Review of Exodus Wallet – All You Need To Know

Exodus is a multi-cryptocurrency wallet that provides easy to use User Interface and was officially launched on July 29, 2016. Being one of the newest wallets for storing coins on the market, it gives you options to access and transfer your cryptocurrency funds.

Being a software connected to internet, it has more security risk issues than hardware wallet alternatives such as Ledger or Trezor.

You can keep your Aragon, Augur, BAT, Bitcoin, Bitcoin Cash, Civic, Dash, Decred, District0x, EOS, Ethereum, Ethereum Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, Qtum (ERC20) and SALT all in one place and easily calculate and organize your savings with their pie chart portfolio.

The development team at Exodus is providing constant support for new coins. To find a list of coins on their roadmap you can click here.

With beautiful and intuitive design, the strongest suite Exodus has is its User Interface. User Interface is plain and simple. It was designed for people who have never used an exchange. It is possible to execute each possible transaction by following step by step process. During the design process, nothing was left to a chance taking it so far that each and every icon perfectly fits with the rest of the layout.

Exodus UI

What Are The Pros and Cons?

Pros: Customers have given a massive amount of positive feedback to Exodus. It has a 4.4 out of 5 star average on CryptoCompare with over 260 reviews. Most of the praise and love goes to interface design and prompt and helpful support team.

Cons: Besides the beautiful design and prompt customer support services, there are still some aspects of the wallet begging for improvement. Main downfall is inability to use 2FA (2 factor authentication) for your account. An security issues that you don’t have to think about with other wallets on the market.

Some of the negative comments came from disappointment of not having the mobile app. Most probably as the Exodus keeps on growing both of these issues will be solved and developed.

On the other hand, Exodus is free to download and use. Note that transactions fees are applied for exchange and transfer of currencies via the wallet. There were reports that Exodus fees are higher than of the competition.

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So How Does It Work?

Exodus contains three integral parts:

–       Multi-asset wallet

–       Portfolio

–       Exchange

Wallet’s interface and ease of use is very impressive with its sleek, simplistic design, which makes navigating different altcoins a breeze. You select “wallet” then click through the various crypto assets including – Bitcoins, Litecoins, Dash, Ether, Dogecoins and even EOS.

This is also where you can check your balances, transactions, send and receive funds. You can easily filter your transactions by “sent”, “received” and “exchanged” which is a helpful option to keep things organized.

Exodus Wallet UI

One of the features that sets Exodus apart from a lot of its competition is the visual compound pie chart. This displays all of your diversified crypto assets in an easy to view circle allowing a user to track the value of their blockchain assets, in real time, as market conditions fluctuate. It also shows the percentage breakdown of each digital currency you own and the associated dollar value.

Exodus Pie Chart

Exodus is the first desktop multi-asset wallet with ShapeShift built in. Which means that you can exchange cryptocurrency directly in the wallet without the need for use of the exchange. The amount you are going to receive in the trade is clearly shown in both crypto and fiat values including the current spread of the transaction. The wallet is built in a way to give you clear overview of transactions made.

Exodus exchange

In case you lose access to your computer or you need to restore your account for any given reason, there are several options on how to access your funds again.

The most simple way is to use the option one-click email restore system. During the opening of the account, an email is sent to you with a backup link to restore your account. So if you are in need of restoring your access just click on this link and enter your password to complete the restoring process.

When opening your account you will also be given a 12-word passphrase. Be very careful not to forget or lose passphrase. In case you can not enter your email or you forget your password, you must enter passphrase to regain access to your Exodus account. There is no alternative to get access to your account if you do not have the passphrase.

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Should we trust Exodus?

Taking into consideration that Exodus is not 100% open-source, your are basically giving your trust to developers and management team by using their wallet. On the other hand, company’s CTO, JP Richardson is very trustworthy inside the development community, having developed over 190 open source libraries.

Being launched only in July 2016, there was not enough time to implement all the security features, security features that are included by many other wallets available on the market. First of all your blockchain assets are fully encrypted but secured with bare password protection. Secondly, there is no 2FA (2 factor authentication) which means that if you unknowingly download any malware or other malicious software you will be more exposed to security breach.

Development team of Exodus are aware of their security shortcomings and are doing their best to solve these challenges with hardware providers.

In the meantime, they are actually recommending that you use some other wallet with multi-sig (like Copay) or a hardware component (like Ledger) in case you are planning on holding huge amounts of blockchain assets.

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Exodus Support Team

Support team has been highly rated. Exodus’ support site has a knowledge base with over 100 articles on various topics, explaining in details the features, fee structure, troubleshooting. There are also 17 other general topics. There is also a extensive list of FAQs with included videos in case you need a more detailed help.

In case you can not find what are you looking for at the support site, you can easily contact support team trough email. It has been reported by numerous users that they had a great experience working on the issues with the support team. Support team gives prompt answers and devotes to full resolve of the issues.

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Final thoughts

If you are a fan of great designs and awesome user experiences this could be your new favorite cryptocurrency wallet. Exodus has taken the attention to details on the whole new level by giving you unique experience. Customer support is great and prompt, they offer a transparent roadmap, a multi-coin support and it is easy to see why the users are loving it.

It is going to be interesting to see how this company will continue to grow as they increase security levels and add more functionalities to the wallet.

9.1 Total Score
Excellent reputation with beginner friendly interface

Fees
8.8
Security
9
Supported coins
9
Reputation
9.5
User friendly
9
User Rating: 5 (1 votes)


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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.

1 Comment
  1. Exodus forces a single address so that the IRS can track you conveniently: I really wouldn’t be surprised to find that Exodus is an IRS “Project”.

    The wallet itself is really excellent in nearly every way. The only problem I see with it ( other than a few security issues ), is that the folks behind it’s design and implementation are most probably engaged in a conspiracy with the IRS and God knows what other agencies. You will notice that whenever you do a transaction like sending to another wallet or exchanging one coin type for another, the last stage of the transfer is delayed for a pointed question. That question, presented just before you press the SEND button, asks you to confirm that you are sending NOT “X” number of coins, but that you are sending “X” number of DOLLARS. NO – this is NOT being done for your “convenience” … YOU ARE MAKING A LEGAL ADMISSION THAT YOU ARE ENGAGING IN A FIAT CURRENCY TRANSACTION. It is being done so that the IRS can consider EVERY coin swap and/or coin Exchange, As A TAXABLE EVENT. That is to say, AS INCOME. They want to TAX ALL CRYPTO TRANSACTIONS AS INCOME … Whether you get cash for them or not … Even though the “official” IRS position is that coins are a Commodity… like a bag of sugar. These sneaky, underhanded thieving bastards want to have YOUR cake and eat it too. If the Exodus folks want to deny the conspiracy, then they MUST remove the BS and denominate the trades in COINS … NOT DOLLARS or RUBLES or RUPEES or EUROS. It’s an EASY fix and Their failure to accomplish this by the very next update is tantamount to an admission of the FACT of the conspiracy and we will be forced to engineer their destruction through boycott, bad press … and whatever other legal means might be at our disposal.

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