Exodus Wallet Review: Is it the Best Crypto Wallet For Desktop?
With the growing popularity of new crypto users, more and more new digital wallets are coming in too. These wallets are mostly decentralized and offer basic user interfaces. They are sometimes also called non custodial wallets. We have already mentioned multiple times in our blog about the importance of storing your crypto in a private wallet, and not in any exchanges. One of the very popular non custodial crypto wallets is the Exodus wallet. In this article, we shall talk about this desktop and mobile crypto wallet in detail.
So for all the crypto beginners out there, does this private non custodial crypto wallet speaks to your needs.
Read our article ahead to understand better.
What we are going to learn?
What is a Non Custodial Cryptocurrency Wallet?
So first, what is a non custodial cryptocurrency wallet?
Contrary to popular belief, non custodial cryptocurrency wallets do not hold any cryptocurrency. It is very unlike our physical wallet where we actually keep our paper money.
A cryptocurrency wallet works more like a key ring that holds your keys. Now you see, cryptocurrency wallets are actually mediums that allow you to access your crypto on respective blockchains.
The wallets hold the keys that allow you to gain access to the blockchain. The public keys or popularly known as private address are the ones that you share with people when you are to receive funds and private keys are basically your own security codes to access the wallet. You should never share these with anyone.
Cryptocurrency wallets come in software and hardware form. While the software wallets are the wallets that stay connected to the internet and are also known as hot wallets, hardware wallets are physical wallets to stores for your coins offline.
Using software wallets you can access your wallet anywhere whereas in the case of hardware wallets you would need to carry the device everywhere you go.
What is Exodus Wallet?
Exodus Wallet is a non-custodial private crypto wallet that comes with both Desktop and Mobile versions. It is known to hold 180+ cryptocurrencies.
Exodus wallet also helps you interact with Trezor hardware wallet.
Some cryptocurrencies supported by Exodus Wallet are Bitcoin, Cardano, DAI, BNB, Ethereum, etc.
In this article, we will talk about Exodus Crypto wallet at length and look at how it would help you.
Who Were The Founders of The Exodus Wallet?
The Exodus Wallet was conceptualized and founded by JP Richardson and Daniel Castagnoli.
The wallet itself was launched in 2015 and over the years it has gained a lot of popularity. Mr. Richardson is responsible for all the invisible, basic structure of the wallet working including its coding and all. He is also known to have created many open source libraries that help in the working of many cryptocurrency dApps.
Mr. Castagnoli has taken the oars to make the wallet prone to user-friendly, with an awesome user interface and experience. He is a known worker at BMW, Nike, Apple, and Louis Vuitton.
Why you should hold your Crypto in A Private Crypto Wallets like Exodus?
The point of almost all non custodial Cryptocurrency wallets is the same, to help the world a smooth transition from fiat currency and usher into the world of Cryptocurrency.
Decentralized wallets like Exodus are especially responsible for making it easier for beginners to hold their coins to themselves.
Centralized exchanges like cryptocurrency exchanges and lending platforms and their wallets are simple, and mostly preferred by beginners because of its ease of use. However, when you store your cryptocurrencies in a centralised platform, your risk of losing your crypto is highest.
What are the Features of Exodus Crypto Wallet?
Ease of Recovering Your Wallet
This is a unique feature in the Exodus Wallet that allows you to recover any existing Exodus account that you might have lost. While many wallets do allow this, in most cases it is a long-drawn-out process. But on Exodus Wallet, all you got to do is open the tool and in the home/default screen only you will see recover wallet by entering the seed phrase. So once you click on that option, a screen will pop up asking for your seed phrase. You enter it and then you will be asked to restart the wallet. You click on the restart and immediately within seconds your old wallet would be restored on the device.
Once you start depositing your crypto coins in the wallet, the portfolio tab will show you a graphical representation of your coins. In the portfolio tab only you will notice the list of the crypto assets you own. Along with their names, their price, market cap, 24 hours change, and the volume traded in 24 hours are also shown.
If you scroll down on the same page you will come across multiple blog posts and videos. These are there to make your Exodus navigation easier.
Just beside the portfolio tab, you will find the wallet. By clicking on it you see the options for sending, receiving, and exchanging cryptocurrency. In this same window on the top, you will notice the crypto assets displayed horizontally. From there you can select one.
As we have already said, the user interface of Exodus Wallet is quite friendly. So naturally, you can send, receive and exchange cryptocurrency without any hassle.
For sending, all you need to do is select the coin you want to send. Click on send option. There on the pop-up box enter the public address of the person you want to send funds to, select the number of coins and click send.
In case of receiving, select the coin you want to receive, and click on the receive option, on the pop-up menu you will already see that your coins address has been generated. You just need to copy it and share it with the person you will receive it from.
There is a unique feature on the Exodus Wallet called View on blockchain. This option will direct you to the page that shows you the transaction history of that coin. This is located within the wallet tab. It will be displayed in the pop-up when you click the receive option.
Exodus comes with an inbuilt SWAP option. While on many other wallets, you need to first exchange your currency on a different platform and then come back to the wallet for exchange, Exodus allows you direct exchange. How?
On the exchange option, instead of transferring coins, you can select coins from the list of your crypto that you want to exchange. Then from another list select the coin you want to exchange. You can also see the minimum and maximum rate of exchanging one coin for the other.
On the Exodus settings option, you will come across a number of Exodus-approved apps that you can download for extending features.
This is one very interesting and important feature. If you download this then you shall be entitled to earn some interest on the store you make on the Exodus Wallet. It is a sort of passive earning on your savings, in other words, this is a firm of staking only.
So once you download and install it, you will be directed to the page that will show the list of coins you can earn rewards from. With names, the page will also display the APY rates at which you can earn interest rewards. Now, you click on start earning, and suppose you do not have the required balance of the coin on which you want to earn.
Exodus Wallet offers you an option to exchange some other Crypto for it so that you have the minimum required balance to make the money.
This is nothing but earning interest by lending your crypto on Exodus.
This is a set of rules built on the Ethereum blockchain. This protocol allows you as a user to lend your assets on the Ethereum blockchain into a pool of assets as opposed to directly lending them to other users. On Exodus, this feature allows such lending only with the DAI crypto.
The best thing about this feature is that you can earn interest on your lendings every time an Ethereum block is mined.
Note: There is no specified period and you can withdraw your assets whenever you please!
So how does this work?
Well, it is a bit complicated, but we shall try to understand it simply.
First, once you deposit an ERC20 for lending, you are doing it for an interest-earning version of that same token.
Now, the exchange rate between your original ERC20 token and this new interest-earning token changes over time. And this change is always towards the advantage over the interest-earning tokens. And this is the interest generated that you earn.
In Exodus, you deposit DAI for cDAI (which is the interest-earning token). Over the course, of a period, cDAI will change and earn interest for you.
Thus when you withdraw, you earn in cDAI but you receive DAI which is more than what you deposited.
Note: You will need a minimum amount of Ethereum to operate on compound Finance. Though this minimum amount is dynamic and will change with time.
SportX is an app on the Exodus Wallet that allows you to bet on different teams in sports and leagues, esports, and even on crypto prices to earn money if you win. It works provisions of smart contract coded on the Polygon network.
Note: To start earning on SportX you need to own some USDC on the Polygon network, that is MATIC USDC.
This is a decentralized exchange that allows you to swap your cryptocurrency out of the traditional centralized versions of exchanges. It offers you liquidity across multiple DEX platforms. It is also popular because of its low token prices and fee values.
Perks: It gives you full control over the assets whereby you can choose your desired swaps. You can also modify the slippage settings. This will prevent any losses due to the volatility of the crypto market.
Note: Presently ExoDex allows only the exchange of Solana Tokens on the Solana network.
The Exodus Wallet is partnered with the FTX exchange group. So FTX is a centralized cryptocurrency exchange (one of the largest, set up in 2019). It is known to offer lower fees.
Note: Using FTX over other third-party exchanges on Exodus is totally your choice. Exodus provides both.
How To Use Exodus Wallet?
Exodus wallet can be downloaded and instantly used in the following steps.
Go to the official website of the Exodus Wallet and download and install the software on your device.
Note: Ensure you have the right site. Because often such fake download sites can make your targets of phishing attacks.
As you open the software by default you shall be on the dashboard page. This page would display 2 options. One asking you to deposit coins and the other asking you for your seed phrase to recover a backup from any previous Exodus account you had.
If you are new you can immediately start depositing coins or you can recover your old Exodus Wallet through the 12-word seed phrase.
Pros: What I like About The Exodus Crypto Wallet?
- Exodus allows you hassle-free storage options in its wallet.
- Along with storing Exodus Wallet also provides a staking facility.
- Exodus wallet dies not to require you to set my KYC for storing funds
- Its user interface is specially made to suit the crypto beginners’ needs.
What Do I Not Like About Exodus Wallet?
- There are not many features that the application provides.
- The staking can earn fruit only if you own DAI currency.
- You can enter the betting platform on sports only if you own Solana.
FAQS about Exodus Wallet
Can Exodus Wallet run on all systems?
The Exodus Wallet can run as software on your operational devices like Mac, Windows, and Linux.
Does Exodus Wallet require KYC?
No, Exodus Wallet does not require any sort of verification code or KYC. You just have to download and install it and that’s that.
Does Exodus Wallet have a mobile version?
Of course, Exodus Wallet is available on your mobiles on Android and iOS. But remember your desktop version will be more secure than anything.
Is Exodus Wallet safe?
Yes, Exodus Wallet is safe with its private keys and secret seed phrase. It also has a 2-factor authentication feature that stacks up more security.
Is Exodus Wallet Secure?
Yes. One thing to note is Exodus does not store your private keys. They just provide you with a platform to create a waller and connect to it. In that sense, Exodus wallet is secure.
Is Exodus a Good Crypto Wallet?
According to us, Exodus is a good non custodial crypto wallet. Download it and see if you like their UI and features. Let us know under the comment section, your views about the Exodus wallet.
Is Exodus a Cold or a Hot wallet?
Exodus is not a cold wallet. It is a hot crypto wallet.
Exodus Wallet Customer Service
You can connect with Exodus Customer Support via Email, Twitter and Facebook.
Email address: [email protected]
Email is the best way to connect to the team for support.
When you share your problems on Twitter, scammers take a note of it, and may impersonate as a Exodus customer support representative and try to scam you.
Remember, not to share your private keys with anyone, including Exodus team.
Exodus do not provide any telephone support.
Looking for an Alternative to Exodus Wallet? Read our Review of Trust Wallet
Now, if you have finished reading the features of the Exodus wallet, let us look at some Precautions you need to exercise to protect it from the murderer.
- Remember never ever share your private keys or seed phrase with anyone because that is the only thing someone would require to access and empty out your entire account.
- And also for beginners especially, try and understand the working of the Exodus application from the educational videos and blog posts below the dashboard screen.
- You should also download the updated version of the application as well as keep updating the software.
- Remember never to download torrent, pirated, or broken files. They might be corrupted.
- If you are working on a computer you should always ensure the operating system remains updated.
Note: These updates are super important because they are needed to better combat phishing or other cyber attacks.
Compared to many wallets, Exodus wallets launched a few features that are very user-friendly. But again, we cannot ask you to choose one from the other. The least we could do is express our own opinions in the article. But this article should not be considered financial advice and the information here might be subject to inaccuracies (human folly). So before investing in such a big crypto market, ensure that all your financial bases are covered, you have done thorough research on the wallet. If possible hire a professional financial to go over the details later.
Hope this article was helpful enough.