Introduction to Exodus
Exodus was initially designed in 2015 and then launched in 2016 by Daniel Castagnoli and JP Richardson. Both of them previously worked with big companies in the past, one of them had experience in cryptocurrency area while the other had experience in marketing and design as he previously worked with companies like Apple or BMW. So it was the perfect combination of a team in order to create one of the best cryptocurrency wallets on the market.
The idea of Exodus was to create a cryptocurrency wallet that is easy to use by absolutely anyone, even if they never heard about or used a cryptocurrency wallet before. And that’s exactly what they managed to do, nowadays Exodus being one of the most popular wallets on the internet that is used by millions of people both experienced and beginners in cryptocurrency area.
Exodus Wallet features
You can use Exodus wallet on pretty much any device connected to an internet connection whether we are talking about a computer using Windows, Linux, Mac or a smartphone using Android or IOS.
In total Exodus wallet currently supports around 126 different coins and tokens, and you can even create a wallet for custom ERC-20 tokens which makes the wallet perfect for almost any cryptocurrency available out there.
The thing that makes Exodus such a great wallet is their simple and in the same time innovative software. Besides the fact that sending or receiving cryptocurrencies is super easy you’ll also have access to a portfolio in order to track all of your coins and see the progress of each one in particular.
Exodus now has an exchange incorporated directly into their app that people can use to easily exchange their cryptocurrencies. All you have to do is click on the exchange icon, select the coin that you want to sell, select the coin that you want to receive in exchange, enter the amount and then hit the exchange button. That’s it, you’ve successfully completed the exchange. Now all you have to do is wait to receive your desired coin, this could take from a couple minutes up to a couple hours.
Exodus Security
Exodus is a hot wallet meaning all of your funds and the private keys to your wallet are stored locally on your own computer. This means that if someone can hack your computer they are most likely going to be able to also steal your private keys and inevitably your funds. It is important to know that Exodus is not responsible in case your wallet is hacked since they are a non custodial custodial wallet, meaning they don’t have access to your private keys and your funds.
Before you deposit funds on your Exodus wallet make sure you go to Settings and check your 12 word phrase. Write down your 12 word phrase on a piece of paper and make multiple copies. This phrase will help you restore your wallet in case your computer has broken, or in case you want to open your wallet from a new device.
Do not store high amounts of money on wallets like Exodus because their security features are limited. In case you have a large amount of money available in cryptocurrencies I would definitely recommend to you a hardware wallet like Trezor. Now you can connect your Trezor wallet directly to your Exodus wallet. This way your funds are fully secured while using Exodus interface
Exodus wallet advantages/disadvantages
Advantages of using Exodus :
- Very easy to use even by a beginner
- Free to use
- Excellent customer support, always willing to help you with any problems encountered on thier wallet
- More than 126 cryptocurrencies available
- Exchange platform incorporated into the wallet
- Innovative design
- 2FA not available as a security option
- Except for bitcoin, the fees are set automatically by the wallet
- The fees for exchange are high
How to start using Exodus wallet?
You can download Exodus wallet by accessing their official website : https://www.exodus.io/download. Here you’ll find links to all of their official platforms and apps.
Exodus wallet is available directly on Play Store and App Store so you can download the apps directly from there. Just make sure you pick the official apps because there might be some clones trying to scam people.
After downloading and installing Exodus you’ll have to create a new wallet or restore a wallet that you previously used. Either way the process is very simple and it will all be explained step by step within the app. If you find yourself in trouble you can always access Exodus support page where you will find more than 100 materials in form of articles and videos covering all possible topics. If you still need assistance there is a support team available 24/7 to help you.
