The Exodus wallet is a multicurrency cryptocurrency wallet that has generated a great deal of buzz since its launch back in 2016.
It is a well-designed wallet that is aesthetically pleasing and packed with numerous features such as an option that allows users to stake assets directly within the wallet to earn passive income, and users can even exchange cryptocurrencies within the wallet. Exodus wallet supports over 145 assets at the time of writing with support for additional assets in the pipeline, and their instant exchange integration feature allows users to swap over 100 supported digital currencies, meaning the coins never have to leave the safety and security of the user’s own wallet.
However, is the wallet still safe and reliable?
In this Exodus wallet review, I will give you everything that you need to know about the wallet by digging into their security, reputation, and some of the features available in the wallet. I will also give you some top tips when using Exodus and storing your crypto.
Ideal Exodus Wallet User
Exodus was built with an easy to use interface, perfect for new users, but robust and secure enough for crypto veterans, making it ideal for most mainstream crypto enthusiasts who are looking for a secure, easy to use, beautiful wallet that offers a whole host of functions and features. It’s also a great choice for those who hold a variety of popular coins since it supports over 145 different cryptocurrencies, with more being added all the time.
Benefits of Exodus wallet
The Exodus desktop wallet is currently available for Windows, Linux and Mac OSX operating systems for desktop, and a mobile version available for both IOS and Android. All the available versions can be downloaded from the Exodus website directly, or found in the Apple App Store and Google Play Store.
Exodus Wallet Security and Trezor Integration
Exodus wallet is as safe and secure as a software wallet can be, keeping in mind, as with any desktop or mobile cryptocurrency wallet, Exodus wallet is only as secure as the device it is installed on. If the device that holds a cryptocurrency wallet has a virus, malware, or is compromised, the security of the wallet is at risk. Exodus have written an extensive in-depth article on all the best practices to follow to keep your crypto safe which is worth reading for any crypto user.
One of the largest criticisms against Exodus wallet from users is the lack of integration with traditional two-factor authentication methods such as Google Authenticator or Authy. There are two reasons that Exodus opts not to offer support for features such as email backups or 2-factor authentication. One of the reasons is due to potential security breaches and hacks of a user’s email, Exodus wanted to limit reliance on the security of third-party applications.
The other reason is that Exodus, above all else, believes in the privacy and non-custodial rights of their users, as they believe in their communities’ right to privacy and decentralization. Exodus the company, does not collect any personal information on behalf of their users and therefore, email backups are not supported and in order for two-factor authentication to work, the company needs to store a database of user accounts on their servers. Since the Exodus wallet creates, encrypts and stores all of the user’s information on their local device, adding the support of traditional two-factor authenticator methods was not a plausible addition to the wallet’s security. You can read more on Exodus’ official explanation on the support of 2-FA here.
Pro tip: Ensure your device is free of any malware or viruses before using software wallets. Be sure to run top anti-virus programs on your devices, and remain safe when online, not clicking unknown or untrusted links or downloading untrusted files.
The Exodus wallet itself is accessed with a secure password, which should be sufficient for most users. For users who hold larger amounts of assets, or for the security-minded, Exodus has formed a partnership and integration with the Trezor hardware wallet for an additional layer of security. This was Exodus’ answer to user requests wanting two-factor authentication and increased security, Exodus took that request to the next level. The integration of the Trezor hardware wallet with Exodus gives users the security and peace of mind of a hardware wallet while providing the convenient features, functionality, and user interface of the Exodus software wallet.
Device Support 💻: This will work with both the Trezor Model One ($65) and Trezor Model T ($195)
Of course, the main benefit of this is the fact that current Exodus users now have the option of keeping their private keys offline. With the Trezor device, all authentications and signing are done on the Trezor device and not on your computer or mobile.
Some users might be put off by the fact that the code for the Exodus wallet is not 100% open-source, but one of the founders (JP Richardson) is considered to be very trustworthy within the developer community, having contributed over 190 open-source libraries.
They have stated that keeping a few “trade secrets” has allowed them to ensure the long term success of the company and improve the security of the wallet. By not open sourcing these critical components it makes it harder for hackers to bootleg the wallet and develop phishing versions. Moreover, many of the functional components in Exodus are open source and available on their Github. You can read Exodus’ official explanation about open source code for the Exodus wallet here.
Overall, the Exodus wallet meets the security requirements expected from one of the most widely used hot wallets, with the Trezor integration making it one of the most secure options out there for software wallets. It certainly beats online wallets, and many desktop wallets as well. Exodus users keep full control of their private keys, which are generated and stored locally on the user’s device.
Exodus Wallet Privacy
The Exodus wallet can be used completely anonymously as no personal information is required to download, install or use the wallet. Exodus doesn’t collect any personal information, and private keys also remain fully in the users control. That said, the Exodus isn’t focused on anonymity.
Public keys and transactions made with the wallet are fully visible on the blockchain and there are no features for hiding your transactional trail. While they do support privacy coins such as Monero (XMR) and Zcash (ZEC), they are unable to perform fully shielded transactions for Zcash. If transaction privacy is a chief concern of yours then you may want to consider using the core wallets of ZCash, or transact in privacy coins such as Monero (XMR).
Exodus Supported Coins
When first released the Exodus supported just a handful of cryptocurrency assets, but in 2021 it has support for over 145 cryptocurrencies and more are being added all the time. Multi-currency support is one of the strong features of Exodus.
In fact, you can store any ERC-20 token in the Exodus, even if they aren’t listed as supported. The downside to this is you can’t see the balance of these unsupported ERC-20 coins in the Exodus wallet. Instead, you will need to view the balances using an Ethereum blockchain explorer and may need to import your private keys into a wallet that does support the asset in order to transact with it. You can see a full list of the coins that they support on their Status Page and it is a good idea to have a look here to ensure your asset is supported before sending funds to your Exodus wallet. The status page is also a great place to check before making crypto transactions to check for any updates regarding network or asset issues.
Creating a Wallet Backup
When the wallet is first installed users are given a unique 12-word recovery seed phrase that can be used to restore the wallet if the device that the wallet is installed on is ever stolen, destroyed or lost. This means it is crucial for users to write down this seed phrase and keep it safe. If you ever need to restore a previous Exodus wallet, users can simply download Exodus to a new device and when installing it click the “Restore Wallet” option, and restore the previous wallet using the 12-word recovery phrase associated with the previous wallet.
Exodus used to provide backup support via email and this is still an option if you created your wallet prior to Exodus version 19.2.1. However, given the risks that came with having these links in emails, they have stopped supporting this. If your wallet was created in an earlier version then you can follow these steps in order to restore it.
Exchanging Assets Within Exodus Wallet
While Exodus Wallet itself isn’t an exchange, the wallet does allow you to exchange supported cryptocurrencies with each other directly in the app through the use of non-custodial, third party API Exchange providers which allow users to swap their favourite assets without the need for KYC identification verification.
If you have coins in the wallet and would like to exchange them, then all you need to do is click on the “exchange tab”. Here you can select the coin that you would like exchange as well as which one you would like to exchange it for.
Choosing the coins to exchange on Desktop Version. Image via Exodus
Once you have done this you will need to select the amount that you are exchanging. You could select preset values such as ALL, HALF or MIN. You can also choose a given amount of the coin or even the value in your local currency.
Choosing amount of Exchange
When you are certain of your purchase conditions then you can hit “exchange” and the transaction should go through. Given that you will have to wait for the coins to be sent to your wallet, most of these exchanges will take under 30 minutes.
Once you have completed the exchange, you can close the wallet and the coins should be there when you open it up again. If you don’t see your coins appear after a successfully completed exchange you may need to refresh your wallet or contact Exodus Support
Exodus has recently announced the launch of the FTX Exchange app, accessible directly from within the Exodus wallet. FTX is one of the largest, and fastest-growing crypto exchanges in the world and have worked with Exodus to provide users with the ability to exchange assets via the FTX exchange without having to leave the Exodus wallet. The FTX Exchange app allows users to directly exchange supported crypto assets at market rates directly from within the wallet. The reason that Exodus has partnered up with a centralized exchange is that this will allow Exodus users to swap assets with greater liquidity, lower spreads and lower minimum amount requirements with some exchange minimums being as low as one dollar. The funds from the completed exchange are deposited directly into the user’s Exodus wallet.
The first thing users will need to do is go to the apps browser within Exodus wallet and install the FTX Exchange app. Once the FTX exchange app is open, users will need to either log into their existing FTX Exchange account or sign up for a new account. Note that there is no KYC or identity verification needed to use the regular in-app exchange feature, but there is KYC required to sign up for the FTX Exchange. Users will be able to view their FTX portfolio alongside their Exodus portfolio directly from within the wallet. You can read more about the Exodus and FTX exchange process here.
Exodus offers a way for users to stake multiple assets from directly within the wallet as well. With the introduction of assets that use the Proof of Stake (PoS) consensus model, users are able to stake and earn passive income for many of their favourite assets such as Cardano, Algorand, Cosmos, Solana and more directly from within the Exodus wallet.
Here is the guide on how to install the rewards app within Exodus to begin staking.
Staking works quite differently depending on the asset you are choosing to stake with some requiring lockup periods, and the claiming rewards function working differently for some assets so be sure to check out the Exodus knowledge base to learn more about the asset you would like to stake before getting started so you know what to expect. The APY is variable and the current rewards can be seen in the rewards app.
Exodus Goes Public
Exodus closed its Reg A+ public offering on May 5, 2021, issuing 2,733,229 tokenized shares of their Class A common stock and raised approximately $75 million dollars. The shares were open for purchase by the public and were quickly sold out to investors who wanted to get involved and believe in the growth of Exodus as a company. Staying true to the Cryptocurrency ecosystem, Exodus released their shares to investors as “Exit” Tokens on the Algorand Blockchain. The Exit token acts as a digital representation of Exodus shares which users are able to hold directly within the Exodus wallet as they would with other crypto assets.
Exodus shares are currently available to buy and sell directly within the Exodus wallet through an integration with tZERO which is a brokerage account that gives users access to buy and sell digital securities. Users are able to hold Exodus shares in their wallet and transfer them to tZERO directly without leaving their wallet, after creating an account with tZERO of course and going through KYC verification. Once users create a tZERO account, they will be able to buy and sell their Exodus shares, along with other digital securities supported by tZERO. The “Exit” tokenized representation of Exodus Class A common stock was priced at just under $28 dollars at the time of launch. You can find more information about Exodus shares by navigating to the Exodus Investor’s page.
How Exodus Makes Money
Although the Exodus wallet is not open source, it is still free to download onto your mobile or desktop device. Exodus does not charge a fee to send, receive, or store crypto assets, however, if you want to use the built-in exchange option there will be a small spread fee added onto the coin exchange rate. The exact amount will be listed on the exchange section when you are doing the exchange.
These spreads may vary due to the fact that markets have different levels of liquidity. For example, you are likely to get much lower spreads on BTC / ETH than you are when exchanging lower market cap altcoins among each other. Users should also be aware that along with the spread, there will also be the network fee that goes to the network miners and validators to process and validate the transactions. No portion of the network fee is charged by, nor goes to Exodus.
I like the fact that they are fully transparent about these spreads and network fees right there at the time of purchase. Moreover, they state that they use the fees that they generate from the spread to maintain the security and continue the development of the wallet, continually adding support, features and functionality. If this is indeed where the fees are going then it is probably the best way to be spent.
Given that the Exodus team is able to generate an income for the wallet, they are able to dedicate some resources to wallet support. 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.
There is also an extensive searchable FAQ and if you can’t find a suitable answer you can reach out to support personnel via email and social media channels. In an industry where support is often a second thought, the support for Exodus can only be described as phenomenal as they offer 24/7 365-day support.
It is important to note that Exodus does not provide telephone support. Hence, if you happen to see numbers that are posted online as “official” Exodus phone numbers, avoid these. They are likely to be a phishing scam and the operators are trying to get their greedy hands on your private keys. Remember that Exodus support, nor any support team should be asking for information such as private keys or recovery phrases. Whoever holds your private keys, or knows your secret 12-word recovery phrase has access to your funds so you should always avoid giving that information to anyone claiming to be from a support team.
For beginning and experienced users with small to moderate amounts of cryptocurrencies to store, the Exodus wallet is an excellent choice. Its beautiful design and ease of use has made it a favourite choice among cryptocurrency enthusiasts.
The addition of a built-in exchange makes it even more convenient and versatile, allowing users to quickly make trades and manage their cryptocurrency portfolio without excessive transactional fees, or having to send funds to a centralized exchange.
The Exodus wallet does remain a software wallet and a hot wallet for most users whose devices are connected to the internet 24/7. This makes it not as secure as a hardware wallet, but if users are following good security procedures for their PC and online life, then there should be no concerns.
Overall, the Exodus wallet is an excellent choice for most cryptocurrency users who want to send, receive and store cryptocurrency.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.