Exodus Wallet Review (2020): Is Exodus Safe?

Exodus Wallet was co-founded in 2015 by JP Richardson and Daniel Castagnoli in an effort to remove the geek requirement associated with cryptocurrency while simultaneously making learning, using, and exchanging it easy and fun. Exodus offers free downloadable desktop and mobile versions of their crypto wallet, while also having hardware wallet compatibility with the Trezor One and Trezor Model T. By removing the need for a centralized exchange and being one of the only software wallets that offers hardware wallet compatibility, Exodus Wallet has been well-received by many in the crypto community for its ease of use, accessibility, and security.

Exodus Overview

Exodus

  • Free to download for desktop & mobile
  • Supports multiple hardware wallets
  • Supports over 100 cryptocurrencies
  • Great customer support

Pros & Cons

The Benefits PRO's
  • One-click crypto exchanges any time
  • Human support desk available 24/7
  • Easy to use interface
  • Free to download with no registration required
  • Hardware wallet support (Trezor One and Trezor Model T)
The Downside CON's
  • Mobile app supports less cryptocurrencies
  • No way to buy cryptocurrency in the app
  • Doesn't support cryptocurrency to fiat transactions in-wallet

Exodus at a Glance

Wallet type: Software
Platforms supported: Windows, MacOS, Linux, Android, iOS
Cryptocurrencies supported: 111+ including Bitcoin, Ethereum, Bitcoin SV
Price: Free to download
Size of app: 33mb
Released: 2016
Pin code protected: Yes
Frequency of updates: High
Trust rating: High

Beginner Perspective of Exodus Wallet

By removing the need for registration and providing an easy to use layout that the average person can navigate, Exodus provides a useful product that allows simple, headache-free exchange and storage of cryptocurrencies with top-notch security. However, the initial purchase of cryptocurrency must be done through another app or exchange. This makes Exodus less beginner-friendly than a wallet such as Atomic Wallet, which lets users buy cryptocurrency with their bank card directly through the app. Due to this, Exodus is better suited to an intermediate crypto user rather than a total beginner.

Best Features

The best features of the Exodus Wallet are that it is free to download, it has an easy to use layout and one-click exchanges, it provides hardware wallet support, private keys and transaction data are stored on the users’ device, and there is 24/7 human support available. Exodus is free to download, but as with all crypto wallets, there are transaction fees required to exchange cryptocurrency. This is unavoidable. It is easy to use and the aesthetically pleasing layout make one-click exchanges of cryptocurrency and tokens simple. Exodus doesn’t have any knowledge of users’ assets, and all keys and transaction data are stored on the users’ device, providing privacy and security. Perhaps the best overall feature of Exodus is that it supports Trezor One and Trezor Model T hardware wallets. Hardware wallets are the most secure way to store your cryptocurrency. Wallets such as Jaxx Liberty Wallet or Atomic Wallet do not support any type of hardware wallet.

Cryptocurrencies Supported

Exodus wallet supports over 100 cryptocurrencies and tokens including all the heavyweights like Bitcoin, Ethereum and Litecoin but also some rising stars like Stellar, Dai, Lisk and more. Here’s a look at some of the most famous cryptocurrencies that Exodus supports:

For a full list of supported cryptocurrencies please visit: https://www.exodus.io/status/

Security

The first stage of Exodus Wallet’s security is the user-created password. This password is required for access to the wallet once set up, along with confirmation of transactions and viewing private keys. The next step is copying a randomly generated 12-word backup phrase which can be used to recover access to the wallet if your device is lost or stolen. All data stored on the users’ device or sent when making a transaction is fully encrypted. Exodus has no knowledge of, or access to, your cryptocurrency, ensuring transparency.

What Operating Systems Does Exodus Support?

Exodus Wallet supports Windows, MacOS and Linux desktop operating systems. It also supports Android and iOS mobile operating systems. In addition, it offers hardware wallet support for Trezor One and Trezor Model T in conjunction with its desktop wallet.

Potential Dealbreakers

The main downside of using Exodus Wallet is that you cannot make an initial purchase of cryptocurrency directly through the wallet. Instead, users must use an exchange, whether centralized or decentralized, in order to turn their fiat (USD, CAD, EUR) into cryptocurrency. They can then transfer their cryptocurrency into their Exodus wallet. As with all cryptocurrency wallets, losing your recovery phrase with no contingencies in place will result in loss of access to, and therefore loss of your assets.

Exodus Frequently Asked Questions

About the Author

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.