Exodus wallet review
- Supported assets
- 1,000
- Price (USD)
- Free download
- Wallet type
- Mobile wallet, Desktop wallet, Web3 wallet
Summary
There’s a lot of hype surrounding Bitcoin wallet newcomer Exodus, with its versatile design and multi-currency features.
The growth and widespread adoption of cryptocurrency has attracted a dynamic mix of wallet platforms to the market. Exodus, which was founded in July 2016, is one of the market’s newest entrants.
The first thing that stands out about Exodus is its design. It is chock full of charts as well as personalisation features. It also offers access to 11 of the world’s top cryptocurrency assets.
Pros
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Good interface with powerful charting tools
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Ideal for the cryptocurrency trader or portfolio builder
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Access to nearly a dozen cryptocurrency assets
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Tutorials and videos to guide you through setup and use
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Engineered for beginners
Cons
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New company means lower reputation, especially since it is not open source
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Lack of two-factor authentication, which has raised some security concerns
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
What is Exodus?
Exodus is a desktop wallet designed to give you complete control over your cryptocurrency assets.
For starters, it’s the first desktop wallet that offers full compatibility with ShapeShift – a popular instant cryptocurrency exchange supporting dozens of tokens. This means Exodus users have access to nearly a dozen cryptocurrencies.
Like other desktop wallets, Exodus stores cryptocurrency assets directly on your machine. Because Exodus is a lite wallet, you never have to download the whole blockchain to your computer.
Exodus’s biggest claim to fame is its intuitive, user-friendly platform. The Exodus desktop wallet aims to give you all the bells and whistles to control an entire cryptocurrency portfolio, but it is designed for people who have never actually used an exchange.
Compatibility
- Windows (64-bit), Mac OS and Linux. Users can also join the Exodus Movement on Slack, a popular messaging platform.
- First desktop wallet with full ShapeShift functionality.
How much does it cost?
As a service provider, Exodus charges transaction fees each time your payment is processed. The fees themselves are paid to each blockchain network (Bitcoin, Ethereum, Litecoin, etc.) and are not kept by Exodus.
Because Exodus prioritises speed and reliability over lower fees, it tracks changes on the blockchain network and adjusts fees accordingly. As such, fees cannot be set manually.
You might be thinking: How does Exodus make money? It does so by taking a small portion of the spread on the major asset exchanges. Typical spreads range between 1-3%.
Which cryptocurrencies can I store?
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- Decred (DCR)
- Digibyte (DGB)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Vertcoin (VTC)
- Zcash (ZEC)
- 0x (ZRX)
- Aragon (ANT)
- Augur (REP)
- Basic Attention Token (BAT)
- Bancor (BNT)
- Civic (CVC)
- District0x (DNT)
- EOS (EOS)
- Edgeless (ENG)
- FirstBlood (1ST)
- FunFair (FUN)
- Gnosis (GNO)
- Golem (GNT)
- iExec RLC (RLC)
- Matchpool (GUP)
- Metal (MTL)
- Numeraire (NMR)
- OmiseGo (OMG)
- SALT (SALT)
- SingularDTV (SNGLS)
- Storj (STORJ)
- Status (SNT)
- WeTrust (TRST)
- Wings (WINGS)
Exodus has also announced plans to support, or explore supporting, the following altcoins: 0x (ZRX), Bancor (BNT), DigixDAO (DGD), Factom (FCT), FirstBlood (1ST), ICONOMI (ICN), IOTA (MIOTA), Maidsafe (MAID), Metal (MTL), Monero (XMR), NEM (XEM), NEO (NEO), Omni (OMNI), Qtum Mainnet (QTUM), Ripple (XRP), Siacoin (SC), SingularDTV (SNGLS), Status (SNT), Storj (STORJ), TenX (PAY), Tether (USDT), Wings (WINGS) and ZCash (ZEC).
How do I add currency to my wallet?
The easiest way to add cryptocurrency assets to your Exodus wallet is to first purchase them with your national currency (eg, GBP). You can then transfer them to your Exodus wallet for safe storage.
Exodus recommends that you buy cryptocurrency from established exchanges.
How do I make or receive payments with Exodus?
Transactions over a cryptocurrency network can be made directly through your Exodus wallet. The network charges a transaction fee, which is paid to the network itself and not Exodus.
To send cryptocurrency funds, click the “Wallet” button on the left sidebar and select the asset you want to send. Enter the address of the recipient and click “Send.”
To receive cryptocurrency assets with Exodus, click the “Wallet” button and select the asset you want to receive. For example, if you want to receive Bitcoin, your Bitcoin address will automatically appear. You can copy this address and give it to another person to receive Bitcoin payment from them.
How secure is Exodus?
As a desktop wallet, Exodus encrypts all your blockchain assets and stores them directly on your computer. This means they are 100% in your control at all times.
The wallet also runs a back-up system, but never stores any of your keys on its servers. This back-up system is helpful in the event your computer breaks down.
In addition to the backup, the Exodus team will email you a secure link to reactivate your wallet. The link is protected by a 12-word passphrase and Exodus “key”.
Earlier this year, Exodus introduced a new feature where you can restore your 12-word passphrase by clicking a button on the password screen.
However, Exodus has been criticised for not offering two-factor authentication, which many other wallets possess. This is something you should keep in mind when securing your wallet.
Where can I get Exodus?
Exodus can be accessed directly on the company’s main website and you’ll be given a link to download the wallet directly to your computer.
Next steps
Getting started with Exodus is a few clicks away. By navigating to the main website, you can download the wallet directly to your desktop and begin setting up your account. If you already possess cryptocurrency, you can start transferring them into your Exodus wallet right away.
If you ever run into issues, Exodus operates a Vimeo page (available directly to the site) with tutorials that can help you get started.