Crypto wallets play an important role in the blockchain world. Like bank accounts, crypto wallets provide users with a place to store their digital assets. In a nutshell, wallets are essential tools for trading, buying, and selling cryptocurrencies.
Since the FTX collapse, we’ve increased our coverage of crypto wallets, analyzing their security features and sometimes, shortcomings. Oldies most likely have an idea of which wallet works best for them. However, we have newer readers with little knowledge of the best options available. So, for this piece, we’ll look at the Exodus wallet.
What is the Exodus Wallet?
The Exodus wallet is a desktop-based digital wallet service that helps users manage and store and trade cryptocurrencies. Interestingly, the wallet is free to download on Linux systems, Windows and macOS.
Exodus is a suitable choice for newcomers. It has a user-friendly interface and quality security features. It also offers a quick chat service. So, users can get immediate support if needed.
Good morning ☕
We're still seeing a rise in spam & scam across social media. Let's review some security tips 🔒
* Don't give your 12-word phrase to ANYONE.
* NEVER input your 12-word phrase into an online form.
* NEVER "validate your wallet" on a random website.#SelfCustody
— Exodus – Crypto Wallet (@exodus_io) December 7, 2022
The wallet was developed by businessman and software developer J.P. Richardson and Daniel Castagnoli, was formally released in July 2016. Exodus offers a number of features that customers find appealing, such as the following:
- It offers support for more than 225 distinct types of tokens.
- It has a mobile application that enables customers to manage their assets while on the go.
- Setting a custom maximum for gas fees.
- The ability to purchase cryptocurrencies with currencies such as dollars, euros, or pounds.
- 24/7 customer service.
The “support” page also has a vast library of support materials, including general education on blockchain-related issues. Note that Exodus is a hot wallet. This means it is connected to the internet. But it is also non-custodial, meaning you are in charge of safeguarding your private keys or recovery phrases.
It's impossible for us to touch our users' money, let alone USE our users' money. That is the power of #SelfCustody.
If wherever you have your #crypto stored can't say the same, it's time to move your coins.
Let's make it easy.https://t.co/8I9qpcsLzV
— Exodus – Crypto Wallet (@exodus_io) December 6, 2022
For those searching for an easily accessible wallet, Exodus is a good option. It is simple to use and offers high levels of security for your coins. However, those looking for a long-term storage option would prefer a cold wallet.
How Does Exodus Wallet Work?
Exodus supports more than 250 cryptos. The wallet works locally on your device, so there’s no need to create an account. The private keys and 12-word secret recovery phrases associated with your wallet are saved and encrypted safely on your device.
You can literally start using the wallet once you download it. It doesn’t use an email or password to identify you. You only need to use your 12-word recovery phrase. Make sure you safeguard this phrase. Additionally, you can receive or buy crypto from another platform.
What Coin and Network Does Exodus Support?
Exodus wallet supports hundreds of cryptocurrencies and tokens. As expected, the wallet supports the likes of Bitcoin, Litecoin and Ethereum Here’s a list of some cryptocurrencies supported by the platform:
- Stellar (XLM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Binance Coin (BNB)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Chainlink (LINK)
- Cosmos (ATOM)
Join the multichain crusade.
Explore Web3 on Solana and Ethereum in one wallet.
— Exodus – Crypto Wallet (@exodus_io) August 16, 2022
In conclusion, Exodus is a pretty good wallet. But nothing is 100% secure. There’s been claims of the wallet being hacked. Several users also complained about not getting a prompt response from the team. These are unconfirmed claims.
So, getting a hardware wallet like Ledger could be a better security measure. We’ve got the second part of the Exodus piece coming up shortly. Before then, tell us about your favorite crypto wallet.
Learn more about the Exodus wallet in the second part in our two-part article series.
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