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Interested in knowing it all when it comes to the Exodus wallet? Then you have found just the right review. Starting with an overview of its advantages, such as ShapeShift extra service, you will get to know all the features that benefit every user when using this wallet. In the end, we will reach the ultimate Exodus Guide, which will lead you through all the required steps to set up and use the all-in-one wallet.
01.Exodus Features & Fees
First of all, what makes Exodus one of the preferred cryptocurrency wallets on the market is its ease of use. Supporting multiple assets might be a difficult task if the interface isn’t friendly enough to match your knowledge. That’s why, I would like to point Exodus’s design as the main reason for being such an attractive software for the users.
When I first downloaded Exodus, I was delighted how the process of using a crypto wallet is simplified and orientated not only to experts in the sphere, but also to the newbies on board. The functionality of this wallet satisfies a large audience – starting from beginners up to advanced users.
Pros & Cons
In order to completely understand if the Exodus crypto wallet is the best one fitting your expectations, you might want to take a look at my short presentation of its strong and weak aspects. The following table will help you have an overview of all its positives, how you’re about to profit from them and vice-versa.
- Light NodeDoesn’t need to locally download the blockchain. Request info from full nodes
- InterfaceOffers a comprehensive dashboard, diagrams and live charts
- Multi-Coin SupportAbility to operate with more than 40 assets in the same software
- Built-In Exchange Easy to use time-saving tool to exchange your funds
- Help DeskA 24/7 service to advise or recommend the users on how to solve their issues
- Closed SourceClosing the project’s program code cause some questions to the users
- SFA (Single-Factor Authentication) There’s no additional security layer to protect your funds
- Unchangeable Fee You’re not able to choose the fee of your transactions
- High Built-In Exchange Fee Sometimes it isn’t worth using it, when speaking of small amounts
Are You Interested in the Exodus Wallet?
Read more on Multi-Coin Support and OS Compatibility first
Multi-Coin Support and Operating System Compatibility
Now let’s have a look at all the supported assets you might want to operate with, if you use Exodus. It is supporting 92 assets, including all the major coins with the biggest market share and also tokens. You might want to know all of them, so check out Exodus’s full list of supported cryptocurrencies:
- Bitcoin SV [BSV]
- Binance Coin [BNB]
- Tezos [XTZ]
- 0x [ZRX]
- Aeron [ARN]
- AdToken [ADT]
- AirSwap [AST]
- Amber [AMB]
- Appcoins [APPC]
- Aragon [ANT]
- Augur [REP]
- Bancor [BNT]
- Basic Attention Token [BAT]
- BitTorrent [BTT]
- BnkToTheFuture [BFT]
- Bread [BRD]
- ChainLink [LINK]
- Cindicator [CND]
- Civic [CVC]
- Crypto.com [MCO]
- Dai [DAI]
- Decentraland [MANA]
- Dent [DENT]
- Dentacoin [DCN]
- DigixDAO [DGD]
- District0x [DNT]
- Dragonchain [DRGN]
- Edgeless [EDG]
- Ethos [ETHOS]
- FirstBlood [1ST]
- FunFair [FUN]
- Gemini Dollar [GUSD]
- Genesis Vision [GVT]
- Gnosis [GNO]
- Iconomi [ICN]
- IExec RLC [DNT]
- Kin [KIN]
- Kyber Network [KNC]
- Loom [LOOM]
- Loopring [LRC]
- Lunyr [LUN]
- Maker [MKR]
- Matchpool [GUP]
- Melonport [MLN]
- Mithril [MITH]
- Numeraire [NMR]
- Paxos [PAX]
- Pillar [PLR]
- Po.Еt [POE]
- Polymath Network [POLY]
- Populous [PPT]
- Power Ledger [POWR]
- Qash [QASH]
- Quantstamp [QSP]
- Raiden [RDN]
- Revain [R]
- Request [REQ]
- Ripio [RCN]
- Rivetz [RVT]
- Salt [SALT]
- Santiment [SAN]
- Singulardtv [SNGLS]
- Status [SNT]
- Storj [STORJ]
- Storm [STORM]
- TAAS [TAAS]
- TenX [PAY]
- Time New Bank [TNB]
- TrueUSD [TUSD]
- USD Coin [USDC]
- Veritaseum [VERI]
- Viberate [VIB]
- Waltonchain [WTC]
- Wax [WAX]
- WeTrust [TRST]
- Wings [WINGS]
As a light node, the Exodus wallet isn’t supposed to support the entire blockchain size. Therefore, all you need to think about is the RAM, which is advisable to be at least 2GB.
What’s more on the must-haves? No matter if using a Windows, Linux or Mac OS, you can download and set up the Exodus desktop wallet on your personal computer. Let me add here that there’s no mobile app and it’s not part of the team’s roadmap. There are several requirements to the operating system you have to consider for your PC/laptop, and I have summarized it here:
Windows 7 or later (64bit)
Ubuntu version 16.04 or later (64bit)
- Mac OS
Version 10.12 or later
Built-In Exchange: ShapeShift
I would like to talk about one premium service of Exodus – the built-in exchange ShapeShift. With it, coin swaps will be done in a matter of seconds. This is an extension, implemented in the wallet, which helps to easily exchange your cryptos without a middleman. Whenever you register in an exchange platform, the software asks for your personal data. This might become a potential hacker attack material. Reduce the risk and use the built-in option.
Unfortunately, using it for transfer of smaller assets frequently, it isn’t worth it. The fee might be as high as the value of your coins/tokens amount. The transaction fees depend on the network load at the moment and not on the amount you will transfer. So, if your transaction amount is relatively smaller than the current transfer fee, it doesn’t make sense to proceed. Check some more details in the Transaction fees section. When entering the amount to an exchange, you’re going to see how much it will cost to do so and can decide if it’s worth it. Anyway, this time saving feature is there in case of needing it.
Is Exodus Safe?
Security is what prevents you from being hacked. This desktop wallet isn’t the most secure option to hold your assets in a long-term perspective. Why? Desktop wallets are always connected to the Internet, exposing the private key which might corrupt your safety. Anyway, keeping it always up to date will let you profit the latest enhancements available. Exodus doesn’t store your private credentials in their server. If you extract them, manage to keep them safe. Here are some additional tips to help you better know the security aspect.
Frequently update your wallet and stick to the most recent version available. If there’s a security vulnerability, it’s normally fixed with the following update. An update might also include additional coin/token to the supporting list. Unfortunately, updating means basically preinstalling or removing the older version and starting from scratch.
It is based on cryptographic functions, allowing two types of Exodus encryption:
- Email back up encryption: you can receive a link via email with a backup file readable only to you with your password.
- Local file encryption: when creating your wallet, you also choose a password, which is going to encrypt the keys in a local file, accessible only to you with your password.
Privacy and Anonymity
For many of you, the possibility to execute safe and private online actions is a major concern. The team behind Exodus helps in that direction by adopting several privacy characteristics. Developers are implementing and constantly updating Exodus to end up offering a safe product. To ease your mind, I want to show you how this wallet protects every action:
VPN Server (Virtual Private Network)
It encrypts all your internet traffic and distinguishes it through several servers. This way the address from where you broadcast a transaction will be more or less hard to trace.
Hierarchical Deterministic (HD)
There’s a seed, which generates random addresses, which means you place a transaction from a different address every time. All this makes it hard to surveil your address in the public ledger.
When making a transaction in the blockchain, it must be validated (confirmed) by the miners in the network and they choose which transaction to validate first, based on the transaction fee set. The higher the transaction fee is, the higher the chance of getting validated as fast as possible. It’s because miners get these fee taxes as their profit and they choose which one to validate first (brings them more profit).
The software uses a dynamic pricing model, which chooses the transaction fees according to the network load statistics. What is more, when you want to exchange assets there is additional fee, which is a bit higher with the Exodus in-built ShapeShift feature.
The implemented simplicity of Exodus’ interface is considered its biggest advantage. The amazing design organically leads the user at every click. The more than forty assets and the built-in exchange function are just a small overview of what Exodus wallet is about. The help desk center is considered as one of the strongest points, since it’s very responsive to customer issues. This is one of the top performants on the market for 2019.
Never the less, there are some weak aspects. The security level isn’t the best when speaking of a higher amount of coins, because of the Internet’s vulnerabilities. There are no privacy or security features, such as multi-signature or additional layer for protection – two-factor authentication (2FA). If you’re still not a 100% sure that this is your wallet, I strongly recommend checking Jaxx. It is the most preferred wallet for 2019 and offers similar and additional features such as a mobile version.
02.Exodus Wallet Guide: How to Setup and Use
If you don`t know how to use Exodus, welcome to the ultimate guide that covers everything from setting it up to using it. Here I’m going to show the design key elements and how to download and install the Exodus software. Later in the section, you’re about to discover how to check on your wallet address, send or receive assets and back up or restore keys. At the very end, I’ll lead you through the specifics to consider for advanced usage and I will give some tips on what to avoid during each process. Keep reading to get everything you need!
How to Install
Here we come to the interesting part. All I want to ask you to keep in mind is to choose the right package from the download official page, depending on your operating system. Let me take care for everything else – read the configuration and follow each step.
Choose an Operating System
- Download the setup archive package to your PC
- Double-click it and follow the installation wizard
Hint: It needs a .NET framework 4.5.2. from Microsoft, so if you don’t have it, the set up will try to download and install it automatically
- Download the setup archive package to your PC
- Unzip it at any directory
- Double click the program’s icon or run it in the terminal by typing ./Exodus
Hint: if some library files are needed, you can install them using sudo apt-get update/libgconf 2-4 (for Ubuntu) or sudo yum update/libgconf 2-4 (for Rhel / Centos)
- Download the package and run it on your system
- Find the file in the list of apps and start it from there
Start Exodus and you’ll see a nicely structured portfolio board with all your assets. There’s a colorful diagram, showing the share of the particular coin when compared to the full amount you possess. Right after it, all coins are in a line with their name, percentage from the diagram and value in a fiat currency. On the left, there’s a side bar with all the features and actions you might consider using. At the bottom of the sidebar, there are a
One specific function is the tracking option. You’re able to surveil assets, their price over time and also have an overall statistic to check on your investment. You can see not only the current price, but also a history of charts to follow up the parameters’ rate.
Create an Address
As a matter of fact, you’re not going to create an Exodus address. This HD wallet can generate many new addresses from a single seed. You can use your old addresses, or a new one every time you perform an action, which makes tracking your funds close to impossible. When clicking the ‘Receive’ section choose a coin, then the software automatically generates an address from the seed. Copy it, send it via email or print a QR code to access it.
Send and Receive Assets
As you can imagine from the last paragraph, receiving is going to follow the same steps logic with one additional action requested – to give the sender your address, so he could proceed the transaction. Sending isn’t pretty different. When you choose the send option in the ‘Wallet’ section, you’re supposed to pick a coin. The Exodus crypto wallet offers the opportunity to type the amount either in crypto coins or fiat currency. Enter the recipient’s address and then broadcast – that’s all.
Hint: Always check and recheck the receiver address – if one of the characters is mistaken, you’re losing your coins, since they go nowhere but also don’t come back to you
Backup and Restore
Install and deposit your crypto
After downloading the app, you can overwrite the old version, delete it or simply start fresh. Mac users need to first drag/drop the new one into the app folder. For Windows users, there is an installer doing all that for you. Once you open Exodus, there will be no assets in it. In order to enable the inbuilt backup option to deposit some small amount of coins (e.g. 1 Dash).
Create a strong password and save it
Once your wallet is not empty anymore, go to the backup tab. Bear in mind, that it is clickable only if you have something in Exodus (1 coin, 1 cent, a dollar). Now, once in the backup menu, you will be asked to create a strong password. The best way is to have a word phrase, which needs to be stored someplace safe. You can back it up through a recovery one. The information from it should lead you to the original one. You can also print out the word phrase in minimum 2 copies. The last step is executed through emailing your backup link.
Restore wallet from the seed
Such options are reachable from the lock screen and developer menu. Once you open the wallet, in the portfolio section you need to click “restore from the backup” link. Then choose “12 Word Recovery Phrase” from the newly opened window. Once you have typed the password, click “Restore”. It takes a few seconds. Then another popup will say “Restore Complete”. Here press “Ok” and wait until you see “All Done! Your assets have been restored”.
Restore from backup
This step relates to the recovery email the wallet has sent when first created the phrase password. Just open that email and click the backup link. Exodus will ask for your passphrase. A small tip on that step here – click on the “eye” icon and double check if what you wrote is correct. Press “unlock” and wait for about 20 seconds.
If you’re the tech-orientated guy, who wants to have it all, then you’ll be interested in the developers’ functions. Let me give you something interesting to try on: press the Ctrl+Shift+D combination and check on the console, which will appear. It gives the opportunity to:
See your private key (click export and then private key)
Export your private key pair to a file and use it as a backup (keep in mind it is not encrypted)
Change the price service delivery
Move funds from other wallets with the private key or from paper wallet (you’re going to be charged for this)
Possible Issues and How to Avoid Them
Ultimately, you might need help at some point. If any problem occurs, there are community and help desks, which can help you. The troubleshooting section lists the most common issues user ever experienced, which is very useful especially for newbies. Don’t forget you can always ask the community in their direct chat channel.
Scams and attacks aren’t excluded, so you should consider some precautionary measures to protect your wallet. An Exodus example to think of in this direction is the phishing from September 2017. There was a website copying the Exodus’s official one. When you’re not careful and download the wallet from their phishing domain, hackers steal all your money by sending it to another address without your permission. That’s why always verify if the domain of the official website starts with HTTPS, instead of HTPP. Also have a look at the green padlock, just to make sure it’s not a scam. Check the discussions on Reddit here:
How do I restore my password if forgotten?
Use the 12 words phrase to restore your account. After installing the Exodus coin wallet, choose the option to recover from a Backup, then click the “12-word recovery phrase” button and enter it (with one space between each word). Then click the recovery button. It might take around 10 min before seeing the message “All Done! Your assets have been restored”.
How to cash out from the Exodus wallet?
There are several options. On the one hand, you might exchange your coins to Bitcoin/Ethereum or another and send it to Coinbase for sale. On the other hand, try to find an exchange, which supports your coin and send it there. It’s up to you and the fees you’re about to experience.
Does Exodus have any fees?
In order to use any digital asset, you need to pay a fee. This fee is not going to Exodus, though. It is for insurance, that the network will deliver quickly and reliably.
Is there a mobile version of the Exodus?
Currently, Exodus is desktop only. The team believes that the mobile version is inevitable, but still prefer to stand back behind the desktop one, because the majority of exchange volume happens through a desktop interface.
Is the Exodus wallet safe?
It is not safe enough for storing serious amounts of cryptocurrency, since it doesn’t provide 2FA (additional security layer). It is perfectly protected for maintaining small blockchain assets. For maximum security, we recommend a multi-signature wallet like Copay or buying a hardware wallet like the Ledger.
04. About Exodus
Ever since the Exodus wallet was launched in 2015, it has become an exclusive alternative to the Bitcoin Core wallet. JP Richardson, who initially worked for the Bitcoin Core team as a developer, wanted to create another Bitcoin wallet easier to work with and also implement later more assets. A few months later, the designer Daniel Castagnoli joined the technical officer and they both started their journey in creating a friendly and useful software tool for all the crypto users worldwide.
Exodus on Social Media
We all know the importance of social media nowadays. Most users prefer following their interest all the time and stay tuned for news. Note that Exodus doesn’t offer not only a mobile version, but also no telephone support. Let’s resume the Exodus socials to check everything you’re interested in anywhere, anytime.
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