What is the Exodus Wallet?
Exodus wallet is a software-based multi-currency wallet where you can send, receive and exchange Bitcoin and 100+ cryptocurrencies with ease. Exodus lets you store many cryptocurrencies like Bitcoin, Litecoin, Dash, Ethereum, and more in one place.
It is an attractive and easy-to-use mobile and desktop interface that sets it apart from other wallets.
JP Richardson and Daniel Castagnoli started Exodus Movement Inc. in 2015. They launched the wallet in July 2016, and in a few months, it rose to one of the top multi-currency wallets. The company has garnered more than 700,000 users globally.
The two co-founders have a reputation in the tech world. JP is seasoned in crypto and blockchain technology, having worked on the design of Bitcoin's blockchain. Daniel is an expert UI designer who has worked with Apple, Nike, and the likes.
Together, Richardson and Daniel started Exodus: To remove the geek requirement for trading crypto.
Combining years of experience in blockchain and UI, the co-founders built Exodus, a crypto wallet everyone can use.
What are the Pro Features of Exodus Wallet?
These are the features of Exodus wallet that users are most excited about:
- Usability: Exodus wallet has an exciting interface. It has an easy-to-use user interface on the web and mobile that emphasizes usability and functionality.
- Simple and easy to use navigation: The wallet provides straightforward navigation, allowing you to easily access assets, send and receive buttons, portfolio views, and trading features.
- Mobile and Desktop access: Exodus is the first desktop wallet entirely built to support Bitcoin, Ethereum, and other altcoins.
- Easy-to-read portfolio section: It offers an organized portfolio where you can compare asset values against different fiat currencies.
- Customer support: Exodus wallet has a positive reputation for its customer support network, including customer support engineers, a knowledge base, and status updates.
- Built-in trading function: Exodus features a built-in trading function powered by Shapeshift, enabling you to exchange cryptocurrencies directly within the wallet.
- Custom network fees: Users can adjust network fees, offering flexibility for transaction costs.
- Supports multiple cryptocurrencies: Exodus wallet holds over 100 cryptocurrencies, including Bitcoin and various Altcoins.
- Staking: The wallet supports staking for coins like Algorand and Cardano, allowing users to earn passive income.
- Privacy and safety features: Exodus wallet emphasizes user privacy, offers strong backup options, and incorporates security measures.
What are the Cons of Exodus Wallet?
Users have concerns about these Exodus wallet features:
- Security Concerns: Exodus wallet is considered less secure as a software wallet. It lacks the heightened security of hardware wallets or paper wallets.
- No 2FA: Exodus wallet does not offer Two Factor Authentication (2FA), leaving it vulnerable to keylogging and malware attacks.
- Supports one private key: Exodus wallet offers only one private key, lacking the added security of a multi-signature key.
How to Get Started on Exodus Wallet
If you wish to start trading crypto with Exodus wallet on your desktop or mobile device, follow these steps:
- Download and install the wallet from the official website.
- Set a password and write down the 12-word recovery phrase during setup.
- Open the application, click the "wallet" tab, and select a cryptocurrency to add to your wallet.
- Click "receive" to view your public wallet address and QR code.
- Use the QR code to send crypto to your wallet from another device.
How to Exchange Cryptocurrency on Exodus Wallet
To exchange cryptocurrency on Exodus wallet, follow these steps:
- Log in and click the crypto exchange option at the top.
- Select the cryptocurrency you wish to exchange on the left-hand side.
- Choose the crypto you want to exchange for on the right-hand side.
- Select the amount you wish to exchange.
- Review the transaction details and click "Exchange."
- The transaction processes instantly.
Exodus Wallet FAQs
Is Exodus wallet Legit?
Exodus Wallet is a legit crypto exchange platform. It has been functional since 2015 and hosts more than 100 crypto assets in one place. Connecting a hardware wallet like Trezor to Exodus adds an extra layer of security.
Does Exodus charge a fee?
Exodus does not charge transaction fees for withdrawing Bitcoin, Ethereum, or other cryptocurrencies.
Is Exodus wallet any good?
Exodus wallet is ideal for beginners wanting to trade cryptocurrency without complex technical knowledge. It meets security standards for a popular hot wallet, and the Trezor connection enhances security.
How do I transfer money from Exodus to my bank account?
In Exodus, go to the portfolio section, select the crypto you want to send, and press the outgoing arrow button. Enter the amount and complete the transfer.
Final Verdict
Exodus wallet is one of the most accessible crypto wallets to use. To start using the Exodus wallet, download the app, set up a password, and consider connecting it with Trezor for added security. Explore staking and compound finance to earn extra income on your crypto assets.
