Exodus Wallet: Setup, Features, and Security Explained

We offer an overview of this service with a description of its features and capabilities, as well as tell you how to use Exodus wallet and how to ensure asset protection.  

Software Crypto Wallet: Basic Information  

Exodus is software wallet that a user can install on their device. In the case of Exodus, crypto owners have access to both mobile and fixed device versions.  

Like other varieties of crypto wallets, software wallets are not a cryptocurrency storage facility. Their job is to give the user access to the blockchain where the assets are stored. The wallet stores the access keys and also provides the user with a user-friendly interface to use the cryptocurrency.  

Software wallets are characterized by convenience, accessibility and ease of use. Such services support integrations with other crypto platforms and allow access to the blockchain network from any device.  

Exodus Software Cryptocurrency Wallet  

Exodus is a cryptocurrency wallet that supports millions of digital currencies and tokens. Although the service was launched relatively recently (in 2016), it quickly gained popularity due to its functionality, user-friendly interface, and support for even less popular currencies. 

The task of the wallet developers was to create a convenient tool that would allow even novice users to perform basic operations with cryptocurrency. This idea was realized in the form of a free platform that includes a number of useful tools, such as a convenient portfolio, trading, staking, and currency exchange.   

For added security, a ready-made integration with Trezor hardware wallets is available, allowing crypto holders to protect their assets via cold wallets.  

In addition to a user-friendly interface suitable even for beginners, the wallet stands out among other similar services by the number of available tokens. The official website allows you to see all the coins that Exodus Wallet supports in the corresponding section. If the desired token is not on the list, the user can add it manually. This option is available to users of 16 different blockchains, and the full list can also be seen on the wallet's website.  

Exodus is a wallet available for free: there are no fees for installing the app and creating an account, and users pay only the network's commission when making transactions with cryptocurrency. The only fee charged by the service itself is the spread when using the built-in exchanger. The size of the commission depends on the currency and is specified when exchanging.  

Pros and Cons of Exodus  

The Exodus cryptocurrency wallet is popular for several reasons:  

• Interface convenience. The wallet has a user-friendly and simple design. The consumer will not have to spend a long time figuring out how to download Exodus, how to create a wallet, how to fund the account and how to access the rest of the functions.  
  
  
• Support for a wide range of cryptocurrencies. A huge selection of tokens and the ability to add coins that are not on the general list allows you to use the wallet even for users who prefer less popular currencies. 
  
  
  
• Built-in exchange. Exodus users do not need to turn to third-party platforms since the exchange function is available in the wallet itself. Although fees may be higher than in other services, it is convenient for crypto owners.  
  
  
• Staking option. Staking is an opportunity to earn passive income from the cryptocurrency stored in the wallet. Exodus offers this feature within the main interface, making it easy to access for first-time users. 
  
  
• Integration with Trezor. The system has integration with Trezor hardware wallets. This allows for asset security while maintaining convenient access to software wallet functionality. 
  
  
• NFT Support. Exodus is one of the few non-custodial wallets that has a built-in NFT marketplace and functionality that allows you to buy, sell, store and share such assets. 

Nevertheless, the wallet has a few drawbacks as well. The main problem for many users becomes security. The program does not support two-factor authentication, which increases the risk of hacking. In addition, there is no support for multi-signature, i.e. the method of access, when the private key is divided into several parts, which are stored on different devices.  

Another disadvantage is the limited functionality of the mobile app compared to the desktop version. The app supports fewer currencies, does not allow you to buy cryptocurrency and does not support “crypto-fiat” conversion.  

Exodus: Instructions for Use  

Creating a wallet  

Exodus is a cryptocurrency wallet that can be downloaded on iOS, on Android, as well as on desktop devices (Windows). You can find the current version of the service in the App Store and Google Play Store. After that, it is enough to click «Install» and launch the application to start working.  

Exodus wallet download for Windows is available on the service's website. After downloading, you will need to run the installer and the application will be installed automatically.  

After installation, you should save the password. It will allow you to regain access to your account in case of its loss. In the mobile version, the passphrase can be found in the «Security» — «Backup» section. In the desktop version of the application, the «Backup» section is located in the settings in the upper right corner of the screen. The system will prompt you to set a password and then view, save and confirm the seed phrase. Once this process is complete, the wallet is ready for use.  

Transfers  

To receive and send transfers, go to the wallet tab by clicking the corresponding icon and select the token of interest, as well as (if necessary) the network from the drop-down menu. If the required token is not in the default list, you need to activate it in the «Assets» section.  

When going to the token page, the user can click on the «Receive» or «Send» button. The «Receive» option displays the address and QR code that can be used to deposit the Exodus wallet. The «Send» option prompts the user to enter the recipient's address or scan the QR code.   

Then it will be necessary to enter the amount in cryptocurrency or fiat, as well as (if necessary) to specify its network commission instead of the automatic one. In addition, the user can write a message that will be sent with the transfer.  

Staking  

Staking can be activated in the «Rewards» section. This page provides a list of available assets and the current amount of rewards, as well as information about the user's assets that are already participating in staking. You can start the process by clicking on the corresponding asset and selecting the appropriate option (receiving rewards automatically or manually, amount, etc.). 

How to Ensure Security?  

There are several ways to increase the protection of your Exodus wallet assets:  

• Set a unique password. It should not be used in other services.  
  
  
• Save the seed phrase in a safe place. You should not take a screenshot or copy it to an unencrypted text file, it's better to write it down on paper. 
  
  
• Activate Face ID. This is one of the options the app offers to protect access. 
  
  
• Inform technical support about any suspicious activity. Keep in mind that the service representatives never ask the user for a password or a passphrase: only fraudsters can demand this information. 

Exodus Wallet: Convenience and Functionality 

Exodus is a popular cryptocurrency wallet that supports a wide list of currencies and provides convenient access to the main tools for transactions with digital currencies. Although some users are concerned about security risks, the service is popular due to its user-friendly interface and wide functionality. 

Wallet offers a version for both mobile and desktop devices. You can download the application for free on the official website or in stores.