Exodus wallet was created to put you in control of your wealth. This Exodus wallet review is an up-to-date, detailed analysis of Exodus wallet, containing everything you need to know about Exodus and whether it’s the right wallet for you.
Let’s find out!
Exodus wallet review
Exodus Wallet was created in 2015 by Daniel Castagnoli and JP Richards, with its headquarters in Nebraska. Exodus was founded with the aim of enabling easy access to cryptocurrencies for everyone. The wallet’s easy-to-use interface and aesthetically pleasing design are perfect for new users, while its security and robustness make it ideal for crypto veterans.
The Exodus mobile wallet is available for iOS and Android, and the desktop version is accessible across multiple operating systems, including Windows, Mac OSX, and Linux. It supports over 260 cryptocurrencies and is packed with features that allow users to send and receive over 230 supported blockchain assets, like Bitcoin, Dogecoin, and Ethereum, within the wallet.
Users of Exodus can also earn staking rewards and interest payments, as well as trade cryptocurrencies on the wallet’s built-in exchange. The well-known multi-currency wallet is distinguished by an extremely user-friendly desktop application that does not further complicate an already complex space.
The Exodus mobile wallet replicates the user experience for beginners, making managing your cryptocurrency on the go simple and accessible. Exodus is a great Ethereum wallet for those who want to expand their cryptocurrency investments beyond Ethereum and Bitcoin.
What is Exodus Wallet?
Exodus is a non-custodial wallet for your cryptocurrency, which means it does not store any of your private keys. Exodus stores your coins in hot storage. With hot storage, your wallet connects to the internet, increasing the likelihood of an invasion. Exodus does not support 2FA or multi-signature security to keep security simple for users. Instead, it advises users to move their money to cold storage on a separate device.
Exodus has partnered with Trezor to make its sophisticated hardware wallets available. You can store your coins offline, away from prying eyes, with these. With Exodus, you are solely responsible for keeping your cryptocurrency secure. If the device you use to store your coins is secure, your coins will most likely be secure as well.
Why Use Exodus Wallet
Beginners can easily navigate Exodus’ suite of products and features thanks to its intelligent and intuitive design. From within the wallet, users can easily access, manage, and hold 260 cryptocurrencies. Except for blockchain network fees, it is free and does not charge any additional fees for sending or receiving crypto assets. There is a small fee for using the built-in wallet exchange, however.
Users can now access a variety of decentralized applications (dApps) and non-fungible token (NFT) collections via Exodus’ recently launched web browser extension. The wallet supports Ethereum, Solana, BSC, Algorand, and other blockchains. As a result, users can connect their dApps to all supported networks and collect NFTs in the wallet. It is also one of the few wallets with an integrated NFT marketplace, which is only accessible after installing the app from within the wallet.
Exodus also has a staking feature for users who want to generate passive income from their favorite assets. The APY paid as staking rewards varies and is trackable within the wallet. If users do not want to stake, they can use Exodus to access the DeFi protocol’s Compound Finance feature, which allows them to lend their Ethereum assets to a pool and earn interest.
How Exodus Wallet Works
The main objective of the Exodus platform is to simplify the access, management, and use of digital coins. Let’s understand how the Exodus wallet works, by looking at some of its components:
Exodus Wallet—Like any other cryptocurrency wallet, it works through a series of codes that help users manage and link their crypto coins across multiple blockchains. Instead of crypto, it stores a collection of three codes: primary keys, seed phrases, and public addresses.
In blockchains, primary keys provide access to the crypto coin, whereas public keys serve as an address to the wallet. The seed phrase, on the other hand, is a recovery phrase code that aids in the regeneration of private keys if they are lost.
Integrated with ShapeShift – The combination of Exodus and ShapeShift has resulted in a unique value position. One of the best cryptocurrency exchanges, ShapeShift, is praised for its trading, security, user interface, and privacy features. Exodus users can trade on this cryptocurrency exchange directly from their Exodus wallet, providing them with increased speed and privacy.
Pros and Cons of Exodus Wallet
- Easy setup process: Getting set up with Exodus on a computer and mobile device is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.
- Supports a good array of cryptos: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus’s Ethereum address.
- Good customer service: Along with a help page, Exodus offers chat and email support services for users. The wallet even allows users to message founders JP and Daniel directly, although the response could take a while.
- Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus’s official website.
- Ability to earn: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.
- Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user’s password gets compromised.
- Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet’s software code. Therefore, the general public cannot review its robustness.
How to use Exodus wallet
Exodus Wallet installation is simple on both desktop and mobile. Users only need to download the wallet on their preferred device and begin using the services without sharing any information. By scanning a QR code, both the desktop and mobile platforms can be synced.
Though no personal information is required, the wallet will prompt users to save a secret recovery phrase of 12 words, which should be copied in the order provided during the prompt. Users can also access this recovery code by navigating to the wallet’s “Settings” tab.
Exodus Wallet Sign-up
Exodus Wallet is available for download on Chrome-based browsers such as Google Chrome and Brave, as well as mobile devices running iOS and Android.
This Exodus wallet review displays the guide below to install the Exodus Web3 Wallet.
Click here to download and install the Exodus Web3 Wallet. Then click on Install for Chrome or Brave.”
The Chrome Web Store will open. Click on Add to Chrome (if using Chrome) or Add to Brave (if using Brave).
You might receive a pop-up asking you to confirm. Click Add extension.
To pin the Web3 Wallet to your taskbar, a) click the Extensions icon in the top right corner, then b) click the pin icon.
That’s all there is to it! Exodus Web3 Wallet has been downloaded and pinned to your browser. You can get to it by clicking the Exodus icon in your taskbar. Once installed, you’ll be able to use your 12-word secret recovery phrase to create a new wallet or import an existing wallet.
Exodus Wallet-Supported Coins
Exodus wallet supports over 100 cryptocurrencies and tokens, including all the top dogs like Bitcoin, Ethereum, and Litecoin, among others. This Exodus wallet review displays the coins that Exodus Wallet supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Chainlink (LINK)
- Cosmos (ATOM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Brave Attention Token (BAT)
Exodus Wallet-Supported Networks
Currently, Exodus Web3 Wallet supports an array of networks. You can also add custom tokens to all the networks that support custom tokens. This Exodus wallet review displays the networks that Exodus Wallet supports:
Exodus Wallet App
The Exodus wallet app has similar functionalities and features to the Exodus wallet extension for desktop devices, making it an excellent choice for users who want to manage their cryptocurrency on the go. It is compatible with both iOS and Android operating systems.
If a user wants to use both versions of Exodus, he or she can sync their mobile and desktop wallets. For extra security, users can enable biometrics like face or fingerprint scanning to protect against unauthorized access to the mobile app. It has also accumulated a 4.3 ⭐ rating on playstore with over 1 million downloads.
Below is a review from a user of the Exodus wallet app on playstore.
Exodus Wallet API
The Exodus wallet application has similar functionalities and features to the Exodus wallet extension for desktop devices, making it an excellent choice for users who want to manage their cryptocurrency on the go. It is compatible with both iOS and Android operating systems.
With the Exodus wallet APIs, if a user wants to use both versions of Exodus, he or she can sync their mobile and desktop wallets.
Exodus Wallet Fees
Exodus does not charge any withdrawal or deposit fees to its customers. It should be noted, however, that fees are always incurred when making transactions on various blockchain networks.
These fees may differ depending on the volume of transactions at any given time. Fees will be higher when multiple users attempt to perform transactions on the same blockchain. Exodus does not receive any money from these fees.
Exodus Wallet Staking
Staking is a form of designating your funds to secure a blockchain network, for which you’ll be rewarded in the form of an annual percentage yield (APY). Currently, the Exodus wallet supports staking for seven different cryptocurrencies. Details are outlined in the table below.
|Crypto||Threshold||APY (%)||Staking Fee|
|Cardano (ADA)||5.5 ADA||4.91||Yes|
|Cosmos (ATOM)||0.05 ATOM||8.98||Yes|
|Ontology (ONT)||1 ONT & 0.15 ONG||16.35||Yes|
|Solaana (SOL)||0.01 SOL||___||Yes|
|Tezos (XTZ)||1 XTZ||5,46||0.00284 XTZ|
Exodus now has a convenient way to keep track of all your assets and your staking rewards. All you need to do is install the Rewards app, which is located in Settings. Then, click on Apps, and in the drop-down of Exodus-approved apps, scroll down to Rewards, and click Install.
To use the rewards app, open it by clicking on the Rewards icon.
Inside the Rewards app, you will see your average APY, your current balance of rewards earned so far, and your all-time earnings, as well as the Calculate Profit tool, the Reward History, and where to switch the view mode.
Just beneath, you see a breakdown of your assets gaining interest and also know the current APY for the asset. Wherever there is a Get button, that is where you can claim your rewards.
Under the type, you will see how each reward process works:
- Automatic: Earning and claiming rewards are automatic if you keep this type of asset in your Exodus wallet.
- Claim: Earning rewards is automatic if you keep this type of asset in your Exodus wallet. All you have to do now is manually claim your rewards.
- Staking (automatic): You must first choose an amount to stake in this asset, after which earning and claiming rewards will be automatic.
- Staking (claim): You must first choose an amount to stake in this asset before earning rewards. You will simply have to manually claim your rewards.
Exodus Wallet Customer Service
Exodus is well-known for its customer support, as it provides an extensive knowledge base of articles and explainer videos that explain how to use the wallet, its features, fees, and other aspects. It also has a frequently asked questions (FAQ) page for frequently asked questions.
If users are unable to find appropriate answers or are experiencing problems with their wallets, they can always contact the support team via email or social media channels. Exodus support personnel are also available 24 hours a day, seven days a week, and responses are frequently returned as soon as possible.
In this Exodus wallet review, below is a comment from a user about the Exodus wallet customer service experience.
Is Exodus Wallet Safe?
Exodus is a non-custodial wallet, which means it does not collect users’ personal information or any sensitive wallet data. Instead, the data is stored locally on the devices of the users.
Users can always access their crypto funds by logging in with a 12-word recovery phrase and a password. The wallet also includes security features such as Face ID and Touch ID. Furthermore, Exodus releases software updates every two weeks to address additional wallet-specific exploits or patch potential vulnerabilities.
Exodus does not support two-factor authentication, but it does support the Trezor Model T and Trezor One hardware wallets for offline cryptocurrency storage. Trezor’s security, combined with Exodus’ convenient features and functionalities, provides users with safety and peace of mind.
The wallet also has a bug bounty program designed to incentivize cyber security researchers that report bugs. You can visit here for details regarding the bounty rewards. If a bug has been discovered, you can also share your report via email to: email@example.com.
According to this Exodus wallet review, Exodus’ simple navigation and intuitive user interface make it one of the best hot wallets available, especially for beginners. With the addition of staking options for a wide variety of crypto assets as well as support for dApps and NFTs, it has become a popular choice among even intermediate and pro-crypto investors.
Its built-in exchange makes the wallet more convenient, allowing users to quickly exchange crypto assets without the need for a centralized exchange. The variety of digital assets, combined with self-custody, makes it more appealing.
Exodus offers little benefit to advanced cryptocurrency users, primarily because custom fees are currently limited to Bitcoin and, more importantly, because the platform focuses on the user crypto experience rather than security. This makes the wallet less secure for those who want to store large sums of money in their software wallets.
Overall, while Exodus does not aim to please users of all experience levels, it is specifically designed for beginners who want to buy Bitcoin and other coins directly from their wallets.
Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.