Exodus Wallet Review: Can it still compete in 2020?

The Exodus wallet

is founded in 2015 by JP Richardson and Daniel Castagnoli. This Exodus wallet review offers a unique design different from other wallets, based on a dark design and a user-friendly interface to use. Exodus supports more than 100 cryptocurrencies as Bitcoin, Ethereum, Ripple, Litecoin, and more.

Exodus supports hardware wallets as Trezor with easy integration on Windows, Mac, or Linux systems. It allows the user to send and receive crypto funds from online and hardware wallets. Exodus supports mobile phones with support for Android and iOS devices. The user can exchange crypto funds easily on the Exodus wallet on Desktop.

Desktop

This Exodus wallet review is available on desktop devices like Windows, Mac, and Linux. The desktop wallet is designed easily to manage the wallet by offering full control. It allows the user to easily manage 113 cryptocurrencies, with major coins like Bitcoin, Ripple, Ethereum, Litecoin, Stellar, and more. The full list of 113 cryptocurrencies supported on the desktop wallet, can be found here: https://www.exodus.io/.

The portfolio menu offers details of major cryptocurrencies prices on charts, with a 24-hour update. The desktop version allows the user to manage all cryptocurrencies in one place, with a portfolio chart showing the total number of assets. The user can send or receive payments directly on the Dekstop wallet. Sending and receive payments with a desktop wallet can be done also with a QR code. Exodus checks all addresses for any errors such as invalid characters to prevent the funds from being sent on the wrong address.

The Exodus desktop version allows the user to buy and sell cryptos. With the total funds in the wallet, the user can choose any amount and exchange them with any other cryptos like Ethereum, Litecoin, Monero, etc. The desktop wallet can be customized with different themes of colors made by the Exodus team. The user can also change the background color to dark blue, dark purple, and black.

Mobile

Exodus users can use the wallet on Android and iOS devices. The mobile app can be synced with the desktop wallet by using the 12-word backup phrase. The mobile app supports more than 55 cryptocurrency assets with more cryptocurrency planned to launch in the future. The full list of supported cryptocurrencies on mobile devices can be found below: https://www.exodus.io/mobile/#showAll

Exodus mobile app encrypts the private keys and the transaction data is encrypted on the app for the user only. The Exodus wallet is built with a clean design and easy to use. The user can also send and receive payment directly by the mobile app. Exodus makes sure the address of the transaction is correctly by checking for any mistaken characters on the address. The user can also use the mobile app to make and receive payment with a QR code.

Cryptocurrency exchange can be done on the mobile app too. The user can sell or buy other cryptocurrencies like Bitcoin, Ripple, Stellar, and more. It doesn’t require a sign up to make the exchange and the user can use the fund’s balance to exchange them. The exchange process completes in under 30 minutes and is very friendly for new users to use it.

Mobile users can receive more protection of the wallet with other login features. The user can set up a passcode to prevent authorization from unknown persons on the mobile app. The Exodus wallet review mobile app can be set up to unlock it with a Touch ID (Fingerprint) or Face ID. If the user forgets the password or cannot use the Touch ID or Face ID, the user can use the 12-word recovery phrase to unlock and access the wallet.

Trezor Integration

Trezor hardware wallets can be integrated on the Exodus desktop wallet. Both models, Trezor One and Trezot T model are compatible with the Exodus desktop wallet. Trezor device can be used to exchange cryptocurrency funds between Exodus and Trezor account. With Exodus desktop, the cryptocurrency assets remain secured offline on the Trezor hardware device.

To set up the Trezor device in Exodus wallet, follow the steps below:

1. First, plug in the Trezor device. Open Exodus desktop wallet and go to “Settings > Devices” then find the menu “Install Trezor Bridge”, and click on “Install Now”.
2. Leave the “Detect Trezor” toggle button enabled. After that, the Trezor device will begin to boot up once the firmware update is finished. After the update is finished successfully, the Trezor device will restart automatically.
3. The last step will ask the user to choose one of the options listed below.

a. Restore from secret phrase
b. Create a new wallet

To set up a new Trezor device with Exodus, choose the option “Create a new wallet”, Then, follow the instructions on-screen to finish the process.

The other option with “Restore from secret phase”, allows the user to connect the Trezor device with Exodus by using the recovery phrase. It’s recommended to write the recovery secret phrase alone and make sure your computer is protected.

Exchange

Exodus users can exchange cryptocurrency assets with many other cryptocurrencies. The exchange process is easy and private, and most of the exchange transactions will complete in under 30 minutes. The user can buy and sell cryptocurrencies without a sign-up. To understand the exchange process, follow the instructions below:

1. Open the wallet on the Desktop or Mobile app and click on the “Exchange” tab on the left menu.
2. On the “Exchange” field choose or search the cryptocurrency coin you want to exchange. And on the right side, on the “Receive” field, the user can search, or choose the cryptocurrency he wants to receive the exchanged crypto funds.
3. Below the exchange and receive fields, there’s the amount field. The user needs to write the amount he needs to exchange and it will show the total amount of the exchanged cryptocurrency the user will receive. The user can use the “ALL” button which will use the total balance of the account, “HALF” button to use only half (50%) of the total balance, or “MIN” button to use the smallest amount available for exchange.
4. The last step is to confirm the exchange transaction by clicking the button “EXCHANGE”. After the exchange is confirmed a new page will open with the message “Starting your exchange…”, which means that the transaction exchange has started. The transaction cannot be canceled anymore and the average time for exchange confirmations is 30 minutes and below.

Design

Security

Even desktop wallets are more secured and harder to gain access by hackers, there are still other methods that hackers can use to access the user’s wallet. However, Exodus security features make sure the user has the “complete” security on the account. Security features as PIN code, Touch ID, Face ID, Auto-Lock, Recovery Phrase, Unique Password, make sure the user’s wallet is protected at the highest level.

Recovery Seed Phrase

The 12-word recovery phrase on the Exodus wallet is like a master key to backup the wallet in cases where the wallet access has been breached. The 12-word recovery phrase can be set up on the Exodus wallet when the user configures the Exodus wallet for the first time. It’s very important to keep the recovery phrase in a safe place, protected by thefts, water, or fire damage. Recovery phrase is used to recover the wallet’s access in cases where the user has lost the password or the password has been compromised. The user can easily recover the wallet with the 12-word phrase on a Desktop or a Mobile app.

Private Keys

Exodus wallet private are stored on the Trezor device or the desktop wallet. Exodus allows the user to see the private keys stored on the account, but, it is recommended to keep your private keys secure and hidden from others.

To view the private key on your desktop wallet, follow the steps below:

1. Open the desktop wallet and on the top right click the menu with three dots.
2. Then, chose the fourth option “View Private Keys”.
3. After choosing to view the private keys option, the user will get a warning page alerting the user if he’s sure to continue with viewing the private key or not. The user needs to click on “YES, I’M SURE” button.
4. After the warning page, the user is taken to a password field to write the Exodus wallet password. Then, the user needs to click on the “UNLOCK NOW” button and will have access to the private.

Another method to view the private keys is from the Developer Menu, and to try this method, please visit the link below:
https://support.exodus.io/article/86-how-can-i-view-my-private-keys

Lock Wallet’ feature

Lock wallet feature on Exodus desktop wallet automatically locks the account after the duration time selected by the user. Auto-Lock time option allows the user to lock the account on the following times:

5 minutes
15 minutes
30 minutes
1 hour
2 hours

After the selected auto-lock time, the user is logged out, and to access the wallet needs to enter the password of the Exodus account. The auto-lock option can be activated manually, by pressing the Lock toggle underneath the Exodus logo on the desktop wallet. The auto-lock option it’s an increased security measure to prevent unauthorized access to the wallet.

Two-factor Authentication

Exodus supports two-factor authentication (2FA) for wallets connected with a hardware wallet like Trezor. For wallets without a hardware wallet, the Exodus doesn’t offer 2FA due to security reasons, according to Exodus company. Hardware wallets with two-factor authentication are less exposed to malicious attacks because they’re stored offline. And in cases where the two-factor authentication is compromised, the hardware wallet has other security measures as PIN code, Passphrase, and Recovery Seed Phrase. Two-factor authentication in Exodus desktop wallet can be set up with QR code apps such as Authy, Google Authenticator.

Design

Exodus wallet offers a unique design different from other wallets. With a black style color on focus and allowing the user to customize the home screen with different theme colors or background colors. The user interface is clean and very easy to navigate and beginners in cryptocurrency can get used to it quickly. It’s designed carefully so the user can enjoy a comprehensive experience. The portfolio chart design shows the user the total assets of cryptocurrencies with perfect colors for day and night.

Support

When it comes to Support methods available, Exodus doesn’t offer many alternatives for users who need help. The only option of communication with the support team is by email message on the website. The Exodus doesn’t offer Live Chat or Phone Number support. The email team is available 24/7 according to the Exodus website.

However, the Exodus FAQ page contains very helpful articles, and the information provided there could avoid the user using the contact team. Hundreds of articles about account, security, mobile, desktop, and more. The FAQ page explains in detail the Exodus ecosystem with its features and options.

Summary

Exodus wallet is the perfect wallet for beginners who are new to cryptocurrency by offering a clean user interface to the user. The wallet can be used on many devices like computers, laptops, tablets, smartphones. Exodus wallet platform is free to use for all devices and the fees for transactions are very low.

The Exodus wallet is great for crypto users with Trezor wallet, who can connect it with the Exodus wallet. Users can exchange cryptocurrencies easily in less than 30 minutes with major cryptocurrencies available for exchange.

Exodus support can be reached with the only email, but Exodus offers hundreds of articles to guide the user with the Exodus wallet. The security features compared to online wallets as Blockhain or Coinbase, is a bit behind with two-factor authentication available only for hardware wallets. But the user shouldn’t feel unsecured and exposed to risks, as the desktop wallet is less more compromised.

In general, we can recommend Exodus to all crypto users and especially to the users who make a lot of cryptocurrency transactions. Also if you did want to read more wallets reviews on this website we suggest Top 10 crypto wallets best fit for you.

Image via pixabay, Writer Behar H.