Exodus Review – Full Analysis
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Cryptocurrency has been with us for close to 10 years now. Most technology enthusiasts have by now heard about Bitcoin and its rise to fame. Over the years, the flagship cryptocurrency has proven itself and left a trail for hundreds of other coins to follow. Blockchain technology itself has shown potential for application in numerous fields, but it is best known for its application in currency. Investors who have bought these coins store them on online wallets.
In the brief history of these wallets, there has been the case in case of hacking scandals, scams and reports of insolvency by wallet companies. Choosing where to store your valuable digital currency has been a difficult task as one is not sure whether their coins are safe or not. Exodus wallet is an online multi cryptocurrency wallet that hopes to provide good exchange services while ensuring security for your blockchain assets. Here is an in-depth review of the wallet and its features.
What is Exodus?
Exodus is a desktop multi-currency wallet that boasts of innovative features, efficient transfers, and a fresh look. For starters, it is the only desktop wallet that fully integrates with Shapeshift. Shapeshift is an instant cryptocurrency exchange supporting a number of cryptocurrencies.
This means that the wallet has an inbuilt exchange that allows for trading supported coins between themselves. Users of Exodus hence theoretically have access to lots of cryptocurrencies. Most of the wallets that have been available to date have a similar outlook. Exodus differentiates itself from other such wallets by having an intuitive and user-friendly platform.
The desktop wallet gives you full control of your coin portfolio and provides creative ways of displaying your assets. It is a partially open source software. Exodus is a relatively new company launched in July 2016. It was co-founded by J.P Richardson who is the Chief Technical Officer and Daniel Castagnoli who is the Chief Creative Officer.
Exodus supported coins
Exodus supports several digital tokens including popular cryptocurrency like Bitcoin, Ethereum, Litecoin, and Other altcoins supported on the exchange include Augur, Aragon, Bitcoin Cash, Golem, Decred, EOS, Ethereum Classic, Gnosis and several others. Exodus makes it easy to calculate and organize these tokens using a pie chart portfolio.
Transaction fees on Exodus are charged every time a payment is processed. Exodus fees are not set manually as it tracks changes in the coins blockchain network and adjusts fees accordingly. This means that the fees charged on the wallet are not standard. Exodus has chosen to prioritize speed and reliability over reduced fees.
What are some of the benefits of Exodus?
- Beautifully designed – Exodus has been carefully crafted by its developers and has an overall pleasant design. It is a very user-friendly interface, and people without a background in cryptocurrency can navigate with ease. This is attributed slightly by the developer’s choice not to bombard users with so many technical details as it is with other platforms.
- Information is secured on your computer – Navigation in the Exodus Wallet application is fast and private keys are stored on your computer. A backup link is sent via email if you wish to install Exodus on another machine or in the event your computer is destroyed.
- Shapeshift –Exodus is the only desktop wallet that supports Shapeshift. As mentioned earlier, shapeshift allows for direct trade among coins immediately,
Is Exodus Wallet Safe?
Reviews from people who have interacted with the wallet are above average with most of them praising the developers for the amazing work they have done on the website. The wallet, however, does not have a big reputation. For a short period, it has been in operation; it is still relatively unknown to many. Additionally, Exodus is not the entirely open source. By using Exodus, you are choosing to trust the developers and management team. It is, however, fair to note that the CTO J.P Richardson has developed over 190 open source libraries and is a trustworthy member of the development community.
Exodus does not have 2-factor authentication that usually adds a layer of security to the application. This feature is a norm in most other wallets and lowers the appeal of Exodus. Moreover, Exodus is riskier to use as a wallet compared to the hardware wallets as it is connected to the internet. However, Exodus is not open source.
Exodus’ support team is excellent. Exodus has a support site that has a knowledge base with a plethora of articles explaining its features, fee structure, and general troubleshooting. The site also has support videos and a long list of frequently asked questions to give that much-needed. Users have also claimed that Exodus’s email support team is responsive and is fully dedicated to resolving issues.
How to use Exodus?
- To use Exodus, you must first download the application. To do so, visit the official website at exodus.io.
- Once you have downloaded the app, sign in using your email address and set up a preferable password.
- To send tokens, click on the button ‘wallet’ and choose the asset you want to send to the receiver. The next step is to copy the address of the receiver and click on the option ‘send.’
- To receive the money, you need to provide the sender with your Exodus address. On the wallet, choose the asset you want to receive. The asset’s address will be shown, and now you can send this address to the specific sender.
In a Nutshell
Exodus without a doubt provides a breath of fresh air with their stunning designs, excellent user experience, and good customer support. It would fit well with beginners and even seasoned veterans of the crypto world. However, the wallet has definite room for improvement. First, it could increase its security features a bit more, increase its flexibility and probably role out a mobile version of the wallet. Additionally, it would also benefit from supporting more coins although this is an ongoing process.
Pros of Exodus Wallet:
- Very well engineered interface.
- Supports Shapeshifting.
- Excellent customer support.
- Beginner friendly.
Cons of Exodus Wallet:
- Low reputation.
- Has no two-factor authentication feature.
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