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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.
By: Evan Jones | Dec 13, 2019 | Modified May 25, 2020
Exodus Overview
Exodus
- Free to download for desktop & mobile
- Supports multiple hardware wallets
- Supports over 100 cryptocurrencies
- Great customer support
Meet Our Reviewing Team
Pros & Cons
- 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)
- 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:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Chainlink (LINK)
- Cosmos (ATOM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Brave Attention Token (BAT)
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
Exodus Wallet, as a company, has never been hacked, and because they store none of your keys, or asset information, if the company was hacked there would be no data that could compromise your wallet. Your assets are stored on the blockchain, not with Exodus. However, individuals using Exodus Wallet have been hacked and lost assets. This is only possible if you are not careful with where you access the wallet, or if your device is compromised with malware or keyloggers. In order to avoid this, it is best to not store your recovery phrase on your computer in any way, instead write it down and keep it in a safe place. When accessing your wallet, it is best to do so on private on networks you trust.
If you are careful about setting up and securing your wallet, your device hasn’t been compromised by malware or a keylogger, and you keep your recovery phrase safe, then your coins are safe using Exodus Wallet. All your assets are stored on the blockchain, and not with Exodus, therefore the safety of your coins is up to you. This is true of most crypto wallets.
While there are components of Exodus Wallet that are open source, it is not open source software. Exodus as a company has put a lot of time and work into producing their designs, animations, and overall user experience, and want to continue doing so for a very long time to offer the best user experience for holding cryptocurrency. Open sourcing all aspects of the product, including the design and user interface elements, makes it very easy for others to copy the work or even worse for hackers to make fake, malicious, or phishing versions of Exodus Wallet to try to pass them off as official downloads with the goal of stealing individual funds.
Yes! Exodus Wallet is compatible with iOS and therefore works on iPhone. However, only about half of the cryptocurrency and tokens that are supported by the desktop version of Exodus are supported on the mobile app. Users wishing to maximize the number of tokens and assets they can exchange will need to use the desktop wallet at some point.
Exodus was founded in 2015, so while it is not brand new, it is still in its early stages of existence. At 4 years old, Exodus Wallet is older than most other crypto wallets such as Jaxx Liberty Wallet or Atomic Wallet.
Two-Factor authentication comes in many forms. For some, its sending a text message to your phone, for others, its using the Google-Authenticator app. Since Exodus wants to protect your identity, and not expose your phone number, they’ve opted to implement Two-Factor authentication through the hardware wallet Trezor One and Trezor Model T.
Yes! Exodus supports Dash Coin along with over 100 other cryptocurrencies and tokens. For a full list of supported cryptocurrencies please visit: https://www.exodus.io/status/
Yes! Exodus is compatible with both the Trezor One and Trezor Model T. Exodus wallet offers hardware wallet support as an increased security measure. A hardware wallet is the safest way to store your cryptocurrency and keys, as the keys are stored on the hardware wallet, and not your computer.
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