Exodus wallet is a multi-currency wallet that is compatible with more than a hundred digital currencies. This is among the best crypto wallet of 2021. Primarily this crypto wallet was available only for desktop but now it evolved and is available for mobile as well. In this article, we will see an Exodus wallet review.
The design of Exodus is focused to cater to beginners who have never dealt with digital currencies and this feature of Exodus makes it a unique wallet in the crypto space.
One of the most famous features of this wallet is that it is compatible with an array of altcoins, along with Bitcoin. The user can also avail this exchange to exchange one crypto for another.
Exodus Wallet Review
Having said that, there is one thing that the users should always remember, that Exodus is a light crypto wallet that uses SPV (Simplified Payment Verification) which implies that this wallet does not download the full blockchain, instead, it utilizes a range of servers for the purpose of tracking wallet balances. Let us see an Exodus wallet review, by individually judging each parameter of evaluation.
Interface And Ease Of Use
Exodus is a cross-platform application that is compatible with Windows, macOS, and Linux. This application does not require registration, so the user can do Exodus wallet download it directly, and install it to start using it. So the Exodus wallet login process is very easy. However the developers take every necessary action to ensure the security of the application, it does not offer two-factor authentication. This app depends completely on the password.
Also unlike other wallets, Exodus does not include the latest mechanism of authentication, the multi-signature address. This mechanism requests permission from several devices before starting any transfer.
Now talking about the interface, once you are inside the application the interface is fairly intuitive and inviting. This is an advantage as the application has been formulated to provide the user both the services of crypto exchange and portfolio management so that they can manage, store, and trade digital currencies from one platform.
The Exodus application has a handful of applications on the header that allows the users to navigate through various operations. For example, the portfolio icon offers the users a complete overview of their digital currencies along with similar information, such as the movement of price in the varied time frames for varied assets.
Then there is a wallet section from where the user can receive or send any amount of supported crypto either by using a wallet address or by scanning a QR code. The exchange tab allows the user to trade different digital currencies.
The next parameter in our Exodus wallet review is how easily funds can be transferred here. When you first begin, the Exodus wallet is not locked. However, when you start to deposit funds the security process starts to commence. You may wonder, has Exodus wallet hacked? Despite such security, the Exodus wallet has never been hacked.
You may wonder how to use Exodus wallet to receive funds. In order to receive crypto, go to the wallet tab, and then first choose the digital currency that you wish to receive. You can also see the price chart of the crypto that you have selected on the same page. Once done, copy the receive address of your wallet. You can also take a screenshot of the QR code or even mail the receive address to the sender.
As soon as you receive the fund, Exodus will immediately ask the user to enter a password for your account. The application, via its videos and documentation, recommends using a password manager application for this reason, which we believe is a piece of very prudent advice. Exodus will also show a 12-word phrase that will allow the user to recover their password. Again the developers recommend jotting this phrase on a piece of paper for storing it offline rather than on the user’s computer.
In both types of transactions that are sending and receiving funds, Exodus will show similar information for keeping maximum transparency. For example, when receiving and sending crypto, the wallet will show the Exodus wallet fees it will charge for the transfer of funds at the bottom of the screen. Similarly, it will display the crypto value that will be debited from the user’s wallet and the amount of crypto that will be added when the user is exchanging between two digital currencies. Exodus gets a fee every time the user uses it for the purpose of exchange between digital currencies. It shares more information related to fees.
In case the query the users aren’t addressed, they also have the option to send messages to the support team. It is important to know that Exodus does not offer telephonic support, so if you find a number online, it is most definitely posted by a scammer.
After a thorough Exodus wallet review, it can be concluded that Exodus is a good option, for those who are just getting beginning with digital currencies. The wallet, along with its inviting design and dynamic interface, is a good choice for exchanging and managing small amounts of cryptos without getting into the nitty-gritty of the process.
Frequently Asked Questions On Exodus Wallet Review
1. Is exodus wallet safe?
Exodus is a software wallet and is as safe as the computer it is installed on and the user’s security practices.
2. Is exodus a good wallet?
An Exodus is a good option, for those who are just getting beginning with digital currencies. The wallet, along with its inviting design and dynamic interface, is a good choice for exchanging and managing small amounts of cryptos without getting into the nitty-gritty of the process.
3. Is exodus a hot wallet?
Yes, Exodus is a hot or software wallet that serves the purpose of exchanging and portfolio management as well.