Today’s post is based on Exodus Wallet Review.
Nowadays I think Bitcoin is a topic which everyone knows. Bitcoin was made for giving origin to the Decentralized currency. It was done to give power in order to control and manage their own money. You can invest in Bitcoins and Altcoins and keep them in a secure wallet.
- 1 What is a cryptocurrency wallet?
- 2 Why do we Need a Cryptocurrency wallet?
- 3 What is Exodus Wallet ?
- 4 Features of Exodus Wallet Review
- 5 Exodus supported coins ?
- 6 How Does Exodus works and understanding?
- 7 What is the Fee of Exodus ?
- 8 Can I trust on Exodus ?
- 9 Fund Security on Exodus ?
- 10 Exodus Wallet Review, Pros & cons
- 11 Conclusion
What is a cryptocurrency wallet?
A cryptocurrency wallet is a software program. It keeps your private and public keys by interacting with several Blockchains. It gives power to a user to send and receive cryptocurrency. You can also monitor your transaction history from a wallet easily.
Exodus is a desktop wallet which can be used for storing your currencies. So in this post, we will see all the information about required for Exodus Wallet Review. we also covered Best Bitcoin wallet.
But before that the question is,
Why do we Need a Cryptocurrency wallet?
Now everyone is investing cryptocurrency. Features and profit are also increasing. We also know that more profit brings more risk. Most of the people are trading in cryptocurrency. They buy different types of Bitcoins and Altcoins from different exchange platforms. Many of them leave their cryptocurrency on the exchange platform only. You can do this if you don’t care about your money.
Yes, exchange platforms are not that much secure. There are several examples are there of cryptocurrency theft from online exchange platforms such as,
- August 2010 – Bitcoin protocol hack, 184 billion Bitcoins created
- March 2014 – Mt. Gox exchange hack with $473 million stolen
- January 2015- Bitstamp exchange hack with $5.1 million stolen
- August 2016 – Bitfinex hack of $66 million stolen
I think this example will be enough for cryptocurrency traders to understand that, “why we need a cryptocurrency wallet?”
What is Exodus Wallet ?
Exodus is also a most popular free wallet desktop. Most users want to try it. Exodus is a multi-currency desktop wallet. It supports 8 at a time cryptocurrencies. It is absolutely free and easy to use. You can use the Exodus wallet on your computer only. You can download it for Mac, Windows, Linux. It is not available for IOS and Android.
Exodus was founded in July 2016. In Exodus, your cryptocurrency assets and information are stored on your computer only.
In exodus wallet, you can easily calculate your savings with the inbuilt pie chart portfolio. The user interference is also very impressive. It is the first multi-asset desktop wallet with built-in Shapeshift. These unique features make it very attractive and user-friendly.
Features of Exodus Wallet Review
Beautiful and easy to use Design
The most strong point of Exodus is a clean and awesome interface. If you are a beginner with no knowledge of cryptocurrency market then also you can use this exchange platform. Definitely, You will love this wallet presentation.
Information is stored on your computer
As we know Exodus is a Desktop wallet. Navigations are very fast and private keys of your cryptocurrency is stored in your computer only.
While downloading Exodus you don’t need to download the whole Blockchain. You can start using Exodus at the moment you downloaded it.
You can Trade cryptocurrency form the wallet itself
Another unique feature of Exodus is that you can trade Altcoin to Bitcoin and vice versa form the wallet itself. Exodus has inbuilt shapeshift option. You can trade cryptocurrency in seconds by using Exodus.
Exodus supported coins ?
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How Does Exodus works and understanding?
- Firstly Exodus Wallet Divided into three main components,
- Obviously, the wallet is the main component where you are going to spend more time.
- You can see your all transaction history, you’re sent and received funds.
- You can use “portfolio page” to design your overview according to your preference.
- The circle design section shows the part of the percentage of your owned coins.
- Exodus is specially designed with Shapeshift, which helps you to exchange coins directly in the wallet without sending them to an exchange platform.
- Exodus will show you the spending amount and the amount that you are going to receive clearly in crypto as well as in Fiat currency.
- If your PC is infected or you want to restore your account for some reason you can do it without losing the control on your coins.
- There are a couple of options are there by which you can access your coins at the time of restoring.
- One of the easy options is one-click email restore system. At the time of your account creation, you receive a backup link from Exodus. Just click on the link and enter your password to complete the process.
- You will also receive a 12-word paraphrase at the time of account creation. Don’t lose it or forget it so that if you are unable to sign in your email or forget the password you must enter these codes to get access to your Exodus account.
What is the Fee of Exodus ?
When your transaction is processed Exodus charges you the Blockchain fees every time. They also pay this fees for each blockchain transaction for Bitcoin, Ethereum, Litecoin, etc. they do not keep the whole amount of transactions fees. In fact, sometimes they don’t get the transaction fees also if the transaction fees are equal to the fees paid by Exodus to the blockchains.
As Exodus aims to provide users speed with reliability over low fees, it monitors the changes on the blockchain network. They adjust the fees according to the Blockchain behavior.
So you might think that “How Exodus make a profit from all of this?”
So the answer is from Major asset exchanges. Yes, Exodus makes money by taking a small amount of the spread from the large asset exchanges. The average spread range is 1% to 3%
How can I Download Exodus?
You can get exodus on the company’s official website only.
follow this link and click on the “Download” option available on the upper right-hand side of the page. Moreover, You will get your file and after that, you can set up your wallet according to your preferences.
Can I trust on Exodus ?
The answer to the question is, it depends upon your amount of investment. Exodus is not a 100% open source software. Exodus is a hot wallet. It means your wallet is always connected to the internet and we know that most of the hacking and theft are done online. It means your wallet is always at risk.
If you are using the wallet then surely you have to trust on developers and the managing team. As the wallet is new so Exodus did not get enough time to include new features of security like other wallets. Blockchains are fully encrypted, at the same time, they are only protected by a password only.
There is a lack of two-factor authentication. It means your Exodus wallet exposed to more risk by malware and infected software program.
The one thing which I like about Exodus Further than Design is honesty. The company has advised their users to use hardware wallet or more multi-signature wallet if holding a large number of blockchain assets. They also know about their security lacks but they are working with famous hardware wallet companies to improve the security feature.
Fund Security on Exodus ?
I used Exodus for some time and realize the problems regarding privacy and security. User can fix this issues.
Exodus uses the address again and again. For each cryptocurrency transaction, you receive 1 address. This is not a proper way. In cryptocurrency world, we always use a unique address for each transaction. Using same address for each transaction will make easy to anyone to track your wallet. It makes easy for hackers to make your secondary profile and connect your crypto transaction to your real-world identity.
Exodus accepts inappropriate passwords, In adddition to that other wallets when you enter the password they verify and inform you that your password is strong enough or not. Talking about exodus they don’t verify passwords and just accepts them no matter they are strong enough or not. Any one can crack this within minutes, However So the company needs to work hard on it.
Exodus is not an open source software. This makes a bit tough for an advanced user to choose this wallet for holding their cryptocurrency.
Exodus Wallet Review, Pros & cons
- Well designed interface
- Ideal for portfolio builder
- Tutorial videos to understand the use
- Suitable for beginners.
- New company, not ready for competition
- Fewer security features
- Lack of two-factor authentication
I would say this wallet is good for Ideal users, meanwhile if you are holding a large number of blockchain assets in the wallet don’t use this wallet. Your funds will be at risk always. Also, if you are a design like a person then only you can use this wallet. You can customize your wallet interface according to your needs.
There are many lacks in security features. The company is new bit working on to improve things up, Unless in future the company adds more appropriate security features than this wallet will be one of the best options available in the market. if it is possible then use ledger or trezor wallet for store.
That’s all for Exodus Wallet Review. Write down your questions in the comment section. Please like and share this comment with your friends and family.
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