...

Exodus Wallet Review 2023 for you

Exodus wallet review

Exodus Wallet is a storage wallet that allows you to store cryptocurrencies in a decentralised and secure way. Unlike storing tokens on centralised platforms such as Binance or Coinbase Exchange, this type of wallet allows you to store not only funds but also private keys.

This means that the user has full control over their cryptocurrencies and is solely responsible for keeping them safe. To be clear, having an Exodus wallet is similar to having a MetaMask wallet, but with some significant differences that make many users prefer it for certain purposes. Let’s look together in this review of the Exodus wallet at how it works and how to use it.

Exodus Wallet overview: how it works: the first steps

Before understanding how to install the Exodus Wallet, it’s helpful to do the background so as not to get lost in the various steps. The wallet or purse must be downloaded to your computer or device and is not available as a browser extension, as is the case with MetaMask.

Exodus Wallet overview: how it works

Consequently, the information remains offline when the programme is closed but returns to the operational mode when it is launched. In terms of security, we can say that we are in the middle between a hot wallet and a cold wallet, so it is a good compromise for those who want to store funds safely with frequent but easy use.

Compatibility with Windows, Linux and Mac operating systems, as well as Android and iOS mobile devices are advantages in this regard. A smartphone version is also available.

In terms of history, Exodus was born in December 2015, and after various updates and partnerships (including with Trezor), it has become one of the best cryptocurrency wallets available, as well as one of the most beautiful and intuitive in terms of the graphical interface.

How to use the Exodus Wallet

The steps you need to follow to use Exodus Wallet and create a wallet are very simple. We will try to list them as simply as possible.

How to use the Exodus Wallet

  1. ✍ First of all, you will have to download the app from the official website if you are going to install it for PC, or through your mobile device app shop for your smartphone.
  2. ✍ Once you’ve chosen the right version, depending on your operating system, you’ll need to install the app.
  3. ✍ When the installation step is complete, you’ll find an icon on your desktop or smartphone.
  4. ✍ Once you open the app, you should see a screen like this, the home screen.
  5. ✍ From here you can decide to make your first deposit or deposit cryptocurrency for the first time, thus creating a new wallet, or you can import an existing wallet using your sido phrase.
  6. ✍ After depositing your funds, Exodus will ask you to choose a password as the security level to access the wallet and will show you the 12 words that make up the source phrase.

How to get money into Exodus

If we want to start by sending Bitcoins to our wallet, just go to the wallet section (above) and click on Bitcoin. Then click “Receive” to view your BTC address and send Bitcoins from your existing wallet or any exchange.

How to send cryptocurrency via Exodus

To send your cryptocurrencies, the process is similar. Simply click “Send”, select the amount you want and enter the recipient’s address, then confirm.

How to send cryptocurrency via Exodus

How do I trade cryptocurrencies on Exodus?

Buying cryptocurrencies on Exodus with fiat money, such as Euro or dollar, using credit cards and similar payment methods is not possible. However, any cryptocurrency can be exchanged using a practical internal wallet exchange.

For example, you can exchange Ethereum for Bitcoin or vice versa, and choose from over 150 different cryptocurrencies.

It is important to know that there is a minimum coin threshold for exchanging cryptocurrencies based on the type of cryptocurrency you want to exchange, and a 1% spread will be charged through the internal exchange.

Currencies supported by the Exodus Wallet

The Exodus Wallet supports over 100 cryptocurrencies and tokens, including all major ones such as Bitcoin, Ethereum and Lightcoin. Listed below are some of the major cryptocurrencies supported by Exodus Wallet:

  • ???? Bitcoin (BTC)
  • ???? Ethereum (ETH)
  • ???? Stellar (XLM)
  • ???? Bind US Dollar (USDT)
  • ???? Bitcoin Cash (BCH)
  • ???? Lightcoin (LTC)
  • ???? EOS (EOS)
  • ???? Currency (XMR)
  • ???? Bitcoin SV (BSV)
  • ???? Binance Coin (BNB)
  • ???? Link to the chain (SPY)
  • ???? Space (ATOM)
  • ???? (DAVID DAVID)
  • ???? Tesos (XTZ)
  • ???? Tron (TRX)
  • ???? Cardano (ADA)

Is the Exodus Wallet safe?

Being a multi-currency and non-storage wallet, Exodus is without a doubt a safe way to store your cryptocurrency funds. However, it should be stressed that security depends solely on the habits of the user and the device on which it is installed.

Exodus wallet

If, for example, we installed the wallet on a compromised device with a virus, obviously hackers could access the wallet in no time at all. That’s why it’s recommended never to store the source phrase on your device but to store it offline so that no one can steal it.

Opinions on Exodus Wallet: advantages and disadvantages

The advantages of a wallet like Exodus are manifold when you decide to store assets for easy and frequent use.

  • ???? First of all, you can say that it’s one of the safest ways, but not on the level of cold wallets like Ledger Nano X or Trezor. Secondly, Exodus even allows you to bet some cryptocurrencies almost automatically to earn interest on deposited assets that support the Proof-of-Stake consensus method.
  • ???? At the moment, for example, you can get up to 5% APY on ADA, 5.80% on SOL, 14% on ATOM and 3.25% on DAI.
  • ???? An additional advantage is the 24/7 support service, which, unlike wallets like MetaMask or Trust Wallet, allows even less experienced users to work safely and with maximum intuitiveness.
  • ???? In addition, its full compatibility with Trezor makes it ideal to work in a fully secure and offline environment, combined with a hardware wallet for maximum security.
  • ???? Exodus is not a wallet that lends itself to interoperability with Dapp or other Defi or similar platforms, so you will need to import your Exodus wallet’s private key directly into MetaMask to interact with them.

Conclusions Overview of the Exodus Wallet

In this review, we have seen how the Exodus Wallet is a great solution for those who love working with cryptocurrencies but want a good level of security without too many complicated steps. Once you have deposited funds into it, you can easily send or receive cryptocurrencies.

Crypto in exodus wallet

Exodus is very good for frequent and easy use, I would recommend it for easy sending and receiving of funds. Also, the mobile app is really well done and has one of the best user interfaces!

Richard Urban
Author and expert: Richard Urban
Contact:
LinkedIn: Richard Urban