Cryptosumer – Exodus Wallet Review – Ideal place for your coins?
It has drawbacks like all wallets. It is ideal for beginners in crypto trading. This Exodus wallet reviews will give you an overview of its features, trading options, security, and other aspects.
Exodus Wallet Review
Exodus, a multicurrency wallet, works on both mobile devices (iOS or android) and desktops. It has a simple interface and only a few features, making it easy for anyone to get started with crypto trading. It supports many cryptocurrencies, which is a good thing for a crypto wallet.
Trusted sites such as Bitcoin Exchange Guide and Bitcoin Finder have recognized Exodus as a top desktop wallet. investopedia also rated it the best beginner wallet. Exodus is a great tool to help you learn more about trading, even if you don’t know much about it.
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Three main features make up the Exodus’ mobile interface:
Portfolio – For people who invest in multiple currencies it can be hard to keep track of them all while processing transactions. This feature allows you to organize your crypto assets in a simple and efficient manner. This feature gives you a visual overview of your crypto assets with price graphs that show the current market value.
Wallet is the main function of your wallet. This allows you to send and receive cryptocurrencies quickly. Exodus, a hot wallet does not store cryptocurrency coins. It stores three codes, the primary key, the public key and the seed phrase. In this Exodus wallet overview, we will explain why this is important.
Exchange Exodus’ trading function uses the Shapeshift platform. This is a leading cryptocurrency exchange known for its security features and unique trading features. This allows quick trading of crypto without leaving the wallet.
These are just some of the primary features. The desktop app also offers functions like backup and app explorer.
Exodus is not as sophisticated as other crypto wallets but it supports more than 115 crypto assets, which include tokens and coins. These are some of the most prominent examples:
- Binance Coin
The helpful customer service is a major plus in this wallet, which every other Exodus wallet reviews have praised. Exodus has made it easy to communicate with them regarding any issue.
They have over 100 videos and instructional articles on their website to assist you in using the app and crypto trading. For any inquiries, you can also visit their help desk or twitter channel. Slack chat is an easier way to reach them.
Is Exodus Wallet Safe To Use?
The wallet’s high transaction fees, as well as security concerns, are two of its most notable flaws.
We must also consider the fact that Exodus is able to offer their customers service for a fee, which is not possible with open-source platforms. The higher fees allow for smoother trading experiences. It is up to you whether to view this as a cons or a pro. Exodus’s customer support is a sign that they are committed to the long-term.
Despite all the benefits, is Exodus wallet secure? To understand this, let’s talk about hot and cold wallets.
Cryptocurrencies have a high level of security because your private key (a code) creates a unique signature every time you use it to make transactions. Hackers cannot predict this.
Hot wallets store your private keys and are linked to the internet. Hot wallets are naturally more vulnerable to security problems. They allow for faster transactions and exchanges. Hot wallets are much more suitable for active financial transactions than crypto storage. It is possible to ask how exodus wallet safe .
Don’t panic. Your private keys are protected within your hot wallet because it’s a hot wallet. Exodus, as an entity, does not have access your private keys like other platforms. It’s as secure as a hot wallet could be. Two main security features are offered by these wallets:
- Passphrase protection for your wallet of 12 words
- Automatic wallet locking function in a custom time span
The passphrase can be used to retrieve your cryptocurrencies, even if your Exodus wallet device is damaged or lost. Automatic wallet locking will also ensure that your profile remains safe. You can also use the email restoration option to provide additional backup.
Exodus is also more vulnerable than other religions.
- It doesn’t use two-factor authentication
- It doesn’t use a multisignature address
Hacking is the worst case scenario for hot wallets. One example of such an issue is illustrated in this Reddit Thread. This is the most remarkable thing about the Exodus situation. They responded quickly to it, even though it wasn’t posted on any of their customer service channels. This is a positive and common trend.
Attacks on hot wallets are always possible. Exodus developers try to regularly review the app to find vulnerabilities. Exodus was made more vulnerable by removing Dogecoin in 2017.
This Exodus wallet wallet review will explain that if you have large amounts of crypto assets, cold storage or hardware wallets would be better. Exodus is suitable for light-duty transactions, basic crypto trading or learning the trade.
Needless to say, it is important to exercise caution when handling crypto assets. Exodus is recognized by reputable platforms. Exodus can be used for crypto finance, but not for large assets storage. It is very reliable and accessible for beginners.