In this review, we’ll be looking at the Exodus cryptocurrency wallet, which has been one of the best and most well-known software wallets for a long time. Find out how the wallet works, where it falls short, and how it compares to other wallets.
Exodus review in a nutshell
Exodus is a decentralized wallet for storing and sending cryptocurrencies. Exodus supports almost 300 cryptocurrencies from more than 30 blockchains – for example Bitcoin, Ethereum, Litecoin, or Solana.
All cryptocurrencies are kept in one multi-currency wallet, which the user creates or imports using a seed. You can also import individual cryptocurrencies using a private key, so it’s easy to upload cryptocurrencies from a paper wallet.
Exodus is a non-custodial wallet, which means that users have full control over their cryptocurrencies and are responsible for them. This is a big advantage over custodial wallets, like exchanges and exchanges, where you give your cryptocurrency to a custodian who can lose, steal, or block it.
The wallet is available for mobile phones, desktop computers, or as a web browser plugin. The app is free (only standard miner fees apply) and does not require any personal information.
Advantages:
- Self-custody wallet
- It supports hundreds of cryptocurrencies
- Buying, swapping and staking cryptocurrencies
- Lightning Network support
Disadvantages:
- Non-public source code
- It does not have a Czech translation
- Multiple wallets cannot be used at the same time
- It loads slower
- Import BTC (may not show full balance)
EXODUS – Basic Information
Exodus is a multi-cryptocurrency desktop wallet that allows users to securely store, manage, and exchange a variety of cryptocurrencies. It was created in 2015 by JP Richardson and Daniel Castagnoli and has gained popularity due to its sleek user interface and support for a wide range of cryptocurrencies.
Some basic information about Exodus includes:
- Exodus is a desktop wallet that can be downloaded and installed on Windows, Mac, and Linux operating systems.
- It supports over 100 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others.
- Exodus has a built-in exchange feature that allows users to quickly and easily exchange one cryptocurrency for another without leaving the wallet.
- It also supports the integration of hardware wallets for added security.
- Exodus uses a 12-word seed phrase to generate a unique private key for each user, which is used to encrypt and protect their funds.
- The wallet has a user-friendly interface and provides users with detailed transaction histories and portfolio tracking.
- Exodus has a built-in portfolio feature that allows users to track the value of their cryptocurrency holdings in real time.
- It offers 24/7 customer support through a live chat feature.
Overall, Exodus is a user-friendly and versatile cryptocurrency wallet that is suitable for both beginners and experienced users. Its wide range of supported cryptocurrencies, built-in exchange feature, and intuitive interface make it a popular choice among cryptocurrency enthusiasts.
Exodus Wallet Cryptocurrency Wallet
Exodus is a decentralized wallet for cryptocurrencies that lets you store and send hundreds of them. Using staking, you can also buy, sell, or find the value of cryptocurrencies right in the app.
There are almost all possible versions of the Exodus wallet. You can get the app for your phone on Android or iOS, and you can get the program for your computer on Windows, Linux, or macOS. There is also a plug-in for web browsers.
Supported Cryptocurrencies
Exodus works with more than 30 blockchains and almost 300 cryptocurrencies.
In the wallet, you can store local coins (BTC, ETH, LTC, XRP, etc.), standard tokens from supported blockchains (like ERC-20), and non-fungible tokens (NFTs) from the Ethereum and Solana networks. The wallet also works with ADA, DOT, and XMR, which most other wallets don’t.
Private Key
If you store your cryptocurrency on an exchange or exchange, you don’t own it. You don’t know your wallet’s secret keys (they are managed by the exchange operator).
But Exodus is a self-custody wallet, which means that the private keys are stored directly on your phone or computer and cannot be accessed by the wallet issuer. So, the person who owns the cryptocurrency wallet can’t lose it, misuse it, or block it.
Exodus gives you full control over your cryptocurrencies, just like other self-custody wallets. But this has a downside: you are responsible for the cryptocurrencies you store, and if you are not careful enough, you can lose the cryptocurrencies.
How to backup and restore a crypto wallet
Wallets made with Exodus can be backed up with a recovery phrase or seed.
CRYPTOCURRENCY STORAGE
All of your cryptocurrencies are kept in a single wallet that the application makes for you. If you already have a wallet, you can use a refreshing phrase to add it to the app (seed).
The app can only work with one wallet, so the same seed will be used to back up all cryptocurrencies. If you try to make or upload a second wallet, the first one will be lost.
It’s not good? Not really, but for example, if you want 2 different Bitcoin wallets, you need to use a different app. For example, with Trust Wallet or Coinomi, you can create and manage multiple wallets at the same time.
Exodus doesn’t work with either watch-only wallets (where the user can see the balance but can’t spend it) or multi-sig wallets (the wallet has multiple private keys).
CRYPTOCURRENCY EXCHANGE
The cryptocurrency exchange is one of the most important parts of the Exodus wallet. It lets you trade coins and tokens from different blockchains. For example BTC and ETH.
A cryptocurrency exchange is fast and easy, but it’s also pretty pricey. How much? During our testing, we would pay over 4% per shift, which is not exactly small. In addition, the fees are hidden in the courses, so users may not notice them at all.
Through decentralized third-party apps, you can also trade tokens from the same blockchain (dApps). You use the WalletConnect protocol to link the app to the wallet.
BUYING CRYPTOCURRENCIES FOR CLASSIC FIAT CURRENCY
Through Exodus, you can not only buy but also sell cryptocurrencies. But orders are placed with sellers outside of Exodus (like Ramp Network and MoonPay), so Exodus is just a middleman.
The downside is that you lose 3–6% of each order because of the higher fees or bad exchange rates. It depends on the seller you choose, the way you choose to pay, and the size of your order. In addition, all sellers require identity verification.
CRYPTOCURRENCY STAKING
It’s easy to stake through Exodus. Just choose the cryptocurrency you want, click on the gear icon in the top right corner, and choose Earn Rewards. The application will tell you what you need to do (minimum amount and minimum staking time) and give you buttons to start or stop staking.
You can easily pick out the cryptocurrencies that can be bet on. The APY value is listed next to their names (annual percentage yield). But these numbers are only estimates, so real returns may be different (e.g. depending on the invested amount or staking period).
LIGHTNING NETWORK (LN) SUPPORT
The Exodus app also has a Bitcoin wallet that works with the Lightning Network.
The LN wallet is different from the regular BTC wallet, but users can easily move bitcoins from one wallet to the other. But each transfer will cost you 0.3% plus network fees. Also, the LN wallet has limits, so the most you can store in it is $100 worth of bitcoins.
The bad thing is that the LN wallet in the Exodus app only works in a mode called “custodial mode.” This means that the BTC on the LN wallet is managed by an external company (specifically Wallet of Satoshi), so users do not actually own it. Also, you can only get this feature through the mobile app.
CONNECTION WITH THE TREZOR WALLET
The desktop version of Exodus lets you take care of Trezor hardware wallets. You don’t have to worry about security because the private keys are kept in a hardware wallet that is not connected to the Internet.
Exodus will show you the balance of your hardware wallet and the addresses for receiving cryptocurrency. There is also a form in the app that lets you send cryptocurrency to a different address. To do this, you need to connect the Trezor to your computer with a USB cable.
Fees at Exodus
Exodus doesn’t charge any fees, but some operations will require you to pay fees to third parties.
Network Fee: When you send cryptocurrency to a different address, you have to pay a fee to the miners so that they can process the payment. The fee is built into the cryptocurrency network, and no wallet will be charged for it.
- Cryptocurrency Exchange Fee: It costs about 4% to exchange cryptocurrency.
- Fees to buy cryptocurrency range from 3 to 6%. (depends on the payment method chosen, seller rates, and order size).
- BTC transfer fee between a standard wallet and an LN wallet. It costs 0.3% to put bitcoins into an LN wallet. When you take Bitcoin out of your LN wallet, it costs 0.3% plus 5000 satoshi. You must also pay the network fee in both cases.
WHERE TO BUY CRYPTOCURRENCIES?
Do you want to use crowns, dollars, or euros to buy cryptocurrency? You can do this with Exodus, but you will have to pay quite high fees.
Experience with Exodus
Since the Exodus wallet has been around since 2015, it is part of a well-known and trustworthy brand. But the people who make the wallet are always working on it, and the software is updated almost every week. So you don’t have to worry that the way Exodus looks or works is out of date.
Millions of people have downloaded the app, and it has almost 900,000 monthly active users and tens of thousands of good reviews. Almost no decentralized wallet can make such claims; Trust Wallet and Coinbase Wallet may be the only ones that can.
Users like the wide range of functions and the modern design the most. Support for the Lightning Network is also a plus, but the LN wallet itself is a bit of a letdown (fees to deposit and withdraw, a $100 limit, and a custodial form).
What’s wrong?
Exodus is not available in the Czech, and users can’t take care of more than one wallet at the same time. We also have to talk about how expensive it is to buy or sell cryptocurrencies, but other decentralized wallets aren’t much better.
If you don’t know Czech and can’t use Exodus to manage multiple wallets at once, you’ll probably like the Coinomi wallet.
During testing, we also found that Exodus doesn’t show LTC that is stored on SegWit addresses that are more recent. The Coinomi or Coinbase Wallet apps, on the other hand, had no trouble with this.
Exodus review summary
With the Exodus wallet, you have full control over your cryptocurrencies. The wallet is very flexible and lets you not only store and send cryptocurrencies, but also buy, sell, exchange, or stack them.
AVOID UNNECESSARY FEES
Using decentralized wallets to buy, sell, and trade cryptocurrencies is not very profitable, and Exodus is no different in this regard. There are cryptocurrency exchanges, like Coinmate in the Czech Republic or Binance in another country, where you don’t pay even 1%.
If you want to shop without anyone knowing who you are, you can use Czech exchange offices like Simplecoin. Even though exchange offices cost more than exchanges, they are still cheaper than the Exodus wallet.
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