Exodus is a desktop bitcoin wallet that’s ideally suited for beginners and novices. It’s compatible with various platforms such as Mac, Windows, Linux, etc, and it also accepts a wide range of cryptocurrencies.
However, as with all online wallets, you shouldn’t use it as your primary storage. Online wallets — “hot wallets” — are always connected to the internet which makes them susceptible to hacks. As such, you should only use online wallets to store as much cryptocurrencies as you need immediately, and the rest should be stored in hardware wallets like Ledger Nano S and TREZOR.
Having said that, Exodus is a perfectly good online wallet that comes with a great user interface. The simplicity and pleasing aesthetic has made it a popular choice amongst bitcoin novices.
In this article, we’ll explore every aspect of Exodus to determine whether it’s safe and if you should use it.
PART 1: Is Exodus Safe?
When it comes to safety and transparency, Exodus has one major drawback. It’s not an open source platform. As such, you can’t inspect the coding for yourself. This lack of transparency can be concerning because most other platforms are open source and developers from across the world can verify their legitimacy.
Having said that, Exodus has been transparent in all other regards in terms of their founders, and their team members. The CEO JP Richardson has opened over 190 open source libraries and is a very trusted figure in the industry.
Furthermore, Exodus lags behind several other wallets in terms of multilayering their security features. The blockchain assets are encrypted, but they’re only protected with a single password. Due to the lack of 2-factor authentication, it makes your account more easily hacked and you’re also left vulnerable to malware.
As such, for storage of large quantities of cryptocurrencies, even Exodus recommends using hardware wallets.
PART 2: Key Features
Exodus comes with the following primary features that make it stand out.
The Exodus Wallet
The wallet allows you to view all your transactions, your bitcoins, their history, and it allows you to send and receive coins. You can also filter your transactions based on “sent”, “received”, or “exchanged”, which further helps with streamlining. The user interface is flawless.
If you own several different cryptocurrencies, you can go to the Portfolio to check out a color coded breakdown of how much of own of different coins.
This is one of the most convenient and useful features in Exodus. It allows you to swap coins from one currency to another directly without having to send them to an exchange. Furthermore, the screen is split into two and you get to see how much of a particular currency you’ll receive after the swap. The process is made super comfortable and easy.
PART 3: Comparison and Alternatives
|Wallet||Review||Type||Security||Ease of Use||Check Website|
|Ledger Nano S||Ledger Nano S Review||Hardware Wallet||Great||Difficult||Check|
|Trezor||Trezor Review||Hardware Wallet||Great||Average||Check|
|KeepKey||KeepKey Review||Hardware Wallet||Okay||Easy||Check|
|blockchain.info||Blockchain.info Review||Online Wallet||Okay||Okay||Check|
|Coinomi||Coinomi Review||Online Wallet||Good||Easy||Check|
|Xapo||Xapo Review||Online Wallet||Good||Average||Check|
|Exodus||Exodus Review||Online Wallet||Okay||Easy||Check|
|Jaxx||Jaxx Review||Online Wallet||Good||Average||Check|
Exodus is the perfect bitcoin wallet for beginners and novices who are eager to start trading in cryptocurrencies but aren’t yet familiar with it. Exodus comes with a very intuitive UI which anyone can operate.
However, you should only use Exodus to store limited bitcoins, and the rest should be stored in hardware wallets.
If you’ve used Exodus, do let us know about it down in the comments. What did you think of it? Is it as user-friendly as we say it is?
Exodus is an ideal bitcoin wallet for beginners as it comes with a very intuitive user-interface. However, it’s not the ideal choice for seasoned users due to the lack of security features.
- Amazing UI.
- Great features, such as ShapeShift.
- Limited security features.
- No 2-factor authentication.