Exodus cryptocurrency wallet review

There’s a lot of hype surrounding bitcoin wallet newcomer Exodus, with its versatile design and multi-currency features.

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.

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What is Exodus?

Exodus is a 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’ biggest claim to fame is its intuitive, user-friendly platform. The Exodus desktop wallet aims to give you all the bells and whistles to control an entire cryptocurrency portfolio, but it’s designed for people who have never actually used an exchange.

Compatibility

  • 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)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Dash (DASH)
  • Decred (DCR)
  • Digibyte (DGB)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Vertcoin (VTC)
  • Zcash (ZEC)
  • 0x (ZRX)
  • Aragon (ANT)
  • Augur (REP)
  • Basic Attention Token (BAT)
  • Bancor (BNT)
  • Civic (CVC)
  • District0x (DNT)
  • EOS (EOS)
  • Edgeless (ENG)
  • FirstBlood (1ST)
  • FunFair (FUN)
  • Gnosis (GNO)
  • Golem (GNT)
  • iExec RLC (RLC)
  • Matchpool (GUP)
  • Metal (MTL)
  • Numeraire (NMR)
  • OmiseGo (OMG)
  • SALT (SALT)
  • SingularDTV (SNGLS)
  • Storj (STORJ)
  • Status (SNT)
  • WeTrust (TRST)
  • Wings (WINGS)

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.

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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.

Exodus wallet interface image

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

Pros

  • Good interface with powerful charting tools
  • Ideal for the cryptocurrency trader or portfolio builder
  • Access to nearly a dozen cryptocurrency assets
  • Tutorials and videos to guide you through setup and use
  • Engineered for beginners

Cons

  • New company means lower reputation, especially since it is not open source
  • Lack of two-factor authentication, which has raised some security concerns

Next steps

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.

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Frequently asked questions

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9 Comments

    Default Gravatar
    Knight
    January 27, 2018

    hi
    is there a minimum EOS limit in Exodus that can’t be exchanged and neither can it be sent ? and also is that valid for other small coins in exodus , kindly update

      Avatarfinder Customer Care
      Rench
      January 31, 2018

      Hi Knight,

      Thanks for your inquiry.

      EOS is a supported token/asset by Exodus which is also called ERC20 or known as Ethereum-powered assets. Aside from EOS, there are also other coins/assets that are ERC20 like ANT, GNT, REP, etc. Within the Exodus wallet, EOS and other ERC20 assets share the same receiving address as your Ethereum address.

      So when you send or exchange an Ethereum-powered (ERC20) asset, like EOS (and other coins), Exodus would require you to keep it a minimum of 0.015 Ethereum (ETH) in your Exodus wallet. Though they recommend that you keep at least 0.3 ETH in your wallet. Nevertheless, you can at maximum send only your ‘Available’ balance.

      Hope this information helps.

      Cheers,
      Rench

    Default Gravatar
    Peanut
    December 13, 2017

    New and quite impressive desktop wallet. May become a very popular wallet soon.
    However I hope they will improve on these 3 areas :
    1)Fees are almost 3 times higher than other desktop wallets. Perhaps you can adjust it.
    2) Introduce 2FA security system. No reason not to have it as it is the norm to have it and necessity.
    3) A hand phone portable version of the wallet. Some of us travels alot and transact their our phones alot. But then it will no longer be a desktop wallet.
    Good points of the Exodus wallet :
    Your backup and restore wallet function is GOOD !
    It is a multi coins wallet and allows interchanges.
    Tone the fees down, add 2FA Check and aim for volume adopters first. The future will then be very bright for her.
    Hope my feedback helps.

    Default Gravatar
    Todd
    November 18, 2017

    Are the 13 listed cryptos the only ones you can trade with Exodus or can you trade any crypto?

      Avatarfinder Customer Care
      Arnold
      November 19, 2017

      Hi Todd,

      Thanks for your inquiry

      As of today, those are the only 13 cryptos you can store in your Exodus wallet. Please check the page frequently for updates and new additions.

      Hope this information helps

      Cheers,
      Arnold

      Default Gravatar
      DG
      December 3, 2017

      Does it support Ripple and MIOTA?

      Avatarfinder Customer Care
      Anndy
      December 13, 2017

      Hi DG,

      Thanks for your question.

      Exodus does not currently support Ripple and MIOTA but it has announced its plans to support or explore these currencies together with other popular altcoins. We will update our page as soon as they support other altcoins.

      Cheers,
      Anndy

      Default Gravatar
      Robert
      March 4, 2018

      The new ICO Karatcoin – KBC will be launched soon
      Will exodus be adding this new player onto your platform

      Avatarfinder Customer Care
      Anndy
      March 6, 2018

      Hi Robert,

      Thank you for your question.

      We don’t have any update yet if Exodus will support ICO. If they will, we will add that information to our page.

      Cheers,
      Anndy

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