The Exodus software wallet is a feature-rich, beautifully designed crypto wallet. Exodus has generated tremendous hype since its release in July 2016. It has come to become one of the most highly sought after crypto wallets. The popularity is majorly owing to the several advanced and innovative features on offer.
This quick guide shall cover the coins supported, fees charged, how to set it up, and other features.
Excellent user interface and design
Several supported crypto assets
Built-in crypto exchange
Fabulous customer support
Multi-signature addresses not supported
No two-factor authorization
What Coins Are Supported by Exodus Wallet?
There is a wide array of coins supported by the Exodus wallet. This includes all major cryptocurrencies and an extensive list of ERC20 tokens and the lesser-known altcoins. Few of the more popular options from the 100 supported cryptocurrencies are:
Users can also trade supported cryptocurrencies from within the wallet using the built-in exchange. This is made possible by the ShapeShift API integration. Exodus also entered a partnership with Changelly to offer a Fixed Rate option directly through the wallet, which reduces the risks associated with volatility.
Fees Charged By Exodus Wallet
The Exodus wallet is completely free and can be downloaded from the website. Make sure you use the original website and not a phishing scam while downloading the wallet. There is no additional fee for depositing, sending, or receiving crypto with Exodus.
The only fee that users are required to pay is the network fees during transactions. This fee is not kept by Exodus but is deposited with the network to ensure that the transactions go through smoothly, reliably, and quickly.
If you avail of the built-in wallet exchange services, you would need to pay a small fee which is generally 2% – 4% or less.
Step-by-step Guide to Setting up Exodus Wallet
The Exodus wallet is very easy to use and is built for the mainstream crypto user. The entire installation does not take more than a few minutes. This walkthrough should help if you get stuck somewhere.
Step 1: Download the Exodus Wallet
Navigate to the official Exodus website using your PC and download the wallet based on system specifications. Exodus is available for Windows, Linux, and Mac. Be careful that you do not download it from a phishing site.
Step 2: Wallet Setup
You can install the wallet to get a feel of it. Exodus will begin the setup process only when you deposit the first crypto asset. Click on the wallet tab that is on the top left side of the screen and select the crypto you want to deposit from the list. Exodus does not support fiat currency for purchasing crypto so you should already own one of the supported cryptos.
Step 3: Making Your First Transaction
There will be a receive button under the crypto you select. Click on it to enter your receiving address. A QR code shall show up. Send a desired amount of crypto to this address.
Step 4: Create Your Password and Backup the Wallet
Click the Backup tab once you have deposited the cryptocurrency. This would be on the left-hand side of the screen. Exodus will prompt you to create a secure password that you would use for accessing the account.
A 12-word recovery phrase shall be displayed on the screen once you verify the password. Make sure you write this phrase in sequential order and store it offline in a secure place. You would also have to provide an email address for the recovery link.
Your account is now created, backed up, and complete. You can click the portfolio tab to look at your account holdings, click the exchange tab to use the built-in exchange feature, and click the wallet tab to send or receive crypto.
How Is Customer Support?
The customer support offered by the Exodus wallet is one of the best in the industry. There are an extensive knowledge base and an informative FAQ section. You can also reach the support representatives via email or social media channels.
How Is Exodus Wallet Design?
The wallet interface is beautifully designed and very intuitive. It is easy to use with a handy visual representation of all your holdings in a pie chart. You can easily manage your portfolio this way and keep track of all your crypto assets.
Who Should Use It?
The Exodus wallet is one of the easiest and best-looking wallets for cryptocurrency. You don’t necessarily have to be tech-savvy to use the wallet. It is great for both beginners and professional traders. The wallet is good for crypto enthusiasts who hold a diverse range of coins.
It is also less secure than a paper or a hardware wallet. You may want to check out other secure options that are resistant to hacking attempts if you hold significant amounts of cryptocurrency.