Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply*.
Exodus wallet review
There’s a lot of hype surrounding Bitcoin wallet newcomer Exodus, with its versatile design and multi-currency features.
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Crypto is unregulated in the UK; there's no consumer protection; value can rise or fall; tax on profits may apply.
Details
| Product Name | Exodus Wallet |
|---|---|
| Wallet Type | |
| Supported Cryptocurrencies | |
| Price (USD) |
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
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, 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)
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?
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The easiest way to add cryptocurrency assets to your Exodus wallet is to first purchase them with your national currency (eg, GBP). 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.
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 back-up system, but never stores any of your keys on its servers. This back-up 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.
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Frequently asked questions
*Cryptocurrencies aren't regulated in the UK and there's no protection from the Financial Ombudsman or the Financial Services Compensation Scheme. Your capital is at risk. Capital gains tax on profits may apply.
Cryptocurrencies are speculative and investing in them involves significant risks - they're highly volatile, vulnerable to hacking and sensitive to secondary activity. The value of investments can fall as well as rise and you may get back less than you invested. Past performance is no guarantee of future results. This content shouldn't be interpreted as a recommendation to invest. Before you invest, you should get advice and decide whether the potential return outweighs the risks. Finder, or the author, may have holdings in the cryptocurrencies discussed.