Cryptocurrencies are a massive boon in the world of finance today, but the primary concern here lies is the safety of these currencies as these are stored online. Anything stored online is prone to attacks from the hackers, and cryptocurrencies being not an exception. Cryptocurrencies being their latest targets, make us think about saving currencies with even the secure most wallets available to store cryptocurrencies.
And here in this article, you will learn about Exodus, a wallet that stores and manages cryptocurrencies. But before I dig deep into how safe it exactly is, I will be talking about how it came into existence and then follow it up with its features and a few pros and cons.
What is Exodus Wallet?
Exodus Wallet was created by JP Richardson and Daniel Castagnoli, launching it officially in July 2016. Since then Exodus Wallet has become the first choice for users looking to store cryptocurrencies online. If you are a beginner or a person with experience on how to save digital currencies, you might have come across Exodus Wallet. Exodus is a multi-cryptocurrency wallet with an intuitive and user-friendly platform.
Exodus being the first digital wallet to be compatible with an instant cryptocurrency exchange platform called “Shapeshift,” making users of the wallet to trade with almost a dozen cryptocurrencies.
Exodus Wallet is fairly new and yet offers to store some of the key cryptocurrencies available in the market, here is a list of the cryptocurrencies that it supports:
- And many more coins.
Exodus is continuously pressing towards providing users with support for new coins that are being developed.
The plain and straightforward user-interface of the Exodus Wallet offers the first time users the complete flexibility and face less difficulty while trading cryptocurrencies.
How does Exodus Wallet work?
Exodus wallet currently integrates in three components:
- Multi-Asset Wallet
Multi-Asset Wallet: This is where you find all the information relating to your coins. With wallet, you can check the balance of your coins, transactions and also send/receive funds.
The filter option allows you to have transaction-based information separately and conveniently by transactions. You can filter out transactions by “sent,” “received,” and “exchanged.” So this was about the first component “Wallet,” now let’s move on to the next component, Portfolio.
It gives you the clarity and the in-depth analysis of the transactions. With a pie-chart graphic representation of the cryptocurrencies, you own along with their percentage and shows each of their value along with the associated dollar value. It denotes the values in real time as and how markets fluctuate.
Exodus is integrated with Shapeshift, allowing you to carry transactions without the need for an exchange. The exchange dashboard displays the amount that you are going to receive. With the left side showing the currency you are exchanging and the right side presenting you the cryptocurrency value that you are about to receive.
It shows you both cryptocurrency and the fiat currency value, along with the percentage of the current spread of the transaction.
Features of Exodus
The User-Interface: It sports a beautiful yet simple user interface, and believe me I am not bragging. Exodus packs a stunning user experience and aesthetic design that comes as a gift to the beginners looking to start transactions in digital currency.
The reason behind their alluring look to the wallet is it’s Chief Creative Officer, Daniel Castagnoli, who previously worked with Apple, Disney, and Nike as a designer. From the wallet to the pie-chart everything under Exodus Wallet is eye-pleasing. But take into consideration that Exodus renders for everyone, be it either a rookie or a professional.
Compatible with PC, Mac, and Linux: Exodus Wallet is easy to set up and not only on the Windows Operating software but on Mac and Linux as well, this makes it the preferred choice for desktop wallets. Exodus is available for free on its official website and is easy to install. One drawback here though is that Exodus Wallet is not yet available as a mobile application, but the plans for developing on iOS and Android are still on.
Phrase Code & Email restoration system: Using a desktop wallet always comes with flaws and especially when you lose your laptop or need to do a factory reset on your computer, you end up losing the access to your desktop wallet too. Well, Exodus wallet comes with a couple of options that can help you in setting up the desktop wallet again.
First one is using the 12-word recovery phrase which you receive once you create the account, the chances are that you might lose this as well. Hence we recommend you to write it down and keep it intact. In cases like forgetting the mail address and the password, you can just enter the 12-word recovery phrase.
Another way of restoring the Exodus Wallet is by using the one-click email restore system. While creating an account, you are sent an email along with a backup link, that will allow you to restore your account. So you just need to click on the link and enter your password and complete the process of restoring your Exodus Wallet.
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Pros & Cons of Exodus Wallet
Although Exodus Wallet is fused with benefits, it has a few drawbacks that may concern you a bit. Here I list you with a few of its pros along with cons that I had to witness while using the wallet. First, let me tell about its Pros that sets it apart from its competitors.
Multiple Currency Support: The unique feature of “Spaceshift Technology” is what separates it from other wallets. This technology allows frequent traders to trade on a day to day basis. The time taken for a transaction to complete will rely on the coin that is trading and the coin it is traded for. With Exodus, you no longer have to create accounts on multiple exchanges.
Supporting across all three computer platforms, Exodus updates are regular with fixes, features, and support for new cryptocurrencies. Unlike other Wallets, Exodus updates are constant to fight against the security threats that are common in cryptocurrencies. It not only concentrates on security updates but also provides traders with better user experience with every update it releases.
Supporting Alt coins
The significant backdrop of other crypto wallets is the limited amount of support they have for cryptocurrencies. And Exodus Wallet proves to be different from others by not just supporting major currencies like Bitcoin, Litecoin, and Ethereum, but to new coins like Civic, Cardano, Wings and many more.
You can check out the official website of Exodus Wallet to know the list of cryptocurrencies it supports which is frequently updated.
A great advantage to the users who are new into trading is the setting of the correct fee for transactions. This is the common most problem faced by the beginners, and Exodus with automatic adjustment takes care of them.
No 2 Factor Authentication(2FA) Support: The major drawback of Exodus Wallet is the inability of a 2FA support. A 2FA support ensures that no other user can log in to your account, who might know your password. And we recommend you do not store a large sum of currencies in the wallet as there is neither a 2FA or multi-signature support.
The possibility of Hacking
It is said that you can’t stay safe on the internet for far too long, and storing cryptocurrencies is a matter of concern. And Exodus as a software wallet is easy to get infected with malware and making it hackers first go to choice of target.
No Mobile Application
As we witness the growth of a digital era, more businesses are starting to accept payments through apps and different payment modes. And this is perhaps the biggest disappointments that I have with Exodus, as it does not provide services through a mobile application.
Although it helps beginners with their transactions and has a beautiful interface, Exodus is left behind and is yet to build its reliability and reputation. Exodus Wallet is relatively new to the market, that makes it hard for it to grab the attention of an audience.
How safe is Exodus?
The safety is a concern here, as Exodus Wallet is not a 100% open source software. It is a hot wallet, which means the wallet is always connected to the internet, making it prone to hackers. This undoubtedly explains why you should think about before investing your time and money in Exodus Wallet.
But you can put faith in the developers and the management team to continue with the transactions. Although blockchains are fully encrypted, they are protected only with a password. I have discussed before Exodus lacking 2FA and multi-signature support, and this allows it to become easily infected with malware and infected software programs.
Because Exodus Wallet being relatively new, it hardly had time to implement these security features. Exodus Wallet clearly understands the market and is keen on lowering the security risks by working with leaders in the hot wallet business.
Also Read : Possible Bitcoin ETF Approval to Lift BTC Price
Alternatives to Exodus
However this review is all about Exodus, we thought to include a few of its alternatives.
Jaxx is another multi-currency wallet which is available to download as desktop software, a mobile application and also as a chrome extension. It comes with a beautiful user-interface which is easy to use for both the beginners and the tech-geeks. Jaxx is an open source software, allowing you to check the activities of the application. It supports up to 12 cryptocurrencies and is powered by shapeshift technology.
Coinmama is another excellent alternative for Exodus Wallet. It offers quality customer support along with higher purchase limits. The thing that makes Coinmama worth storing your cryptocurrency is that it has the simplest of registration policies and has services available throughout the world. Coinmama is the oldest in this business, that makes it trustworthy and a reputed wallet company.
Coinomi is a winner when it comes to supporting the most number of cryptocurrencies when compared to other wallets. The prime focus of Coinomi is on privacy, making sure that no other user traces your transactions. Coinomi wallet is easy to set up, authorizing users to store and exchange instantly and also avoid the fuss of registration process.
The Bottom Line
Exodus Wallet is the way to go if you are a beginner and are looking to store and exchange cryptocurrencies. And if you are someone who prefers fancy layouts and beautiful design, then Exodus is another great option. With fewer complications, it is perhaps the most user-friendly wallet that you will find to save your cryptocurrencies.
However, there are things that Exodus needs to work on, from not having a 2-factor authentication to not providing mobile users with an application. But the account recovery systems here is what really sets it apart from the competitors.
For first-timers, I recommend you not to store cryptocurrency in large amounts, as it is still not secure enough to provide users with that level of security. And this was all about the Exodus Wallet. If you have suggestions or questions, you can mention them in the comments section below.