Exodus was created by people with experience in making blockchain products. The main aim of the wallet is to be appealing and simple to understand for newcomers. Keep on reading about this wallet and it might just be a right pick for you.
What’s Exodus?
Exodus is a relatively new wallet for storing cryptocurrency. It was created by JP Richardson and Daniel Castagnoli. They’ve got experience in making crypto products in the past. The goal of Exodus wallet is to make crypto clear to people not even a day into the topic.
Exodus is a multi-currency wallet with more than 100 tokens available for storing, exchanging, receiving, or sending. A user-friendly interface makes everything clear even for an absolute beginner.
Pros and Cons
Pros
- Support and storage of more than 100 coins
- Clear and user-friendly interface
- Anonymous crypto wallet
- Immediately offered various services
- Experienced creators
Cons
- Not a fully open source
- Lack of custom network fees
- Not secure storage since it’s a hot wallet
- Less trustworthy due to being a new project
Security
Exodus wallet has reached the peak of security that a hot wallet gets. Your account is protected by a password unavailable to third parties. Moreover, the wallet locks itself over some time, making it inaccessible to scammers. It’s highly recommended you keep the OS up-to-date and keep your seed phrase on physical paper.
Furthermore, the 2-step authentication technology makes your data safer than ever. Also, Exodus is built on mostly open-source components, but there are no open-source ones. The wallet doesn’t store any of your data, and you’re fully in control over everything you have. It’s stored on your computer only.
Setting up the wallet
Setting up an Exodus wallet is really simple. All you need to do is go onto their home page and install the program on your PC, Android, or iOS mobile device. After, you’re going to need to enter your real email and password to protect your account. Along with that, you’ll get a 12-word secret phrase which will work as a master key to your account. If you lose access to Exodus or forget your password, this phrase will get you access to your account. It’s better to write it down on paper and store it in a safe place in your house.
Once you’re done signing up, you see the interface. It’s really simple, and there are only 6 main categories: portfolio, wallet, exchange, backup, settings, and help.
Portfolio shows you the coins you bought and their graphs. The wallet shows your balance, and exchange allows you to convert one currency into another. In settings, you may change the background color and your data. Finally, at help, you get free customer support from Exodus.
What makes Exodus different from other wallets?
After setting up the wallet and learning what it’s all about, let’s find out why Exodus wallet is better than some other storages.
Design
The design of Exodus must’ve been very vital to its creators and it’s superb. To make a crypto wallet look user-friendly and appealing, it must have to be made as simple as possible.
Exodus wallet has succeeded in being very easy to use. All of its main tabs are immediately opened from the program. The portfolio is really convenient to learn how to use. You also see the graphs of coins you bought there.
Support
Most wallets don’t have support on them, since they'd need to charge people for it. This doesn’t apply to Exodus at all, since Exodus wallet charges fees on trades made on it.
Furthermore, you get professional help using a live-chat available on the main page of the storage. The support team makes the project stand out among others and look professional.
Trading
Trading is the exact reason why Exodus wallet offers you free customer help. The trading function is provided by an exchange platform Shapeshift. The technology helps users exchange one crypto coin for another in split seconds. This kind of trading doesn’t do well for professionals, but as a very beginner you might try it out and see the results.
Prices
Exodus wallet is a free storage that you may download on your device at any time. However, as any other wallet would do, Exodus charges you fees on transactions and trades you make. There’s no exact amount for those fees, nonetheless, you’ll be charged 2-5% according to your exchange amount and the time you’re processing it. The more transactions happening at that moment overall, the less the fees.
Conclusion
This is the end of Exodus wallet review. You’ve learned what Exodus is, why it stands out among its competitors, what services it offers you, and how to set up this amazing exchange. Overall, Exodus works perfectly for beginners who want to take a serious step into the crypto world.
