Exodus Multi-cryptocurrency Wallet | Exodus Wallet review 2019 | Pros & Cons

Anisa Batabyal
| 29 July, 2019 | 2 min

Exodus has been in a buzz since its inception around 2016 because of its numerous aesthetically pleasing features. Their instant exchange integration feature is what makes it unique, where you can swap one crypto for another one without the coins leaving your wallet. Exodus is a desktop multi-currency wallet that enables you to store crypto tokens, with its user-intuitive interface. You don’t need to download the entire blockchain to your computer, which is time, hence Exodus is a lite wallet.

Exodus is ideal for users who are mainstream crypto enthusiasts who prefer easy to use, secure and beautiful wallet. Exodus wallet is currently available for Windows, OSX and Linux operating systems. They are releasing the mobile version very soon, which will be supporting iOS and Exodus wallet Android versions. Exodus added EOS mainnet wallet, which is why Exodus EOS wallet is one of the best. Recently Exodus wallet FunFair version 1.37.1 has been released and available on their website.


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Now let’s go directly to its special features- Exodus Wallet Reviews 2019:

#1 Security

Although Exodus doesn’t have a 2 FA support, it is one of the most secure and reliable wallets. Just remain safe when you are online, and might as well install anti-virus programs and never click on untrusted links. Exodus wallet can be accessed with a secure password and is recommended to store your cryptocurrencies in a cold wallet if you hold a large number of cryptocurrencies. The fact that the code is not totally open source, some users might find it not pleasing. But one of the developers, JP Richardson have contributed to over 190 open source libraries. The best part is that the Exodus users have full control over their private keys.

#2 Privacy

You can use Exodus wallet being totally anonymous as you don’t have to give any of your personal information to install or use the wallet. On the other hand, the public keys and transactions are fully visible on the blockchain, even privacy coins like Zcash can’t perform fully private transactions. This wallet is not recommended for storing privacy coins like Monero or Zcash but one of the best for storing Bitcoin or other cryptocurrencies.

#3 Exodus Wallet Supported Coins

There is a small downside for ERC20 tokens, where you can see them in their supported currencies list, but in reality, you can’t store any ERC20 tokens and even can’t check their balances. Alternatively, you have to check on the ETH blockchain explorer. Exodus keeps on updating its list.

Exodus supports around 100 cryptocurrencies which are as follows:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Litecoin
  • Tron
  • Dash
  • Binance Coin
  • Monero
  • Ethereum Classic
  • EOS
  • Exodus Wallet Cardano

and 90 more coins

#4 Wallet Backup

When you install the wallet, you are given a 12-word seed or recovery passphrase that you can use to restore the wallet if your computer is destroyed, stolen or lost. You have to write the seed somewhere safely, so when you download it to a new device and click on restore wallet options, you need to give that passphrase.

#5 Cryptocurrency Exchange

Exodus is not an exchange but initially, when it released it was integrated with Shapeshift and was one of the very first to do so, which made it a simple and seamless trading platform for the users. On the wallet itself, there is an exchange tab, where you can select the coin you would like to exchange for and with. After that, you have to select the amount wherein the fee will range from between 2-4% on most crypto pairs Just that you will have to wait for the coins to be sent to your wallet, wherein most of these exchanges would take under 30 minutes.

Pros:

  • User-friendly interface with strong charting tools
  • Access to around 100 cryptocurrency coins and tokens
  • Apt for beginners

Cons:

  • Lack of Two Factor Authentication
  • Not 100% open source

How To Create And Use Exodus Wallet

#1 First you need to download Exodus, where you can store multiple cryptocurrencies.

#2 Then you need to receive some amount of asset to activate your wallet. You need to hold crypto before starting with trading services.

#3 The first transaction is important as it will allow you to go through the backup process, which includes creating a secure password. You will receive the 12-word seed, which functions as a master key to all your assets.

These are the basic steps to create Exodus wallet. Once you start using, you will gradually get it.

Conclusion

The ease of use, along with innovative features and design is what made it favorable amongst the users. The built-in integration makes it, even more, a viable choice when compared with other desktop wallets. It is even perfect for the ones, who are new to the crypto trading industry.

Frequently Asked Questions (FAQ)

  1. Is Exodus wallet safe?

Exodus is considered as one of the most secure wallets with advanced safety features and you can store multiple currencies and can manage with a master key.

    2. Does Exodus have a mobile wallet?

Yes, it has a mobile wallet version also, supporting both Android and iOS version.

     3. Is Exodus a hot wallet?

Yes, Exodus is a hot wallet that can be downloaded to your computer.

     4. Is Exodus a hardware wallet?

No

CoinSwitch enables businesses to convert over 300 cryptocurrencies with our powerful Fixed and Dynamic rate APIs. CoinSwitch exchange APIs are being used by many top cryptocurrency wallets across the globe like Trezor, Exodus, imToken, Guarda etc. Are you interested in providing your users an option to exchange coins within the wallet? For more information please reach out to partnership@coinswitch.co or refer our API documentation.

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!





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