Exodus Crypto Wallet Review in the UK: Safe or a Scam?

What Is Exodus wallet?

Exodus Wallet is a relatively new software wallet that has already gained popularity. Its creators were J.P. Richardson and Daniel Castagnoli. Richardson has previously written code for numerous cryptocurrency projects, while Castagnoli has worked as a designer for major companies such as Apple, BMW and Nike.

Review Summary

Advantages and disadvantages

Exodus wallet has the following features, which distinguish it from other cryptocurrency storages:

Installing Exodus

To download, you need to go to the official Exodus website in the "Downloads" section. On this page there will be the date of the latest and next release, update history, user agreement, links to download the application for different operating systems.

Exodus Wallet installation instructions:

Main sections of the Exodus interface

Interaction with Exodus is done through the menu items presented in the form of horizontal panel on top of the application window. There are 4 sections with the main functions of the wallet, as well as tabs History, Support, Settings.

Viewing assets in Exodus Wallet

The data on the cryptocurrencies owned by the user is displayed in the Portfolio menu item as a pie chart, as well as a detailed list of coins with their names, prices, quantity, value and percentage distribution.There you can also view the history of changes in the total value of assets in the user's portfolio as a graph by selecting one of the available time intervals.

Transfer and acceptance of cryptocurrencies using Exodus Wallet

Operations on receiving and sending coins displayed in "Portfolio" are made through the menu item "Wallet".To send funds, you need to select the desired crypto-asset in the list and click "Send" button. In the window that opens, specify the address of the recipient's wallet and the number of coins to be sent.
If you are sending own blockchain coins (BTC, ETH, XRP, etc.), you must have enough money on your balance to pay the transfer fee. If you are sending ERC20 tokens, you must have enough ether in your account for that purpose. In both cases, the estimated fee is indicated at the bottom of the sending transaction formation window.
To accept assets using Exodus, you need to copy the wallet address from the window that appears when you click "Receive" and pass it to the sender.

Crypto-assets exchange in Exodus wallet

Internal cryptocurrency exchange is a distinctive feature of Exodus and is available in the Exchange menu. This functionality is based on the ShapeShift exchanger and is only available for assets supported by the wallet.
The exchange process is very simple: you select the source coin and its amount on the left, and the currency you want to get on the right. The final amount of coins at the output is calculated automatically (minus the commission) and depends on the exchange rate on ShapeShift.

Backup and recovery features of Exodus Wallet

To ensure reliable protection of crypto-assets, the user should use the "Backup" menu item (Backup), which is located in the Settings section. The first thing to do is to specify a password, which will need to be entered every time the Exodus application is launched.
Next, the user will be prompted to write down a 12-word phrase that will ensure that access to the wallet is restored after the application has been reinstalled due to a change of device or OS.
The user must then confirm that he has saved the secret phrase by selecting one of the 4 words offered, which is part of it.
After completing these steps, the "Backup" tab will display a notification that the backup is complete. There you will also see buttons to reset the password and view the seed phrase.
To restore an existing user account after installing the Exodus app, you need to select the "Restore from Backup" tool from the "Portfolio" menu and enter the 12 previously saved secret words.

Conclusion

Exodus is a special company within the world of cryptocurrency. It is a software developer with a convenient desktop and mobile wallet so that you can manage your cryptocurrency properly anywhere.

The special feature of this wallet is the ability to easily trade cryptocurrency directly from your wallet. In addition, you can also easily send and receive cryptocurrency with the Exodus wallet.

If you want it even safer than Exodus currently offers, you can also combine the software with Trezor's hardware wallet. Your cryptocurrency is then stored on the hardware wallet but you use the Exodus software to manage your cryptocurrency.

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