Exodus Wallet Review 2021 – Is Exodus safe and how high are the fees?
In this guide, we’ll be examining one of the most popular and user-friendly software wallets — the Exodus wallet. In our Exodus wallet review, we’ll go through all relevant topics around this hot wallet – how to get started with the program, what coins you can store on Exodus, what security features are available, and a comprehensive list of its pros and cons.
By the end of this Exodus Bitcoin wallet review, you will be well equiped to download and install Exodus and use it to send and receive different cryptocurrencies through the wallet. You will also know how to use its built-in exchange features, how to back up the wallet, and which use cases Exodus is good for and which it is not so good for.
Exodus is a multi-cryptocurrency wallet that provides easy to use User Interface and was officially launched on July 29, 2016. Being one of the newest wallets for storing coins on the market, it gives you options to access and transfer your cryptocurrency funds.
Exodus crypto wallet review – supported coins
You can keep your Aragon, Augur, BAT, Bitcoin, Bitcoin Cash, Civic, Dash, Decred, District0x, EOS, Ethereum, Ethereum Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, Qtum (ERC20) SALT all in one place and easily calculate and organize your savings with their pie chart portfolio. You can also use unsupported ERC20 tokens by following our guide written further below this review.
The development team at Exodus is providing constant support for new coins. To find a list of coins on their roadmap you can click here.
Exodus design and features
With beautiful and intuitive design, the strongest suite Exodus has is its User Interface. User Interface is plain and simple. It was designed for people who have never used an exchange. It is possible to execute each possible transaction by following step by step process. During the design process, nothing was left to a chance taking it so far that each and every icon perfectly fits with the rest of the layout.
The Exodus wallet has added another great function to their wallet – a built-in trading platform by integrating Shapeshift within their interface.
This way you can swap one currency for another very quick and easy without leaving the Exodus wallet. But do bear in mind that the fees are a bit higher than what you would pay on exchanges like CoinBase and Bittrex, but convenience costs.
What Are The Pros and Cons?
Pros: Customers have given a massive amount of positive feedback to Exodus. It has a 4.4 out of 5 star average on CryptoCompare with over 260 reviews. Most of the praise and love goes to interface design and prompt and helpful support team.
Cons: Besides the beautiful design and prompt customer support services, there are still some aspects of the wallet begging for improvement. Main downfall is inability to use 2FA (2 factor authentication) for your account. An security issues that you don’t have to think about with other wallets on the market.
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One of the biggest negatives for Exodus was lack of a mobile app support. In 2019, that changed as the company launched a mobile app for both Android and iOS.
On the other hand, Exodus is free to download and use. Note that transactions fees are applied for exchange and transfer of currencies via the wallet. There were reports that Exodus wallet fees are higher than of the competition.
So How Does It Work?
Exodus contains three integral parts:
– Multi-asset wallet
Wallet’s interface and ease of use is very impressive with its sleek, simplistic design, which makes navigating different altcoins a breeze. You select “wallet” then click through the various crypto assets including – Bitcoins, Litecoins, Dash, Ether, Dogecoins and even EOS.
This is also where you can check your balances, transactions, send and receive funds. You can easily filter your transactions by “sent”, “received” and “exchanged” which is a helpful option to keep things organized.
One of the features that sets Exodus apart from a lot of its competition is the visual compound pie chart. This displays all of your diversified crypto assets in an easy to view circle allowing a user to track the value of their blockchain assets, in real time, as market conditions fluctuate. It also shows the percentage breakdown of each digital currency you own and the associated dollar value.
Exodus is the first desktop multi-asset wallet with ShapeShift built in. Which means that you can exchange cryptocurrency directly in the wallet without the need for use of the exchange. The amount you are going to receive in the trade is clearly shown in both crypto and fiat values including the current spread of the transaction. The wallet is built in a way to give you clear overview of transactions made.
In case you lose access to your computer or you need to restore your account for any given reason, there are several options on how to access your funds again.
The most simple way is to use the option one-click email restore system. During the opening of the account, an email is sent to you with a backup link to restore your account. So if you are in need of restoring your access just click on this link and enter your password to complete the restoring process.
When opening your account you will also be given a 12-word passphrase. Be very careful not to forget or lose passphrase. In case you can not enter your email or you forget your password, you must enter passphrase to regain access to your Exodus account. There is no alternative to get access to your account if you do not have the passphrase.
Is Exodus wallet safe?
Taking into consideration that Exodus is not 100% open-source, your are basically giving your trust to developers and management team by using their wallet. On the other hand, company’s CTO, JP Richardson is very trustworthy inside the development community, having developed over 190 open source libraries.
Being launched only in July 2016, there was not enough time to implement all the security features, security features that are included by many other wallets available on the market. First of all your blockchain assets are fully encrypted but secured with bare password protection. Secondly, there is no 2FA (2 factor authentication) which means that if you unknowingly download any malware or other malicious software you will be more exposed to security breach.
Development team of Exodus are aware of their security shortcomings and are doing their best to solve these challenges with hardware providers.
In the meantime, they are actually recommending that you use some other wallet with multi-sig (like Copay) or a hardware component (like Ledger) in case you are planning on holding huge amounts of blockchain assets.
Exodus Support Team
Support team has been highly rated. Exodus’ support site has a knowledge base with over 100 articles on various topics, explaining in details the features, fee structure, troubleshooting. There are also 17 other general topics. There is also a extensive list of FAQs with included videos in case you need a more detailed help.
In case you can not find what are you looking for at the support site, you can easily contact support team trough email. It has been reported by numerous users that they had a great experience working on the issues with the support team. Support team gives prompt answers and devotes to full resolve of the issues.
If you are a fan of great designs and awesome user experiences this could be your new favorite cryptocurrency wallet. Exodus has taken the attention to details on the whole new level by giving you unique experience. Customer support is great and prompt, they offer a transparent roadmap, a multi-coin support and it is easy to see why the users are loving it.
It is going to be interesting to see how this company will continue to grow as they increase security levels and add more functionalities to the wallet.
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