To save cryptocurrency, many wallets have been created, they all differ in functionality, the number of tokens supported and compatibility with electronic gadgets. In this review, we present you Exodus. A wallet in which you can store more than 100 different cryptocurrencies.
The Exodus wallet application appeared in 2016 on the Bank To The Future crypto crowdfunding platform. Sites in this area act as guarantors when raising funds to support new projects. For 14 days, the developers of the Exodus wallet, JP Richardson and Daniel Castalloni, managed to raise the necessary 3,000 euros, and they did not disappoint their investors. How did they manage to achieve such success. Let us consider in more detail what exodus, wallet and exchanger are in one program.
The first fingerprint wallets required a complete download of the blockchain to the hard drive. They exist to this day, but they are rarely used because of the huge storage size. For example, the Ethereum blockchain takes 258.34 GB and the volume is constantly growing.
Exodus wallet belongs to the category of “thin” ones, it weighs no more than 100Mb, such utilities are synchronized with the cryptosystem after gaining access to the network. At first, it was possible to download Exodus only in the print version, now on the official website, there are applications for:
As well as the Exodus + Trezor Hardware Wallet Experience crypto wallet, which guarantees the absolute safety of your assets.
In addition, the exodus wallet has another interesting and useful function – the exchange of altcoins without access to the trading floor. In the portfolio, you can observe the dynamics of the course change of supported cryptocurrencies, and in the Help section read answers to frequently asked questions or contact the support service for help. True, all services work only in English.
We’ll tell you more about Exodus, how to use the wallet after you have downloaded the necessary version from the official website of the developers. No registration is required to run the program. Just install the crypto-paper on the hard drive of your PC, smartphone or tablet and you can send currencies to Exodus.
But you need to create a password and an additional pin code to enter, write down a mnemonic phrase, you say. How then to restore Exodus after an operating system crash and how can you ignore the security settings? And now it’s time to get acquainted with another feature of the Exodus wallet.
Install and configure security
You must first transfer any amount to your wallet blockchain coins to activate it. If you do not have a crypt, you will need to purchase it. Exodus, as translated from English, the word Exodus is a crypto platform and does not interact with the traditional financial system. You will have to use another service to buy altcoins. There are many services that will help you turn paper money, such as rubles, US dollars, euros into cryptocurrencies. When the first deposit is placed on the wallet, the backup procedure will be available, which includes the creation of a password and mnemonics.
This is a 12-word phrase that serves as the main key to all your assets. With these 12 words, you can restore your Exodus wallet and gain access to your balance from anywhere in the world, or even transfer all your funds to another address.
Important!!! Write the mnemonic phrase on paper and keep it offline. It is not recommended to create a digital copy of it. After the password has been created, you will enter it yourself each time you want to enter the Exodus wallet. To exit, just close the application window. After closing, the assets and files of the wallet will remain encrypted with a password.
What currency can be stored
By default, in addition to Bitcoin, the wallet is ready to accept 13 cryptocurrencies.
To add coins, click + Add More and activate the desired altcoin with one click. Among the currencies supported by Exodus are Ethereum Classic, Monero, Ravencoin and other interesting tokens.
How to exchange cryptocurrency
The graphical interface of an Exodus wallet is intuitive even for a person who does not speak English at all. You can easily accept, send and exchange cryptocurrency earned in mining or bought on the exchange.
Click Wallet in the left sidebar, and then select the blockchain asset you would like to receive. If you don’t see the coin you need, first you need to enable it in the settings. Then click on the Recive button and the service will show your address.
Like traditional bank transfers, receiving blockchain assets works through account numbers. Like a bank account number, you transfer this address to another person from whom you want to receive payment, or use this address to withdraw coins from the trading platform.
There are four action buttons in the cryptocurrency window:
Sending by email;
View addresses on the blockchain.
Also, in this window there is a QR code that contains the given altcoin address. Scan the QR code from your mobile device to send cryptocurrency without typing long blockchain addresses.
Exodus instructions on how to use the exchange service.
Click Exchange to select the cryptocurrencies that you want to exchange for each other. The coins offered for exchange are on the left side of the drop-down menu, and the ones you want to receive are on the right. You can find the desired resource by entering the asset name or ticker symbol.
Enter the amount you want to exchange. You can automatically adjust the number of coins exchanged by clicking “All” (ALL), “Half” (HALF), “Minimum” (MIN) or indicate the exact number by entering values by yourself. You can even enter the amount in fiat equivalent currencies. If you specify MIN, the transaction will be executed in the amount of the minimum threshold set by the service.
Press EXCHANGE if you are satisfied with the displayed exchange rate. After pressing the EXCHANGE button, you are given a 3-second window for cancellation, before the funds leave the wallet. Money will be sent directly from your wallet, and the exchange asset will be delivered back to your wallet.
In most cases, the exchange will be completed in less than 30 minutes. Monitoring the process is optional, you can close the program. When you open the wallet, the exchange asset will already be delivered.
To make an outgoing transaction:
Click the send button.
Indicate the address and amount.
Click Send on the submit form.
After that, a confirmation window will pop up, check for errors and press Send again. Done, money sent. Exodus withdrawal fee is not charged, you pay only for network services.
Advantages and disadvantages of Exodus
The positive aspects of this wallet.
Large selection of currencies.
Intuitive graphical user interface.
Lack of registration.
Private key unloading is available.
Negative aspects of the program.
Only English is supported.
Only English is supported.
Of course, you can replenish your wallet for the first time with a minimum amount and immediately create a password and record the mnemonics. But if you need to urgently receive a large amount of money, sending these funds to a wallet that is not password protected is risky.
How to restore a wallet from a backup
To restore your Exodus wallet:
Download the latest version;
Install the program;
Click Restore from Backup in the wallet settings section;
Select “12 Word” and click “Ok” in the pop-up window so that the wallet can reboot;
Enter your 12-word mnemonic phrase in order without capital letters. Click on the arrow to the right when you’re done.
After a few seconds, you will see the message “Recovery is complete”. Click “OK” and wait while the utility re-scans the blockchains and displays your balances. Be sure to set a password to protect recently refurbished Exodus wallet.
In general, the Exodus wallet is quite reliable and convenient, and in combination with the Trezor hardware safe, it is suitable for saving large amounts of digital money.