What Is Exodus and How It Works | Is It Safe or Not?
About Exodus Wallet
Exodus Wallet is one of the newest desktop cryptocurrency wallets on the market. Since its official launch in July 2016, it has constantly been increasing its user base, not surprising considering the compelling feature package it provides for its users.
To start with, it’s important to note that Exodus Wallet has three main components: the wallet itself, the portfolio section, and exchange integration. Exodus is available for Windows, macOS, as well as Linux and can be downloaded from the app’s official website.
In this article we will be discussing all three sections in detail, we will look at the advantages and disadvantages of this wallet and, ultimately, we will determine if it is safe or not.
New Logo, New Beginnings
Considered the “sexiest blockchain interface in the industry,” Exodus wallet enjoyed its users with a new image, which is “even sexier”.
Even more amazing is the latest 18.11.21 version of the wallet that boasts some asset additions. If you are impatient to download the latest version, go to the company’s Downloads page.
The company’s new logo has the same 4 arrows that refer to the following functions: “Sending assets, Receiving them, and exchanging between digital assets”. While Exodus is developing, the company promises to maintain its core values in spite of any fact.
Regarding the new asset addition, Exodus announced in Q4 2018 that its stablecoin-based portfolio is growing and the company now offers support for stablecoin Paxos (PAX).
What makes Exodus appealing?
Above all else, Exodus is a cryptocurrency wallet which means it needs to offer users a quick and efficient way of accessing their funds, to monitor transactions, as well as to send or receive coins. In this respect, Exodus has everything covered and, better yet, it also allows you to filter transactions (using factors such as “sent,” “received,” and “exchanged”).
Exodus can be easily described as being a multi-asset wallet since it comes with support for a plethora of coins and tokens, including some of the most popular ones such as Bitcoin, Ethereum, Ethereum Classic, Bitcoin Gold, Bitcoin Cash, Dash, and Zcash, to name a few. A full list of the supported coins can be found on the wallet’s website.
The Portfolio section
If accessing the app’s Wallet section did no convince you that this is a well-made app, then the Portfolio section is bound to convince you of this fact. It offers a broad-level overview of your holdings. It makes it extremely easy for you to manage your digital assets as well as track the value of your asset portfolio as market conditions change, and it does so in the most stylish possible way via beautiful pie-charts.
In fact, the app’s interface is one of its strong points as it combines a stylish UI with flexibility and user-accessibility elements making even the most novice of users feel right at home. Everything feels right, and you can really see the work the development team has put into it in order to ensure that all icons, buttons, or UI elements are pixel perfect.
The built-in exchange
Exodus also boasts integration with ShapeShift, allowing you to swap coins directly within the wallet’s beautiful interface. This also shortens the whole process as you no longer have to send them to exchange. This feature is perfect for traders who specialize in trading on a day-to-day basis.
What about security?
For starters, it’s worth noting that this is a desktop wallet, so it can’t live up to the security levels provided by hardware wallets. However, the team behind Exodus have been hard at work on ensuring that the wallet is as secure as it can be. For instance, Exodus boasts a system which allows you to recover your funds via a 12-word recovery phrase. This means that even if you happen to lose your computer or laptop, or something happens, and your wallet is no longer installed, you can reinstall it and link it back to your account. Furthermore, all your assets are fully encrypted, but only with the help of a password. Sadly, Exodus does not have two-factor authentication, a feature that should eventually and hopefully find its way into the wallet’s kit.
Another aspect worth knowing is the fact that the wallet is not 100% open-source, meaning that by using Exodus you are basically putting your trust (more or less) on the development team. However, it’s worth noting that Exodus has received a lot of praise since its release and has constantly grown its user base. This is a clear indication that the development team behind it is a very serious and professional one.
Overall, Exodus is one of the best desktop wallets currently on the market. With probably the best UI of all desktop wallets, decent security features, exchange integration, and good support for a plethora of coins, it has a lot of things going for it and should cater to the needs of beginner and more seasoned traders alike. Better yet, it has an incredibly comprehensive knowledge base/FAQ section with useful articles, videos, tutorials, and guides.
Apart from the lack of two-factor authentication, there are a few other possible drawbacks. For example, Exodus does not allow its users to control separate wallet addresses for each supported digital currency.