- Ease of useEasy (Beginners)
- Supported Coins
Pros & Cons
- Very simple to use, designed for beginners, intuitive user interface.
- Exodus supports a large number of coins, at 19.
- You control your own private key, putting you in charge of your own funds.
- Transactions can be anonymised by ShapeShift, so users can trade privately.
- Support staff have a reputation of answering queries quickly.
- The service is known to be offline at times, requiring users to transfer their funds to another wallet if they want to buy or sell in a hurry when the server is offline.
- You aren’t able to pick from different fee offerings when buying and selling Bitcoin, which has variable fee offerings depending on speed. Also, many of the cryptocurrency coins are sold relative to Bitcoin or Ethereum, both of which have very high fees.
- Does not include Monero or Ripple, two fairly popular coins, in its network of supported coins.
- The exchange fees are considered high by many users (they are not, however, locked into using Exodus’s exchange, and have other options).
- The wallet is not fully open-source – parts of its code are copyrighted.
Buy and Sell from inside the wallet, Built-in Exchange, Built-in ShapeShift support, Hierarchical Deterministic Seed Key Backup
- Daniel Castagnoli and JP Richardson
- Free to download. No fees are paid to Exodus. All transaction fees go to the network.
- Private Keys Stored by
- Good/Great (Depending on the individual user's own ability to secure their private key)
- What it is
A desktop application running a ‘hot’ cryptocurrency wallet (one that is connected to the Internet), that is connected with a built-in cryptocurrency exchange.
Exodus was created to be a simple, intuitive, user-friendly desktop cryptocurrency hot wallet, on which development began in 2015, by Daniel Castagnoli and JP Richardson. As of the present day, Exodus is available for download on Linux, Mac OS, or Windows for free. Exodus is compatible with a full nineteen types of cryptocurrency, including Bitcoin, Litecoin, DASH, Ethereum and Bitcoin Cash, and it includes the feature of being able to buy and sell cryptocurrency from inside the wallet. Out of 340 user reviews, 209 gave Exodus the top 5-star rating, with an average rating of 4.2 stars. The wallet application is available on www.exodus.io.
When using Exodus, I can export a copy of my private key, which can ultimately make me the one in control of my cryptocurrency on the site. What this means is that if the site goes down temporarily, I can easily move and spend my cryptocurrency elsewhere. I advise that you protect your private key well – it is all that someone who wished to steal your cryptocurrency would need!
When I have a positive balance on Exodus, it allows me to create a seed key using hierarchical determinism. This means that if I were to lose access to my cryptocurrency, that through the use of my seed key, I can restore access through the use of a backup that was based on my seed key.
Exodus does not support either multisignature or two-factor authentication, so I think it may be a good idea to use it only for small transactions, and store the bulk of your cryptocurrency on a hardware wallet. However, Exodus does support full node validation, which is a high level of online transaction security as only fully compliant nodes can validate an Exodus transaction.
Exodus is considered to have high anonymity. Exodus does not keep logs on its servers, and through the use of ShapeShift, cryptocurrency is mixed, which provides another layer of anonymity. I do not need to validate my identity to set up an account, and my data is kept private. In Exodus’s launch video, its creators describe how while some exchanges want identifiable information from their users, they specifically do not as they believe that cryptocurrency should be decentralised, and anonymous if the user should wish it to be.
Using this Wallet
Exodus’s usability is where their program truly shines. Their high user ratings would not be so high if their product was difficult to use. The creators describe in their launch video how they wanted people who are not technological experts to have easy access to cryptocurrency. On their site, they describe Exodus as a ‘one-click exchange’ that is appropriate for people who have never used a cryptocurrency before.
One of the ways in which I find Exodus very easy to use is that it presents a visual pie chart of my personal cryptocurrency portfolio on my wallet interface that clearly shows the value of each of the different cryptocurrencies that I own, both in their original denomination and a fiat-equivalent value in dollars or another currency of my choice. These charts are ‘live’, in that they change in real time according to market conditions. I felt that all of this was designed to make it easy for me to trade with it. I can also easily trade among different cryptocurrencies using the integrated ShapeShift functionality, which I did not need to install separately – it worked with my desktop application. Using ShapeShift, if my given cryptocurrency is highly volatile at the time of trade, I can temporarily transfer it to one that it less volatile.
Exodus also allows me to choose from a wide range of visual themes on my application, or change the visual background, or even to customise the theme myself so that the application looks as I want it to. Exodus also has an online support desk and provides 24/7 support availability in order to help its users.
When using Exodus, investors have at times found that trading their assets on the Exodus exchange platform wasn’t possible for times for up to six hours because of maintenance on the Exodus platform. While six hours can be a long time in the cryptocurrency world of high volatility, rapidly changing values, and instant trades, there is a solution that may have helped these users: their currency is at no point ‘locked’ on to Exodus’s system. Because they have access to their own private keys, users are able to transfer cryptocurrency from their Exodus wallet into another wallet and then sell the cryptocurrency from there. What this means is that, for particular users who would like to have the assurance of trading at any given moment, possessing multiple wallets is a better way to ensure that they can trade whenever they might like to. It could then be possible for a trader to complete their transaction within a few minutes, even if Exodus should be unavailable for maintenance at this time.
Alternatives to this wallet
Exodus is a software-based desktop application that connects to the Internet (a ‘hot’ wallet). Similar wallets include Green Address, Wirex, Monero GUI, and Stellar Desktop. Alternative types of wallet include hot mobile wallets (such as Electrum and Mycelium), cold hardware wallets (such as Ledger and Trezor), and paper wallets (available from WalletGenerator.net).
Other alternative wallets worth mentioning include Agama and DarkWallet (which are known for having the highest anonymity), SpectroCoin (which has more extra features than most other wallets) and Airbitz, which I also consider very easy to use.
Overall, I would recommend Exodus both to first-time investors and for intermediate users, but not to high-end users, professional investors, people with very large cryptocurrency holdings, or people intent on speculation. Exodus’s user interface is designed for simplicity, and their security is tight enough that new users should manage to avoid being scammed or hacked. Exodus is one of the easier wallets to get into using, so it is appropriate for beginners.
Professional investors and speculators may find themselves annoyed by how some coins are sometimes unavailable, and how they cannot choose exactly how much in fees they will pay to the Bitcoin or Ethereum network. People with very large cryptocurrency holdings (anything more than 5 per cent of their individual net worth) would be recommended to use a hardware wallet to store the bulk of their cryptocurrency and only use Exodus for fast transfers between cryptocurrencies. High-end users may prefer higher security such as multisignature authorisation or two-factor authentication. Open-source enthusiasts may prefer to support developers who use fully open-source software. Finally, people using cryptocurrency to make payments for goods and services rendered may find it easier to use a mobile wallet that supports QR codes displayed on a mobile device. However, for those of you who are not in the above categories, I would say that you should find Exodus overall to be a pleasure to use.
David is a forex trader and writer who has spent the last few years giving his opinion and spreading news about oncoming markets and trading tips. Besides from being a trader he is also a lifelong Everton fan and enjoys spending free time watching his beloved team in the premier league.