For managing and securely storing digital coins, there is something called a crypto wallet. Today, there are many software wallets available, but the Exodus cryptocurrency wallet is one of the best choices. Exodus wallet is ranked first among all cryptocurrency wallets by reliable websites like Finder.com and Bitcoin Exchange Guide.
Table of Contents
What Is Exodus?
Exodus is a non-custodial wallet that provides excellent support and a lot more control over cryptocurrency assets. Your wallet remains entirely under your control; it is not managed or taken into custody by the program. Numerous different crypto assets can be used with it by users. Exodus supports TREZOR wallets, which offer a slick user interface and strong security for a hardware wallet.
Exodus is a lite wallet, which means it doesn’t download entire blockchains to the device, speeding up setup considerably. Additionally, this improves the responsiveness and practicality of Exodus Wallet. Additionally, the platform is compatible with Windows, Mac OS, Linux, Android, and iOS devices thanks to the availability of both the mobile wallet and desktop wallet versions.
The cryptocurrency asset exchange feature in the Exodus wallet works incredibly well and is easy to use for both novice and seasoned users.
Pros And Cons Of Exodus Wallet
Pros:
- One-click crypto exchanges any time
- 24/7 customer support
- One-stop-shop for crypto services
- Easy to use interface
- Free to download with no registration required
- Hardware wallet support (Trezor One and Trezor Model T)
Cons:
- Mobile app supports less cryptocurrencies
- No way to buy cryptocurrency in the app
- Certain services are limited to desktop and Android devices
How Does Exodus Work?
Exodus works similarly to other cryptocurrency wallets by using a set of codes to help users link and manage their cryptocurrency holdings across various blockchains. Therefore, it stores a set of 3 codes—primary keys, seed phrases, and public addresses—instead of cryptographic information. Blockchains’ primary keys provide access to the cryptocurrency, whereas a public key serves as the wallet’s address. However, if the private keys are lost, the seed phrase serves as a recovery phrase code to aid in generating new copies of the keys.
A special value position was created as a result of an integration between Exodus and ShapeShift. One of the best cryptocurrency exchanges, ShapeShift, is praised for its privacy, security, and user interface features. Customers of Exodus have faster and more private access to trading on this cryptocurrency exchange by doing so directly from their Exodus wallet.
Security & Customer Support
Exodus is renowned for providing a highly secure product with a variety of potent security features.
The user-generated password serves as the foundation of Exodus Wallet’s security. Once the wallet is configured, this password is necessary to access it, confirm transactions, and view private keys.
The next step involves copying a 12-word backup seed phrase that was generated at random and can be used to regain access to the wallet in case your device is lost or stolen. All information sent during a transaction or stored on a user’s device is completely encrypted. Transparency is guaranteed because neither Exodus nor its employees have access to your cryptocurrency.
It is typical for most cryptocurrency wallets to generate a 12-word backup seed phrase, and you should take this seriously. In the event that the Exodus software is deleted or the device on which it is installed is lost or destroyed, you won’t be able to recover your cryptocurrency if you don’t have your 12-word backup seed phrase.
Last but not least, Exodus is renowned for having a competent customer service team that will respond to your inquiries quickly. Exodus is a larger organization than the majority of cryptocurrency wallet providers, and as a result, they provide more support.
On the downside, downloading phony Exodus wallets from the Google Play Store has led to the fraud of several people. Exodus is not at fault for this, but you should use extreme caution when downloading Exodus software. Exodus will never ask for your 12-word backup seed phrase, so make sure you are downloading from the right location.
Are There Any Fees Associated With Exodus Wallet?
Users who want to download the app and send/receive cryptocurrency can do so for free with Exodus. With a few exceptions, almost all blockchain transactions are subject to network or miner fees. Exodus does not charge fees for sending other than these transaction fees, 100% of which go to the network. When sending in Exodus, transaction fees are never charged.
If users decide to exchange assets inside the wallet, there will be fees involved. On wallet swaps, Exodus levies a small fee in the form of an exchange spread; more information is available on the Exodus Fees page.
Features Of Exodus Wallet
Although security will always be the most crucial component of a cryptocurrency wallet, it should be noted that Exodus’ killer feature is its stunning software. Your cryptocurrency holdings are beautifully visualized by the software, and navigating the interface is simple thanks to its thoughtful user interface. You shouldn’t undervalue the value of quality software because a good user interface can actually prevent you from making expensive crypto mistakes.
In addition to one-click exchanges and support for hardware wallets, Exodus Wallet is also available for free download. On-device storage for private keys and transaction data is available, and live support is offered around-the-clock.
How Exodus Makes Money
The Exodus wallet can be downloaded for free to your smartphone or desktop even though it is not open source. Exodus does not charge a fee for sending, receiving, or storing digital currency; however, if you choose to use the built-in exchange option, a small spread fee will be added to the current exchange rate of the coins. As soon as you complete the exchange, the precise amount will be displayed on the exchange section.
Because markets have varying levels of liquidity, these spreads could change. When exchanging BTC and ETH, for instance, you are likely to receive much lower spreads than when doing so with lower market cap altcoins. Users should be aware that in addition to the spread, there will also be a network fee, which supports the miners and validators on the network who process and verify transactions. Exodus neither charges for nor receives any portion of the network fee.
Supported Cryptocurrencies By Exodus Wallet
Exodus wallet supports more than 100 cryptocurrencies and tokens, including well-known ones like Bitcoin, Ethereum, and Litecoin as well as some up-and-coming ones like Stellar, Dai, Lisk, and others.
- BTC – Bitcoin
- ETH – Ethereum
- XLM – Stellar
- BTG – Bitcoin Gold
- USDT – Tether USD
- BCH – Bitcoin Cash
- LTC – Litecoin
- EOS – EOS
- XMR – Monero
- BSV – Bitcoin SV
- DASH – Dash Coin
- BNB – Binance Coin
Wallet Support
The Exodus team is able to support the wallet with some resources because they can make money from it. That begins with the extensive knowledge base on the Exodus website, which contains over 100 articles that explain the usage, features, troubleshooting, fees and other aspects of the wallet and its usage.
If you still can’t find an appropriate response, you can contact support staff through email and social media channels. There is also a comprehensive searchable FAQ. Exodus’ support, which is available 24/7/365, is exceptional in a sector where customer service is frequently given a second thought.
The fact that Exodus does not offer phone support should be noted. Therefore, if you come across phone numbers that are listed online as “official” Exodus phone numbers, don’t call them. They are most likely phishing scams, and the perpetrators want your private keys more than anything. Keep in mind that neither Exodus support nor any other support team should request private keys or recovery phrases. You should never divulge your private keys or 12-word recovery phrase to anyone claiming to be with a support team because they could use them to access your money.
Is The Exodus Wallet Reliable?
Yes, Exodus is one of the most dependable, well-known, and secure cryptocurrency wallets out there. Exodus’ development team is entirely open to the public, and the business itself went public in 2021. The team at Exodus is committed to advancing the entire crypto industry, and the company’s founders are well-respected in the community. As the wallet is non-custodial, the user retains complete control over their crypto assets, and the company makes sure that it passes numerous audits. Additionally, the company does not gather any personal data on behalf of the user because the wallet is non-custodial.
Conclusion
For managing their assets from beginning to end, crypto investors frequently choose The Exodus Wallet. With its regular product updates, app extensions to exchange and stake cryptocurrency, and access to NFT marketplaces, the Exodus Wallet is a great option for both new and seasoned cryptocurrency investors.