Everything You Need to Know About Exodus
In this article, we will provide you with all the beginner-friendly information you need to know about Exodus Wallet. Discover its key features, learn how to set it up, and explore the security measures and backup options available. We'll also break down the fees associated with the Exodus wallet and give you a rundown of the cryptocurrencies it supports. Plus, we'll share some valuable tips for troubleshooting common issues that users may encounter.
What Is Exodus Wallet?
Exodus Wallet is a digital wallet (also known as a hot wallet) that allows you to store, manage, and exchange over 290 different cryptocurrencies. With a sleek and intuitive design, Exodus Wallet is easy to use for both beginners and experienced users. It also supports hardware wallets for added security. You don't need to be a tech expert to use Exodus Wallet, it's straightforward and designed with simplicity in mind.
Exodus Wallet offers many benefits including a simple and elegant interface, 24/7 customer support, and compatibility with desktop and mobile devices. Additionally, you can use built-in exchanges to convert your cryptocurrencies without leaving the wallet.
Exodus Wallet Key Features
| Feature | Description |
| Multi-Currency Support | Exodus supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more. The wallet allows users to send, receive, and manage these currencies from a single interface. |
| Built-In Exchange | The Exodus wallet provides users with a clear and concise view of their cryptocurrency portfolio. Users can view their portfolio performance over time, see their current asset allocation, and get insights into how their portfolio is performing. |
| Built-In Staking | Users can stake Ethereum, Solana, Cardano, Cosmos, Polygon, Kava, Tezos, Ontology, VeChain Algorand, and plenty more additions that are expected in the future, all within the app. |
| Bitcoin Privacy Preservation | To enhance privacy, Exodus has the capability to generate a new address each time BTC is received. Additionally, it provides support for Legacy, Segwit, and Taproot addresses. |
| Private Key Control | Exodus allows users to control their private keys, giving them full ownership and control of their cryptocurrency holdings. This ensures that users have full control over their funds and can manage their cryptocurrency securely. |
| Device Support | Exodus is available on desktop devices, including Windows, macOS, and Linux. This allows users to manage and access their cryptocurrency holdings from a wide variety of devices. |
| Lightning Network Support | Offering quicker, cost-effective, and streamlined transactions. |
| User-Friendly Interface | The Exodus wallet's user-friendly interface makes it easy for users to access and manage their cryptocurrency holdings. The wallet provides users with a clear overview of their cryptocurrency balances, transaction history, exchange rates, and other important information. |
| Web 3 Browser | Exodus enables users to connect to a vast number of Web3 apps and dApps that operate on multiple networks, including Ethereum, Solana, BSC, and several others. |
| Hardware wallet support | The Exodus platform is compatible with both the Trezor Model T and Trezor One hardware wallets, allowing for secure storage of cryptocurrencies. |
| NFT Gallery | Users have the ability to collect, view, sell, and manage their NFT collection directly from their Exodus wallet. |
How Secure is Exodus Wallet?
Exodus is designed as a non-custodial wallet, ensuring that user's personal information and sensitive data are not gathered. Instead, this data is stored locally on users' devices.
To retain control over their crypto funds, users can secure their wallet by logging in with a password. In case of device loss, they can recover their wallet using a 12-word recovery phrase.
It's worth mentioning that setting a password will only encrypt the files and safeguard the physical access of your wallet on your device. However, it will not grant access to your wallet in the event that someone loses the device.
Exodus also incorporates additional security measures such as Face ID and Touch ID. Additionally, the wallet frequently releases software updates every two weeks to address wallet-specific vulnerabilities and eliminate potential exploits.
Similar to other self-custody solutions, Exodus does not support two-factor authentication. This is because Exodus does not have user accounts or store sensitive data. Instead, all private information is stored exclusively on the user's device.
For instance, users can utilize Trezor Model T and Trezor One hardware wallets for offline storage of their cryptocurrencies. This integration of Trezor's security features with the convenient functionalities of Exodus provides users with a sense of safety and peace of mind.
Exodus Wallet Privacy and Anonymity
Exodus doesn't ask users for personal information and doesn't have any Know Your Customer (KYC) requirements. This means that users can download, install, and use the wallet without entering any personal details. All transactions made on Exodus are anonymous.
However, it's important to note that while transactions on Exodus are anonymous within the wallet itself, they can still be tracked on the blockchain if someone uses a blockchain scanner.
As it is not possible to achieve on-chain anonymity in all blockchain transactions except for specific assets, the Exodus wallet employs certain privacy measures for BTC transactions. This includes the option to support multiple addresses within the wallet.
Additionally, the wallet does not have the feature of combining multiple crypto transactions into a single transaction (CoinJoin), which would make it harder to determine the identity of the senders or receivers.
Which Cryptocurrencies Exodus Wallet Supports?
Exodus has a wide range of multi-currency support with over 350 supported assets. The wallet's development team is committed to continually expanding this support, already including most of the top coins. In fact, Exodus can even accommodate custom ERC20 tokens that are not listed within the wallet.
While Exodus supports hundreds of thousands of assets, of which 316 assets are supported natively, users can also add their favorites as custom tokens. Speaking of which, The Exodus wallet supports custom tokens on 15 different networks, including:
- Algorand
- Arbitrum Nova
- Arbitrum One
- Aurora
- Avalanche C-Chain
- BNB Smart Chain
- Base
- Cardano
- Ethereum
- Fantom
- Flare
- Optimism
- Polygon
- Rootstock
- Solana
To store these tokens, users simply need to send them to their Ethereum Exodus address. However, it's important to note that unsupported ERC20 tokens cannot be viewed within the Exodus wallet. To check balances for these tokens, users will need to utilize an Ethereum blockchain explorer.
How To Set Up Exodus Wallet
To set up the Exodus wallet, follow the steps below:
- Visit the official Exodus website and download the wallet that corresponds to your operating system.
- Once the download is complete, open the wallet and navigate to the "Wallet" tab on the left side. Choose the cryptocurrency you want to add to your wallet. Please note that Exodus does not support buying cryptocurrencies with fiat currencies, so you need to already own supported cryptocurrencies.
- Before proceeding, make sure to back up your wallet by selecting the "Backup" tab on the left side of the screen and creating a secure password for accessing your account.
- Create and confirm your password. You will then be presented with a 12-word recovery phrase. Write it down on a piece of paper and store it in a secure place.
- Under the selected cryptocurrency, click on the "Receive" button. This will display your receiving address and a QR code.
- Send the desired amount of the cryptocurrency to the provided address.
- Enter your email address to set up the email recovery link. You should now be able to view your account holdings, send and receive funds, and exchange cryptocurrencies.
Exodus Wallet Fees Explained
The Exodus wallet is completely free and can be downloaded from their website. Sending and receiving cryptocurrencies through the wallet does not incur any additional charges. However, network fees are required to ensure transactions are processed quickly and reliably. Exodus does not collect these fees which are paid directly to the network.
The built-in wallet exchange is the only area where Exodus collects fees. The platform also generates revenue by collaborating with third-party swap, fiat, and API providers within Exodus, earning a percentage of the exchange spread for each transaction conducted through these providers.
Apart from that, there are no charges for using the Exodus wallet. Users will only be required to pay fees using the built-in crypto exchange.
Exodus Wallet Customer Support
Exodus is renowned for its excellent customer support, providing a wealth of resources such as an extensive knowledge base with hundreds of articles and videos. These resources cover various topics, including how to use the wallet, its features, associated fees, and other important aspects. Additionally, there is a searchable FAQ section to address common queries.
If users cannot find the answers they need or encounter any issues with their wallets, they have the option to contact the support team via email or social media channels. The Exodus support team is readily available 24/7, and responses are typically prompt. Users can rely on the dedicated support personnel to assist them with any concerns or difficulties they may have.
FAQ
What cryptocurrencies does Exodus support?
Exodus supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and many more. You can easily manage and view your holdings for each supported cryptocurrency within the Exodus wallet.
How does the built-in wallet exchange work?
Exodus provides a built-in wallet exchange feature that allows users to exchange cryptocurrencies directly within the wallet interface. This feature offers competitive exchange rates, and the fees charged are included in the exchange rate spread. The spread typically ranges from 2% to 4% or less.
Can I use Exodus on multiple devices?
Yes, Exodus allows you to access your wallet on multiple devices. Simply install Exodus on the additional device and use the restore option with your backup phrase to sync your wallet across devices.
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