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By the end of the guide, you will know how to download and install Exodus, and how to send and receive different cryptocurrencies using the wallet.
You will also know how to use its built-in exchange features , how to back up the wallet , and which use cases Exodus is good for and which it is not so good for.
The Exodus wallet is a relatively new software wallet. Richardson has written the code for many cryptocurrency products previously, and Castagnoli has worked as a designer for huge companies like Apple , BMW , and Nike.
Exodus has been designed to be a user-friendly , multi-cryptocurrency wallet. You can use many different crypto assets with it. I have listed the coins you can use with it below there are a lot!
You can also store any currently unsupported and custom ERC tokens using the Exodus software wallet. There are a lot of software wallets already available.
So, why did the Exodus team want to make another one? The designers of Exodus wanted to make a user-friendly wallet that could do everything a basic cryptocurrency user would want it to.
For this reason, the Exodus team included an easy-to-read portfolio section to help organize assets and check their value against different fiat currencies.
They also include a built-in trading function. This lets users swap one currency for another. Note: Fiat currencies refer to central bank-issued currencies.
Let's quickly run through the main things that make Exodus stand out of the crowd of cryptocurrency wallets that are currently available to be used.
The team behind the Exodus Wallet has worked hard to create a piece of software that is as easy to use as possible. The user interface the bit that you can see!
The design was clearly very important to the creators of the Exodus Bitcoin wallet. In the options menu, you can change the look of the software.
There are multiple themes to choose from. None of them are too crazy, though, and they all give the software a professional look.
You can also change the color of the background on the wallet. This option is quite funny, since you can only pick different shades of dark blue, dark purple, and black.
They make money by charging fees on trades made with the built-in exchange. This means they can offer proper email support. They are mostly very positive , and it sounds like Exodus are doing a great job of keeping their customers happy.
On top of the customer support, Exodus customers can look at over articles on the website. These fully explain the features of the wallet.
They also have information about fees and advice for users with problems. Lots of the articles have videos too.
These show you how to use the features on the wallet. The Exodus wallet has a built-in trading feature. This is provided by the exchange platform Shapeshift.
It makes swapping one currency for another very quick and easy. It might not offer as low prices as you will find on exchanges like CoinBase and Bittrex , but it is great for non-professional traders wanting to buy different cryptos.
No Exodus wallet review would be complete without looking at the security of the software. Exodus gives you a relatively-safe cryptocurrency wallet for daily use.
Since it is an online wallet , it will never be as secure as leaving digital currency in cold storage such as a paper wallet. It also lacks some features which make it less secure than other, more complex software wallets.
If the device that the Exodus Bitcoin wallet is stored on your computer is lost, stolen, or damaged, you can still access your cryptocurrency. Exodus offers its users two ways of restoring their wallets.
The first is to use a standard word passphrase. This is given to you when you first make an account. Write it down and put it in a safe deposit box.
Another helpful backup feature is the email restore option. Clicking on this will restore your account.
With a few more extra features, the Exodus wallet could offer much better security. However, with time, these features might surely be added. This makes it easier for hackers to use a keylogger to break into a wallet.
All that protects the wallet is a single password. Once in, a hacker has access to the cryptocurrencies stored there. Note: A keylogger is a piece of malware that records the keys pressed on your keyboard.
They are used to find email addresses and passwords. Another feature that the Exodus wallet lacks is multi-signature addresses. The idea behind a multi-signature address is like two-factor authentication.
It gives another layer of security to a wallet. Examples of this are email or text message confirmation. Both of these devices must confirm a transaction before it is broadcast to the network.
This makes it much more difficult for hackers to steal funds because they must access two devices instead of one.
The Exodus wallet is much more suited for use as a day-to-day wallet. Compare it to your real-life wallet. Continuing this Exodus wallet review, let's take a look at how the security aspect of the Exodus wallet compares to some other wallets out there.
The Exodus wallet is much more secure than a web wallet. Web wallets, like those found at exchanges such as Coinbase , are the easiest to lose funds from.
They have security risks that no other wallets have. For these reasons, web wallets are not suitable for storing cryptocurrency.
If you are an active trader, you will have to take the risk. This is because trading requires your coins to be available at short notice, so you can take advantage of movements in the price of certain cryptocurrencies.
The Exodus wallet is much less secure than either a paper or hardware wallet. Neither of these are always connected to the internet like most software wallets are.
This reduces the chances of them being hacked. If your software wallet is on a computer that you use every day, the chances of you downloading malware or keyloggers are much higher.
If you want to store your cryptocurrency for a long period of time, paper or hardware wallets are the best option.
Wallets like the Exodus wallet are great for people who use small amounts of cryptocurrency regularly.
They are also good if you want to swap one cryptocurrency for another. Download the wallet from the official website. Beware of phishing fake websites.
Check the security certificate of the site you are visiting by looking at the green text next to the website address.
Click on the cryptocurrency you want to add to Exodus. You will be shown an address and a QR code. This is your public wallet address and is what you give to someone that wants to send you some crypto.
You can also use this to send crypto from another wallet of yours to your Exodus wallet. If you are sending crypto from another device that has a QR code scanner , you can use the QR code to get the address.
Note: Phishing websites are sites that have been designed to look like popular websites. They are made by scammers to steal information such as login data.
This is then used to steal funds from the actual service the victim was trying to access. To use your Exodus wallet to send cryptocurrency, follow the steps below.
Note: On the Exodus Wallet, each network fee is automatically worked out for you. This is great for basic users.
However, the fees are often much larger than they need to be. Exodus wallet fees are set up to transfer as quickly as possible, not as cheaply as possible.
Read on for a full review of this wallet, as well as an explanation of why we would recommend other providers. This online wallet is good for keeping small sums of digital coins, but we would not recommend it otherwise due to security issues.
The eToro wallet is a much more affordable service, which is also regulated by several financial authorities, providing a safer experience. Exodus is a desktop-based online multi-currency wallet that lets you hold Bitcoin, Bitcoin Cash, Ethereum and a host of ERC20 and other digital coins.
It supports close to digital currencies and offers users in-app trading via ShapeShift. Though it cannot be considered as secure as a hardware or paper wallet, it lets users retain control of their private keys which is crucial in terms of development.
It is also a lite wallet, which means that the users never have to download the entire blockchain on their systems to engage in transactions.
Richardson is the Chief Technical Officer of the project and has published over open source libraries to date. His codes are being used in several Bitcoin and other crypto software.
The wallet was launched in mid and quickly started getting attention from users from its user-friendly design and highly intuitive user interface.
With the help of an in-wallet exchange, powered by ShapeShift, users can exchange one coin for another quickly and easily, without moving their funds to a traditional exchange.
Exodus wallet design allows users to calculate the fee for making transactions on a network automatically. As it supports multiple cryptocurrencies, the fee for each network varies greatly.
However, fees on Exodus tend to be higher than other wallets, as it is designed to send transactions as quickly as possible, not as cheaply as possible.
What you gain in speed, you lose in the fee. That is part of the reason why we recommend eToro instead you can check out our eToro review here , it is much more affordable and has more contained fees compared to Exodus.
Exodus also computes mining fees using a dynamic pricing model that tries to get the transaction into the next block, i. Users who want to set the fees for each transaction manually should use other wallets.
Exodus is a desktop based wallet account. Therefore, users must first download the application on their systems and then create an account.
Here are the steps to creating your own Exodus wallet. When using the Exodus wallet, you will have three options to transfer coins- Send, Receive and Exchange.
Here is a step-by-step procedure to complete all three types of transactions. When you first start using the Exodus wallet, you will have to add coins to it for safe storage and also to send them to other wallets.
If you already have some coins in your account, you can easily use the in-built ShapeShift support to exchange coins directly within the wallet.
Here is how to accomplish it-. The wallet trades affordability for speed because of which your transactions get accepted more quickly, but you also have to pay extra.
Ideally, the users must be allowed to manually select how much fee they intend to pay for a particular transaction. Exodus itself urges users to find better solutions for manual fee decision in other places.
Wallets like eToro serve the users better in this regard. Every Bitcoin wallet comes with its own set of advantages and disadvantages to the users.
Exodus is not the only multi-currency wallet available to the users. There are other popular wallets like eToro and Jaxx that pose significant challenges to Exodus.
Moreover, eToro provides unmatched support, social trading platform as well as multiple language support which is of great help to non-English speakers.
Thus, the eToro wallet is a much better wallet than Exodus. It is a popular desktop-based digital currency wallet available for mobile platforms as well.
Unlike Exodus, Jaxx can also be used as an online wallet. It supports over 66 digital currencies and can show crypto balances in fiat currency to the users.
While it is quite similar to Exodus in principle, Jaxx allows users to choose a transaction speed. It has three speed options- slow, medium and fast.
Therefore, users get to decide whether they want to send their transaction quickly or cheaply. Both Exodus and Jaxx allow in-app crypto-to-crypto exchange using ShapeShift.
Though Exodus provides a larger selection of coins, Jaxx offers more advanced features. The definitive wallet for high-end security , Ledger Nano S is the leader of cryptocurrency wallets on the market today.
It is a hardware wallet that allows users to store their cryptocurrencies offline. The USB shaped device can be connected to your computer to complete transactions or view balances.
It comes with state-of-the-art security features as well. Exodus, on the other hand, is a desktop-based online wallet. It cannot be considered the most secure storage option on the market because of the lack of crucial security features like two-factor authentication.
However, it is great to keep smaller sums of multiple coins at a single place while retaining all your private keys. Exodus wallet is a great product designed to help onboard people into the crypto revolution.
It brings a clean and beautiful user interface. One of its disadvantages is that it makes transactions more expensive than wallets that we consider to be more trustworthy, such as eToro.
Exodus in fact, also has security flaws and lacks advanced features. The absence of two-factor authentication and the complex process of operating the wallet on multiple machines simultaneously also create several hurdles for an average user.
It lets users add multiple ERC20 based tokens, but fails to list them all. Wallets like eToro steer clear of such issues and allow users to retain some control over the fee they intend to pay for a transaction.