Exodus Wallet Review 2021: The ultimate test
10 Stars
The sleekly designed app was developed in mid-2016 and its structure amounts to three integral components: Multi-Asset Wallet, Portfolio and Crypto Exchange. The app is compatible with Windows, Mac OS and Linux. Brand new is also a web wallet.
For fans of investing in different currencies, the wallet is a real boon: The Exodus Wallet offers almost 100 different coins, including Bitcoin, of course, but also Litecoin, Dash and Zcash, for example. As a light wallet, you don't have to download the entire blockchain to use it.
Among its competitors, however, it stands out for one feature in particular: it was the first wallet that was fully compatible with ShapeShift. In the crypto community, the wallet is also known for being a "beginner-friendly" wallet due to its intuitive interface. It also tries to give users as much control over their funds as possible.
Set up Exodus Wallet - This is how it works
Step 1: Download
You can easily set up the Exodus Wallet by going directly to the official website. There you will find a link to download the wallet depending on your preferred operating system.
Once you start the app, you see a structured portfolio with all your personal funds in an overview with charts and lists. On the left, there is a sidebar with all the features and actions that are available. The whole layout can be personalised. With the tracking option, you can monitor your balance and call up statistics about your history.
Step 2: Wallet setup
In fact, you don't actually need to set up an address: As an HD wallet, Exodus generates many new addresses from a single seed. You can either use your old addresses or use a new one for each activity.
When you click on "Receive", you should choose a currency. Then the software automatically creates an address from the seed. You have to copy this address and can then print out a QR code, for example, to gain access.
Step 3: Receive and send cryptos
In order to receive credits, one should simply follow the steps just described and then also inform the sender of one's own address. If you want to send cryptocurrencies yourself, there is no dramatic change: when you choose the "Send" option, you have to select a currency.
The wallet gives one the option to enter the amount in either crypto or fiat currency. Now all that remains is to enter the recipient's address and send.
Exodus Wallet Advantages & Disadvantages
The wallet has many supporters in the community, which is mainly due to its ease of use. The large number of cryptocurrencies on offer and the good support team are also attractive to many.
Of course, one disadvantage is immediately obvious, as the wallet is a hot wallet and is therefore theoretically constantly connected to the internet. This means security limitations compared to any cold wallet.
In addition, there are some Exodus sceptics, as the system is not open source based and it has no additional security features such as a multi-signature, 2-factor authentication.
Pros
Cons
Exodus Wallet Coins & Currencies
BTC Bitcoin | Brot | Numeraire | Bernstein |
In its early days three years ago, the Exodus Wallet supported only a handful of cryptocurrencies. Now, however, there are thousands - and the number seems to increase every day.
A great strength of the Exodus Wallet is the large number of coins. The only criticism from supporters of a large selection of cryptocurrencies is that some of the big ones like IOTA, XEM or ADA are missing from the list.
The highlight of this wallet is that you can even store ERC-20 tokens if they are not officially supported by Exodus. The downside to this, however, is that you cannot see the balance of these in the wallet itself. Instead, you have to use an Ethereum Blockchain Explorer to do so.
Since, as mentioned, the list of supported coins is constantly being expanded, you can always check the homepage to see if the new cryptocurrency you want to store is perhaps now on offer.
On the status page, one can also check whether the offered Exodus Coins have full functionality at the time when one wants to make a transaction.
Exodus Wallet Fees
As a service provider, Exodus charges transaction fees for every transaction one makes. The fees are paid to each blockchain network (e.g. Bitcoin, Ethereum, Litecoin or similar) and are not retained by Exodus.
Because Exodus considers speed and reliability more important than low fees, the wallet tracks changes in the blockchain network and adjusts fees accordingly. Exodus fees cannot be adjusted manually. The advantage for crypto beginners is first of all that they do not have to deal with this issue.
The software uses a dynamic pricing model that selects transaction fees according to network loading statistics. If you want to change your balance to another currency, there are extra fees due to Exodus' integration of the ShapeShift feature.
These are calculated as a range of 2% to 4% on the exchange rate of the cryptocurrency. The exact amount can be seen in the "Exchange" section of the site. The mentioned margins are subject to different liquidity levels of the markets and can vary accordingly.
Transaction fees | Costs |
|---|---|
Regular network fee | variable |
Exchange fee | 2-4% |
Exodus Wallet Features & Extras
What is particularly striking about Exodus Wallet are the numerous chart and personalisation features, which are presented in a chic design on the start page. For example, all icons are perfectly adapted to the layout.
One chart that stands out particularly positively is the pie chart, which shows all personal crypto assets at a glance and changes instantly depending on the market situation.
It also shows the percentages of each digital currency one owns and the respective equivalent value in US dollars. Just some of the reasons why the wallet is generally quite popular.
There are several reasons why the wallet is well received by "crypto beginners". Above all, it is due to the intuitive use, which makes prior knowledge seem almost unnecessary. It has to be said that the better you know about wallets in general - and the wallet you are using in particular - the better.
Another positive aspect is that the developers constantly try to keep the wallet up to date. This is also accurately documented on the website. But not only the development team, but also the support team has a very good reputation: it is available around the clock for questions and is dedicated in detail to the concerns of the users.
There are also more than 100 articles on the website that answer questions about topics such as features, fee structure and troubleshooting. There are also 17 other general topics and a long FAQ list with videos for a clear presentation. New users in particular appreciate the support for setup and use in the form of tutorials and videos. The wallet even has its own Vimeo channel.
Integration with ShapeShift
Among all the special features, the integration with the crypto exchange ShapeShift should also be highlighted. This means a wide selection of cryptocurrencies and the ability to use the wallet as an internal currency exchange.
This makes the exchange of currencies fast, easy and secure, because the cryptocurrencies never leave the wallet at any time. Another advantage is the transparency of the Exodus transactions: You have an overview of the amount you receive at any time - both as crypto and as fiat currency.
Is the Exodus Wallet secure?
So far, Exodus has received mixed reviews when it comes to security. Rightly so, as already noted, users in the past have criticised the lack of security features such as multiple signatures and 2-factor authentication. Other users are bothered by the fact that the wallet is not completely open source.
On the other hand, there is the argument that co-founder JP Richardson enjoys a high reputation in the developer community. Not making critical components of the wallet open source can also help protect the wallet from hacking. Otherwise, many functional elements can be viewed on the developer platform GitHub.
With regard to Exodus experiences in terms of security, it should be pointed out that a desktop wallet can only be as secure as the antivirus software or other protection programmes installed on the computer. An additional "manual protection" is not to click on any strange or suspicious-looking links when travelling on the net.
Although access to the Exodus Wallet comes with a secure password, you should consider using a cold wallet if you want to store a large sum of cryptocurrencies.
All in all, the Exodus Wallet is also considered secure. One of the main reasons for this is that you always retain full control over your private keys. These are generated and stored locally.
Exodus Wallet Experience
Exodus reviews have users raving about how easy it is to use. However, it is not only perfect for beginners, but also for the mainstream of users interested in crypto trading. The aesthetically well presented and intuitive interface and the fairly wide selection of Exodus Coins are also praised.
While the Exodus experience with the desktop wallet can definitely be considered positive overall, the web wallet is too new to be able to evaluate it in detail here.
The fact that Exodus charges extra fees for transactions is reflected negatively in some Exodus reviews. However, this should not be seen too one-sidedly:
On the one hand, these fees are presented very transparently on the website and on the other hand, the developers claim to use these sums for the further development of the wallet.
Exodus Wallet vs. our test winner Wallet eToro: Why we recommend using the eToro Wallet:
eToro | Exodus | |
|---|---|---|
Type of Wallet | Online Wallet | Desktop Wallet |
Customer service | Very good | Good |
Safety | High security | High security |
Mobile App | Yes | Yes |
Number of cryptocurrencies | 120+ | 103 |
In addition to eToro's solid position as a well-established and popular trading platform as a social broker, the company offers a wallet that is superior to the Exodus Wallet, especially in terms of security. In addition, eToro offers an immediate connection to the broker: you can buy coins via eToro and have them transferred directly to your eToro wallet.
The simple way in which you can acquire, exchange and trade coins thanks to eToro allows even laypeople to participate in this future technology. At the same time, they do not have to do without the usual security and certainly not without a high level of convenience.
This is ensured by the broker's many years of experience and the fact that you are dealing with one of the few regulated digital wallets.
With the eToro Wallet, the traded coins can be transferred directly from the trader to your own wallet without the annoying and constant password request. In addition, eToro already offers over 120 cryptocurrencies, and the range is constantly being expanded. Here, too, it surpasses the Exodus Wallet, which currently offers 103 cryptocurrencies.
All in all, the eToro Wallet is convincing thanks to its user-friendliness, high level of security and the possibility to connect your trading account to the wallet.
The fact that the whole process, including download, registration and verification, can be completed in less than 15 minutes, makes the offer the undisputed favourite among the mobile & app wallets of 2021.
Best Exodus Wallet - The Conclusion
So the overall conclusion for the Exodus Wallet is rather good. The wallet not only offers a very user-friendly entry, but also a wide selection of cryptocurrencies and the competent developer and support team predict a positive future for the Exodus Wallet.
Nevertheless, due to the potential security flaws, the wallet cannot be recommended without reservation. There are simply not enough features available to ensure "safer" wallets.
Before deciding for or against a wallet, you should always ask yourself which factors are relevant to you. These can be points such as fees, choice of cryptocurrencies or security. For this purpose, you should - in this case - not only read through different Exodus Wallet reviews, but obtain as much information about the wallet as possible from different sites.
Crypto wallet comparisons for specific currencies such as Bitcoin or Ripple can also be informative. In addition, you should find out everything you can about malware protection for your own PC.
FAQ
The Exodus Wallet is a desktop wallet. It can be used with your own computer or laptop. Mobile versions are also available, as well as an online wallet.
In order to be able to purchase cryptocurrencies, you go to an exchange of your choice. On Kryptoszene.de you can find all the information about the best-known crypto exchanges.
The platform scores with high security standards. Nevertheless, it is a desktop wallet, so residual insecurities may remain.
Yes, the Exodus Wallet can also be downloaded as a mobile wallet.
