A crypto wallet allows you to safely store and manage digital coins. There are many software wallets available, but the Exodus wallet is one of the most popular. Exodus wallet is the best among all crypto wallets as rated by trusted websites like Finder.com or Bitcoin Exchange Guide.
This review will provide information about the crypto wallet. Its features, pros and cons, supported currency, and more are all covered. The cryptocurrency market is highly volatile. It is important to do your research before making any financial decisions.
Exodus: How it works
Exodus’ main goal is to make it easier for digital coins users to access, manage, and use them.
The three components of a wallet are essential to explain its operation.
- Exodus wallet – This wallet functions in the same way as any other cryptocurrency wallet. It uses a set of codes to help users manage and link their crypto coins across different blockchains. Instead of storing crypto, it stores 3 codes: primary keys, seed phrase and public address. The primary keys allow you to access the crypto coin in blockchains. A public key is used to address the wallet. The seed phrase, however, is a recovery code code that aids in the regenerating of private keys if they have been lost.
- Portfolio – The Exodus team created a portfolio page which includes relevant information such as the breakdown of crypto coins and their updated value against fiat currencies.
- Exodus and ShapeShift Integration – This integration has created a unique value position. ShapeShift is one of the most popular crypto exchanges. It’s known for its trading, security and user interface. Users have the ability to trade directly on this crypto exchange from their Exodus wallet, with additional speed and privacy.
Exodus for Beginners
Exodus is a solid choice for newbies to crypto. Although it is not as simple as custodial options like Coinbase or Gemini, where you buy your coins and then let them sit on the exchange, Exodus is definitely one of the more straightforward non-custodial options.
This cryptocurrency wallet eliminates the need to register, which is required on exchanges, and offers an easy-to-use layout. With the integrated exchange and storage of cryptocurrency in the wallet, the average user can expect a straightforward, hassle-free experience. Exodus’s top-notch security is an added benefit.
This wallet cannot be used to purchase cryptocurrency from another app or exchange. These crypto assets can be then sent to the wallet. It’s an additional task but it is vital that cryptocurrency beginners learn how to store the crypto assets they have purchased in a non-custodial wallet like Exodus.
Exodus supports over 150 currencies across seven different blockchains. The crypto wallet’s internal currency exchange allows users to buy, sell, and swap currencies. Exodus’ partnership with FTX makes it possible for users to access the exchange directly through the Exodus App, allowing them to transfer assets between them. It recently integrated the Lightning Network to its payment system. The Lightning Network, in short, is a payment system that accepts transactions outside the Bitcoin network. Exodus users will be able to benefit from this feature, which allows for faster and cheaper Bitcoin (BTC)transactions.
A new feature that has been added is the ability to sell, send, and collect Non Fungible Tokens within the Exodus NFT Marketplace. The Exodus NFT Marketplace has partnered with Magic Eden to make this feature available for both mobile and desktop users. Exodus also supports NFT transactions over the Solana network. Users will be interested to know this. To successfully complete an NFT transaction, you will need a minimum reserve equal to 0.01 SOL.
In terms of generating income, wallet owners have the option to both stake assets and earn interest on them. Users can deposit assets and delegate assets to the app to earn passive income. This feature is available for ALGO, ADA and ATOM as well as ONT/ONG, ONT/ONG SOL, XTZ and VET/VTHO. Each asset has its own unique parameters that can be staked. Exodus also maintains software updates at a fairly regular rate, approximately one every two weeks.
Exodus supported cryptocurrencies
- BTC – Bitcoin
- ETH – Ethereum
- XLM – Stellar
- BTG – Bitcoin gold
- USDT – Tether USD
- BCH – Bitcoin Cash
- LTC – Litecoin
- EOS – EOS
- XMR – Monero
- BSV – Bitcoin SV
- DASH – Dash Coin
- BNB – Binance Coin
Prices and Fees
Many cryptocurrency software companies have a lot in common when it comes to pricing. Software wallets are free to download and use, and users don’t have to pay for assets to receive. This is an industry standard. All crypto wallet users will be subject to a network fee when sending assets. Exodus wallet follows this fee schedule and charges minimal fees.
Although the wallet allows customization of fees (which is a standard industry practice), this feature is only available for the Bitcoin and Ethereum networks. This option can be enabled via Exodus’ “Asset Menu”, navigation to “Advanced Options”, and clicking on “Enable Custom Fees.” Users will then find a gear icon at the upper left-hand corner that allows them to access Exodus’ custom fee interface. Exodus will display a suggested fee but users can set their own fee using a sliding scale. The recommended fee may change due to network congestion or traffic. Users should be aware that this can happen. Exodus will also remember the fee once it is set. If users want to keep the fee constant, there is no need for them to set any fees for each transaction.
Exodus Security and Customer Service
Exodus is known for its highly secure products and a variety of security features.
The user-created password is the first step in securing this wallet. Once the wallet is set up, this password will allow you to access it.
Next, copy a 12-word backup seed phrase randomly generated. This can be used to gain access to your wallet in case of loss or theft. All data sent to the wallet or stored on users’ devices is encrypted. Exodus does not have access to or knowledge about your cryptocurrency. This ensures transparency.
A 12-word backup phrase is a common feature of most cryptocurrency wallets. It should be taken seriously. You will not be able to recover your crypto if your 12-word backup phrase is lost.
Exodus’ customer service team is top-notch and will promptly answer any questions. It is larger than most crypto wallet companies, so they provide more support than other wallet companies.
Several people were scammed by downloading fake Exodus wallets from the Google Play Store. This is no fault owed to this wallet, but it is something you need to be careful about when downloading Exodus software. Double-check that you have downloaded the right file and keep in mind that Exodus will not ask for your 12-word backup password.
What kind of wallet is Exodus?
Exodus, a non-custodial crypto wallet, offers great support and much more control over your crypto assets. Although it does not manage your wallet or take custody, you can fully control it. It allows users to use many different crypto assets. It can support TREZOR wallets, which provide a simple interface and strong security for a physical wallet.
It’s also a lightweight wallet, meaning it doesn’t download all the blockchains to your device. This makes setup much faster. Exodus Wallet is also responsive and easy to use. The platform is available in both desktop and mobile wallets versions. This allows it to be used on all devices, including Windows, Mac OS, Linux and Android. The crypto exchanging assets feature in this wallet works exceptionally well and is easy to use for both beginners and more experienced users.
Exodus is a viable wallet choice for both intermediate and beginning crypto investors. Both segments will be attracted by the Exodus’ wide range of digital assets, ease-of-use, and self custody. New users will feel at ease knowing that there have not been any security breaches within the past five years. Experienced traders will also find comfort in being able to stake assets and integrate with Defi platforms. The interface is attractive and should give users a sense of ease in managing digital assets. The only problem is that the platform doesn’t have an educational component. Exodus Support provides answers to common questions and a variety of articles. This wallet also offers 24/7 support via email and instant chat.
This wallet is on track to increase its support assets and apps, given the speed of Exodus’ updates. It is a great choice for anyone who loves cryptocurrency, especially those just starting out in their journey. The wallet isn’t one that can be easily outgrown, as it will continue to grow with users as they learn more about cryptography.