Before diving into our Exodus Wallet review, let’s discuss the importance of wallets. According to leading market analysts and financial experts, at least 25% of the market share in 2020 will be dominated by cryptocurrency transactions. This speaks volumes about the rapid rise of cryptocurrency. There are a vast number of cryptocurrencies on the market, and the possibility of obtaining profits from them is quite high. One can buy cryptocurrency off an exchange, through direct trade, off an asset exchange, or by using fiat currency.
But once you have it where should you store your crypto? Well, a general rule of thumb is to never store your cryptocurrency online, or on an exchange. The risk of hacking is too great. Cryptocurrency wallets are the number one recommended (and necessary) addition for trading in cryptocurrency because they are secure, ensuring the safety of the coins they are holding. Hardware wallets are the most secure and therefore the most popular wallet type on the market.
But they must be attached to your computer as a separate piece of hardware (much like a USB device) and so may not suit those on the go. In today’s review, we are going to check out one of the most suitable wallets which remain on the desktop on your laptop or computer. Its name is Exodus and it is a viable option for those who want added protection but don’t want an external device. It has several fascinating features so let’s dig into our Exodus wallet review!
Exodus Wallet Review Of It’s Features
- Desktop Wallet: Exodus is one of the most popular desktop wallets on the market. As said already, a desktop style wallet will remain on the desktop of your laptop or computer, therefore, laptop users can have it with them on the go and its free to download! This wallet is supported across the Windows, Linux, and Mac platforms.
- Exodus Wallet Review Of Currency Support: This wallet supports multiple cryptocurrencies. All of the major ones are supported (Bitcoin, Ethereum, Ripple etc) as are many of the altcoins (Cardano, NEO, TRON etc) It seems to be the most popular within the Litecoin community and is a Litecoin users wallet of choice based on the figures.
- Innovative Technology: What separates Exodus from other wallets out there is its “SpaceShift Technology”. This is a unique feature which is not available in other wallets. But what is “SpaceShift Technology”? Well, It allows a user to exchange a coin within his/her wallet for another coin on an inbuilt internal exchange platform. This is perfect for traders who specialize in trade on a day to day basis. All a user has to do is choose the coin he/she wishes to trade in. The transaction will be initiated instantly and will take some time to process (this depends on the type of coin being traded, and the coin it is being traded for). This is much simpler than creating accounts on multiple exchanges to serve the same purpose.
- Exodus Wallet Review Of It’s Security: If you lose your computer or laptop then you lose your wallet with it (This is one downside of a desktop wallet) however, Exodus has a system where your wallet can easily be recovered using the 12-word recovery phrase which is set when you create your account. This means you can download Exodus again and link it back to your account so nothing is ever truly lost. (Remember to keep that 12-word recovery phrase safe just in case!) One significant security measure overlooked by Exodus is 2FA support and this is a disadvantage. 2FA is an added security feature that ensures your account can’t be logged into by another party who may know your password. It is a staple feature on many of today’s wallets. Another security measure to be aware of: Exodus is essentially a software connected to the internet, so while you are not storing your coins online exactly (which is never advisable), the wallet itself is more at risk of hacking then say a wallet stored offline – like a hardware wallet.
- Mobile Application: Exodus does not have a mobile application yet which is a loss in today’s age. The ease of use of a mobile wallet is an attractive feature for many coin enthusiasts and those who are always on the go. Perhaps in future years, we will see an Exodus mobile wallet.
- UX: Exodus offers a fantastic user experience. Its interface is easy to navigate and simple to use. It is visually pleasing — a pie-chart depicts the users’ current savings, and assets he/she has chosen to invest in. This makes it pretty easy to analyze situations and make decisions. It usability renders it suitable for beginners.
- Updates: As mentioned before, Exodus supports multiple cryptocurrencies and this list of coins is frequently updated (as and when a new coin is established). Its coin versatility means users can easily manage their coins in a single place, and in an effective manner. As Exodus is supported across Mac, Linux and Windows platforms, updates are made regularly and new features are added. Updates are frequently made in the security sector to protect users against new threats and to further develop the application. The main goal is to improve the user experience for the audience at large, to ensure the compatibility of the wallet with new trends, and the addition of new features.
Watch Out For…
Scammers have been known to pose as officials of Exodus. Several emails have been sent to users and frauds have occurred. Exodus does not send its users emails. Bear this in mind and never open an email from Exodus unless it was an account recovery link that you requested. That is the only case you should receive mail from the platform. With any desktop wallet, be extremely careful. Make sure your computer is secure, encrypted and is backed up every single day.
Exodus is one of the most popular desktop wallets and it carries a reputable name. All wallets will be at risk of security threats from hackers, thieves, and viruses – but such is the nature of online money in any form. Be aware that you have a desktop wallet if you choose Exodus and do your part to make sure you are completely secure – update your computer, install firewalls, and encrypt your details. Keep your laptop stored safely and stay aware of any threats that could be out there.
Exodus is a versatile wallet and makes crypto trading easy. The account recovery option is an excellent feature and its user interface is second to none. The decision ultimately will be yours when choosing a wallet, but Exodus is definitely worthy of consideration. Hopefully our Exodus Wallet review helps in your decision making process!
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