guard in opposition to unauthorized entry to the cellular app. 

Buyer Service

Exodus is well-known for its buyer help, because it provides an in depth information base of lots of of articles and movies that specify utilization, options, charges, and different features of the pockets. It even contains a searchable FAQ part for frequent queries. If customers cannot discover appropriate solutions or have any bother with their wallets, they’ll at all times attain out to the help group by means of e mail or social media channels. Assist personnel on Exodus are additionally available 24/7, and replies are sometimes fast.

Value & Charges 

Like most software program wallets within the crypto area, Exodus is free to obtain, entry, and use. The pockets doesn’t cost any charge for acquired property. Nevertheless, when sending cryptocurrencies, customers have to pay community charges for the transaction. This charge will also be custom-made, though this feature is accessible for under BTC and ETH as of writing. 

Whereas sending and receiving crypto on Exodus is free, it fees a small charge within the type of an trade unfold ought to customers wish to trade property throughout the pockets. 

Closing Verdict

Exodus’ intuitive person interface, easy navigation, and distinctive buyer help make it among the best scorching wallets accessible, particularly for novices. The addition of staking choices for a variety of crypto property and help for dApps and NFTs makes it a favourite selection amongst even intermediate and professional crypto buyers. Its in-built trade makes the pockets extra handy, permitting customers to rapidly trade their crypto property with out requiring a centralized trade. The broad number of digital property mixed with self-custody definitely makes it extra interesting. 

Nevertheless, the shortage of 2FA safety might be a priority for customers who maintain giant crypto luggage, though they’ll observe good safety practices to handle their digital property. Nonetheless, for customers searching for extra safety, Exodus provides a option to retailer and trade cryptocurrencies from the Trezor {hardware} pockets. 

Methodology

Probably the most vital issues to think about earlier than you transact in and retailer cryptocurrencies is that you’ve an appropriate crypto pockets in place. To assist decide the pockets that works greatest for you, we carried out a complete overview technique of the highest cryptocurrency software program wallets. 

Our overview course of is constructed round a quantitative scores mannequin that weighs key elements like safety, prices, privateness, usability, buyer help, and options in response to their significance. Our group of researchers gathered over 40 knowledge factors and carried out in depth analysis for every of the 19 corporations we reviewed. Our group of writers, who’re specialists on this discipline, then check drove every pockets to lend their qualitative viewpoint.

Our mannequin gave desire to corporations with the strongest safety measures and reputations. Corporations with wealthy options, similar to supporting numerous crypto property, giving customers the flexibility to sync with {hardware} wallets, and permitting for charge customization, additionally ranked extremely.

Learn our full methodology.