Exodus Wallet Review 2023 | Pros and Cons Examined
2 min to read
Introduction: Exodus is a cryptocurrency wallet designed to give users complete control of their cryptocurrency portfolio. It supports 100s of different cryptocurrencies and provides an easy way for users to safely store and manage their digital assets. In this Exodus wallet review, we'll take a look at key features, security, and the pros and cons of Exodus.
Exodus was founded in July 2015 by JP Richardson and Daniel Castagnoli with a vision to help users manage their assets easily and securely. Exodus has since grown to become one of the most popular cryptocurrency wallets in the world with millions of users. Exodus has over 200 employees that pride themselves in releasing new products and features every two weeks. The company has raised over $60 million dollars from investors such as Pantera Capital, Blockchain Capital and Digital Curerncy Group.
Exodus is an open source non-custodial cryptocurrency wallet that enables users to store, manage, and exchange digital assets like Bitcoin (BTC) and Ethereum (ETH) in a seamless manner. As a non-custodial wallet, users retail full control of their assets at all time as the private keys are stored locally on their device. This is in contrast to centralized custodial wallets which store users private keys on their own servers.
Exodus is free to use and provides a simple and intuitive user interface, an integrated portfolio view and a built-in exchange that allows users to quickly swap cryptos within their wallet. With Exodus, users have the ability to safely store 100s of cryptocurrencies and NFTs, stake their assets to earn yield and access web 3 applications inside the wallet.
To get started with Exodus, the first step is to download and install the wallet on your preferred device. Then, simply create a wallet and make sure that you store your 12-word recovery phrase somewhere safe. With this 12-word recovery phrase, you can also access your funds in the event that you lose your password. Once your wallet is created, you can start sending and receiving digital assets.
Exodus Supported Platforms
In addition to supporting a variety of digital assets, Exodus also supports multiple platforms and devices. Exodus is available as a desktop wallet, mobile app and browser wallet.
The Exodus desktop wallet is free to download and is compatible with Windows, Mac, and Linux operating systems. The Exodus Wallet is also compatible with numerous hardware wallets, allowing users to store their funds securely offline.
The Exodus mobile app is available on Android and iOS and has a stellar rating of 4.7 with over 90,000 reviews. The app comes with 24/7 support and the ability to buy cryptocurrencies via card, bank account or google pay.
Finally, Exodus is also available as a browser wallet available on Google Chrome and Brave. With the browser wallet you can store, swap and buy cryptocurrencies while also having the ability to easily connect your wallet to 1000s of dApps across different blockchain ecosystems.
Exodus Wallet Exchange
Exodus offers a built-in exchange inside the wallet that lets users swap between their cryptocurrencies. Note that when using the Exodus exchange you must always have the native token of each blockchain that you are trying to swap in or from to. For example, If you wish to exchange ETH or ERC-20 tokens, then you must have some ETH in your wallet.
Exodus charges a transaction fee for their exchange service and the key benefit for users are privacy and convenience. You can also buy cryptocurrencies via Exodus third-party integration with Moonpay.
Exodus also let’s users earn rewards on their assets via their staking service. The supported cryptocurrencies at this time are Solana (SOL), Algorand (ALGO), Cosmos (ATOM), Cardano (ADA), Tezos (XTZ), Ontology (ONT) and VeChain (VET). Users can also earn interest by lending out their DAI via the compound finance integration.
Exodus Supported Cryptocurrencies
The Exodus wallet currently supports over 260 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Dash, Monero and many others. Users can also store USDC, USDT, BUSD and other stablecoins across a range of blockchains like Ethereum, Solana, Avalanche, BSC, Fantom, Algorand and others.
Exodus Wallet Customer Support
Exodus wallet customer support is available 24/7 to help users with any issues they may have when using the Exodus wallet. The support team is available via email and live chat and overall, Exodus customer support has a great reputation as evidenced by their 4.2 Trustpilot rating with 2,700 reviews.
The Exodus customer service team is knowledgeable and friendly, and they can help with a variety of topics, including setting up an account, troubleshooting errors, restoring a wallet, and more. The Exodus team have also created an extensive knowledge base on their website including support via articles and videos.
Is Exodus Wallet Safe?
The Exodus crypto wallet offers users an advanced level of security as private keys and transaction data are stored locally on the uesr’s device. This means that no one but the user has access to their funds or personal information. Additionally, Exodus makes use of a secure encryption system which ensures that sensitive data is not exposed to external threats.
Exodus also features a built-in backup tool that allows users to easily recover their wallets in case of a system crash or other unfortunate events. If you’re using Exodus crypto wallet, it’s essential that you also back up your wallet. With a backup, you'll be able to securely store your private keys and recover access to your funds in case something goes wrong with your Exodus wallet.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.