Exodus Wallet Reviews: Great Crypto Wallet For Every Trader

About Exodus Wallet

Exodus Wallet is a non-custodial wallet for your crypto, which means Exodus stores none of your private keys. Exodus uses hot storage to store your coins. With hot storage, your wallet connects to the internet and is more likely to be compromised. To simplify user security, Exodus does not support 2FA or multi-signature security. Instead, it encourages users to move their funds to cold storage on a separate device.

Exodus Wallet has partnered with Trezor to support its sophisticated hardware wallet. With these, you can store your coins offline, away from prying eyes. With Exodus, you are solely responsible for keeping your cryptocurrency safe. If the device you hold your coins on is secure, your money will be safe too.

How does Exodus Wallet work?

To explain how a wallet works, you must understand three essential components:

Wallet

Like any other crypto wallet, Exodus Wallet also works through a series of codes that help users manage and link their cryptocurrencies in different blockchains. So instead of storing cryptocurrency, it holds a set of 3 principles – the master key, the root phrase, and the public address. The master key provides access to the cryptocurrency in the blockchain, while the public key acts as a wallet address. However, the seed phrase is a recovery phrase code that regenerates the private keys if lost.

Investment portfolio

The Exodus team has designed a portfolio page that displays relevant information, including an analysis of the cryptocurrencies owned and their updated value against fiat currency.

Integration with ShapeShift

The integration between Exodus and ShapeShift resulted in a single value position. ShapeShift, one of the best crypto exchanges, is praised for its trading, security, user interface, and privacy features. With greater speed and privacy, Exodus users can trade directly on this cryptocurrency exchange from the Exodus wallet.

Main function

Store and trade cryptocurrencies

Manage and swap 260+ cryptos and NFTs on your web browser, mobile, desktop, and hardware wallets. While Exodus Wallet is not an exchange, it allows you to exchange supported cryptocurrencies directly within the app through external third Exchange API providers, unattended, allowing users to exchange their favorite assets without KYC identity verification.

If you have coins in your wallet and want to exchange them, then you only need to click on the “exchange tab.” Here you can choose the currency you wish to trade and the currency you want to exchange for. Once you have done this, you must choose the amount you will exchange.

Once you are done with the exchange, you can close the wallet, and the money will be there when you open it again. If you don’t see your coins appear after completing a successful exchange, you may need to refresh your wallet or contact Exodus Support.

Staking

Exodus Wallet also offers staking users who want to earn passive income from their favorite assets. It supports staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO) and Solana (SOL) ).

APY is paid as a variable staking bonus and can be tracked in the wallet. If users don’t want to bet, they can use the DeFi Compound Finance protocol through Exodus to lend their Ethereum assets to a pool for interest.

Betting works quite differently between the assets a user chooses to wager on. Some investments require a lock-in period, and the reward confirmation function works differently for some, so be sure to learn more about what you want to wager on before you start so you know what will happen. APY is subject to change, and current rewards can be seen in the rewards app.

SpotX

Exodus Walletusers can have extra fun with the SportX app integrated directly into the Exodus wallet. SportX allows users to bet on the outcome of their favorite sports matches, Esports, and speculate on cryptocurrency prices, all in a decentralized way directly in the wallet, without the need for people. Users must register for an account or provide any personal information.

SportX is a leading decentralized sports betting exchange that supports trading sports results from one wallet to another, allowing users to speculate on the outcome of popular events. The SportX platforms are viral, and their unique integration with Exodus has made a big impression on users.

Products

Exodus mobile wallet

Users do not need to install a desktop application to use the mobile wallet, a fully functional standalone mobile wallet with the same great design and feel as the desktop version. For users who want to use both, Exodus can sync desktop and mobile wallets for convenience.

For added security along with passwords, crypto users can also enable biometrics on their devices and allow face or fingerprint scanning to help protect against unauthorized access. The mobile app can be used to check cryptocurrency prices, monitor your portfolio, send, receive, exchange, deposit, and access many crypto apps.

The mobile wallet app is available for both iOS and Android. Stay true to the crypto spirit, no KYC or account registration is required to get started with Exodus.

Exodus Web3 wallet

Exodus Wallet continues to be one of the most innovative wallets in the crypto space and has impressed users with the launch of the Exodus Web3 Wallet.

Exodus Web3 Wallet is a browser extension wallet on Chrome and Brave browsers. It will be familiar to MetaMask users (although much easier on the eyes) and can connect to DApps on the Ethereum network, Solana, BSC, and more.

Trezor hardware wallet

Users can manage their Trezor device using the Exodus desktop app with Exodus. This application can be used for portfolio management and a wallet interface for supported cryptocurrencies. Users will be guided through a well-designed user interface, ensuring that every step is followed with certainty.

After pairing Trezor with Exodus Wallet, the application will save XPUB and transaction history in the computer’s local memory. Therefore, using Exodus with Trezor on public devices is not recommended for privacy reasons. On the other hand, it is entirely safe to use Exodus with Trezor on a personal computer. All private key-related operations must be confirmed on your Trezor, just like with any other wallet interface.

Cryptocurrency App Exodus

App Explorer has a major app segment that provides crypto apps and easy navigation within the platform. This application is used to earn interest from cryptocurrency.

NFT Marketplace

Exodus wallet popularity skyrocketed as it became one of the first and remained one of the few non-custodial wallets with a built-in NFT library and marketplace.

Users can access the NFT library on Exodus mobile or desktop devices to receive, store, display, and share their NFTs. The NFT library supports receiving NFTs on the Solana network.

The NFT marketplace allows users to buy and sell NFTs on the Solana network from within the Exodus wallet. Exodus has partnered with NFT platform Magic Eden, Solana’s flagship NFT marketplace. The NFT marketplace in Exodus offers an impressive number of verified collections.

Like the other apps, to access the NFT marketplace and the NFT library, users will need to install the app from within the Exodus wallet.

Security

Exodus Wallet is well known for providing an exceptionally secure product with solid security features. Exodus Wallet’s first security stage is a user-generated password. This password is required to access the wallet once it is set up, along with transaction confirmation and viewing of the private key.

The next step is to copy a randomly generated 12-word backup phrase that can be used to restore access to the wallet if your device is lost or stolen. All data stored on the user’s device or sent when making a transaction is fully encrypted. Exodus does not know or cannot access your cryptocurrency, ensuring transparency.

Creating a 12-word fallback phrase is common for most crypto wallets and needs to be taken seriously. If you lose your 12-word backup root phrase, you will not be able to recover your cryptocurrency if the Exodus software is deleted or the device where it was installed is lost or damaged.

Finally, Exodus is known for having a quality customer support team that quickly responds to your questions. Exodus is a larger company than most crypto wallets, offering more support than the average crypto wallet company.

On the negative side, some people have been tricked by downloading fake Exodus wallets on the Google Play Store. It’s not Exodus’ fault, but you should be careful when downloading Exodus software. Double-check that you’re downloading from the correct location, and remember that Exodus will never ask for your 12-word backup root phrase.

Fee

Exodus Wallet does not charge users any fees for using its services. However, fees are always incurred when making transactions on different blockchain networks. These fees may vary based on the volume of transactions at a given time. In a time when many users are trying to make transactions on the identical blockchain, fees will be higher. Exodus does not receive any funds in connection with these fees.

Pros and Cons

Conclusion

Exodus Wallet offers a variety of options for crypto owners who want to store, spend, and trade crypto on multiple devices. While Exodus does not host as many cryptocurrencies as some of its competitors, it serves users of the most popular digital assets with a fully featured experience.

For advanced crypto users, there is a minimal advantage to using Exodus mainly because custom fees are currently restricted to Bitcoin and more importantly because the platform is more focused on the money experience. user’s electronics rather than security. This makes wallets less secure for people who want to keep significant amounts of money in their software wallets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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