In 2020 alone, over 122 separate cybertheft attacks were made against firms and individuals holding cryptocurrency tokens, costing them around $3.8 billion in losses. Given how eye-watering those losses are, it's for that reason why we've decided to write this Exodus wallet review.
In the end, we could hopefully help you understand the importance of keeping your cryptocurrencies safe. This has been one of the thorniest issues plaguing cryptocurrency enthusiasts and holders worldwide, and that is the worrisome topic of how you'd go about securing your valuable tokens.
Exodus aims to make those worries go away quickly, with a wallet application that is robust, secure, private, impactful, and easy to use – presenting a whole new experience in cryptocurrency storage. The idea of creating a cryptocurrency wallet has had the stigma of being somehow difficult to run, operate, or keep. In part, that's true.
Back in the days before dedicated wallets like Exodus existed, the early pioneers had to store their cryptocurrency tokens in an encrypted hard drive. Nowadays, and especially with Exodus applications, there are more elegant solutions to owning a vault without needing all the geekery. So, read along our Exodus wallet review to learn more.
What is Exodus Wallet?
Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli. The two worked hand in hand to create a wholly new and seamless experience when it comes to setting up, managing, and locking down a cryptocurrency wallet. Their end goal was to make the process of cryptocurrency storage devoid of complexity.
Usually, setting up a wallet can be hard, such as needing to juggle through different applications or even needing to do some programming. JP Richardson is responsible for many of the technical aspects around Exodus. He has published over 200 open-source libraries.
He has also contributed to writing code that is used by many different cryptocurrency platforms today. Meanwhile, Daniel Castagnoli is responsible for fine-tuning Exodus's user interface, with its fluid animations and colorful iconography. He has also worked in design with brands like Apple, BMW, Disney, Louis Vuitton, and Nike.
What are the Features of Exodus?
Exodus is a software-based application. It is then classified as a ‘lite' wallet, meaning that it does not need to download a full copy of a particular blockchain in order to verify data, such as a ‘full-node' wallet. This makes wallets such as Exodus far more resource-friendly and can easily run on a wide variety of hardware.
The Exodus wallet is widely available as a free application. You can download its desktop client and run the wallet on Windows, macOS, Linux, or Ubuntu. Furthermore, it also has a highly-rated mobile wallet application for both iOS and Android. You could also connect the Exodus wallet with a hardware wallet.
They have partnered up with the well-known Trezor hardware wallet provider. If you own a Trezor wallet or are planning to buy one (Trezor One – $59, Trezor Model T – $179), you can then easily use the Trezor Bridge software to sync with Exodus. This way, you can view, sync, or transfer your holdings between Exodus and Trezor.
The Exodus wallet has another wide array of different features on offer. For our Exodus wallet review, we've outlined some of them, and why it matters to you.
1. Easy to Use
Unlike some wallet applications that have high learning curves to use them properly, Exodus is very easy to use and navigate around. This is especially good for those who have never used a wallet before or are interested in owning and adopting cryptocurrencies but unsure how to store them properly or do not have the technical know-how.
Both the desktop and mobile applications that we've sampled in this Exodus wallet review are very well laid-out and seamless to browse through. This is further compounded with its stunning user interface, filled with smooth and fluid animations, along with colorful and pretty iconography. It's the little details that count.
2. Very Secure
Although Exodus is s ‘hot' wallet, and that makes it not as robust as a ‘cold' wallet, it is still highly secure. This is especially compared to leaving your previous cryptocurrency tokens on the web, sitting openly in an exchange. The Exodus wallet encrypts every critical information, such as private keys and transaction data, on your device.
No data is transmitted or stored by Exodus themselves, further improving security by removing potential avenues for cyber theft or leaking sensitive user data. Moreover, users can have the option of connecting Exodus with Trezor's hardware wallet, thus being able to further increase security by keeping it offline, if need be.
3. Wide Array of Cryptocurrency Support
Exodus has a wide array of support and compatibility with various cryptocurrencies. At the time of writing this Exodus wallet review, they currently have support for 127 different cryptocurrencies and will continue to add more down the line. This means that you are very likely to find support for whichever tokens you're holding.
This means you can avoid the hassle of setting up and managing different wallet applications; and instead, allows you to put everything under Exodus. You can use their website to find a comprehensive list of all the cryptocurrency tokens that are supported, but for now, here's a sample of what they have while writing this Exodus wallet review:
Bitcoin (BTC), Ethereum (ETH), Tether (USDT – ERC-20), Ripple (XRP), Polkadot (DOT), Cardano (ADA), Binance Coin (BNB), Litecoin (LTC), Chainlink (LINK), Dogecoin (DOGE), Uniswap (UNI), EOS (EOS), Cosmos (ATOM), Tezos (XTZ), Tron (TRX), Neo (NEO), etc.
4. Good Customer Support
Exodus also has its own dedicated 24/7 customer support line, ensuring that its help desk can easily make the experience of managing a cryptocurrency wallet less daunting. This means that any troubleshooting or issues can very quickly be resolved. This is not something that is offered with other cryptocurrency wallets.
Exodus also has built-in recovery options, allowing you to easily recover lost credentials. For example, you can backup and recover your private keys or seed phrases. This should make it harder for you to lose your keys, thus avoiding the fate of getting locked out of your wallet.
What can Exodus do?
Aside from its vast array of features, Exodus has an equally large number of ways you can use its wallet. While writing out Exodus wallet review, they are committed to turning its simple wallet into more than just a vault, offering new ways to exchange tokens or monetize your holdings.
This serves the end goal as with most other initiatives within the blockchain and cryptocurrency space, bringing financial sovereignty back into your hands. Here are some of the things that you can do on Exodus, compiled just for our Exodus wallet review.
1. Buying crypto
As of the time of writing this Exodus wallet review article, this functionality remains limited. But it's possible for you to buy Bitcoin using Exodus with fiat currencies. This can be done by using the mobile version of Exodus on an iOS-powered device, such as an iPhone or an iPad, and then using ApplePay to buy Bitcoin.
2. Exchange Cryptocurrencies
The Exodus wallet can allow its users to easily exchange cryptocurrencies using its built-in exchange. You can do this very easily, such as trading one token for another, without having to transfer your cryptocurrencies over to exchange on the web. It also doesn't require any form of additional registration or verification process.
3. Send and Receive Cryptocurrencies
Exodus' wallet application can allow you to seamlessly send, and receive cryptocurrencies using both its desktop, and mobile wallet applications. You could safely scan a QR code, or through a typical address, to send tokens to other users quickly and conveniently.
4. Earn Cryptocurrencies by Staking
Exodus can easily and conveniently let you earn cryptocurrencies through staking on its wallet. This is another way of earning passive income using cryptocurrency tokens that are otherwise sitting around in your wallet. You can stake a variety of different cryptocurrency tokens.
This way, you can also help to secure and power their respective blockchain networks and then earn rewards in return. Some of the supported tokens for earning rewards through staking on Exodus are Algorand, Cosmos, Cardano, Tezos, Ontology, VeChain, and Neo.
You can also go to Exodus' website and calculate your potential earnings, depending on variables such as how much you're staking and for how long. For example, you can potentially earn 9.29% APY by staking Cosmos, with its ATOM tokens. This is far more lucrative than what a typical bank would otherwise give you on a fixed deposit.
5. Earn on Compound Finance
Among the hottest projects of the decentralized finance (DeFi) movement is Compound Finance. They offer a platform where users can quickly, securely, privately, and equitably lend or borrow money, without a middleman, through its specialized lending and borrowing model economics.
Through Compound, and using Exodus, you can deposit Dai stablecoin into its lending pool, thus allowing others to borrow from it. Just like the staking options, you can use Exodus's website to know how much you can earn. As of writing this Exodus wallet review, we've learned that you can earn 5.41% APY by lending away Dai.
So far, we've seen over 1,000,000 unique Dai deposits on Compound Finance, that are earning yearly interests. Once again, this is far more lucrative and equitable than what you could earn from traditional financial services.
Future Roadmap Updates for Exodus
Since Exodus' inception in 2015, there have been over 200 new product updates, releases, and changes. They have committed to a steady schedule of providing a new release update every two or so weeks. This shows that they are proactive in expanding their wallet service by bringing new features and additions.
Currently, while writing this Exodus wallet review, Exodus is working on to further augment the user experience on their platform. It aims to be a one-stop-shop for all things crypto, where users can also have access to other services such as staking, lending, borrowing, and more.
They have launched third-party application support for their wallet, and are committed to bringing more. The aforementioned services, such as staking and Compound Finance, are the two examples so far. This allows Exodus to build a new ecosystem around their wallet, opening up even more possibilities to DeFi and decentralized apps (dApps).
While they are working to integrate more apps into their wallet, Exodus is also launching a new initiative to invest in Exodus. They are planning to launch a public offering of shares within the company. Exodus has worked on a new method for issuing stock, a sort of hybrid between a typical IPO and an ICO.
ICOs often do not have ways for investors to certify their legal ownership. So, Exodus is pioneering a new method for its stock to be digitally represented and secured using the Ethereum blockchain. Through this, you can safely own equity, and invest into Exodus' future.
Exodus Wallet Review – Conclusion
As we close our Exodus wallet review, we can conclude that we've read far too often about hacking attempts made to steal cryptocurrencies. Cybertheft is rife these days, and Exodus aims to help solve that. Far too often, many people perceive cryptocurrencies to be somehow easy to steal, or easy to lose – that it's a major flaw in its design.
However, that reputation is undeserving – after all, cryptocurrencies are valuable. The same way Wild West robbers used to hijack trains filled with gold, hackers are doing the same thing with cryptocurrency tokens. And just like putting soldiers to guard the train, one could prevent this from happening just by the simple process of setting up a crypto wallet, as we’ve learned now from our Exodus wallet review.
This process has always been a bit difficult, but worry not, as Exodus is going to make it easier and more fun for you. Convenient, secure, fast, packed with features, and beautifully designed – what’s not to like about Exodus?
Exodus Wallet Review
- Ease of Use
- Long-Term updates
- Easy to use, with a good user interface, and fun to navigate.
- Easy installation and set-up.
- Wide support for a variety of cryptocurrency tokens (127, at the time of writing).
- Easy integration with Trezor hardware wallet, and giving users a more secure storage option.
- Availability with both desktop and mobile, on many different operating systems.
- Still a hot wallet, thus making it vulnerable security-wise compared to cold wallets.