Exodus is one of the best cryptocurrency wallets for mobile and desktop platforms. But the question is, is it good for use as your main wallet? Let’s find out in this Exodus wallet review in 2020.
First, this is a complete beginners guide. So this post might include detailed explanations instead of just review. That’s for educational purposes.
If you already know those things, feel free to skip to the content you want. Okay, time to get started. Why do you need a wallet? Just to store your cryptocurrencies right?
In that situation, you need to consider some important factors about wallets. Security, Fees, and Supported assets. But there might be additional features to look at.
So I’m going to review all those things. Keep reading. Here’s what I will cover for you in this Exodus wallet review.
Exodus Wallet – Overview
Exodus is a multi-cryptocurrency wallet that offers an attractive user interface. With Exodus, you can store major cryptocurrencies. I will cover them all.
Also, a built-in exchange is available in Exodus that allows instant trade supported cryptocurrencies. Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli. Since started, Exodus released over 200+ product updates.
To be honest, that is a good thing. Recent updates mean that the wallet supports the latest features with no issues. We’re about to find that out also.
Not only limited to Windows platforms, This wallet is expanded its service to other platforms like Linux, macOS. And on mobile platforms as well. And supports Trezor wallet which is a good point.
Exodus Wallet – Security
This is the most important and best part of this Exodus wallet review. This is a cryptocurrency wallet, right? Then why does it need to be secured? Usually, wallets are being used to store cryptocurrencies a while longer.
Maybe a year or more than that. So it means, your wallet is getting lose your cares. Then it needs to be very secured otherwise you will lose your funds.
How does the Exodus wallet maintaining that? Let’s find out. Here are the security features of the Exodus cryptocurrency wallet.
- Password Protection
- Biometrics
- Backup Phrase
Please note that this is a decentralized wallet. So it means you have access to your wallet private keys. You need to be extra careful about your private key. Let’s discuss the above features individually.
Password Protection
The most common security feature that every cryptocurrency wallet, exchange has. But the thing is you need to put a strong password so it cannot be tracked or guessed.
This option available on both desktop and mobile platforms. But in mobile platforms, it is a passcode. This means you can only set up with numbers.
Biometrics
This feature only available on mobile platforms only. If your device supports biometrics like fingerprint, you have access to use that feature. Highly recommended feature.
But there’s a catch. You cannot only set up just biometrics. You have to combine it with the passcode.
Backup Phrase
This requires when you need to restore your wallet in case lost your device or lost password or something like that. What this feature does is, you have to write down a 12 word phrase when you creating the wallet.
And that’s your only backup option. So this is really important. Write it down and keep it very secure.
Remember if you lose this backup phrase, you don’t have any backup methods.
Supported Currencies
It’s so easy if your cryptocurrencies support the wallet you love. Besides, you could store all your cryptocurrencies together. Well, that’s a bit risky but the feature is there if you wanted to.
Exodus supports the major cryptocurrencies including Bitcoin, Ethereum, Litecoin, etc. Actually there are over 100 cryptocurrencies are supported on Exodus. Here’s the full list.
Setting Up A New Wallet
This Exodus wallet review isn’t complete without a setup process. So I will show you on both platforms which are Desktop and Mobile. Download your wallet today from the link below.
Simply create a wallet. It’s easy. You may require to set up backup options when you creating. Here’s your dashboard looks like.
Things are different on Mobile. Instant wallet creation but you have set up security features manually. Here how it’s done. Download and install the wallet from the above links.
Once you created, Go to settings > Security. And then enable backup options. Before that, you need to set up a Passcode. Choose a passcode that never forgets.
Make sure to write down and secure your wallet’s 12-word backup phrase as i mentioned in the above sections. Now you’re good to go.
Once these processes are completed, you can deposit/withdraw cryptocurrencies to your exodus wallet by clicking each cryptocurrency appear in your dashboard.
Don’t know how to send or receive cryptocurrencies? Check out my recent post here.
Built-In Exchange – Exodus
This is out of the topic “Exodus wallet review”. But it’s interesting to discuss because built-in exchange is really useful for account holders. First of all, What is this mean?
You can exchange your cryptocurrencies within the wallet itself without sending them to an external exchange. All of the cryptocurrencies are not supported for this feature, but most of them.
You don’t need to spend transaction fees to send your coins to an external exchange with Exodus. Why don’t you check that out too?
Advantages And Disadvantages of Exodus Wallet
The takeaway points of the Exodus wallet. Please note these are based on User reviews and reports. It’s still important, however.
Pros
1) User-friendly interface. I wish every cryptocurrency-related platform has this. A user-friendly interface is so satisfying to stick with. Besides, don’t need to face any troubles
2) Built-in exchange. Most cryptocurrency wallets have this feature these days. Really useful for wallet owners.
3) Frequent updates. Like I mentioned earlier, being up to date is so important to receive new features.
4) Multi-cryptocurrency support. So valuable for users these days.
5) Availability. Available in all desktop and mobile platforms which is a good point. Every user can be an Exodus wallet holder.
Cons
1) No two-factor authentication feature. This is one of the best and secure feature that connects your account with your mobile device to generate a unique code. With the combination of these two, Security is stronger. Unluckily, Exodus doesn’t have that.
Conclusion – Is Exodus Worth A Try?
Absolutely! Exodus is one of the best cryptocurrency wallet. With some additional features, people attrakted this wallet within a short period of time.
However, This had to be a decentralized wallet which means, you have access to your private keys. Then you are responsible for your exodus wallet.
Keep everything secured and protected. Especially your backup phrase. If you lose it, you don’t have recovering methods left. With this Exodus wallet review, I have something to share with you as an additional.
When choosing a wallet to store your funds, don’t just pick by someone’s recommendation. Always do your own research. That’s good for you. And one more thing. Don’t put all eggs in a single bag.
That’s it. Do you like this Exodus wallet review? Learn something new? Found you just looked for? Comment with your opinions in the comment section below. And don’t forget to share this post with other cryptocurrency beginners.
