There’s a lot of hype surrounding bitcoin wallet newcomer Exodus. A versatile design and multi-currency features suggest the new kid on the block is here to stay.
The growth and widespread adoption of cryptocurrency has attracted a dynamic mix of wallet platforms to the market. Exodus, which was founded in July 2016, is one of the market’s newest entrants.
The first thing that stands out about Exodus is its incredible design, chock full of beautiful charts and personalization features. Beyond the glitter is a formidable platform that offers access to 11 of the world’s top cryptocurrency assets.
What is Exodus?
Exodus is a highly ambitious desktop wallet designed to give you complete control over your cryptocurrency assets.
For starters, it’s the first desktop wallet that offers full compatibility with ShapeShift – a popular instant cryptocurrency exchange supporting dozens of tokens. This means Exodus users have access to nearly a dozen cryptocurrencies.
Like other desktop wallets, Exodus stores cryptocurrency assets directly on your machine. Because Exodus is a lite wallet, you never have to download the whole blockchain to your computer.
Exodus has been around for a little more than a year, but its biggest claim to fame is its intuitive, user-friendly platform. The Exodus desktop wallet gives you all the bells and whistles to control an entire cryptocurrency portfolio, but is designed for people who have never actually used an exchange.
- Windows (64-bit), Mac OS and Linux. Users can also join the Exodus Movement on Slack, a popular messaging platform.
- First desktop wallet with full ShapeShift functionality.
How much does it cost?
As a service provider, Exodus charges transaction fees each time your payment is processed. The fees themselves are paid to each blockchain network (bitcoin, Ethereum, Litecoin, etc.) and are not kept by Exodus.
Because Exodus prioritizes speed and reliability over lower fees, it tracks changes on the blockchain network and adjusts fees accordingly. As such, fees cannot be set manually.
You might be thinking: How does Exodus make money? It does so by taking a small portion of the spread on the major asset exchanges. Typical spreads range between 1-3%.
Which cryptocurrencies can I store?
- Bitcoin (BTC)
- Litecoin (LTC)
- Ethereum (ETH)
- Dash (DASH)
- Golem (GNT)
- Augur (REP)
- Decred (DCR)
- EOS (EOS)
- Aragon (ANT)
- Gnosis (GNO)
- OmiseGo (OMG)
- Qtum (QTUM) (ERC20)
- Basic Attention Token (BAT)
- Civic (CVC)
- Bitcoin Cash (BCH)
- Ethereum Classic (ETC)
- FunFair (FUN)
- District0x (DNT)
Exodus has also announced plans to support, or explore supporting the following altcoins: 0x (ZRX), Bancor (BNT), DigixDAO (DGD), Factom (FCT), FirstBlood (1ST), ICONOMI (ICN), IOTA (MIOTA), Maidsafe (MAID), Metal (MTL), Monero (XMR), NEM (XEM), NEO (NEO), Omni (OMNI), Qtum Mainnet (QTUM), Ripple (XRP), Siacoin (SC), SingularDTV (SNGLS), Status (SNT), Storj (STORJ), TenX (PAY), Tether (USDT), Wings (WINGS) and ZCash (ZEC).
How do I add currency to my wallet?
The easiest way to add cryptocurrency assets to your Exodus wallet is to first purchase them with your national currency (e.g. US dollars). You can then transfer them to your Exodus wallet for safe storage.
Exodus recommends that you buy cryptocurrency from established exchanges, such as Coinbase. The Coinbase platform is available in over 32 countries.
How do I make or receive payments with Exodus?
Transactions over a cryptocurrency network can be made directly through your Exodus wallet. The network charges a transaction fee, which is paid to the network itself and not Exodus.
To send cryptocurrency funds, click the “Wallet” button on the left sidebar and select the asset you want to send. Enter the address of the recipient and click “Send.”
To receive cryptocurrency assets with Exodus, click the “Wallet” button and select the asset you want to receive. For example, if you want to receive bitcoin, your bitcoin address will automatically appear. You can copy this address and give it to another person to receive bitcoin payment from them.
How secure is Exodus?
As a desktop wallet, Exodus encrypts all your blockchain assets and stores them directly on your computer. This means they are 100% in your control at all times.
The wallet also runs a backup system, but never stores any of your keys on its servers. This backup system is helpful in the event your computer breaks down.
In addition to the backup, the Exodus team will email you a secure link to reactivate your wallet. The link is protected by a 12-word passphrase and Exodus “key”.
Earlier this year, Exodus introduced a new feature where you can restore your 12-word passphrase by clicking a button on the password screen.
However, Exodus has been criticized for not offering two-factor authentication, which many other wallets possess. This is something you should keep in mind when securing your wallet.
Where can I get Exodus?
Exodus can be accessed directly on the company’s main website and you’ll be given a link to download the wallet directly to your computer.
Exodus: The good and the bad
- Beautiful interface with powerful charting tools
- Ideal for the cryptocurrency investor or portfolio builder
- Access to nearly a dozen cryptocurrency assets
- Tutorials and videos to guide you through setup and use
- Engineered for beginners
- New company means lower reputation, especially since it is not open source
- Lack of two-factor authentication, which has raised some security concerns
Getting started with Exodus is a few clicks away. By navigating to the main website, you can download the wallet directly to your desktop and begin setting up your account. If you already possess cryptocurrency, you can start transferring them into your Exodus wallet right away.
If you ever run into issues, Exodus operates a Vimeo page (available directly to the site) with tutorials that can help you get started.
Compare other crypto wallets
Frequently asked questions
Image source: Exodus