Exodus wallet is a multi-cryptocurrency wallet that has been generating great buzz since its launch in 2016. However, many people have doubts regarding “Is Exodus wallet safe or not”. If you are also looking for an answer about this, we have got a detailed post for you.
Exodus wallet supports various cryptocurrencies and it has various advantages for newbies. The easy-to-use interface helps new users to easily connect to the wallet. Exodus offers both portfolio management services and a crypto exchange. Users can easily manage, store, or trade cryptocurrency from a single interface.
Exodus wallet is among the easiest-to-use software wallets. We will provide you with a complete overview of this wallet here. Many people have doubts that the Exodus wallet is safe. So, along with discussing other important details, this post will also help you to get an answer to Is Exodus wallet safe or not.
So, without any further delay, let us get into the post to know about Exodus wallet before finding Is Exodus wallet safe or not.
What Is Exodus Wallet?
It is important to know about Exodus wallet before getting an answer to “Is Exodus wallet safe”. Exodus wallet is among the most popular and trusted wallets used in large numbers. It has a beautiful interface. It is a desktop-based online multi-cryptocurrency wallet wherein you can hold Ethereum, Bitcoin, and many more popular cryptos.
Exodus stores the private key of users on its machine and makes the wallet even more secure than an exchange wallet. It was founded by Daniel Castagnoli and JP Richardson. It has been designed to be a multi-cryptocurrency and a user-friendly wallet. Let us quickly see the pros and cons of Exodus wallet.
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Pros Of Exodus Wallet
Let us have a look at the advantages of using Exodus wallet. We have listed them below, let’s quickly check them out.
- Easy usage and beginner-friendly.
- Customer support is available.
- A huge variety of cryptocurrencies are available.
- A software-based wallet.
- Built-in exchange features.
- Users can retain their private keys.
- Available as a mobile app.
Let us now check out the disadvantages of Exodus wallet.
Cons Of Exodus Wallet
Here are the disadvantages of Exodus wallet. Let us quickly check them out.
- Prone to security problems.
- High fees at times.
- No manual transaction fee decision is allowed.
- No two-factor authentication.
- Not a highly secured wallet.
- Doesn’t support multi-signature addresses.
As we are aware of the advantages and disadvantages of Exodus wallet, let us find out what all cryptocurrencies are supported by this wallet.
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Cryptocurrencies Supported By Exodus Wallet
Exodus wallet supports many popular cryptocurrencies. Let us see what these cryptocurrencies are.
- Bitcoin Cash
- Binance Coin
- Ethereum Classic
- Bitcoin Gold
These are some of the popular cryptocurrencies. It includes many other cryptocurrencies as well.
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Is Exodus Wallet Safe Or Not?
Exodus wallet provides users with a relatively safe crypto wallet for daily use. As it is an online wallet, it cannot be as secure as cold storage like paper wallets. Let us see the safety features of this wallet to see Is Exodus wallet safe or not.
You can access your crypto even if the device on which the Exodus wallet is stored gets lost or damaged. You can restore your wallet in two ways.
The first way is by using a 12-word passphrase. When you create an account you get this standard passphrase. You need to keep a note of this phrase and safely store it somewhere. In case you lose this and the computer also breaks, you can never access your cryptocurrency.
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Another way is the email restore option. At the time of creating an account, you will receive an email along with a backup link attached. You can restore your account by clicking on this. You just need to type your password and you can reunite with your cryptocurrency.
Exodus wallet has certain security flaws. Let us see what these flaws are.
1. Two-Factor Authentication
Exodus wallet doesn’t offer many high-level security features against malware and hackers. More features may be added soon. It presently doesn’t offer two-factor authentication which makes it easier for hackers to break into your wallet. A wallet is protected by just a single password and if a hacker gets in, he will access all your cryptocurrency stored in the wallet.
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2. Multi-Signature Addresses
Exodus wallet lacks another feature and that is multi-signature addresses. It provides another layer of security to a wallet. One can choose the number of devices with a multi-signature wallet that must tell the network it is ok to send money before it is sent.
Exodus wallet itself does not recommend storing large amounts of cryptocurrencies on their software because of these two flaws. Exodus wallet is more suited as a day-to-day wallet.
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This post covers all the aspects to answer whether the Exodus wallet is safe. As a beginner, you can consider this wallet to be a great choice. Cryptocurrency enthusiasts can choose Exodus wallet as it can be easily used by users. The additional built-in exchange makes this wallet even more versatile and convenient for users.
It is not one of the best in terms of security but provides a great way to manage multiple crypto assets. We have provided you with all the necessary information related to the Exodus wallet. You can now decide whether Exodus wallet is safe or not.
You can share your views and tell us what you think: Is Exodus wallet safe or not?
Frequently Asked Questions
Q1. Does Exodus Have Any Fees?
A. Exodus is free for those looking to download the app and send or receive cryptocurrency. If users choose to exchange assets within the wallet, they may experience fees.
Q2. Is Exodus Wallet Safe And Trustworthy?
A. Yes, Exodus is considered to be one of the most reputable, established, and secure cryptocurrency wallets. However, as it is an online wallet, it may be exposed to certain risks of cybercrimes.
Q3. Is Exodus Wallet Better Than Coinbase?
A. Exodus wallet can be considered better than Coinbase for several reasons. It has additional services features than Coinbase. It also has robust functionality that is superior to Coinbase.
Q4. Has Exodus Wallet Ever Been Hacked?
A. No, Exodus wallet as a company has never been hacked. It undergoes regular security checks and audits to ensure better security at all times. As a non-custodial wallet, much security is in the hands of users.