Exodus

Written By
Deniz Saat
Reviewed By

Learn how to set up an Exodus mobile wallet. Everything you need to know about the Exodus mobile wallet’s features, security, and supported cryptocurrencies are provided in this review. Is the Exodus wallet a good fit for you?

Overview

Quick and easy wallet setup.

Supports over 120 cryptocurrencies and digital tokens.

Exchange feature that allows you to trade cryptocurrencies directly in your wallet.

Overall Rating
  • Features
  • Ease of Use
  • Security

Jump to Section

Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

The Exodus mobile wallet aims to be the most user friendly crypto wallet in the space. It’s sleek design and quick setup are excellent for those more interested in multiple cryptocurrencies. The company aims to have the crypto wallet experience be very friendly and fun while minimizing the technical knowledge needed to use their products. By requiring as little steps as possible for the user, anyone will be able to start using their mobile wallet in an extremely short period of time. Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli to provide a safe, reliable, and trusted crypto wallet that can empower users to take control of their finances within the cryptocurrency space. With their passion for detail and relentless focus on design, it is no wonder why the Exodus wallet is gaining popularity. The Exodus mobile wallet is used all around the world with a wide variety of cryptocurrencies to be stored and exchanged.


Features

  • Face ID recognition and passcode for logging in.
  • Ghost function where the 12 word seed phrase is hidden.
  • Portfolio value and allocation page.
  • Exchange altcoins instantly for bitcoin or other cryptocurrencies.
  • Send and receive bitcoin and crypto funds.
  • Can move bitcoin into Exodus using private keys from paper wallets, Bitcoin ATMs, or other wallets.
  • Generate multiple Bitcoin or crypto addresses to increase privacy.
  • Customize network fees and times for withdrawing funds.
  • You may now purchase Bitcoin and other cryptocurrencies with Apple and Google Pay. Fees may vary based on the Credit or Debit card being used. Various credit card providers may also charge cash advance fees, convenience fees, or surcharge fees. It is advised to view the additional fees before executing a purchase. The app has a purchase limit of $250 to $500 per user. Also keep in mind that Exodus’s exchange and purchase features are not available everywhere.

Supported Currencies

The main currencies supported by the Exodus mobile wallet are: 


  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USD (USDT)
  • Ripple (XRP)
  • Chainlink (LINK) 
  • Litecoin (LTC) 
  • Bitcoin Cash (BCH)
  • Crypto.com (CRO)
  • Binance Coin (BNB)
  • Cardano (ADA)
  • Stellar (XLM)
  • And many more (120+)

How does it work?

What is needed for using the Exodus mobile wallet: 

  • iOS or Android phone.
  • Access to an exchange to purchase bitcoin or other cryptocurrencies.
  • Paper or other material to record the wallet seed phrase. The seed phrase should not be stored digitally. It is used as a backup to recover funds in case the user’s phone is lost or stolen.

 

After downloading the Exodus mobile wallet onto your phone: 

1. There will be a quick guide to show the main features that are offered. Once completed, the user is brought to the main portfolio screen. This page will allow users to view their holdings.


2. The next step would be to select the profile icon on the bottom-right of the screen. From there, you may then select Security, Backup, and then View Secret Phrase.


3. You may set up a passcode or face ID at any point by selecting the profile icon on the bottom-right of the main dashboard. From there you may select “Security”. If the Face ID or passcode are set up, they will be required every time the app is opened as well as to view the backup seed phrase.


4. After selecting the Backup option, you will be able to view the seed phrase. With Exodus’s ghost function, you must hold down the Press and Hold to Reveal button to view the 12 words. The user may then copy down each word on paper or on another non-digital material.

It is important to write down the seed phrase because it allows you to recover your Bitcoin funds on another device if your phone is lost or destroyed.


Backing up and storing your seed phrase with the Exodus mobile wallet is fairly straightforward. Just be aware that it must be done first before making any transactions with the wallet. All transactions and conversions with the exchange will require the user’s passcode or face ID to execute.


Is 

Exodus

 safe? 

If Exodus (the company itself) was ever hacked or compromised, all user funds would be unreachable. Funds are safe from a centralized point of failure. Users must take the necessary security measures on their end to ensure the safety of their own funds. It is important to take advantage of all the available security features that Exodus provides. It is best to first store the seed phrase of your crypto wallet in the event that your phone is lost or stolen. With the seed phrase, the user will be able to recover their funds on another phone. It is highly advised for users to also set up a passcode for their phone as well as a passcode for the Exodus app itself. Facial recognition is also a good measure to use. For transactions, be sure to generate a new wallet within the app for each deposit. This will provide another layer of privacy so that not all funds can be traced back to the user’s identity. When performing transactions, users must be sure to use a secure network or VPN that will make it even more inconvenient for bad actors to view your web activity. 


Many components of the Exodus wallet source code are open-source but there are a few features that are not accessible to the public (mostly user facing features like the UI). The reason for doing this is to protect the intellectual property of the company. Also be aware that Exodus does not have two-factor authentication. In order to achieve two-factor for Exodus mobile wallet users, the company would need to have an effective method for not sharing user data, prevent bad actors from retrieving the 12-word recovery phrase, and ensure that users maintain full control of their funds. This type of setup is not possible without a hardware wallet.



Pros of 

Exodus

  • One of the best user interfaces
  • Supports over 120 cryptocurrencies
  • Exchange feature allows for quick conversion of cryptocurrencies
  • Buy bitcoin with Apple and Google Pay

Cons of 

Exodus

  • No two-factor authentication for mobile users
  • Fee for exchanging cryptocurrencies is uncompetitive
  • Exchange feature is unavailable in Iran, North Korea, and in the states of New York and Washington

FAQ

1. Does Exodus charge fees for sending or receiving cryptocurrencies?‍

Exodus does not charge fees for transferring cryptocurrencies from one wallet to another. The only fees that will be incurred are the network or miner fees. These fees are necessary to pay the miners for recording user transactions on the blockchain. Fees vary depending on how long a user is willing to wait for confirmations on the network. Other fees that an exchange or platform may charge are separate and generally pay for the convenience or service they provide.

2. Will Exodus support more assets in the future?

In the future, more assets will be added. This is one of the main goals of the Exodus development team.

3. Can I use the same Exodus Wallet on Multiple devices?

Yes, it's possible to run your wallet on multiple devices as long as each app is running on the latest version. 

4. What information does Exodus have access to?

Exodus employees do not have access to user wallets or private information. No sign up is required to use Exodus products. The user is in full control of their assets because they hold the private keys.

5. Why are my assets unavailable for exchange?

Assets may either be taken offline temporarily for maintenance on the Exodus development side or exchanging assets may be currently unavailable in your area. 

6. The exchange feature is unavailable in which areas?

Iran, North Korea, States of New York and Washington in the US.

7. Does Exodus support 2FA? 

Two-factor is available but the user will need to use the desktop app with a hardware wallet to do so. It is unavailable for the mobile wallet by itself.

8. What happens to my crypto if I lose my phone? ‍

Nothing happens to your crypto if your phone is lost. As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all funds. Unfortunately, if that seed phrase is lost and you no longer have access to your phone, the crypto is inaccessible. You should never keep more money on your phone than you are willing to lose. 

9. What happens to my funds if the wallet’s server is hacked?

All funds are stored locally on the mobile phone. Exodus does not have access to your funds or account for the app. Bad actors are unable to remotely access user funds. All funds are only available locally on the mobile device. A bad actor would need to obtain the device itself and then be able to bypass all security layers that the user has implemented. It is important to activate all necessary security features, keep the backups of each wallet, and never store a significant amount of funds in a mobile wallet.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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