Exodus is another good desktop wallet that deserves a mention on this list. It supports many cryptocurrencies including Ethereum, Ethereum classic, Bitcoin, Bitcoin cash, Litecoin and 20 other cryptocurrencies. Because it offers the leading cryptocurrencies, it will suit those users perfectly who have multiple cryptocurrencies in their portfolio.
One of the best features of the Exodus desktop wallet is its UI. The interface is designed in such a way that it is not only easy to use but also looks aesthetically appealing.
For those having no prior experience to crypto gaming or cryptocurrencies, the Exodus comes as a very convenient wallet solution. For those looking to convert one cryptocurrency into the other, the Exodus wallet can be integrated with ShapeShift for easy conversions and access to crypto funds.
Exodus wallet is not as safe as offline wallets where your private keys and account information isn’t stored online. Although you can create a quick backup of your private keys in your computer, it still is prone to attack from online hackers. Nor does it support smart contracts to make transactions secure as was the case with Mist, the official Ethereum wallet.
Now you must be wondering that if security is so bad with Exodus then why it is listed in our guide. Well, it does have some security infrastructure which makes it a feasible wallet choice. But stay with me because you’ll know in a while.
Exodus doesn’t have two-factor authentication which means logging into your account requires your password and another key that only you can know. On top of that, Exodus is not open source, so you are blindly trusting the developers when you register with Exodus.
An open source wallet brings transparency and trust in the user community which is important for any wallet in the long-term. The only thing trustworthy about Exodus is that its CTO J.P. Richardson has developed more than 190 open source libraries and is a trusted name in the development community.
The key attribute that makes Exodus unsafe is that, unlike Mist, it is an online wallet and stores your private keys online. And we know very well that anything that is online can be hacked. But this doesn’t mean that Exodus doesn’t take any security measures.
All your blockchain assets are encrypted and saved on your computer. You have full control over your funds. As mentioned earlier, there is a backup system to save your keys. But none of your keys is stored on their servers.
If your computer breaks down, Exodus will send you an email giving you a link to reactivate your wallet. You can only access this link after you enter the 12-word passphrase and Exodus “key”.
In early 2018, the company created a new feature where you can recover the 12-word passphrase by clicking a button on the password screen. However, since this is not an offline wallet, they should have given 2-factor authentication.
As far as user reviews are concerned, Exodus has gained an above average reputation in the minds of its users. It isn’t as popular as other wallets and been in operation not for a long time.
When compared to Mist, the only advantage Exodus has is that you don’t need to download the entire blockchain on your computer. But why do some users still go for Exodus despite its not-so-good security infrastructure?
The only reason for choosing Exodus is its highly intuitive interface which is good for beginners and those who trade small amount of cryptocurrencies and aren’t worried about the risk.
Support is Good
Although their security infrastructure needs improvement, Exodus team is really concerned about user satisfaction.
It is evident when you see the easy-to-understand and thoughtful support videos the founders have made available, the multiple communication channels on their website and the direct messaging platform to the founders via Slack.
Perhaps the only thing you can’t criticise is Exodus’ customer support. Its website has thorough support documentation that explains its features and offers solutions for troubleshooting.
There is a Frequently Asked Questions section that answers common queries and a long list of support videos that give clear solutions to common issues users face.
You can also send an email writing your query to their support team and they will respond reasonably fast. It is good to see such dedication on part of Exodus’ team.
When it comes to transaction fees, Exodus gives preference to speed and reliability more than low fees. For every transaction you make, you pay a fee.
You can’t manually set the fees because Exodus tracks changes in the coins blockchain network and sets fees accordingly.
In other words, there is no standard fee per transaction. The fees you pay doesn’t go to Exodus, but to the respective Blockchain network whether it is Ethereum, Bitcoin etc.
Exodus supports a wide variety of cryptocurrencies as listed below:
- An extremely easy to use and intuitive interface sets it apart and makes it suitable for beginners with zero knowledge of cryptocurrency
- More aesthetically appealing than any other wallet you would encounter
- The founder J.P. Richardson has a good reputation in the development community and has developed over 190 open source libraries
- Supports over dozens kinds of cryptocurrencies
- Private keys are stored on your computer with a good backup option.
Backup is accessible through a backup link which is further accessible through a 12-word passphrase
- Customer support is best in the industry with lots of support documentation and videos available online. Responsive email support and direct message to founders possible
- Integrates ShapeShifting for easy trade of cryptocurrencies which is a rare feature
- The wallet shows exemplary engineering skills and some users have praised the developers for the same
- Not very secure: doesn’t have 2-factor authentication despite functioning online
- Reputation isn’t good and it is a new company
- The wallet isn’t open source, so you are leaving everything to the developers
Should You Choose Exodus Desktop Wallet?
Exodus doesn’t have a great reputation since it has not been long since it arrived in the market. It isn’t an offline wallet which raises security concerns.
But Exodus tries to compensate for that by providing a good backup system which is accessible via a 12-word passphrase. It does store your keys offline on your computer but a 2-factor authentication would have made it trustworthy enough to be labelled as a good product.
Nonetheless, the C.T.O. J P Richardson has a good reputation in the development community and has a vast development experience of open libraries. The things that set Exodus apart from other wallets is its aesthetic user interface which not only looks good but is extremely easy and intuitive to use.
In a world where top wallets struggle to provide good customer support, Exodus goes against the grain and gives you documentation, videos and responsive email support.
In short, Exodus is good for beginners who want an intuitive wallet to store small amounts of cryptocurrencies and use the integrated ShapeShift to convert cryptocurrency.