Exodus Wallet Review 2022

Exodus Wallet Review 2022: Is It a Safe Wallet or Not?

Exodus Wallet Review 2022: Is It a Safe Wallet or Not:-Exodus is a multi-currency wallet that I usually recommend as an entry wallet for beginners. In this post I’ll review the different wallet features and why I think it’s one of the best wallets around. Exodus Review Summary Exodus is an easy-to-use multi-currency software wallet that is available for desktop and mobile. The wallet excels in its simple design and superb online support. The main downside of Exodus is its lack of custom network fees for Ethereum and other altcoins and the fact that it is not completely open-source. That’s the Exodus wallet in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover: Exodus Overview Exodus Wallet Review Supported Coins Customer Support and Reviews Frequently Asked Questions Conclusion Don’t like to read? Watch this video overview instead 1. Exodus Overview Exodus Movement INC. was founded in 2015 by JP Richardson and Daniel Castagnoli and is headquartered in Nebraska. The company hasn’t reported any outside funding throughout the years and is currently actively seeking to expand. 2. Exodus wallet review My acquaintance with Exodus started out by accident, when one of our subscribers told me he didn’t like my choice for the best Bitcoin wallet I recommended at that time, and that he used Exodus instead. That subscriber got my attention, so I decided to take a look into Exodus as well. Exodus is a multicurrency wallet for desktop, and as of recently, for mobile as well (iOS and Android). The wallet creators put an emphasis on design and user interface, making it in my opinion, the most appealing and easy-to-use wallet around. Even if you’re just starting out with Bitcoin or cryptocurrencies you would still be able to use this wallet effortlessly. Exodus is the kind of product you “fall in love with” the first time you use it, and that’s quite rare in the cryptocurrency world. Exodus navigation is pretty simple and easy to understand, the mobile app has only 3 categories: Portfolio – See an overview of all of the crypto assets you’re holding (as seen in the picture above). Also shows price graphs for different assets. Wallet – Send or receive specific coins. Exchange – Exodus has a built in exchange that allows you to trade between cryptocurrencies without ever leaving the wallet. The desktop app includes all of the above, plus these additional tabs: Backup – Allows you to restore your wallet password or your wallet’s seed phrase. Settings – Security and design tweaks to your Exodus wallet. Help – Watch videos, FAQs, join a Slack chat, or email support. App Explorer – The app explorer has a featured app section that makes it easy to find and use crypto apps within the Exodus wallet. These apps can be used for earning interest on your coins, betting, and more. When you use Exodus, the private keys to your cryptocurrencies are stored on your device (desktop or mobile). Additionally, Exodus is a lite wallet so you won’t need to download the whole Blockchain to your device, making the initial setup pretty quick. Exodus is currently compatible with Mac, Windows, Linux, iOS, and Android. You can also pair your desktop and mobile wallets together so you’ll have control over your funds from both devices. The wallet is also compatible with TREZOR hardware wallets, allowing you to use the sleek Exodus interface with the robust security of a hardware wallet. Here’s how it works: The one feature I think Exodus is missing is custom network fee handling for Ethereum and altcoins. At the moment, Exodus only allows custom fees for Bitcoin. For all other coins, it automatically sets the best price to deliver your transactions as fast as possible. This may turn out to be costly when the network is crowded, especially on busy networks like Ethereum. 3. Supported Coins Exodus supports more than 115 crypto assets in total (coins and tokens). The most notable coins supported by the wallet are Bitcoin Ethereum Ripple Litecoin Bitcoin Cash Binance Coin Tether EOS Monero Dash Ethereum Classic Stellar Ontology Tezos Tron 4. Customer Support and Reviews I think what got my attention the most with Exodus is the genuine interest founders have in their users’ opinions. JP and Daniel (the founders) are showing that they’re here to stay. You can see it in the simple to understand support videos they’ve uploaded, the multiple communication channels they supply on their site, and the direct messaging platform to the founders via Slack. Support can be reached also directly from within the wallet (not just from the site). Here are all of the support options: Watch support videos Visit the help desk Twitter channel Slack channel Email support Facebook page Checking out online reviews I found out that Exodus receives an “Average” rating on Trustpilot. This includes very polarized reviews either applauding the wallet for being easy and enjoyable to use or complaining about one of two issues: High transaction fees – this is a real issue in times of high network usage on the relevant blockchain since by default Exodus will set a faster (and therefore more expensive) transaction fee. The good news is that Exodus now supports custom fees for Bitcoin, however, not for other blockchains such as Ethereum are still Wallet hacks – it is not certain how many of these reviews are legitimate and how many are not, however it is true that Exodus trades some security for user-friendliness. While these reviews about hacks should be taken with a grain of salt, as a best practice you should never store large amounts of cryptocurrency in a software wallet, especially long-term. As an Exodus user, I can say that I never had a major issue with the wallet, and whenever I did have a request or question I always got a prompt reply. 5. Frequently Asked Question Is Exodus Secure? Exodus should be as secure as any software wallet can get. The two main security features the wallet offers are Password protection for your wallet. Automatic wallet lock after a selected period of time. Exodus also states it’s important to verify you’re downloading the wallet only from a trusted source (i.e. their website). You can verify your Exodus download is authentic using this process. Additionally, Exodus does not require any registration and the company does not have any access to your private key or information. One thing to keep in mind is that Although Exodus is built on many open source components, there are components of Exodus that are not open source. How Does Exodus Make Money? When exchanging assets through the Exodus wallet, Exodus gets a small commission from the trade. You can read a detailed explanation of Exodus’s business model here. 6. Conclusion I review a lot of Bitcoin wallets and rarely do I stumble upon a wallet that is truly outstanding as Exodus. For my personal needs, this wallet is almost perfect – “almost” and not “perfect” due to the lack of fee management for altcoins. The new addition of custom fees management for Bitcoin is a step in the right direction. There’s no doubt that if you’re new to Bitcoin or cryptocurrency in general, Exodus will allow you an easy entrance. Have you had any experience with Exodus? I’d love to hear about it in the comment section below.

Exodus Wallet Review 2022 : Is It a Safe Wallet or Not?
Exodus Wallet Review 2022 : Is It a Safe Wallet or Not?

Type of wallet Software (Desktop & Mobile)

Price Free 

Fees Network fee only to send assets. No fee to receive assets 

Number of cryptocurrencies supported 150+ 

Bitcoin and Ethereum supported? Yes 

Earn (staking/rewards) Yes, customers can earn interest on their Crypto holdings, as well as stake assets. 

Customer Service Exodus offers 24/7 customer support, along with a help page, online chat, and email support. 

In-App Features Customers can buy, sell, swap, and convert assets within the Exodus app. 

Hardware Compatible Yes 

SVP or Full Node Exodus uses simplified payment verification (SVP) 

Mobile App Exodus is available for both Android and iOS 

Pros & Cons Explained

Pros Explained

  • Easy-to-use interface: The Exodus user interface is both easy to use and understand, and should come across as straightforward for most users.
  • Supports over 150 cryptocurrencies: Exodus wallet currently supports over 150 cryptocurrencies for trading, and the number is still growing.
  • Seamless linkage to exchanges and Defi: Exodus makes it easy to integrate with Defi platforms.

Cons Explained

  • Lack of custom network fees for altcoins: Currently, custom fees are only available for Bitcoin and Ethereum transactions.
  • FTX app not available on the mobile app: Currently, users cannot sync their FTX account to the Exodus mobile app.

 

Exodus Wallet Review 2022: Is It a Safe Wallet or Not?

Features

Exodus supports more than 150 currencies, across seven separate blockchains. Users can buy and sell, as well as swap currencies on Exodus’ internal exchange.4 Additionally, Exodus’ partnership with FTX allows users to access the exchange directly from the Exodus app, facilitating the transfer of assets between the two. Users will also find that Exodus has recently integrated the Lightning Network as a payment system. In short, the Lightning Network is a payment system that processes transactions outside of the Bitcoin network. As a result, Exodus users who take advantage of this feature will benefit from faster and less expensive Bitcoin (BTC) transactions.

Another recent feature is the ability to buy, sell, send, and receive Non Fungible Tokens (NFT) within the Exodus NFT Marketplace. This feature, via its partnership with Magic Eden, is available on both the mobile and desktop versions of the app. Users will want to note that Exodus supports NFT transactions on the Solana network. As such, a minimum reserve of 0.01 SOL will be required to successfully complete an NFT transaction. 

As it relates to generating income, wallet holders have the ability to stake assets as well as earn interest on their holdings. In doing so, users have the ability to deposit assets on the app, delegate the assets they wish to stake and collect passive income as a result. This feature applies to ALGO, ADA, ATOM, ONT/ONG, SOL, XTZ, and VET/VTHO, with each asset having its own distinct parameters specific to staking.5 Finally, as it relates to software updates, Exodus maintains a relatively frequent cadence, at one every two weeks.

Top 5 supported cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Tether
  • Binance Coin
  • USD Coin

Security

A key factor to be noted specific to security is that as of this writing, Exodus does not have access to your assets or private keys. The wallet’s non-custodial framework means that all storage and encryption takes place on the user’s hard drive, not on the Exodus platform. Once the platform has been downloaded, users access their accounts via password. Should users need to recover their account, they will be prompted to do so via a 12-word recovery phrase.

For users who prefer securing their assets offline, Exodus has partnered with Trezor to allow users to manage their assets from the Trezor hardware wallet.6 With the hardware wallet connected to Exodus, users can send, exchange, and receive assets while maintaining their private keys and assets offline. One item to note is that Trezor supports 105 digital assets, in comparison to Exodus’ 150 assets.

Privacy and Anonymity

Exodus wallet firmly believes in the privacy and non-custodial rights of its users. As such, it does not have to Know Your Customer (KYC) requirements, which means users are not required to register or supply personal information. All transactions are anonymous on the platform, and Exodus generates a new wallet for each BTC transaction. The benefits of this are that usage of the Exodus wallet does not require the divulging of any personal information. Exodus has no access to your wallet, nor does the company collect personal data. The creation of a new wallet for each BTC transaction adds a layer of security, and an increased hurdle in the event that a malicious actor was looking to track your BTC transactions. As the user, however, you maintain the ability to view all of your wallet addresses.

Setup 

The set-up process is relatively straightforward in that it simply requires the user to download the platform to their desktop. The software runs locally on the user’s computer and requires no account signup. A similar process exists for the mobile app, and both the mobile and desktop platforms can be synced via the scanning of a QR code. 

Users are subsequently prompted to back up their account, and will be provided with a secret 12-word recovery phrase that they will be encouraged to write down and safeguard. Still, users are able to access/view their recovery phrase by navigating to SettingsBackup, and clicking on View Secret Phrase. Doing so prompts a warning and requests confirmation that the user understands the risks for displaying their secret phrase. 

Usability

Desktop

The Exodus user interface is both easy-to-use and understand, and should come across as straightforward for most users. Portfolio balances are prominently displayed, and up-to-date market information is available for all supported assets. On a per asset basis, users will also find the 24-hour change, portfolio age, highest balance, and best and worst percentage moves, given a particular time frame.

The desktop version also has a feature that allows users to calculate potential profits (via sliding scales) given the asset amount, staking term and average reward rate.

Mobile App

When it comes to installing and using the mobile app, the process doesn’t get much easier. Once the setup is complete, users are allowed the very convenient option of syncing it to their desktop or even creating a new wallet. While Exodus gets high markets for its straightforward mobile experience, it is important to highlight that the mobile app currently does not allow users to sync their FTX accounts.

Customer Service

Exodus offers 24/7 customer support, along with options for both email and chat. One area of concern would be the lack of an option to contact the service via telephone, though it is worth noting that this is fairly common throughout the industry. Still, Exodus scores highly when compared to competitors. 

Cost & Fees 

When it comes to pricing, most cryptocurrency software companies share a lot of similarities. For instance, it is the industry standard for software wallets to be free to download and access, and for users to not have to pay to receive assets. However, being charged a network fee for sending assets is something all crypto wallet users will encounter. Exodus wallet matches this standard fee schedule and keeps fees nominal in the process.  

While Exodus does allow customization of fees, which is also a common industry practice, this feature is currently limited to the Bitcoin and Ethereum networks.7 Users can enable this option via Exodus’ “Asset Menu’, navigating to “Advanced Options” and toggling on “Enable Custom Fees.” At the point in which users wish to send an asset, they will find a gear icon in the upper left-hand corner which provides them access to Exodus’ custom fee interface. While Exodus will show a recommended fee, users are able to set a custom fee via a sliding scale. Users will want to note that the recommended fee will change, given network congestion and/or traffic. Additionally, once users set a particular fee, Exodus will remember it. There is no need to set a fee for each transaction if users wish for it to remain the same. 

Final Verdict

Exodus offers a more than viable wallet option for both beginning and intermediate crypto investors. The wide selection of digital assets, ease of use, and self custody will certainly appeal to both segments. The absence of any security breaches in the last five years will provide comfort to new users, while more seasoned traders will find value in the ability to stake assets and integrate with Defi platforms. The user interface is aesthetically pleasing and should provide beginning users with a level of comfort in managing their digital assets. One drawback is the educational component of the platform, which, although present, doesn’t feature prominently. There is, however, an Exodus Support feature that provides a number of articles and answers to frequently asked questions. Moreover, Exodus provides 24/7 human support via its email and instant chat platforms. 

Given the pace of Exodus’ updates, the company is on track to continue to grow its base of supported assets and apps. Exodus wallet is an excellent choice for any cryptocurrency enthusiast, particularly those that are in the early stages of their crypto journey. Still, Exodus is not a wallet that will be quickly outgrown, even as users increase their base of knowledge. 

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative rating model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Add a Comment

Your email address will not be published. Required fields are marked *