Exodus Desktop Wallet- The reliable cryptocurrency wallet

Overview

If you want to store your cryptocurrency for a long period of time, paper or hardware wallets are the best option. Wallets like the Exodus wallet are great for people who use small amounts of cryptocurrency regularly. They are also good if you want to swap one cryptocurrency for another.

In this article, we will give you a detailed guide to the Exodus Wallet and its overall aspects. Let us look into this Exodus Wallet review in detail now.

  • Overview
  • What Is Exodus Wallet?
  • Exodus Wallet Features
  • Exodus Wallet Fees and Limits
  • Exodus Wallet Supported Currencies
  • Is Exodus Wallet safe?
  • How to register on Exodus Wallet?
  • How to recover the Exodus wallet?
  • How to send crypto assets using Exodus Wallet?
  • How to receive crypto assets using Exodus Wallet?
  • Exodus Wallet Pros and Cons
  • Conclusion
  • Recent Updates
  • Exodus Wallet FAQ’s

What Is Exodus Wallet?

The Exodus wallet is a relatively new software wallet. It was co-founded by JP Richardson and Daniel Castagnoli in the year 2015. Exodus provides free downloadable desktop and smartphone versions of its cryptocurrency wallet, while also allowing hardware wallet compatibility with the Trezor One and Trezor Model T. 

Exodus has been designed to be a user-friendly, multi-cryptocurrency wallet. Exodus Wallet has been well received by many in the crypto community by providing a built-in exchange and being one of the few software wallets that provides compatibility with hardware wallets.

Exodus Wallet Features

Exodus Wallet Fees and Limits

Exodus wallets are free to download and use. It includes the mobile wallets as well. When exchanging assets through the Exodus wallet, Exodus gets a small commission from the trade. However there is a network fee to send digital assets in Exodus.

Exodus Wallet Supported Currencies

Exodus wallet supports over 100+ cryptocurrencies and tokens including all the notable ones like Bitcoin, Ethereum, and Litecoin. Some of the major cryptocurrencies supported by the Exodus wallet can be listed as below:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Stellar (XLM)
  • Tether USD (USDT)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • EOS (EOS)
  • Monero (XMR)
  • Bitcoin SV (BSV)
  • Binance Coin (BNB)
  • Chainlink (LINK)
  • Cosmos (ATOM)
  • DAI (DAI)
  • Tezos (XTZ)
  • Tron (TRX)
  • Cardano (ADA)

Is Exodus Wallet safe?

The Exodus development team checks the platform periodically to find and clear bugs in order to ensure maximum protection for users. The wallet also provides users with seed phrases that can be used in the event of a malfunction or damage to the main device to retrieve private keys.

Exodus wallet has given total control over user funds. It is also your duty to secure your account by developing good passwords and safeguarding the seed for recovery.

How to register on Exodus Wallet?

Visit the Exodus official website and download the app based on your platform: Mac, Windows, or Linux.

Follow the screen prompts to install the wallet successfully.

Once installed, open it and click the “wallet tab” on the left section of the platform. You are now ready to start using the wallet.

When you first download Exodus, it will prompt you to go through the backup process which includes creating a password for your wallet.

You will also receive the randomly generated 12-word secret “recovery phrase” of your wallet. This is a secret phrase that functions as a master key to all of your assets.

How to recover the Exodus wallet?

Download the latest version of Exodus and Launch it.

Click the ‘Restore from Backup’ button on the Home welcome screen.

Exodus will then ask to restart. Click ‘Restart’.

Type your 12-word secret phrase in order with no capital letters. Click the arrow to the right when you are finished.

Exodus will open with a popup “All done!”. Click OK and wait a few minutes while Exodus rescans the blockchains and displays your balances.

Make sure to set a password to protect your newly restored wallet.

How to send crypto assets using Exodus Wallet?

Open the Exodus wallet software on your computer.

Click ‘Wallet’ located on the left side of the screen.

Select the coin/token (Eg. Ethereum) you would like to send from the list and click the ‘Send’ button.

Enter the recipient address and the amount of cryptocurrency (eg. ETH) you would like to send.

Then click the Send button. Instead of entering the address manually, you can scan the QR code by clicking the barcode icon.

Then, you will see a confirmation window with the amount and the address. Double-check the address to ensure that it is valid and click the ‘Send’ button.

How to receive crypto assets using Exodus Wallet?

Open the Exodus wallet software on your computer.

Click ‘Wallet’ located on the left side of the screen.

Select the coin/token you would like to receive (eg. BTC) and then click the ‘Receive’ button.

Now, your screen will display the receiving address.

Either you can copy the address or share the QR code to the sender.

Once the sender has initiated the transaction, you will receive the funds on your wallet.

Exodus Wallet Pros and Cons

Pros

  • Easy to use interface
  • Free to download with no registration required
  • Hardware wallet support
  • Integrated with Shapeshift exchange for easy trading
  • Supports multiple currencies
  • Support desk available 24/7

Cons

  • The mobile app supports fewer cryptocurrencies
  • No way to buy cryptocurrency in the app
  • Does not support cryptocurrency to fiat transactions in wallet
  • Not ideal for storing a large number of coins
  • Limited security features.

Conclusion

The Exodus wallet is perfect for beginner cryptocurrency enthusiasts. That is because it is very simple to use, and allows you to store and trade multiple different cryptocurrencies, not just Bitcoin or Ethereum. Also, the wallet is a software, so it is a much safer option than just keeping your crypto coins on an actual exchange.

The Exodus wallet is often referenced as one of the better software wallets on the current market. While it does not provide users with as much security as a cold wallet would, it is still definitely worth considering, especially if you are an active trader who deals with different cryptocurrencies in your day-to-day life.

Recent Updates

  • On July 03, 2020, the $COMP token makes its debut, Cardano Shelley upgrade is on the horizon.

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