Exodus Wallet Review - Pros and Cons

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What is Exodus wallet ?

Let's look into the subject of what is the best crypto wallet for beginners to assist them handle their digital riches effectively.

Exodus Movement INC. was founded in 2015 by JP Richardson and Daniel Castagnoli for the secure storing of digital currency.

More than 100 cryptocurrencies are supported by the multi-currency wallet. Exodus mobile app is now available for Android and iOS platforms, when it was previously only available as a desktop version.

A wide range of altcoins, including Bitcoin, are supported by the wallet.

Without requiring any registration, the wallet can be used to swap cryptocurrency. It's important to remember, however, that Exodus uses Simplified Payment Verification as a light wallet.

This means it doesn't download the complete blockchain, instead tracing wallet balances across multiple servers.

More information on the Exodus wallet and how to exchange cryptocurrency may be found here. Let's get started with a comprehensive Exodus wallet review!

Exodus Wallet How Does It Work ?

The Exodus platform's main goal is to make digital coin access, management, and use as simple as possible.

To describe how the wallet works, you must first grasp the following three components:

Wallet - Exodus, like all other cryptocurrency wallets, works with a set of codes that help users manage and link their crypto assets across different blockchains.

Rather than cryptography, it holds a set of three codes: primary keys, seed phrase, and public address. In blockchains, primary keys provide access to the crypto coin, whereas a public key serves as the wallet's address.

The seed phrase, on the other hand, is a recovery phrase code that can be used to regenerate private keys if they are lost.

Portfolio — The Exodus team created a portfolio page that displays all important information, such as a breakdown of the crypto coins owned and their current exchange rates against fiat currencies.

Integrated with ShapeShift - Exodus and ShapeShift have teamed up to create a unique value proposition. ShapeShift is renowned for its trading, security, user interface, and privacy features, making it one of the top crypto exchanges.

Exodus customers may trade on this crypto exchange with increased speed and anonymity directly from their Exodus wallet.

Exodus Products

Mobile Wallet — There are just three categories in the Exodus mobile wallet: Portfolio, Exchange, and Wallet.

Desktop Wallet — There are a few extra tabs in the desktop app: Settings, Backup, App Explorer, and Help.

Trezor Hardware Wallets - Exodus can be used in conjunction with the Trezor Model T or Trezor One hardware wallets for increased security.

Exodus Crypto Apps - Within the application explorer, there is a featured app category that provides easy navigation and bitcoin apps. The app is used to earn cryptocurrency interest.

Pros & Cons Exodus Wallet

Exodus Wallet Pros

Built-in Portfolio and Trade Functions – Changing one is simple.

Exodus allows you to trade one cryptocurrency for another and keep track of your daily profits and losses.

Multiple Cryptocurrencies Supported — You may keep over 100 digital and particular coins in one spot, making it easier to spend and exchange key cryptocurrencies.

User-Friendly and Intuitive Interface — Exodus is the most user-friendly wallet and ease of use in the crypto ecosystem, created from the ground up for all types of users.

Fees that are automatically adjusted – This Exodus benefit is for novices who are still unsure about determining the correct transaction network cost.

Customer Service - Exodus customer service is not only professional, but also attentive to its consumers.

Exodus is connected with ShapeShift, which makes anonymous and simple transactions possible.

Exodus wallet - Supported Cryptocurrencies

Exodus wallet supports over 100 cryptocurrencies and tokens, including industry heavyweights such as Bitcoin, Ethereum, and Litecoin, as well as up-and-comers like as Stellar, Dai, Lisk, and others.

Here are some of the coins that are supported by Exodus Wallet:

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)
Brave Attention Token (BAT)

Exodus Wallet Cons

Exodus software wallets are readily hacked, and most users would lose money if their device is infected with keyloggers or spyware.

Important Security Support is Missing – It lacks critical security features such as multi-signature support and two-factor authentication.

There are no crypto-to-fiat transactions available . Transactions from crypto to fiat are not supported.

Is exodus still a good wallet ?

Its ease of use has made it the first and best choice of users when compared to other wallets.

The attractive design of the straightforward interface makes it the best cryptocurrency wallet since it allows users to transmit, sell, and purchase cryptocurrencies in tiny amounts without having to go through a lengthy process.

Is exodus a cold wallet ?

Exodus that only you have access to your private key, which is a 12-word password phrase that safeguards access to your crypto assets.

Is exodus a hot wallet ?

Exchange wallets, web wallets, and software wallets like Exodus are all examples of hot wallets. While Exodus gives you control over your private keys, it is installed on your device and requires Internet connectivity to function, which can pose certain security issues depending on your security habits.

Why is Exodus wallet so expensive ?

To send a transaction on any blockchain network (Bitcoin, Ethereum, etc.), a modest fee is required.

These costs are not paid to Exodus; instead, they are paid in full to the network (miners) in order to ensure that transactions are delivered reliably and swiftly.

Popular networks are more expensive because they are overcrowded.

How do I convert my exodus wallet to cash ?

While you can't withdraw USD directly from your FTX portfolio's USD wallet in Exodus, you can swap crypto for USD through the FTX Exchange app and it will appear in your FTX portfolio's USD wallet.

After that, you'll be able to withdraw USD from FTX (US | International)!

Conclusion

You won't be surprised to find that we're really impressed with what's accessible here at this point in our Exodus Wallet review.

This is a choice that not only pushes the boundaries of what's possible in the realm of software wallets, but also makes no excuses for them, offering alternatives and backups to keep you as safe as possible.

Almost any wallet you use will demand you to make sacrifices in some areas in order to improve your experience in others.

With that in mind, we're delighted to end our Exodus Wallet review by stating that you'll find less sacrifices here than in the great majority of other wallets. It's a great option for users looking for Bitcoin wallets of various kinds.