Crypto wallets allow you to securely store and manage digital currency. Although there are many software wallets, the Exodus wallet remains the most widely used. Trusted websites such as Finder.com and Bitcoin Exchange Guide have rated Exodus wallet the best of all crypto wallets.
This review will give you information about the cryptocurrency wallet. This review will cover the features, pros and cons of the wallet, as well as supported currencies. The cryptocurrency market can be volatile. Before making any financial decisions, it is crucial to do your research.
Exodus: How it works
Exodus’ primary goal is to make digital coins easier to access, manage and use.
These three components are crucial to understand the operation of a wallet.
- Exodus wallet – This wallet works in the same manner as any other cryptocurrency wallet. It has a number of codes that allow users to link and manage their crypto coins across multiple blockchains. It stores 3 codes, including the primary keys, seed phrase, and public address, instead of crypto. You can access the cryptocurrency coin in blockchains using the primary keys. To address the wallet, a public key is required. However, the seed phrase is a recovery code code which aids in the regenerating private keys if they are lost.
- Portfolio – The Exodus Team created a portfolio page that includes pertinent information, such as the breakdown and updated value of crypto coins in relation to fiat currencies.
- Exodus and ShapeShift Integration – This integration has created an exceptional value position. ShapeShift is a popular cryptocurrency exchange. It is well-known for its trading, security, and user interface. With additional privacy and speed, users can trade directly from their Exodus wallet on this cryptocurrency exchange.
Exodus for Beginners
Exodus is an excellent choice for beginners to crypto. Exodus, while not as straightforward as custodial options such as Coinbase and Gemini where you purchase your coins and then leave them on the exchange, is certainly one of the simpler non-custodial options.
The cryptocurrency wallet does away with the need to register on exchanges and provides an easy-to use layout. The wallet integrates cryptocurrency storage and exchange, so users can expect an easy, stress-free experience. It offers top-notch security as an additional benefit.
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The wallet cannot be used for purchasing cryptocurrency via another app or exchange. The wallet can then be used to send these crypto assets. Although it’s not an easy task, cryptocurrency beginners should learn how to store crypto assets in a non-custodial wallet such as Exodus.
Features
Exodus supports more than 150 currencies on seven different blockchains. Users can trade, buy and swap currencies on the internal currency exchange of the crypto wallet. Exodus’ partnership with FTX allows users to access the exchange directly from the Exodus App. This makes it possible to transfer assets between the two. It recently added the Lightning Network to their payment system. The Lightning Network is a payment system that accepts payments outside of the Bitcoin network. Exodus users can benefit from this feature which allows faster and more affordable Bitcoin (BTC)transactions.
The Exodus NFT Marketplace now allows you to sell, send and collect non-fungible tokens. This feature is now available on both desktop and mobile via Exodus NFT Marketplace’s partnership with Magic Eden. This cryptocurrency wallet supports NFT transactions via the Solana network. This information will be of interest to users. You will need to have a minimum reserve of 0.01 SOL in order to complete an NFT transaction.
To generate income, wallet owners can choose to either stake assets or earn interest. To generate passive income, users can deposit assets or delegate assets to the application. This feature is available to ALGO, ADA, and ATOM, as well as ONT/ONG and ONT/ONG SOL as well as VET/VTHO and VET/VTHO. Each asset can be staked according to its unique parameters. Exodus updates its software at an almost weekly rate.
Exodus supported cryptocurrencies
More than 100 cryptocurrencies can be stored in the wallet, including Bitcoin, Ethereum and Litecoin. These are the most important cryptocurrencies Exodus wallets support:
- BTC – Bitcoin
- ETH – Ethereum
- XLM – Stellar
- BTG – Bitcoin gold
- USDT – Tether USD
- BCH – Bitcoin Cash
- LTC – Litecoin
- EOS – EOS
- XMR – Monero
- BSV – Bitcoin SV
- DASH – Dash Coin
- BNB – Binance Coin
Costs and Fees
When it comes to pricing, many cryptocurrency software companies share a lot. Software wallets can be downloaded and used for free. Users don’t need to pay to receive assets. This industry standard is in place. When sending assets, all crypto wallet users will be charged a network fee. Exodus wallet adheres to this fee schedule and charges very low fees.
The wallet can be customized with fees, which is a common industry practice. However, this feature is only available to the Bitcoin and Ethereum networks. This feature can be enabled by going to Exodus’ “Asset Menu”, clicking on “Advanced Options”, then clicking on “Enable Custom fees.” The user will see a gear icon in the upper left-hand corner. This allows them to access Exodus’ custom fee interface. Exodus will show a suggested fee, but users can choose to set their own fee by using a sliding-scale. Traffic or network congestion may cause the recommended fee to change. This can happen, users should be aware. Exodus will remember the fee once it has been set. Users can set a fee for each transaction if they wish to keep it constant.
Exodus Security and Customer Service
Exodus is well-known for its high security products and many security features.
This is the first step to secure your wallet. This password will enable you to access the wallet once it is set up.
Next, create a backup seed phrase of 12 words randomly generated. This backup seed phrase can be used to gain access to your wallet in the event of theft or loss. All data sent to the wallet and stored on users’ devices are encrypted. Exodus has no access to your cryptocurrency or any knowledge about it. This guarantees transparency.
Most cryptocurrency wallets have a 12-word backup phrase. This should be taken very seriously. If your 12-word backup phrase has been lost, you will not be able to recover your crypto.
Exodus’ customer support team is excellent and will answer all questions promptly. They offer more support than any other wallet company because they are larger than most cryptocurrency wallet companies.
Many people were tricked into downloading fake Exodus wallets via the Google Play Store. Although this wallet is not to blame, it is something to be aware of when downloading Exodus software. Make sure you’ve downloaded the correct file. Exodus won’t ask for your 12-word backup password.
Exodus is what kind of wallet?
Exodus is a non-custodial cryptocurrency wallet that gives you great support and more control over your assets. It does not manage your wallet nor take custody of it, but you have full control over it. You can use multiple crypto assets. It supports TREZOR wallets. These wallets provide a simple interface with strong security and strong protection for a physical wallet.
The wallet is also lightweight, so it doesn’t need to download all of the blockchains. This allows for faster setup. Exodus Wallet’s interface is responsive and simple to use. Exodus Wallet is available in desktop and mobile wallets versions. It can be used on any device, including Windows, Mac OS and Linux. This wallet’s crypto exchanging assets function works extremely well and is simple to use for both beginners as well as more experienced users.
Conclusion
Exodus is an attractive wallet option for both beginning and intermediate crypto investors. Its ease-of-use, large selection of digital assets and self-custody will appeal to both segments. The wallet has not experienced any security breaches in the last five years, which will make it easy for new users to feel secure. Expert traders will find it easy to integrate with Defi platforms and stake assets. The interface is appealing and should make it easy to manage digital assets. Unfortunately, the platform does not have an educational component. Exodus Support offers answers to most common questions as well as a wide range of articles. You can also get 24/7 support via instant chat or email.
Exodus’ frequent updates mean that this wallet will continue to grow its support assets. This wallet is an excellent choice for anyone who enjoys cryptocurrency, especially beginners. It is not a wallet that can be quickly outgrown. Users will continue to learn about cryptography and the wallet will grow with them.
