Exodus Wallet Review – A Beginner’s Guide
The Exodus wallet is a multi-currency crypto wallet I usually recommend as an entry wallet for beginners. In this Exodus crypto wallet review I will discuss the different wallet features and explain why I think it’s one of the best crypto wallets around.
Exodus Review Summary
Exodus is an easy-to-use crypto wallet available for desktop and mobile. The wallet excels in its simple design and superb online support. The main downsides of Exodus are its lack of custom network fees for Ethereum and other altcoins and the fact that it is not completely open source.
That’s the Exodus wallet in a nutshell. For a more detailed review, keep on reading, here’s what I’ll cover:
Don’t like to read? Watch this video overview instead
Exodus Overview
Exodus Movement INC. was founded in 2015 by JP Richardson and Daniel Castagnoli and is headquartered in Nebraska. The company hasn’t reported any outside funding throughout the years and is currently actively seeking to expand.
Exodus wallet review
My acquaintance with Exodus started out by accident, when one of our subscribers told me he didn’t like my choice for the best Bitcoin wallet I recommended at that time, and that he used Exodus instead. That subscriber got my attention, so I decided to take a look into Exodus as well.
Exodus is a crypto wallet for desktop, and now also for mobile as well (iOS and Android). That makes Exodus a great choice for people looking for both mobile and desktop wallets. The Exodus team put an emphasis on design and user interface, making it in my opinion, the most appealing and easy to use wallet around.
Even if you’re just starting out with Bitcoin or cryptocurrencies you would still be able to use this wallet effortlessly. Exodus is the kind of product you “fall in love with” the first time you use it, and that’s quite rare in the cryptocurrency world.
Exodus navigation is pretty simple and easy to understand, the mobile app has only 3 categories:
- Portfolio – See an overview of all of the digital currencies you’re holding (as seen in the picture above). Also shows price graphs for different assets.
- Wallet – Send or receive specific coins.
- Exchange – Exodus has a built in exchange that allows you to trade between crypto assets without ever leaving the wallet.
The desktop app includes all of the above, plus these additional tabs:
- Backup – Allows you to restore your wallet password or your wallet’s seed phrase.
- Settings – Security and design tweaks to your Exodus wallet.
- Help – Watch videos, FAQ, join a Slack chat or email support.
- App Explorer – The app explorer has a featured app section that makes it easy to find and use crypto apps within the Exodus wallet. These apps can be used for earning interest on your coins, betting and more.
When you use Exodus, the private keys to your cryptocurrencies are stored on your device (desktop or mobile). Additionally, Exodus is a lite wallet so you won’t need to download the whole Blockchain to your device, making the initial setup pretty quick.
Exodus is currently compatible with Mac, Windows, Linux, iOS, and Android. You can also pair your desktop and mobile wallets together so you’ll have control over your funds from both devices.
The wallet is also compatible with TREZOR hardware wallets, allowing you to use the sleek Exodus interface with the robust security of a hardware wallet. So while Exodus is a hot wallet, you can still pair it up to a cold wallet for even better security.
Pro Tip: Never give out your private key or your recovery phrase to anybody. Companies like Exodus will never email you asking about your private key or recovery phrase, you will only ever need those if you are recovering a wallet.
Supported Coins
Exodus supports more than 115 cryptoassets in total (coins and token). The most notable coins supported by the wallet are:
- Bitcoin
- Ethereum
- Ripple
- Litecoin
- Bitcoin Cash
- Binance Coin
- Tether
- EOS
- Monero
- Dash
- Ethereum Classic
- Stellar
- Ontology
- Tezos
- Tron
Customer Support and Reviews
I think what got my attention the most with Exodus is the genuine interest founders have in their users’ opinions. JP and Daniel (the founders) are showing that they’re here to stay.
You can see it in the simple to understand support videos they’ve uploaded, the multiple communication channels they supply on their site and the direct messaging platform to the founders via Slack.
Support can be reached also directly from within the wallet (not just from the site). Here are all of the support options:
- Watch support videos
- Visit the help desk
- Twitter channel
- Slack channel
- Email support
- Facebook page
Checking out online reviews I found out that Exodus receives an “Great” rating on Trustpilot. This includes very polarized reviews either applauding the wallet for being easy and enjoyable to use, or complaining about one of two issues:
- High transaction fees – this is a real issue in times of high network usage on the relevant blockchain, since by default Exodus will set a faster (and therefore more expensive) transaction fee. The good news are that Exodus now supports custom fees for Bitcoin, however, not for other blockchains such as Ethereum are still
- Wallet hacks – it is not certain how many of these reviews are legitimate and how many are not, however it is true that Exodus trades some security for user-friendliness. While these reviews about hacks should be taken with a grain of salt, as best practice you should never store large amounts of cryptocurrency in a software wallet, especially long-term.
As an Exodus user, I can say that I never had a major issue with the wallet, and whenever I did have a request or question I always got a prompt reply.
Conclusion
I review a lot of Bitcoin wallets and rarely do I stumble upon a wallet that is truly outstanding as Exodus. For my personal needs, this wallet is almost perfect – “almost” and not “perfect” due to the lack of fee management for altcoins. The addition of custom fees management for Bitcoin is a step in the right direction.
There’s no doubt that if you’re new to the crypto space, Exodus is an excellent choice for you. As always make sure to take your own precautions for wallet safety and always protect your private keys.
Frequently Asked Question
Is Exodus Wallet Safe?
How Does Exodus Make Money?
Exodus Wallet
Free
Pros
- Great design
- Intuitive interface
- Multiple support channels
Cons
- No fee support for alt-coins
- Not completely open source
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What your review forgot to mention, if you decide to do an in wallet exchange of assets, the customer has no choice on what exchange this goes to, Exodus are partnered with at least one scam exchange called Changelly, who receive your order and simply steal your assets. They never return your money and Exodus say not our problem we are just a wallet. Thousands of customers who trusted Exodus have lost millions and exodus say not our problem, whilst they receive a dividend for empowering the scam- Avoid Exodus they are a scam