Exodus Wallet Review
Exodus Wallet was officially launched back in July 29, 2016. Exodus is one of the newer options for storing your cryptocurrency. It is a software wallet which will provide a client interface for the users to access and transfer the cryptocurrency holdings.
Exodus is a software wallet which is connected to the internet. It is actually more risky to use this wallet than hardware wallet alternatives like Trezor or Ledger.
You can store several coins in Exodus wallet like:
However, the support for new coins is continuously being developed as well. You can also find a list of coins on the official website of Exodus Wallet.
The interface of this wallet is plain, simple and beautiful. It is designed for people who have never used an exchange, this wallet avoids making use of technical jargon and you will be able to perform each available action in a simple step by step process. The design team has gone so far to make sure that each icon is pixel perfect which fits in easily with the rest of the layout.
How It Works?
The Exodus wallet offers three main components:
The wallet is possibly the place where you are going to spend most of your time. Here you will see the balances of all of your coins; you can monitor your transactions as well as send or receive funds. You will even be able to filter your transaction by three different keywords like “exchanged”, “received” and “sent”. It is a convenient feature which will further help to keep your organized. You will be happy and impressed by the dedication of team which has provided an outstanding experience.
In order to get the high level of overview for your holdings, you can take a look at the portfolio page. It has a simple design, this sections will show you the percentage breakdown of each coin that you own and the linked dollar value.
Exodus is also integrated with ShapeShift. It means you will be able to swap coins directly in the wallet without any need to send them to an exchange. You will clearly see the amount you are going to receive on exchange screen in the swap also the current spread of the transaction. This wallet will go to great heights to make sure there is no confusion while making the trade.
If you lose your computer or you may need to restore your account due to some reason, you will have a couple of options on how to get your assets back again. However, the easiest way is via the one-click email restore system. When you create an account, you will receive an email with a backup link to restore you account. You just need to click on this link and enter your password to complete this process.
You will get a 12 word passphrase while creating an account. Don’t lose or forget this phrase. In case you won’t be able to access your email or forget your password, you need to enter this to get access into your account. There is no other way to get into your account if you will lose this passphrase.
Is Exodus Safe?
Unfortunately, Exodus wallet is not 100% open source, so you will have to put your trust into the management and developers team by making use of this wallet. However, JP Richardson, the CTO has created almost 190 open sources libraries and he is highly trusted within the development community.
As a recent company, Exodus has not had the time for implementing the security features that many other alternatives include. However, your blockchain assets will remain fully encrypted but are only protected with a password. There is no 2FA offers by this platform which exposes more risk if you unintentionally download malware or a malicious software program.
The company actually says that you should use a different wallet which will offer multi-sig or a hardware wallet if you are looking forward to store large amounts of blockchain assets.
The Exodus developers team is aware of their security breaches and they are currently talking with the hardware providers to improve these weaknesses.
Exodus Wallet offers A+ support. The support site has a knowledge base with around 100 articles which are explaining different features like troubleshooting, fee structure and other general topics. There is a detailed list of FAQs and many of these associated articles also include videos for the further help.
If you are unable to find what you are looking for in the knowledge base are, you will be able to contact the support team through email. There is a large number of reviewers who have shared the amazing experience that they had working through issues with the Exodus support team. They are happy with the customer support provided by the platform and this is the reason why people love this new platform.
Is Exodus Safe?
Exodus Wallet gives you a fairly safe wallet for cryptocurrency for everyday use. However, this wallet is an online wallet; it will never be as safe as leaving digital currency in the cold storage like paper wallet. Therefore, it also lacks some features which make it less secure than other wallets which are more complex to use and understand. Let’s take a detailed look at some of the security features of Exodus Wallet.
Suppose if you have lost or damaged the device on which Exodus Bitcoin Wallet is stored, you can still get access to your cryptocurrency. It offers users with two different ways to restore their wallet.
The first way to restore your account is with the help of a standard 12-word paraphrase. This will be given to you when you will make an account. However, it is really important that you should store this passphrase securely. You can write it down and store it in a safe deposit box. In case you will lose it and your computer breaks, you won’t be able to get access to your wallet.
Another helpful feature is by the email restore option. When you will create an account, you will receive an email with back link attached in int. You can click on this and you will be able to restore your account. You just have to enter your password and you will get access to your precious crypto.
The above features will make it easy to restore your wallet, but they don’t really offer any high level of protections against the malware and hackers. However, with a few more extra features, the Exodus Wallet will offer much better security.
Exodus Wallet doesn’t really offer 2FA which makes it easier for the hackers to use a keylogger to break into a wallet. All that protects that wallet is just a strong password and nothing else. Once a hacker got access to the wallet, he will be able to hack the cryptocurrencies that are stored there.
Another feature that the Exodus wallet lacks is the multi-sig addresses. The concept of multi-sig addresses is similar to the 2FA. It will give provide another layer of security to a wallet. With the help of this feature, you can choose that how many devices must tell the network.
It is common to have a multi-sig wallet on a cell phone and on a laptop. However, both of these devices must confirm a transaction before broadcasting it to the network. This will make it much more difficult for hackers to steal the funds because they must access two devices in order to hack your wallet.
It is only due to these two major security flaws that Exodus also don’t recommend users to store large amounts of cryptocurrency on their wallet. However, the Exodus Wallet is much more suitable for using it as a day to day wallet. You can compare it to your real life wallet. You don’t walk around town with your life saving in your wallet, Do you?
How To Add Tokens To Exodus Wallet
You can make use of your Ethereum address to store ERC20 tokens even if they are not listed on Exodus.
However, if you are unable to find the token that you are looking for then you can easily add any custom token to its network. You just need to put the address of a token, a decimal and token symbol. In order to find these details, you will need to search for the “token address” of a token that you are looking for.
For example, if you are looking forward to add Civic token in your wallet, you will need to search on Google in order to get “Civic token address”. Normally, the website of a token will show you the details and it will also who you how to add it on your wallet if you need further assistance. Just like adding your custom token in the list of your Exodus Wallet, you can also access all of your ERC-20 tokens at one place by making use of this wallet.
Advantages And Disadvantages
Exodus wallet isn’t much safe and it doesn’t offer high quality of security but still there are some advantages that are associated with this online wallet. However, we will also take a look at the disadvantages so that you can choose this wallet for your needs accordingly.
- It is easy to use. It is one of the most user friendly wallets available in the market.
- It supports multiple currencies. You can store all your assets at a single place which makes them easy to spend and trade.
- It offers built-in functions for portfolio and trade. You can swap currencies and keep track of your gain or loss very easily with the help of Exodus Wallet.
- If offers automatic fee adjustment. Newbies in cryptocurrency might not be confident while setting the correct network fees for their transactions. It will take care of this matter for new users.
- It offers great support which is usually rare when it comes to cryptocurrency products.
- It is a software wallet which is more secure than a web wallet. Exodus is perfect for small purchases and for day to day spending.
- As a software wallet, it can be hacked and it is possible to lose your funds in cae your device gets infected with keyloggers or malware.
- It offers limited security features. There is nothing like 2FA or multi-sig support, hence, you should avoid storing large amounts of money on Exodus Wallet.
- It doesn’t offer mobile application. As more places start accepting cryptocurrency payments, so there are chances that you will need to use your wallet when you are away from your computer. This isn’t possible with Exodus Wallet yet.
Exodus wallet is a perfect choice for people who are new to the cryptocurrency world. However, it is one of the easiest ways to use wallets. It won’t confuse new users with its complicated user interface. All the features are pretty simple to use with such little possibilities to make a mistake.
The customer support provided by Exodus team is extra ordinary and people are falling in love with their support. This is the major reason that why many people are showing their interest to know more and more about this wallet. It also offers built-in access to the SpaceShift exchange which is also a great opportunity for people who are willing to try trading but they don’t want to take risk by leaving their funds on Kraken, Bittrex, or any similar centralized service.
There are few drawbacks that are associated with the Exodus Wallet. It will prevent you from investing or storing your cryptocurrency in this wallet. However, it is ideal for the beginners because it is convenient wallet for low amounts. But, it is not secure enough to store a huge amount of cryptocurrency.