Exodus Wallet - What to Expect From the Allrounder?

The advantages and features displayed as the elements of a swiss knife, featuring a trezor connected to it.

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Many wallets are tailored to a certain coin. In many cases, this also makes sense because in addition to safekeeping and transacting, various specific use cases can also play a role. This includes smart contracts but also other features such as private messaging services that are run on the blockchain.

However, you will face difficulties relatively quickly if you buy coins and tokens that are domiciled on different blockchains. Of course, you can use a hardware wallet to back up dozens of wallets of different coins under the same seed but it is not uncommon that you would need a separate interface and thus separate software for each wallet.

In order to avoid having to install new software for each coin, you can use a so-called multi-coin wallet. A well-known example of this is Exodus, which is a multi-coin wallet that can manage various cryptos at once.

What is Exodus Wallet?

The Exodus Wallet is not only a wallet but also features an integrated decentralized exchange. This gives users the ability to trade cryptocurrencies directly in their wallet. The company behind Exodus was founded in the United States in 2015 and is based in Nebraska.

Exodus supports around 150 coins today. If you add every single ERC-20 token, the number practically goes into the thousands even if this would be somewhat of a distortion. The wallet is available as a mobile wallet for Android and iOS and can also be used on all three major desktop operating systems, i.e. Windows, Linux and macOS.

Exodus is compatible with two different Trezor hardware wallets and thus allows the transfer of crypto assets between Trezor and Exodus. In keeping with the spirit of a full-service solution, you can also participate in staking if you store the corresponding coins in Exodus, for example Cardano (ADA), Algrorand (ALGO), Cosmos (ATOM), Neo (NEO) and Tezos (XTZ).

The Exodus Exchange

The exchange built into Exodus works differently than Coinbase or Binance which are both centralized services. On the Exodus exchange all trades are peer-to-peer, therefore users of the Exodus wallet exchange or trade their coins with each other. Another special feature that this system brings is the elimination of trading pairs that are denominated in US dollars or euros. A transfer of cash to and from one’s bank account is not possible.

To use the Exodus Wallet, it is not necessary to also make use of the exchange. So, if you do not want to use a decentralized trading model, you can also use Exodus just for safekeeping or sending and receiving cryptocurrencies.

Fees with Exodus

When looking at the fees, you need to differentiate between the wallet and the exchange. First, the transaction fees as they are with other wallets when transacting your coins and tokens. These fees are variable and can be set differently depending on the blockchain, token or coin. In addition, the law of the fee market applies to many cryptocurrencies, so the fee to be paid can fluctuate due to demand and supply.

The fees for the exchange or swaps must be paid separately and vary between 2% to 4% depending on the coin and order. Needless to say, those fees are in the upper range.

How Secure Is the Exodus Wallet?

Users can create a 12-word seed at Exodus, which serves as a backup. If you are not yet familiar with how to create a backup and its importance in the context of wallets then we would like to recommend this more in-depth article. You should keep the seed with the utmost security because it gives access to all coins in the wallet.

Unfortunately, the Exodus Wallet still does not support a 2FA method although the old login method in particular would benefit from a second factor in terms of security. However, the creators of the wallet insist that the seed is the ultimate key anyway and that it is possible to bypass a 2FA protection at any time. Although other wallets do not necessarily offer 2FA for security, you are well advised to place value on password security with Exodus.

How Do I Create Backups and How Do I Restore Them?

There are two basic backup functions with Exodus. The first is by email and password. Once set, you can have Exodus email you a link that will allow you to restore. Please note that the email backup option was only available up to version 19.2.1. Subsequent versions no longer support this method.

In the course of the backup process, you also create the so-called seed. With the seed, it is possible to gain access to the wallet even without access to the email backup. After writing down the seed, you can install Exodus on any device and then select the “Restore Backup” option.

The software will guide you step-by-step through the restore process, where you will ultimately have to enter the seed. To finish the process, you have to set a new password. Please note that you may overwrite other wallets when restoring your seed in case they are still active on the device of your choice.

I Locked Myself Out, How Do I Get My Access Back?

The answer to this question depends on which version of Exodus was used. If the wallet was created with an older version, you can have a link sent to your e-mail address for recovery. However, since most users have the seed at hand anyway, you can get down to business much faster using this method. Here are the steps you need to go through:

  • Download the latest version of Exodus from the internet and install it
  • Launch Exodus Wallet
  • Select the option “Restore from Backup”
  • Confirm the choice with “Restart”
  • After restarting, enter the 12 words of your seed in the correct order
  • Exodus will now restore all your coins in the wallet. This may take some time
  • Finally, enter a new password for your wallet

Attention: Please note that you may overwrite other wallets during the restore process if they are still active on other devices.

If you’re unable to restore your wallet, don’t hesitate to reach out to our team. Connect with ReWallets through our wallet recovery services contact form on our website, via email, or by phone.

Even though we cannot make any general predictions about a possible recovery, we have had good experiences with the Exodus Wallet in the past.

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