An Exodus Review for 2022
Exodus is a cryptocurrency and bitcoin wallet which allows you to send, receive, and exchange over 140 crypto assets with ease.
Exodus removes any jargon or technicalities, making it fun and easy to learn how to manage cryptocurrency, earning Exodus a reputation in the crypto-verse as one of the best software wallets for beginners.
No need to feel overwhelmed: if you're looking to dip your toes into digital currency, you can exchange crypto with Exodus in just a few taps. Simple and effective. We're here for it! Learn more in this Exodus review.
Table of Contents
Exodus Review: Features, Fees, User Accessibility and More
By prioritizing ease of use over aesthetics, Exodus allows users to make the most of their crypto wallet with clean, essential features that don't bog down the purpose of the software. We’ll take you through everything you need to know in this Exodus review.
- In-App Exchanges: Not all wallets offer a built-in exchange option, but Exodus does. It's unnecessary to leave the interface to make cryptocurrency exchanges; doing it directly in Exodus via the ShapeShift integration makes it easy-peasy.
- Portfolio Tracker: Your overview page will provide a complete summary of your portfolio, along with price movement and time frames for different assets. Clean and easy crypto insights are right at your fingertips.
- Secure Engineering: Exodus encrypts private keys and transaction data on your device, in addition to face and fingerprint scanning for enhanced mobile security.
- Desktop Sync: A 12-word backup phrase will sync your desktop and mobile devices to easily exchange anywhere, anytime with transactions that mirror your desktop wallet.
- 24/7 Support: When you create a crypto wallet for beginners, it better come with good support, and Exodus doesn’t disappoint. The 24/7 online help desk is manned by real humans to get your questions answered, fast.
You can download the Exodus wallet for your desktop or mobile device for free. Blockchain transactions incur network fees that are calculated based on the network volume and previously recorded deposits.
On average, you will pay a spread of up to 4%* on transactions. Network fees are listed at the bottom of the app after you start a transaction and before you click “send”.
Other than the transaction fees that go to the network (to the people who mine the crypto), Exodus does not charge fees for sending or receiving.*Rates current as of September 2021
Exodus: User Accessibility
Exodus is committed to providing users with all of the crypto control without the confusing technical talk.
It’s not quite as slick as some custodial options on exchanges like Coinbase (where your funds and private keys are managed by a trusted third party), but it’s one of the most straightforward non-custodial options.
Whether you are a total newb or a crypto pro, Exodus is designed to be easy for everyone.
What is Exodus?
Exodus is a decentralized cryptocurrency exchange founded in 2015 by JP Richardson and Daniel Castagnoli. It was first available as only a desktop version, but now Exodus mobile app is also available for Android and iOS platforms.
Although it was built with beginners in mind, it's ideal for anyone looking to simplify their wallet experience without limiting access to supported cryptocurrencies. Exodus doesn’t store any funds but interacts with dozens of blockchains to provide you with fast and secure transactions from the comfort of your wallet in seconds.
How Does Exodus Work?
Exodus allows users to secure, manage, and exchange their crypto all in one place.
Once downloaded, you’re on your way to trading crypto in mere minutes with just a few clicks. Once you have created an account, you can deposit your cryptocurrency into the app. Instead of storing crypto directly on the platform, Exodus stores a set of 3 codes—primary keys, seed phrase, and public address that serves as the access, address, and recovery of your wallet.
If you don't hold any crypto, you will need to purchase some, which you can do through another service. However, once you have crypto assets, you can exchange them in Exodus via the ShapeShift integration that’s praised for its trading, security, and privacy features.
Exodus: Pros and Cons
Pros: The Good Stuff
User Friendly: Exodus is extremely easy to use and understand. The intuitive interface is designed for simple one-click exchanges that allow users to easily manage and keep track of crypto assets.
Human Support: 24/7 support from real humans is hard to come by on crypto exchanges. Exodus users can access a live chat for around-the-clock customer service.
Coin Options: Supporting over 140 coins, you can trade with confidence knowing that Exodus isn’t limiting your digital assets. The app is updated bi-weekly, so the list of currencies is constantly growing.
Cons: The Not So Good Stuff
No Fee Modification: Because Exodus is always trying to find the fastest trade, the fees can sometimes be a bit higher. There is no option to modify cost over speed.
Security: Even with encrypted keys and mobile scanning, Exodus has limited protection compared to other wallets. A few things could enhance the security experience, like 2-factor authentication.
Our Final Thoughts
Exodus is an excellent option for those who are looking for a simple, easy-to-use cryptocurrency wallet. The ability to trade and exchange directly in the wallet makes it even easier for new and experienced traders to get in on the crypto game.
Frequently Asked Questions
While Exodus could improve its security features, the software does include several layers of protection for user data.
Exodus offers users a couple of ways to restore their wallets, including a standard 12-word passphrase and an email restore option.
An in-wallet lock option automatically locks users' wallets after a certain period of time, in addition to routine security audits.
Unlike other popular cryptocurrency wallets, Exodus does not provide users with 2-factor authentication.
Instead, Exodus recommends that users dedicate a specific computer in a secure environment to Exodus transactions for improved security that is comparable to a hardware wallet.
Exodus is registered with the Securities and Exchange Commission (SEC). In April 2021, the company received approval to sell it's class A stock through the wallet to customers in the United States.
This will, however, require users to provide identification and personal information.
There was no public information on whether a governing body regulates Exodus transactions.
Anonymous wallets allow you to download, install, and use the software without providing any identification or personal information.
Exodus is an anonymous wallet, as it does not require you to provide identifying information when you set up your account or send and receive funds.
However, it’s important to note that if you are looking to purchase bitcoin, this will give the software access to your financial information and make your experience no longer anonymous.