In this Exodus wallet review for 2021, I will take you through the basics, such as how to send and receive crypto. Explain all the features of the Exodus desktop & mobile wallet, like their new Apps, and also how to integrate your Trezor hardware wallet.
Exodus was one of the first wallets I ever used and one I still use today. It`s a fantastic cryptocurrency wallet that has been created for the newbie in mind. In fact, it’s the wallet I recommend to my friends and family. I actually downloaded Exodus for my 80-year-old grandad so he could manage and store his crypto easily.
What is Exodus?
Exodus is a multi-cryptocurrency wallet, which is incredibly easy to use with its slick and intuitive design. Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli. Exodus is available to download on your desktop and mobile, allowing users to easily manage their crypto assets anywhere.
Supporting over 100+ different cryptocurrencies, including Bitcoin and Ethereum based ERC20 tokens. Users can easily exchange within the wallet, manage their Trezor Hardware device, and access popular Apps such as Compound Finance without having to leave the comfort of their wallet.
Exodus currently supports 125+ tokens, with the list being continuously added to. The supported tokens include the likes of Bitcoin, Ethereum, Litecoin, UNI, CRO, Monero XRP, XLM, as well as stable-coins such as DAI. These tokens can be used to send, receive, exchange, and earn interest.
The full list of cryptocurrencies supported by Exodus wallet can be found here.
Unlike an exchange, Exodus does not charge fees for withdrawing from their wallet. However, you will be charged network fees which are paid to the miners for sending a transaction. Other than the fees that go to the network, Exodus does not charge fees for sending or receiving.
Unfortunately, Exodus doesn’t allow users to amend transaction fees. This can be incredibly frustrating when Bitcoin or Ethereum gas fees are high. Hopefully, this will be a feature they will include in the future.
Exodus makes money from a small portion of the spread on asset exchanges. These are typically between 2% – 5%.
Is Exodus Safe?
Unlike custodial platforms such as Binance or Coinbase, Exodus does not manage or store your private keys. So, in the unfortunate event Exodus was hacked, your crypto assets would be safe.
Also, they cannot view, access, or control your wallet in any way because all of your wallet’s information is stored locally on your computer.
Exodus cannot view or reset your password and does not have information in relation to your secret 12 word or private keys. With Exodus, you are in complete control of your account, and safety is in your control.
Exodus will only ever be as safe as the computer it is installed on, your own security practices, or how safely you store your private keys.
Unfortunately, Exodus has yet to include 2FA on their desktop or mobile wallets. I personally believe it would be a great addition to add something like a YubiKey to help increase security.
Exodus Private Keys
Unlike a lot of cryptocurrency wallets, Exodus allows users to access their private keys. Enabling users to have complete control over their crypto assets. These private keys, which are also known as your backup phrase or “Recovery Seed Phrase” (in Exodus) are extremely important and should never be shared (not even with Exodus support).
If you were to suddenly forget your password or lose/damage your laptop or PC where Exodus is installed, these are the keys to restoring your wallet. The recovery seed phrase is made up of 12 words and must be written down in order, spelled correctly, and kept somewhere safe offline.
Do not share them with others, unless you want them to have access to your funds. Your recovery seed phrase can be found under your “Settings”, “Backup” and “Recovery Seed Phrase”.
There are a few ways that you can contact Exodus Support. Exodus has a very comprehensive list of FAQs that should answer any basic questions. However, if more support is required you can email support, send a message via Twitter, or contact their helpdesk.
I’ve personally used their email support a few times and when I contacted them while creating this Exodus wallet review, their support team was quick to respond. Unlike other crypto platforms, I found them to be extremely helpful and provide a prompt response. Obviously, during bull markets, replies may be slower.
Exodus Mobile Wallet
Exodus released its mobile app on the 1st of July 2019. The great news is that for those of you who have installed the wallet on your desktop, is that you can now sync with the mobile app. The mobile app allows you to send, receive and exchange your crypto while on the go.
Plus one of the great things about having this available on a mobile app is that you can use the security from your mobile phone, such as a face or fingerprinting technology as an extra level of security. The mobile app is available from either Google Play or the App Store.
Exodus Wallet Apps
Exodus Apps is their latest big release. Allowing users to explore and discover ways to do more with their crypto such as earning interest with DeFi Apps like Compound Finance, from right inside the Exodus wallet.
This new layout can be turned on and off within the settings.
With Exodus Rewards, you can now start earning interest on your crypto through staking. Just deposit the likes of Cardano, Cosmos, and Tezos and earn interest currently up to 9.27%. With the app built directly into your wallet, it makes staking easily accessible to anyone, even the beginner. Plus, it’s a great way to earn passive income on crypto that would potentially be sitting idle in a wallet otherwise.
Compound Finance App
Exodus is growing its platform to become more than just another crypto wallet and instead aims to become a portal to access the new Decentralized internet or DeFi. For those of you using the wallet, you may be interested to hear that you can earn interest on DAI with the Compound Finance App.
For more information on Compound Finance, you can check out my tutorial here.
Using Compound with Exodus, users are currently only able to lend (or deposit) DAI, this can all be done within a couple of clicks. Once you have lent your assets to the Compound Finance protocol, you accrue interest every time an Ethereum block is mined.
With Shares, users can now reserve interest to participate in their IPO (initial public offering).
Working with Securitize, Exodus is leading a legal, regulatorily compliant investment platform to issue shares of equity. They state that they “are pioneering a Regulation A offering of our own common stock. Should the offering go forward, this worldwide legal framework will go further than old ICO “tokens” and extend our customers’ potential to become actual owners of Exodus Movement, Inc.”
If the equity shares go ahead, each share will be represented digitally and secured by the Ethereum blockchain. This will all be managed through the new Exodus Shares application.
Trezor Wallet Partnership
Exodus has partnered with Trezor hardware wallet so that you can secure and manage your crypto assets. Connecting Trezor to your Exodus desktop wallet you can send, receive and exchange your assets directly from the security of your hardware wallet.
You can also track your Trezor portfolio performance with charts and market details. When you exchange the funds from your Trezor you don’t have to move your funds to a different wallet or exchange. Plus you won’t have to wait whilst your sending funds from (or to) an exchange, or pay any additional fees.
Trezor has since released their Trezor Suite to manage your hardware wallet and crypto portfolio, click here to find out more.
What is a Trezor Hardware Wallet?
Trezor is a hardware wallet that was launched back in August 2014 and was the first Bitcoin hardware wallet. With a Trezor your private keys are stored offline within the device and therefore one of the safest ways to store your assets.
There are 2 different types of hardware wallet offerings by Trezor which are the Trezor Model T and the Trezor One. The Trezor One is considered the Gold standard, whereas the newer Trezor Model T model is their Premium Choice with a full-color touchscreen.
I personally love the Exodus wallet, I have tried and tested a lot of cryptocurrency wallets over the years, and Exodus is still by far one of my favorites. Not only is the user-ability and design great, but they continually keep improving with features such as Apps.
I understand a lot of users will have a Ledger and not a Trezor, so this integration won´t be any benefit. As someone who owns both hardware wallets, it’s nice to find a platform that integrates Trezor. Even though Trezor has now released Trezor Suite, I will continue using the current combination.
When you look at Exodus Trust Pilot’s score, it’s a mixed bag with a 2.7/5 rating. Personally, I haven’t experienced any issues and wouldn´t say Exodus is a scam, but their fees can be high and this is a negative. I would like to be able to amend my GAS fees when making a transaction. Plus I would also like an option for 2FA, it would be great if they were able to integrate the likes of a YubiKey which platforms such as Binance and Blockchain.com have recently done.
For this Exodus wallet review I give them an impressive 4.5 out of 5, overall Exodus is a great beginner-friendly wallet and it’s free to download and use.
Exodus Step by Step Guides
Below is a list of step-by-step guides, to get you started with connecting your Trezor device, sending, receiving, and exchanging within the desktop wallet. For a more detailed guide, check out my full tutorial.
Connecting Your Trezor Hardware with Exodus Wallet
Connecting up your Trezor hardware wallet with Exodus is simple to do and involves a few steps as shown below;
Within Exodus, go to “Settings” on the left-hand, navigator pane. Then select “Devices” from the tabs on the top of the screen.
If this is the first time you are connecting your Trezor wallet you will need to install the “Trezor Bridge“. This can only be installed on a chromium browser such as Google Chrome, Firefox, or Brave Browser, unfortunately, this is not available on safari. You will need to select your associated operating system and install the latest version of the Trezor bridge. Once the bridge has been downloaded you will need to follow a simple installation wizard to complete the setup.
If you have not already set up and created your Trezor hardware wallet you will need to go to https://trezor.io/start/ to set this up, but from Hardware Wallets you will need to ensure that the “Detect my Trezor” is switched to “On“.
If your device requires a firmware update, you will be prompted within Exodus to “Update Now”, you will then need to confirm on your Trezor by clicking onto the green tick. The Trezor will then update and restart and you will be prompted on-screen when the update is complete.
Exodus will then ask if you would like to pair your Trezor, click “Connect“.
Your pairing will then initiate and Exodus will fetch and load your Trezor balances and transactions history. This can take a few minutes to complete.
Once the device has successfully paired you will receive a notification on-screen and you will be able to view any balances and remaining assets. Click “Continue to Portfolio”.
Sending & Receiving Crypto with Trezor Hardware Wallet
To send or receive funds to, or from your Trezor wallet, you simply follow the usual steps for sending and receiving your crypto in Exodus. However, when sending transactions you will be required to confirm on your Trezor device as an extra level of security.
How to Send Funds on Exodus Desktop
If you want to send your funds outside of your wallet, to a cryptocurrency exchange, or another wallet, you can do so easily from within Exodus.
Firstly, you’ll need to select ‘Wallet‘ from the top of the screen. Then select the cryptocurrency you would like to Send from the list on the left and choose “Send“.
Enter the recipient crypto address, or scan the QR code. Then simply enter the amount of Bitcoin you would like to send and click “Send” after checking your network fee and remaining balance.
How to Receive Funds on Exodus Desktop
When sending funds to your wallet, you’ll first need to know your public address for them to be sent to. This is your “Receive” address and is specific to the type of cryptocurrency you want to receive.
From the navigation pane, select “Wallet” and then select the cryptocurrency you would like to receive.
Click “Receive“. You can then copy the address, print it, email it or view it on Blockchain and pass it onto your recipient.
How to Exchange Crypto on Exodus
Go to “Exchange” at the top of the screen.
Choose the cryptocurrency that you would like to exchange, from the dropdown on the left.
Click on the cryptocurrency that you would like to receive, from the dropdown on the right.
Enter the amount you would like to exchange
Click on the “Exchange” button