Exodus Wallet – An Easy to Follow Guide for New Crypto Users

Wallet Reviews / 21.11.2020

The Exodus Wallet features a simplistic design that makes it perfect for new users. The platform’s intuitive layout removes the technical barriers associated with storing Bitcoin. In this way, Exodus remains a powerful alley to novice cryptocurrency users who seek a flexible and reputable alternative in the market. 

Benefits of Exodus Wallet

The Exodus wallet simplifies the most common cryptocurrency actions via its unique approach. Developers created the wallet to provide an easy to use wallet option for daily use. Here are some of the main draws Electrum brings to the market:

Unique design

Unlike some of the competition, Exodus features a colorful interactive interface. This interface was designed to be aesthetically pleasing, stylish, user friendly, and secure. You can easily navigate the Dapp, even if it’s your first time using the platform.

Multi-Currency Support

Exodus provides you with flexibility in terms of what cryptocurrencies you can store safely. Currently, the platform supports nearly 100 cryptocurrencies and tokens. You can find all of your favorites such as 0x, Aragon, Augur, Basic Attention Token (BAT), Bancor, and Civic, to name a few.

Surprisingly, you can store any ERC-20 token in the Exodus Wallet. This feature is a huge draw for DeFi users. They can safely store their new tokens, even when the platform just released their coins. Notably, these tokens don’t need to be listed as supported. However, they must comply with the ERC-20 standard. Sadly, at this time, you can’t see the balance of these unsupported ERC-20 coins.

Anonymous Use

One of the top features of Exodus is the ability to use the platform completely anonymously. The wallet requires no personal information. This strategy means that you can download, install, or use the wallet with confidence. However, you must understand that the wallet does nothing to obfuscate your transactions. Every transaction you make is still fully visible on the blockchain.

Security

Exodus features a combination of high-security protocols to keep users crypto safe. For example, users keep full control of their private keys. These keys are generated and stored locally on the device where your application is installed. Notably, Exodus has no access to your private keys. Only you retain this valuable information. Consequently, if you lose these keys, you lost your Bitcoin.

Customer service

Exodus features online customer service. The team is helpful and prompt with their responses. The platform doesn’t provide phone support at this time. 

Updates

Another huge advantage of the Exodus platform is the fact that developers are constantly updating it. Exodus’s developers are very active on the platform. They are always tweaking and improving the protocol to meet the needs of their users better. 

How Does the Exodus Wallet Work?

Exodus features a semi-open source code. For example, many of the functional components in Exodus are open source and available on their Github. However, developers decided against making the entire platform open source. When asked about the decision, developers stated that they wanted to retain some “trade secrets” to avoid copycat platforms. 

Exodus is full of valuable features to make your crypto experience better. Developers designed the platform to give you complete control over your cryptocurrency assets. You can store, send, receive, and even trade directly from the interface.

Trade

Keenly, Exodus was the first wallet to include ShapeShift into its interface. Shapeshift is an exchange protocol that allows users to trade coins directly without exchanges. The ability to trade tokens without leaving the wallet is a huge advantage for investors. It means they can save both time and fees compared to using an external exchange.

Status

Exodus introduces a status page feature to the market. This page allows you to check the latest coin support effortlessly and whether all of these coins’ functionality is operational. This tool can help you determine what projects are worth your time and what projects need more development. 

Hardware Wallet Support

One of the best features of Exodus is its hardware wallet integration. This system allows you to keep your private keys stored safely offline in “cold storage.” The platform currently supports Trezor devices. Trezor is one of the best-known hardware wallet producers in the world. Best of all, when you integrate your Trezor, you gain the ability to use the sleek and advanced Exodus interface to manage your Trezor. Even more impressive is the fact that the system can manage multiple hard wallets simultaneously.

History of the Exodus Wallet

The Exodus Wallet came into existence in 2016. The wallet’s launch was well-received due to its experienced development team. Notably, one of the projects co-developers, JP Richardson, is one of the market’s best-known developers. To date, he has contributed to over 190 open-source libraries. 

In 2019, Exodus secured a partnership with Trezor to introduce hardware wallet support. The strategic agreement allowed Exodus to integrate higher security within its ecosystem.

How To Get the Exodus Wallet

Getting Exodus is easy. The Dapp is currently available for desktop and mobile. The wallet is free to download and fund. There is a small fee placed on sent transactions based on the value of the transfer. This fee is how Exodus continues to support the platform and make improvements. 

How to Use the Exodus Wallet

When you sign p for Exodus, you will need to write down your 12-word recovery seed phrase. This is the password you need to restore your wallet if you lose the device that your wallet is stored on. Once you have this passphrase recorded, you will also need to create a pin code to access the wallet. These features to keep unauthorized users out of your wallet.

The Exodus Has Begun

Exodus is the perfect example of a simplistic and elegant wallet option available today. The platform continues to maintain top-level security and offer its users more coin options. This selection and commitment to excellence is a driving force for new investors to this next-generation Bitcoin wallet.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.