According to research by various market analysts and financial experts, the market is likely to be dominated by at least 25% of cryptocurrency transactions by 2020. This information speaks volumes about the future of digital money.
The crypto space is made up of a wide variety of currencies. These currencies can be bought off an exchange, off an asset exchange, through a direct trade, or using a fiat currency.
But once you acquire your digital money, the issue of storage kicks in.
A general rule of thumb is to never store your coins online or in an exchange. As you may already know, the biggest threat to the very existence of cryptocurrency is hacking.
Thus, cryptocurrency wallets are the best and the most recommended solution for your safety needs.
The most preferred wallets are the hardware ones and, by extension, the most popular amongst crypto users.
These wallets are a separate piece of hardware attached to your computer, pretty much like USB devices.
In this review, I analyze one of the most sought-after wallets for your virtual money – it is called Exodus. Exodus is a desktop wallet meant to provide you with absolute control over your virtual money.
The wallet has several fascinating features as may be seen in this video by the Exodus team.
Cool, right? We hope it stays that way as we go deeper into this review.
Exodus Wallet Review: An Overview of the Wallet
Exodus was established in 2016 by JP Richardson and Daniel Castagnoli. The duo are former employees of tech giant Apple, and they also have past working stints with BMW and Nike.
Exodus provides its users with a storage platform for nearly a dozen cryptocurrencies.
Like other desktop wallets, Exodus cryptocurrency wallet stores your crypto assets directly on your machine. And since it is a Lite wallet, you will not have to download the entire Blockchain technology onto your computer.
The wallet’s biggest claim to fame is its user-friendly, intuitive platform. With this wallet, you get to have all the bells and whistles to take full control of your portfolio.
What Coins Can Exodus Support?
Exodus is compatible with a wide range of cryptocurrencies. Here are a few coins compatible with the Exodus wallet: Bitcoin, BAT, Argon, Civic, Aragon, Ethereum, EUS, Golem, Ethereum Classic, District Ox, EOX, Litecoin, and Qtum (ERC 20), among other coins.
The Exodus team keeps providing constant support for new coins. You can check out their website for a full list of the coins on their roadmap.
How Compatible is the Exodus Wallet?
This desktop wallet is compatible with Windows (64 bit), Mac OS, and Linux. Also, cryptocurrency users can join the Exodus movement by using a messaging platform called Slack.
Exodus also works with ShapeShift and was, in fact, the first desktop wallet with full ShapeShift functionality.
How Can I Set up and Use the Exodus Wallet?
Setting up your Exodus wallet is quite simple. Here are the steps to get you set up and started on the platform.
- Go to the wallet’s official website and download the wallet. Take note of fake websites by verifying the security certificate of the site you’re visiting. You can do so by checking the green text next to the website address.
- It should either say “secure” or indicate the name of the company as seen below.
- Once the download is complete, follow the prompts on the screen to install it. You should be able to open your wallet, then click on the “wallet” icon at the left-hand side of the screen.
Select the cryptocurrency you wish to add to Exodus. Next, click on “receive”. You should be able to see an address and a QR code, which represent your public wallet address.
The code or the address is what you share with anyone who wishes to send you cryptocurrency coins. The same address is used to send coins to other wallets.
If you are using a device with a QR code scanner, you easily can get an address using the QR code.
Making Payments Using Exodus
Whether you wish to use this wallet as an Exodus Bitcoin or Ethereum wallet, these are the steps to follow to send coins to other users.
- Click on “wallet” on the left-hand side of the screen.
- Select the currency you wish to send.
- Click the “send” button.
- You will have the option to enter an address or scan a QR code of the person you wish to send funds to.
- Enter the address or scan the QR address in the provided field, indicated as “send to (coin name) address…
- Enter the amount you wish to send, then click “send”.
How to Use the Exodus Exchange
Using the Exodus is a simple affair. Once you have added funds to your account, here is the process that follows.
- Select “Exchange” on the left window – on the left side, you should be able to see the currency you are swapping. Proceed to select the currency you wish to receive.
- Select the left-hand option – it will indicate “Bitcoin” by default. You can change it to any currency you wish to swap. The same can be done on the currency you wish to receive.
- The bottom part of the page will show the various exchange rates of the selected currencies. It might be indicated as “1 BTC = 12.6092 ETH”. This means that for every Bitcoin you swap, you will receive 12 Ether coins in return.
- After selecting the two coins you wish to swap, click on the “exchange” button and you should receive your coins shortly after.
Is Exodus Wallet Safe?
Exodus desktop wallet encrypts all your blockchain assets and saves them on your computer. This places the coins at a higher level of security.
The platform also runs a backup in case your computer breaks down or gets vandalized.
Moreover, the platform also provides a secure link to reactivate your wallet in case you lose your login details.
Exodus Wallet Rating
In my Exodus wallet review, I analyzed some of the essential components of any standard cryptocurrency wallet. Take a look below.
User-friendly – 4.5/5.0 Stars
Supported Coins – 4/5.0 Stars
Security – 4/5.0 Stars
Reputation – 4.5/5.0 Stars
Fees – 4/5.0 Stars
Overall Rating – 4.2/5.0 Stars
Reason for the Rating
User-friendly – Exodus wallet provides a very user-friendly interface that is appealing to new users or those who are new to the crypto space.
Supported Coins – The wallet supports more than a dozen coins in its desktop wallet. That is more than the average wallets can accommodate.
Security – With the desktop coin storage feature and a backup link to restore your wallet in case you lose your login details, there is bound to be minimal to zero chances of losing your money.
Reputation – According to the various Exodus Bitcoin wallet reviews by users, the level of user satisfaction is close to perfect.
Fees – This is a key determinant in this industry. I had to dig deeper into it and you’ll be happy to know that Exodus offers some of the most competitive transaction fees around.
- The platform has an extremely user-friendly interface.
- Access to a wider range of coins.
- Great for crypto trades or portfolio builders.
- Fabulous support team.
- As a software, it can be hacked.
- Lacks of two-factor authentication.
If you are a fan of great design blended with awesome user experience, then this review might just have unearthed the solution for you.
Exodus has taken the attention to detail on another level with its unique design. In addition, the platform seems to have filled up the gap left by most other wallets when it comes to customer support efficiency and security controls.
Lastly, it is going to be interesting to see how the platform plans to stand out in a market dominated by constant technological advancements.