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When it comes to cryptocurrency wallets, we have a lot of options, ranging from hardware to mobile wallets. Today, I want to talk about a different kind of wallet – a desktop wallet. Here’s my Exodus wallet review.
What is the Exodus Wallet?
The Exodus cryptocurrency wallet is one of the newest entrants into the crypto storage and transaction space. Despite its newbie status, it has been causing ripples owing to some of its unique offerings.
The top two include the fact that it is a desktop-only application, and second, that it supports a total of 18 cryptos.
When talking of mobile wallets, we categorize our wallets in terms of the operating systems such as Android and iOS.
Now that we are discussing a desktop application, we will talk about PC operating systems. The Exodus wallet can work on Windows, Linux and Mac OS-based computers.
However, these operating systems must be 64-bit.
To see whether your Windows PC is 64 or 32-bit, right-click on the “My Computer” or “This PC” icon and click “Properties.” It will be indicated under “OS Version.”
You only need to navigate to their main site and download the wallet directly to your PC.
Avoid second-party websites that offer the wallet. Additionally, do not install any other software or plug-ins along with the main Exodus wallet. You risk installing malicious software used by hackers to try and steal your cryptocurrency.
Cost of Installing The Exodus Wallet
The Exodus wallet, like any other wallet, is free to download and install. You might wonder how they make money.
Since they’re service providers, they charge a small fee each time the user executes a transaction. The fees usually range between 1 and 3 percent of each transaction.
If you are accustomed to cryptocurrency, you will understand the role and importance of ShapeShift.
This is a second-party integration function that lets a wallet user to easily exchange their cryptos from one type to another.
That means that if you have some Ethereum in your wallet; you can convert them to Bitcoins or Litecoins instantly without having to find other exchanges outside the wallet.
The only downside to this is currently you cannot exchange one crypto to another without a minimum of $200. Meaning if you have bitcoins that are valued at $150, you simply won’t be able to convert them into another crypto.
When I contacted their absolutely awesome support, they stated that the reason for this is “because Exodus wants to remain top-tier and create amazing customer experiences we decided to increase the minimums a bit to give better service to our users.”
I believe this is just a temporary setback and that minimum will be decreased soon enough.
Exodus is actually the first PC wallet that offers full ShapeShift integration.
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You might already know that any wallet that offers ShapeShift must support multiple cryptocurrencies. So, yes, Exodus supports multiple altcoins. Currently, those are:
Bitcoin, Ethereum, Litecoin, Dash, District0x, FunFair, Ethereum Classic, Bitcoin Cash, SALT, Civic, Basic Attention Token, OmiseGo, Gnosis, Aragon, EOS, Decred, Augur, and Golem.
If your crypto is not listed above, worry not as Exodus has promised to increase the number of supported currencies soon.
This wallet is installed on your PC. As such, it encrypts all your assets and stores them directly in your computer. Therefore, your money is always in your control 100% of the time.
To add to the security feature, Exodus has a backup system.
However, your private keys are never stored in the Exodus servers. To set up your backup, you need to receive the first deposit into your wallet. From there, the Exodus team sends you a link via email to activate the backup which comes as a complex 12-word passphrase.
You need to keep this phrase securely as it can be used to access your wallet from another computer. However, if you ever happen to lose it, Exodus recently added a feature that enables you to reset the 12-word phrase by clicking a button on your screen in case you lose it.
Once you have backed-up your wallet, you’ll be prompted to create a password. Create a strong password that will make a potential hacker sweat it out much.
I have to be honest, though, that I was disappointed to learn that this wallet doesn’t have two-factor authentication. This is a key security feature for most confidential applications nowadays.
Let’s hope they make this addition in the near future.
Getting Started With the Exodus Wallet
Once you have downloaded the wallet to your 64-bit computer, you’re ready to get some cryptos into it. For example, you can purchase some bitcoins from Local Bitcoins.
After that, transfer the purchased bitcoin into your Exodus wallet. (Here’s the part where you will see an exclamation mark on backup, prompting you to back up your wallet, and create a password)
From here, you can exchange them for any of the supported currencies, send or receive with ease.
I find desktop wallets to require a little bit of training for new users. Exodus seems to share this sentiment and to that effect, they have some accompanying tutorials and videos.
It is recommended that you go through them prior to setting the wallet up. They are thorough and very clearly explained.
In addition, there are hundreds of articles on their site acting as instant support.
You can find tons of information regarding the Exodus Wallet features, fees and troubleshooting there.
I must also mention that their customer support is amazing. Whenever I’ve had inquiries, they’ve responded promptly, usually within 20 minutes.
You can make payments directly from your Exodus wallet, of course through a cryptocurrency network. You will be charged a small fee to do this.
To send some crypto, just click the “Wallet” button located on the left sidebar then select the type of crypto you want to send. Key in the recipient’s address then click “Send.” That simple.
To receive crypto, click on the “Wallet” button then pick the type of crypto you are about to receive. This will generate a corresponding address.
In short, if you choose Litecoin, a Litecoin network address for receiving the funds will appear. Copy this address and send it to the person you will be receiving coins from.
Exodus Portfolio Section
The Exodus wallet has a neat portfolio section where you can track the value of your digital assets as the market changes. You can see the percentages of each crypto asset you own.
What I wish they would add though, is the market price of the cryptocurrency you own, i.e bitcoin – $17,385 or whatever price it would be at that time.
Finally, make sure to update the wallet from time to time. This will ensure you get access to any new features that might be added, not to mention enhanced security features. These are available at their main website.
[PS: If you feel that this review was helpful, I’m open to receiving some LTC or Eth 🙂