Wallet

Review: our experiences with Exodus wallet

Experience report and review of the allrounder wallet Exodus for Bitcoin, Ethereum, Dash, Ethereum Classic, Litecoin, EOS, OmiseGo and many other crypto-currencies.


7.250x Views | 0 Comments


Review: our experiences with Exodus wallet (c): Exodus Screenshot

14.12.2017

You have to make a decision which wallet you would like to use when you start buying your first coins and for managing these later onwards. You can differentiate between the web-based software wallets of the trading platforms like the ones you can find on kraken.com, bitstamp.net or coinbase.com, and the hardware wallets, mobile wallets (apps), paper wallets and software wallets. We would like to explain the latter category with one of the best known and preferred software wallets, namely Exodus.





What is Exodus wallet?

Exodus is a free software wallet which supports managing various crypto-currencies (assets). The single currencies can be received to the wallet, they can be kept there and sent. Moreover you can exchange currencies via Exodus. The saved currencies are displayed transparently in the “portfolio” and visualized in form of a pie chart. The visually attractive wallet is particularly suitable for easily managing smaller amounts of the most common crypto-currencies in a well structured and visually convincing wallet.  

 

Exodus Test © "Exodus Screenshot"


Downloading and installing Exodus

Software- or desktop wallets are programs which you can directly download to you computer and install them locally.

 
The latest version of the Exodus wallet can be downloaded from the website

https://www.exodus.io/releases/

as versions for Windows- (64 bit), Mac- or Linux-systems. Download and using Exodus is completely free. Incurring charge fees for the transactions have to be paid to the network. Exodus does not receive any part of the fees.
The wallet can be used immediately after the installation on your desktop.

 

Exodus Test © "Exodus Screenshot"

Functions of Exodus and using it

After having installed Exodus on your PC, Mac or Linux you can use the wallet to manage the supported crypto-currencies, i.e. for keeping, receiving, transferring or exchanging them.

1. step – depositing Bitcoins or Altcoins on the wallet

First you have to buy a supported crypto-currency on a trading platform; then you have to transfer your coins to the Exodus wallet. Direct depositing of FIAT currencies like euro or dollar is not possible. Thus purchasing has to be executed on a platform; for example on coinbase.com* (our test ), kraken.com, bitfinex.com* (our test ). However already possesses Bitcoins or Altcoins can transfer these coins from existing wallets to Exodus.

For depositing coins on Exodus you have to select the desired currency under “wallet” and click “receive”. We have chosen Bitcoin to elucidate the procedure:

Exodus Test © "Exodus Screenshot"

Afterwards the receiver’s address for Bitcoins is displayed. The address for the transaction can be copied, printed or sent via email. Additionally the blockchain-address can be shown.

Exodus Test © "Exodus Screenshot"

The receiving address is typed in when you purchase on another platform or for a transaction from another wallet; then the coins appear – for Bitcoins typically within a few minutes – in the Exodus wallet. There is a minor time delay of the transfer until the network confirms the process. Within this short time frame the transaction is being marked as “pending”. After the verification of the transaction, the “pending” tag disappears.


the sender specified insufficient fees, which were necessary for the confirmation in the network
you tried to send a certain amount, which had not been confirmed yet
there is a high volume of worldwide transactions taking place, so that there is no space available for the transaction in each new block

Note concerning the status “pending”:

From time to time it can happen that a transaction remains “pending” for two or three days. Prbably the transactions will never be verified. Usually that is due to the following three causes:

  • the sender specified insufficient fees, which were necessary for the confirmation in the network
  • you tried to send a certain amount, which had not been confirmed yet
  • there is a high volume of worldwide transactions taking place, so that there is no space available for the transaction in each new block

In case a transaction remains “pending” for more than three days, you can delete the transaction via updating (refresh button) the crypto-account in the wallet.

 

2. step: backup, password and passphrase

After depositing your first balance in the wallet you can create a backup. For this click “backup”. The next step announces entering a password. Keep in mind choosing a secure password, which you have not been using yet for other accesses on your computer.
Afterwards “seed” is displayed. This is a passphrase consisting of 12 words, i.e. the master key of the whole wallet. With these words you can access your wallet from everywhere, restore it or sending your deposits to other wallets. Write that phrase down or print it out and save it offline in a secure place. To be absolutely sure you can also print it twice to keep them in separate places, for example in a safe or at the bank.

Next step is entering an email address. A backup link is sent to this address. With this link you can restore your wallet with one click on another computer. Keep in mind to archive this email; in case you need it you can then easily find your link and access it.
With the backup link itself you cannot access the wallet since you need type in the password as well. A third party, who might have received the link by mistake and accessed it, cannot restore the wallet without knowing your password. But if you let an attacker know this password, he can access your wallet.

3. step: exchanging currencies – optional

With Exodus you can easily exchange crypto-currencies. For this, click on “exchange”. There you can select the initial currency and on the right-hand site under “receive” you choose the currency which you want to exchange for.   

Exodus Test © "Exodus Screenshot"

Exchanging is executed in two steps:

first, the amount is sent to the exchange-platform ShapeShift. This process normally takes less than a minute and it is displayed as the “sending”-symbol in Exodus.
Secondly, the actual exchange of the currencies takes place. This step can take some time (up to one hour).
If you want to check more details about the exchanging process, you can have a closer look at further information about exchanging, the exchange rate and the transaction ID or ShapeShift Order ID under “watch progress”.

Which crypto-currencies (assets) are supported in Exodus?

The Exodus wallet can manage different crypto-currencies (blockchain-assets). Presently the following crypto-currencies are supported (as it was stated in November 2017):

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Golem (GNT)
  • Augur (REP)
  • Decred (DCR)
  • EOS (EOS)
  • Aragon (ANT)
  • Gnosis (GNO)
  • OmiseGo (OMG)
  • Qtum (QTUM) (ERC20)
  • Basic Attention Token (BAT)
  • Civic (CVC)
  • SALT(SALT)
  • Bitcoin Cash (BCH)
  • Ethereum Classic (ETC)
  • FunFair (FUN)
  • District0x (DNT)

Additional assets are going to follow. For example supporting Ripple (XRP), FirstBlood (1ST), DigixDAO (DGD) have already been launched as Beta phase and are going to be offered with the next release.

How safe is Exodus?

Accessing Exodus is secured by a password and data is encrypted. With this also your private keys are stored locally and are controlled by the user without a transfer to the cloud. There is no 2-factor-athentication for Exodus at the moment. Consequently you have to choose a very safe password to protect your Exodus wallet from unwanted access!


Security basically depends on the safety measures of your PC where the wallet is installed on. When the wallet is installed on a PC which is used every day for surfing on the internet, receiving and sending mails or downloading files, you should be careful. The computer is then exposed to malware or viruses, which might contain keylogger or spysoftware spying out the password of your Exodus wallet and send it to hackers. In case the PC crashes, you can use the backup system to restore all data of the wallet. For this, as mentioned above, you have to create a backup first.
When starting Exodus wallet for the first time, a private key was created for each account. These keys are used for all receive-transactions of your accounts. This procedure is a crucial point of criticism as far as privacy of Exodus is concerned. This is because those who sent you payments can automatically see all your other payments you had received – that concerns the total balance you keep in the wallet as this currency. This makes it easier for attackers to create a profile of you and draw conclusions about your identity.

For your own safety it is better to use Exodus just for smaller amounts.


Due to security reasons you should only manage smaller amounts of crypto-currencies in Exodus. For larger sums we recommend using Multisig-wallets like Copay, a hardware- or paper-wallet. According to the provider’s website, there are going to be updated further security features in order to manage larger amounts of assets in the Exodus wallet. Presently the wallet is not really suitable for this (as it was stated in September 1017 on http://support.exodus.io).

Bitcoin Cash and Bitcoin Gold in Exodus

Since October 2017 or rather with the version 1.36.0 you can send Bitcoin Cash (BCH) to the Exodus wallet. In case you already had Bitcoins in your Exodus wallet before the 1st August 2017, i.e. before the hard-fork, you can make a claim to Bitcoin Cash and exchange Bitcoin for the same amount of Bitcoin Cash. You can then send Bitcoin Cash to another wallet, exchange them to another currency or transfer it to your Exodus Bitcoin Cash wallet.

Exodus Test © "Exodus Screenshot"

Bitcoin Gold (BTG) is not supported in Exodus. According to statements of the Exodus provider integration is not intended for the future. In case you had Bitcoins in your wallet before the 23rd October 2017 and you intend to exchange them for Bitcoin Gold, you can export your private keys of your Bitcoins and import them to a wallet which can manage Bitcoin Gold. Here you can find our detailed instruction for claiming Bitcoin Gold including a recommendation for a wallet.

 

How do I export private keys? 

If you want to export the private key of an account, you can do that easily using the developer’s mode in exodus. For this, open the hidden developer’ menu which can be displayed in Windows and Linux by pressing the combination “ctrl” + “shift” + “D”. Using a Mac you can directly access it in the menu under “exodus” > “developer”. In the developer’s menu you can select the corresponding account and export the private key as csv-file.

 

Mobility and language of the Exodus wallett

So far the Exodus wallet has only been available for desktop. You can use Exodus on one computer. In case you have several devices, it is not possible to use Exodus on more than one computer at the same time.   


According to the provider a mobile version will be available if there is a certain demand on the market.


The Exodus has not been available in other languages so far. Support is provided in English, though.

 

Exodus’s design

Exodus offers a few attractive designs, which can be adjusted under “setting” > “skins”. Here you can choose colors, background patterns or (pre-) installed themes.

Exodus Test © "Exodus Screenshot"

Who invented Exodus?

Exodus was founded by JP Richardson and Daniel Castagnoli. JP Richardson programmed the code of Exodus. He is a well-known developer, who has already published a few hundred open-source libraries and programmed a large number of Bitcoin and crypto-currency software. Daniel Castagnoli is responsible for the attractive design of Exodus and gained practical experience with popular companies like Apple, BMW, Disney, Louis Vuitton and Nike (all information according to www.exodus.io).

Test conclusion: our experiences and evaluation of the exodus wallet

Exodus is an innovative software wallet, which supports a large number of crypto-currencies and it is for free. Handling is very easy and intuitive. Additionally Exodus is a highlight as far as design is concerned. A crucial point of criticism is re-using private keys and the emerging restrictions of privacy. Therefore the wallet should only be used for smaller amounts until Exodus has implemented the already announced security features. You should use other types of wallets for larger amounts, i.e. hardware wallets like Ledger Wallet*.

 

advantages disadvantages

intuitive handling

attractive design

multi-wallet for many

     different crypto-currencies

for free

data security for receive-transactions

no protection through second factor

can only be recommended

     for smaller amounts

 



Your Name will be displayed next to your comment.

1 + 4 =



Exodus Exodus Wallet Desktop wallet Software Wallet

7.250x Views | 0 Comments




Advertisment

Interesting Articles

Investment

Coinbase Fee Structure: is Coinbase free to use?

Coinbase Fee Structure: is Coinbase free to use?

Is Coinbase free to use and how much do buying or selling Bitcoins, Ethereum and Litecoin on Coinbase cost?

Coinbase is considered to be one of the largest bitcoin exchanges in the world, even though it supports only 32 countries at the moment. With three payment methods (credit or debit cards, PayPal, and bank transfers), it is important to understand the fee structure in order to properly plan transactions at the platform.
 
This guide provides exactly that, listing all costs associated with depositing, withdrawing, buying and selling bitcoins at Coinbase.

read more »

Investment

Reviewing CoinTracking: our experiences with detailed instructions

Reviewing CoinTracking: our experiences with detailed instructions

With this tool you can keep a clear overview of your own crypto-portfolio: current value, profit or loss of trades, balance sheets, realized and unrealized profits, tax returns and much more!

CoinTracking is an innovative management tool for over 5,400 existing crypto-currencies. With this you can check your own portfolio on the desktop as well as using the mobile app at any time. All data can be imported manually, via csv file or automatically via API. The basic version is free. If you intend to manage many trades, we recommend a lifetime account.

read more »


Bitcoin Mining

Hashflare

Cloud Mining Provider for Bitcoin, Ethereum and other Altcoins

Genesis Mining

Genesis Mining - profitable Cloud Mining for everybody?



Bitcoin Exchanges

Bitcoin.de

German Bitcoin and Cryptocurrency Marketplace

LiteBit.eu

EU Crypto Currency exchange with over 40 crypto currencies for immediate purchase (SOFORT, Giropay, SEPA)

Coinmama

Buy Bitcoin & Ethereum with Credit / Debit Card in Minutes

Bitpanda

Buy Bitcoin, Ethereum, Dash, Litecoin with Credit / Debit Card or SOFORT (only Europe)



Bitcoin Wallets

MyEtherWallet

When it comes to security, ease of use and a user-friendly interface, My Ether Wallet (MEW) comes in.

Electrum Wallet

The Electrum wallet is fast, efficient and lightweight as well as safe to use. In fact, it's one of the safest wallets according to users.

Trezor Wallet

Secure hardware-based Bitcoin and Altcoin Wallet

Exodus Wallet

Desktop light wallet for various crypto currencies and Exchange service






Cryptocurrency Prices & Charts