Exodus Review

Exodus Wallet Review 2024: Is Exodus Wallet Safe?

TLDR

This Exodus Wallet review will explore all the features of the user-friendly cryptocurrency wallet. Ideal for beginners, it offers support for over 260+ cryptocurrencies, including Bitcoin, Ethereum, and more. Its sleek design and extensive customer support make it a popular choice.

However, it lacks 2FA security, and multi-signature support may affect its protection against hackers. Users can earn passive income through staking options and explore decentralized applications and NFT collections.

Exodus offers an integrated crypto exchange for quick asset swaps, but fiat conversions are not directly supported. It’s non-custodial, allowing complete control of assets, and has reliable backup options for account restoration.

Exodus wallet at a glance

Company Overview

Exodus Movement INC., founded by JP Richardson and Daniel Castagnoli in 2015, offers a secure storage software wallet solution for digital coins. The multi-currency wallet supports over 100 cryptocurrencies and is accessible on desktop, Android, and iOS.

In addition, this non-custodial hardware wallet support gives you more control over your crypto assets without directly managing them. You can use it with different crypto assets and even connect with Trezor hardware wallets for added security.

Being a lite wallet, Exodus doesn’t download entire blockchains, making setup faster and the wallet more responsive. It works seamlessly on Windows, Mac OS, Linux, Android, and iOS devices.

Exodus operates like other cryptocurrency wallets, using codes to manage and link users’ crypto coins in various blockchains. Instead of the actual cash, it stores three codes: primary keys, seed phrase, and public address. Primary and private keys provide access to the crypto coins in blockchains, the public key serves as the wallet’s address, and the seed phrase helps recover lost or private keys.

Who should use the Exodus wallet?

Here is who should use the Exodus wallet:

For Beginners

Exodus Wallet is designed with the mainstream cryptocurrency user in mind. You don’t need to be tech-savvy to use this wallet, making it accessible to almost everyone. It’s a little more complex than custodial options like Coinbase and Gemini, but it’s one of the more straightforward non-custodial crypto wallets.

With Exodus, you don’t need to register like on an exchange, and the user-friendly layout ensures a hassle-free experience. The built-in exchange and online wallet storage make it easy for anyone to manage cryptocurrencies.

For Advanced Traders

Exodus caters to crypto owners who want to store, spend, and trade cryptocurrencies across multiple devices. While it may not support as many digital assets as its competitors, it ensures a full-featured experience for the most popular digital currency and assets. It makes it an attractive option for advanced traders looking for diverse options.

What makes Exodus stand out from its competitors?

Here are the advantages of using Exodus wallet:

Usability and interface

Exodus has a user-friendly and visually appealing layout, making one-click exchanges of cryptocurrency and tokens easy. The wallet ensures privacy and security as it doesn’t have access to users’ blockchain assets, and all their private keys and transaction data are stored on their devices.

The standout feature of Exodus is its support for Trezor One and Trezor Model T hardware wallets, known as the most secure way to store cryptocurrency. Unlike Jaxx Liberty Wallet or Atomic Wallet, Exodus supports this essential hardware wallet.

Direct rewards in your wallet

Exodus offers a significant advantage by providing crypto rewards directly in the wallet, and it’s entirely risk-free for the user.

You can stake cryptocurrencies like Cardano (ADA) and receive a yield percentage in return. While Exodus takes a small portion of the yield, it’s an excellent way to earn passive income on your crypto with minimal risk involved.

Privacy and anonymity

Exodus prioritizes user privacy by not having any Know Your Customer (KYC) requirements. It means you do not need to give personal details to obtain, set up, or operate the wallet, ensuring all transactions remain anonymous.

Additionally, Exodus is not CoinJoin-enabled, which means it cannot combine multiple crypto transactions into one to obscure the identity of the senders or receivers.

Access to dApps

Exodus offers more than just basic features. Users can explore various decentralized applications (dApps) and non-fungible token (NFT) collections using its new web browser extension.

Moreover, the wallet supports popular blockchains like Ethereum, Solana, BSC, and Algorand, allowing seamless connection with dApps on these networks.

Even more exciting is that Exodus has its built-in NFT marketplace. You can access it by installing the app directly from within the wallet.

Exodus Wallet Review: Key features

Let’s explore some distinctive features of the Exodus wallet:

Cost and fees

Like many other crypto software wallets, Exodus is free to download. There are no charges for receiving assets. However, when you send cryptocurrencies, you must pay network fees for the transaction. This network fee can be customized, but currently, it’s only available for BTC and ETH transactions.

Though sending and receiving crypto on Exodus is fee-free, a small crypto exchange spread will be applied if you wish to exchange assets for fiat currencies within the wallet.

Security features on Exodus

Exodus offers reasonable but could be more impressive security. It involves two phases: a user-created password and a 12-word seed phrase for wallet recovery if your device is lost or damaged. Remember to store the seed phrase offline, not on your device or computer.

However, there are significant security drawbacks to Exodus. It lacks high-level protection against hackers and doesn’t have two-factor authentication, making it vulnerable to keyloggers and login theft, jeopardizing your wallet’s safety.

Furthermore, Exodus lacks a multi-signature feature, which adds a layer of security to the wallet. With a multi-signature address, you need multiple signatures to broadcast a transaction into the crypto blockchain.

Exodus customer support

If Exodus users encounter issues or can’t find the necessary information, they can easily contact the customer support team via e-mail or social media. The support team is available 24/7 and responds promptly, ensuring users’ smooth support experience.

On top of that, the wallet provides a vast knowledge base with hundreds of articles and videos explaining usage, features, and fees. It also offers a searchable FAQ section for quick answers to common queries.

Staking available

Exodus offers a staking feature that allows users to earn passive income from their favorite assets. You can stake cryptocurrencies, including:

Interestingly, the staking rewards’ APY (Annual Percentage Yield) is variable and can be easily tracked within the wallet. If staking is not your preference, use the DeFi protocol Compound Finance through Exodus.

Ramp for buying crypto

Exodus has a payment partner called Ramp, allowing you to buy crypto directly from your mobile app without using an exchange.

Moreover, using Ramp to make your crypto purchases is not just easy but also exceptionally convenient. Once your transaction is completed, the purchased cryptocurrencies are directly deposited into your Exodus wallet. This feature eliminates the need for additional transfers, further streamlining the process.

Currently, Ramp on Exodus offers 20 different cryptocurrencies for purchase, including Bitcoin, Ethereum, Solana, and USDC. You can purchase using Visa, Mastercard, and Apple Pay (and Google Pay in some jurisdictions). Finally, to purchase using Ramp, you must complete identity verification.

OS compatibility

You can run Exodus on Windows or Linux operating systems PCs and Apple computers with MacOS. Plus, it offers a convenient app for Android and iOS mobile users, compatible with iPhones, iPads, and most Android smartphones.

For enhanced security, Exodus supports hardware wallets like Trezor One and Trezor Model T, which are highly recommended to add an extra layer of protection. However, it currently does not support other hardware wallets like Ledger.

Backup features

You can still access your cryptocurrency if you ever lose or encounter damage to your computer, where the Exodus Bitcoin wallet is stored. Exodus provides two methods to restore your wallet.

The first option is a standard 12-word passphrase given to you when you create your account. For robust security, it is essential to securely write down and store the passphrase, such as in a safe deposit box.

The second backup option is the e-mail restore feature. After creating an account, you’ll receive an e-mail containing a backup link. You can use that link to regain access to your valuable crypto assets.

Multi-cryptocurrency support

Exodus Wallet accommodates over 260+ cryptocurrencies and tokens, offering a diverse selection for users to manage their digital assets conveniently. Here’s a glimpse of some of the coins supported by Exodus Wallet:

• Bitcoin (BTC)
• Ethereum (ETH)
• Stellar (XLM)
• Tether USD (USDT)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• EOS (EOS)
• Monero (XMR)
• Bitcoin SV (BSV)
• Binance Coin (BNB)
• Chainlink (LINK)
• Cosmos (ATOM)
• DAI (DAI)
• Tezos (XTZ)
• Tron (TRX)
• Cardano (ADA)
• Brave Attention Token (BAT)

How to get started with Exodus Wallet

Follow these steps to get started with Exodus Wallet in just minutes:

4.7

Read our review

Tradable Coins

• 260+

Payment Options

• Cards & Crypto

Fees

• Network fee

Get started

More details

Exodus is an ideal wallet for those new to the crypto world. Its user-friendly interface, strong security measures, and support across various platforms make it a perfect starting point for beginners. Additionally, the wallet provides quick chat services for any doubts or issues users may encounter.

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  Easy setup process.

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  Supports 260+ cryptocurrencies.

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  Exceptional customer service.

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  Regular update schedule.

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  Staking available.

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  Lack of 2FA security protection.

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  No support for crypto-to-fiat conversion.

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  Not open source.

Step 1: Vist the website

Start by visiting the Exodus website to download the wallet app. To do that, click [Download] on the main page.

Step 2: Open the app and click create new wallet

After downloading the app, click [Create New Wallet] to move forward.

Step 3: Choose a password

Next, choose a strong password for your wallet security and click [Next].

Step 4: Re-enter the password

Then, you will be asked to re-enter your password. When done, click [Get Started].

Congratulations! You are all set. Click [Continue] to start exploring.

Drawbacks of Exodus Wallet

Exodus Wallet has some areas that could be improved to enhance the user experience and security.

• Extra Security Layer Missing: One thing to note is that Exodus Wallet doesn’t offer two-factor authentication (2FA). That extra layer of security that usually involves a fingerprint or a code sent to your phone? It’s unavailable here, which might concern those prioritizing top-notch security.
• Fiat Conversions Not Supported: Another thing to keep in mind is that Exodus doesn’t support crypto-to-fiat conversions. You might have to use another platform or service to convert your cryptocurrency into a fiat currency like USD. There are more convenient features for some users.
• Lack of Open Source Transparency: It’s worth mentioning that Exodus Wallet is not an open-source software. In simpler terms, that means its source code isn’t freely available for anyone to inspect, modify, or share. It might be a concern for those who prefer transparency and being able to review the code.

Final verdict

Exodus is a highly functional hot wallet that mainly caters to beginners due to its user-friendly interface, effortless navigation, and exceptional customer support. It’s not just for newbies; even experienced investors appreciate its staking options for various crypto assets and support for dApps and NFTs.

Additionally, the built-in exchange makes it more convenient for quick asset exchanges without relying on centralized exchanges. It becomes even more appealing with a diverse selection of digital assets and self-custody.

However, users with significant crypto holdings might be concerned about the lack of 2FA security. Nevertheless, following good security practices can help manage digital assets effectively. For those seeking extra security, the Exodus mobile app integrates with the Trezor hardware wallet, providing an alternative for securely storing and exchanging cryptocurrencies.