Crypto wallets are designed in various forms, software or hardware, for users to store cryptocurrencies and transact with other users and markets to trade these cryptocurrencies.
The Exodus wallet aims to bridge all forms of crypto wallets into a unified wallet. Exodus wallet was launched in 2015 by Exodus Movement INC., founded by JP Richardson and Daniel Castagnoli and headquartered in Nebraska.
The Exodus wallet integrates with the hardware wallet provider, Trezor, and when combined with Exodus’s proprietary software-defined wallet, creates the best-of-both-worlds experience for its users.
Exodus provides the security and peace of mind of a traditional hardware wallet while at the same time introducing novel features, seamless functionality, and intuitive modern user interfaces through the software wallet portion.
Exodus currently supports more than 180 cryptocurrencies and has recently developed its Exodus NFT (Non-Fungible Tokens) Marketplace to support storing, buying, and selling NFTs on the Solana blockchain.
The Exodus wallet is committed to providing the highest level of security, whereby Exodus does not have access to and does not store the private keys of wallets.
Instead, Exodus is a non-custodial wallet framework. All storage and encryption occur on the user’s hard drive with access by a user-defined password.
If the password was lost, recovery is made through a 12-word recovery phrase or private key. For users who prefer enhanced security, the partnership with Trezor will be beneficial as all keys and assets are stored offline.
As of Q3 2021, Exodus has an average of 902,986 monthly active users coupled with an increase of revenue of 407% year over year in 2021.
Who Is Exodus Wallet For?
Exodus wallet is considered an excellent first-step entry for crypto beginners, which is the selling point pushed by the company itself.
Exodus offers a lucrative and attractive option for both beginner and expert crypto investors, given the vast array of cryptocurrency coins support, ease of navigation, and self-custody.
Beginners can benefit from the hot wallet option to quickly set up their accounts, fund them, and utilize the built-in exchange to trade cryptocurrencies; expert traders can opt to integrate with the hardware wallet and can benefit from staking options and DeFi (decentralized finance) products integration to boost their portfolios further.
Although the educational library seems to be lacking, the Exodus support team is professional and promptly replies, given the 24/7 human support.
Pros & Cons of Exodus Wallet
Pros:
- Compatible and synced with a desktop, mobile, and hardware wallet
- Supports more than 180 cryptocurrencies, with a built-in exchange for transacting
- Lost wallets can be recovered by a 12-word recovery phrase
- Intuitive and modern user interface and easy navigation
- Responsive and professional customer support
Cons:
- Lacks the option to purchase crypto with fiat or to withdraw crypto into fiat
- Lacks support for critical security features required by professional crypto traders, including two-factor authentication and multi-signature support
- Users who do not opt for the hardware wallet are prone to a higher risk of hacking
- No custom fee setting for alt-coins before transactions
- Code is not entirely open-source and thus lacks proper testing by independent third parties
Our Take On the Exodus Wallet
Exodus has continuously proven to be amongst the leading crypto wallet providers, especially given its multi-faceted hardware and software bridging, providing the utmost security coupled with versatility and ease of use.
Exodus has partnered with global leaders such as Trezor for the hardware wallet and FTX exchange to provide liquidity to ensure users’ seamless order filling.
Exodus boasts an intuitive and modern-looking user interface to meet the developing needs of users.
The absence of any security breach within the past five years proves the robustness of the Exodus wallet. Exodus is committed to pushing regular updates and new features.
Since its launch, Exodus has launched and updated over 200 different products, thus averaging an update every two weeks.
Exodus wallet is an excellent choice for beginner and expert cryptocurrency enthusiasts; however, users should store the recovery phrase safely.
Exodus Wallet Fees
Unlike exchange platforms, Exodus does not charge fees for sending aside from the network fees.
Most blockchain transactions incur network, also known as miner fees, and Exodus does not add additional fees on top. Instead, exodus generates revenues through its partners and relationships with the exchanges and other API providers.
Exodus is paid in exchange for the services utilized by its users within the wallet, such as a percentage of the exchange spread generated from the volume traded.
However, if users opt for increased security by utilizing a hardware wallet, an additional one-time fee is incurred.
Trezor comes in two primary flavors, Trezor Model One, and Trezor Model T. The first type comes at a price tag of 59 Euros, whereas the latter is priced at 189 Euros.
Safety Of the Exodus Wallet
Exodus wallet safety discussions can be divided into two main sections, software safety, and hardware safety.
The software wallet supported on both mobile and desktop is as safe and secure as any software wallet, which means that the security of user funds is rather related to the safety of the user’s computer or mobile.
If the said device is hacked or compromised through a virus, malware, etc., the user funds are at risk.
On the other hand, the hardware integration with Trezor introduces a higher level of security since the private keys, and user funds are stored offline and cannot be accessed online through a hacking incident.
Exodus has been receiving increasing criticism since the source code is not fully open, which means that it cannot be stress-tested by third parties and the community.
However, Exodus claims that it has never been hacked before and regularly pushes security updates to the wallets.
Exodus Wallet Recovery
When a user first signs up for a new wallet, they are given a 12-word recovery seed phrase that the user must securely store.
The seed phrase is a key that can restore the wallet if the device being used to access the wallet is damaged, lost, or stolen.
So, first, the user should download the Exodus software into a new device to recover the wallet.
Next, the “Restore Wallet” option should be selected, after which the user enters the 12-word recovery seed phrase.
In previous models before version 19.2.1, Exodus used to provide backup support options via email, but this was halted in newer versions to eliminate phishing attack risks and email hacking risks.
On the other hand, the hardware wallet recovery is also related to the standard recovery protocol. Trezor here is seen as a normal device that hosts the wallet.
Thus in case of recovery, the new Trezor device should be set up under the recovery mode.
The 12-word seed phrase is entered, whereby access is given to all stored cryptocurrencies, tokens, and digital identities associated with the private key with the possession of this key.
The recovery seed is solely generated and managed by the Exodus
Exodus Wallet Features
The Exodus wallet provides notable features that set it apart from alternatives and competitors and essential features that any crypto trader would expect to find within a crypto wallet.
The basic features include managing each cryptocurrency support through send and receive functions, securely storing cryptocurrencies within the wallet, viewing the complete portfolio statistics, and handling backup/recovery scenarios.
Currently, Exodus supports 180 cryptocurrencies, with the tally constantly being updated and increased.
In terms of bells and whistles, the Exodus wallet allows users to access their wallets either from their computer or mobile apps and possible integration with the Trezor hardware wallet.
In addition, Exodus provides a built-in exchange to trade cryptocurrencies which are fed directly from liquidity from partners, whereby FTX is on top of the liquidity providers list.
Finally, the wallet allows users to directly earn from crypto rewards by staking their coins on the wallet platform.
The team always pushes regular updates to introduce new features, improve the already-intuitive and modern user interface, and enhance wallet security.
Integration With The Trezor Hardware Wallet
Exodus integration with Trezor is arguably one of the most prominent features that have attracted numerous expert crypto traders to migrate to the Exodus wallet.
Trezor wallets, being cold storage or hardware wallet, provide a unique advantage over software wallets, also known as hot wallets.
Software wallets, in their nature, pose an increased risk given the need to communicate with the stored cryptocurrencies over the internet; relying on private keys stored online poses a considerable threat that could lead to losing stored cryptocurrencies.
In contrast, hardware wallets like Trezor protects private keys from online threats and malware by storing them offline within the actual hardware.
If the physical device is damaged, the wallet can be recovered by entering the recovery phrase back into the new Trezor device or the Exodus software wallet.
Trezor Wallet Experience
Exodus is often viewed as a lite wallet, meaning that it does not require downloading the entirety of the blockchain to the device, making the wallet more responsive and faster.
Users can access their wallets from any supported and secure device, including Windows, Mac OS, Linux, Android, and iOS platforms.
In addition, the Exodus wallet supports integration with the Trezor hardware wallet.
Users can follow a detailed step-by-step documentation guide to set up the Exodus wallet and transfer cryptocurrencies and other digital tokens to the wallet; the troubleshooter tool can be utilized to find common questions and inquiries on the Trezor wiki.
In a nutshell, setting up the Trezor wallet follows a simple 3-step approach:
1. Begin by downloading the device-compatible version of the Exodus wallet
2. Navigate to the Backup tab and continue to create a hard-to-guess password which will be utilized to enter the wallet on each login
3. Note down the 12-word key secret phrase in a secure physical location away from online sources, which can be used to restore the wallet in case of device damage or loss of password
The Exodus Interface
With regular updates being pushed by the Exodus team, the Exodus interface offers an attractive design that allows users to send, sell and buy cryptocurrencies even in small amounts without the hassle of a lengthy process, which provides an attractive option for beginners crypto traders.
Users report that the interface is modern with clean, sharp, and easy-to-navigate icons.
In addition, users can utilize the supported blockchains’ warning signs and status updates to monitor any problems, outages, or congestion that may be slowing down the respective networks.
The Exodus Interface can be utilized on both desktop and mobile, whereby it acts as a standalone program and complete portal for crypto traders thanks to the built-in exchange for trading cryptocurrencies to capture essential price movements.
Additionally, users can see a report of their past trades and historical profit and loss statements to analyze their trading performance.
Exodus Customer Service
Exodus as a company generates income through partners and trade volume, so Exodus provides top-tier customer support to promptly answer user inquiries.
The first level of support begins with an extensive knowledge base found on the Exodus website.
The knowledge page hosts more than 100 articles that touch base on the wallet’s usage, features, troubleshooting, fees, and other wallet aspects. The knowledge base is also searchable for ease of navigation.
Going down to the second level, Exodus provides 24/7, 365-day support through email and social media channels to ensure that customers receive timely answers at times of need, especially when it pertains to wallet security or unauthorized access to wallet funds. Finally, it must be noted that Exodus does not provide telephone support.
Thus, users should be wary of advertised phone numbers, especially if they call to ask about personal information and secret key phrases.