Exodus cryptocurrency wallet review – September 2019

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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.

The first thing that stands out about Exodus is its design. It is chock full of charts as well as personalisation features. It also offers access to 11 of the world’s top cryptocurrency assets.

This wallet isn’t available through finder right now, but there are plenty of other cryptocurrency wallets for you to consider.

Details

Product Name Exodus Wallet
Wallet Type Desktop Client
Supported Cryptocurrencies BTC, BCH, BTG, LTC, ETH, DASH, ETC, VTC, FUN, DCR, EOS, ANT, GNO, OMG, BAT & 15+ more

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
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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’s 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 is 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 prioritises speed and reliability over lower fees, it tracks changes on the blockchain network and adjusts fees accordingly. As such, the 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 currencies 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., Singapore 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.

Exodus wallet interface

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 criticised 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.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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