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His codes are being used in several Bitcoin and other crypto software. The wallet was launched in mid and quickly started getting attention from users from its user-friendly design and highly intuitive user interface.
With the help of an in-wallet exchange, powered by ShapeShift, users can exchange one coin for another quickly and easily, without moving their funds to a traditional exchange.
Exodus wallet design allows users to calculate the fee for making transactions on a network automatically. As it supports multiple cryptocurrencies, the fee for each network varies greatly.
However, fees on Exodus tend to be higher than other wallets, as it is designed to send transactions as quickly as possible, not as cheaply as possible.
What you gain in speed, you lose in the fee. That is part of the reason why we recommend eToro instead you can check out our eToro review here , it is much more affordable and has more contained fees compared to Exodus.
Exodus also computes mining fees using a dynamic pricing model that tries to get the transaction into the next block, i. Users who want to set the fees for each transaction manually should use other wallets.
Exodus is a desktop based wallet account. Therefore, users must first download the application on their systems and then create an account.
Here are the steps to creating your own Exodus wallet. When using the Exodus wallet, you will have three options to transfer coins- Send, Receive and Exchange.
Here is a step-by-step procedure to complete all three types of transactions. When you first start using the Exodus wallet, you will have to add coins to it for safe storage and also to send them to other wallets.
If you already have some coins in your account, you can easily use the in-built ShapeShift support to exchange coins directly within the wallet.
Here is how to accomplish it-. The wallet trades affordability for speed because of which your transactions get accepted more quickly, but you also have to pay extra.
Ideally, the users must be allowed to manually select how much fee they intend to pay for a particular transaction.
Exodus itself urges users to find better solutions for manual fee decision in other places. Wallets like eToro serve the users better in this regard.
Every Bitcoin wallet comes with its own set of advantages and disadvantages to the users. Exodus is not the only multi-currency wallet available to the users.
There are other popular wallets like eToro and Jaxx that pose significant challenges to Exodus. Moreover, eToro provides unmatched support, social trading platform as well as multiple language support which is of great help to non-English speakers.
Thus, the eToro wallet is a much better wallet than Exodus. It is a popular desktop-based digital currency wallet available for mobile platforms as well.
The Exodus wallet itself is accessed with a secure password, which should be sufficient for most users. As mentioned above, if you have a large amount of cryptocurrency to store it should be in a more secure cold wallet, not in a hot wallet that is connected to the internet.
By not open sourcing these critical components it makes it harder for hackers to bootleg the wallet and develop phishing versions. Moreover, many of the functional components in Exodus are open source and available on their Github.
Overall though, the Exodus wallet is quite secure. It certainly beats online wallets, and many desktop wallets as well. Exodus users keep full control of their private keys, which are generated and stored locally.
The Exodus wallet can be used completely anonymously as no personal information is required to download, install or use the wallet.
Public keys and transactions made with the wallet are fully visible on the blockchain and there are no features for hiding your transactional trail.
While they do suppor privacy coins such as Zcash ZEC , they are unable to perform the fully shielded transactions. If transaction privacy is a chief concern of yours then you may want to consider using the core wallets of ZCash or other well known privacy coins such as Monero XMR.
When first released the Exodus supported just a handful of cryptocurrency assets, but in it has support for nearly cryptocurrencies and more are being added all the time.
Multi-currency support is one of the strong features of Exodus. Instead you need to view the balances using an Ethereum blockchain explorer. You can see a full list of the coins that they support on their website.
While it is great that they have all this support for the ERC20 assets, they are still lacking support for a few coins that are in the top 50 in market cap.
Finally, if you want to keep up to date with the latest coin support and whether all of the functionality of these coins is operational then you can head on over to their status page.
If you are considering sending a large amount of coins to the wallet then you may want to check this before hand.
Something that is likely to greatly enhance the security of Exodus is their partnership with Trezor. Wallets like the Exodus wallet are great for people who use small amounts of cryptocurrency regularly.
They are also good if you want to swap one cryptocurrency for another. Download the wallet from the official website. Beware of phishing fake websites.
Check the security certificate of the site you are visiting by looking at the green text next to the website address.
Click on the cryptocurrency you want to add to Exodus. You will be shown an address and a QR code. This is your public wallet address and is what you give to someone that wants to send you some crypto.
You can also use this to send crypto from another wallet of yours to your Exodus wallet. If you are sending crypto from another device that has a QR code scanner , you can use the QR code to get the address.
Note: Phishing websites are sites that have been designed to look like popular websites. They are made by scammers to steal information such as login data.
This is then used to steal funds from the actual service the victim was trying to access. To use your Exodus wallet to send cryptocurrency, follow the steps below.
Note: On the Exodus Wallet, each network fee is automatically worked out for you. This is great for basic users.
However, the fees are often much larger than they need to be. Exodus wallet fees are set up to transfer as quickly as possible, not as cheaply as possible.
Just like other features of the Exodus wallet, the exchange is very easy to use. Just follow the steps below.
On the left, you will select the cryptocurrency you are swapping. On the right, you select the cryptocurrency you want to receive.
Click the left-hand option. Change it to the currency you want to swap. At the bottom of the page, you will see the current exchange rate between the two assets you selected.
When you have checked that you have entered all the details correctly, click the exchange button. You should receive your new crypto asset shortly after.
Ether wallets and all ERC20 tokens share the same address. Cool, huh? So, to check that they arrived, you must enter your Ethereum public address on an Ethereum blockchain explorer.
To send these tokens back out of your Exodus wallet is a little tougher. The Exodus wallet is great for people who are new to the cryptocurrency space.
While there are a few drawbacks to the Exodus wallet, these shouldn't be an issue for most people who are planning to use the wallet for small , day-to-day transactions.
If you're looking to trade huge amounts of cryptocurrencies, though, it's best that you take the time and look into Exodus a bit closer.
If you're interested in finding out more about other cryptocurrency wallets, feel free to check out our guide how to choose the best cryptocurrency wallet.
Now that you understand the software a little better, what do you think? Will you be using it for your day-to-day crypto spends? The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.
Before making financial investment decisions, do consult your financial advisor. We do not publish biased reviews or spam. So if you want to share your experience, opinion or give advice - the scene is yours!
Secure your crypto with the best-rated hardware wallet in the game! The best time to save on the highest crypto security is now. The Exodus wallet is often referenced as one of the better software wallets on the current market.
While it won't provide users with as much security as a cold wallet would , it's still definitely worth considering, especially if you're an active trader who deals with different cryptocurrencies in your day-to-day life.
The Exodus wallet is, first and foremost, perfect for beginner cryptocurrency enthusiasts. In order to completely understand if the Exodus crypto wallet is the best one fitting your expectations, you might want to take a look at my short presentation of its strong and weak aspects.
It is supporting 92 assets, including all the major coins with the biggest market share and also tokens. No matter if using a Windows, Linux or Mac OS, you can download and set up the Exodus desktop wallet on your personal computer.
I would like to talk about one premium service of Exodus — the built-in exchange ShapeShift. With it, coin swaps will be done in a matter of seconds.
This is an extension, implemented in the wallet, which helps to easily exchange your cryptos without a middleman.
Whenever you register in an exchange platform, the software asks for your personal data. This might become a potential hacker attack material.
Reduce the risk and use the built-in option. The transaction fees depend on the network load at the moment and not on the amount you will transfer.
Check some more details in the Transaction fees section. Anyway, this time saving feature is there in case of needing it.
Security is what prevents you from being hacked. Desktop wallets are always connected to the Internet, exposing the private key which might corrupt your safety.
Anyway, keeping it always up to date will let you profit the latest enhancements available. If you extract them, manage to keep them safe.
Here are some additional tips to help you better know the security aspect. Frequently update your wallet and stick to the most recent version available.
Unfortunately, updating means basically preinstalling or removing the older version and starting from scratch. For many of you, the possibility to execute safe and private online actions is a major concern.
The team behind Exodus helps in that direction by adopting several privacy characteristics. Developers are implementing and constantly updating Exodus to end up offering a safe product.
To ease your mind, I want to show you how this wallet protects every action:. It encrypts all your internet traffic and distinguishes it through several servers.
This way the address from where you broadcast a transaction will be more or less hard to trace. All this makes it hard to surveil your address in the public ledger.
When making a transaction in the blockchain, it must be validated confirmed by the miners in the network and they choose which transaction to validate first, based on the transaction fee set.
The higher the transaction fee is, the higher the chance of getting validated as fast as possible. The software uses a dynamic pricing model, which chooses the transaction fees according to the network load statistics.
What is more, when you want to exchange assets there is additional fee, which is a bit higher with the Exodus in-built ShapeShift feature.Ideal Exodus Wallet User. Exodus was built with beginning cryptocurrency users in mind, but is also ideal for most mainstream cryptocurrency enthusiasts who are looking for a secure, easy to use, beautiful wallet. It’s also a great choice for those who hold a variety of popular coins since it supports nearly different cryptocurrencies, with more being added all the time. The Exodus crypto wallet offers the opportunity to type the amount either in crypto coins or fiat currency. Enter the recipient’s address and then broadcast – that’s all. Hint: Always check and recheck the receiver address – if one of the characters is mistaken, you’re losing your coins, since they go nowhere but also don’t come back to you. 9/7/ · The Exodus wallet is a relatively new software wallet. It was created by JP Richardson and Daniel Castagnoli. Richardson has written the code for many cryptocurrency products previously, and Castagnoli has worked as a designer for huge companies like Apple, BMW, and Nike/10().