Exodus Wallet Review: Features and How-to-Use Guide

Interested in knowing it all when it comes to the Exodus wallet? Then you have found just the right review. Starting with an overview of its advantages, such as ShapeShift extra service, you will get to know all the features that benefit every user when using this wallet. In the end, we will reach the ultimate Exodus Guide, which will lead you through all the required steps to set up and use the all-in-one wallet.

01.Exodus Features & Fees

First of all, what makes Exodus one of the preferred cryptocurrency wallets on the market is its ease of use. Supporting multiple assets might be a difficult task if the interface isn’t friendly enough to match your knowledge. That’s why, I would like to point Exodus’s design as the main reason for being such an attractive software for the users.

When I first downloaded Exodus, I was delighted how the process of using a crypto wallet is simplified and orientated not only to experts in the sphere, but also to the newbies on board. The functionality of this wallet satisfies a large audience – starting from beginners up to advanced users.

Built-In Exchange: ShapeShift

I would like to talk about one premium service of Exodus – the built-in exchange ShapeShift. With it, coin swaps will be done in a matter of seconds. This is an extension, implemented in the wallet, which helps to easily exchange your cryptos without a middleman. Whenever you register in an exchange platform, the software asks for your personal data. This might become a potential hacker attack material. Reduce the risk and use the built-in option.

Unfortunately, using it for transfer of smaller assets frequently, it isn’t worth it. The fee might be as high as the value of your coins/tokens amount. The transaction fees depend on the network load at the moment and not on the amount you will transfer. So, if your transaction amount is relatively smaller than the current transfer fee, it doesn’t make sense to proceed. Check some more details in the Transaction fees section. When entering the amount to an exchange, you’re going to see how much it will cost to do so and can decide if it’s worth it. Anyway, this time saving feature is there in case of needing it.

Transaction Fees

When making a transaction in the blockchain, it must be validated (confirmed) by the miners in the network and they choose which transaction to validate first, based on the transaction fee set. The higher the transaction fee is, the higher the chance of getting validated as fast as possible. It’s because miners get these fee taxes as their profit and they choose which one to validate first (brings them more profit).

The software uses a dynamic pricing model, which chooses the transaction fees according to the network load statistics. What is more, when you want to exchange assets there is additional fee, which is a bit higher with the Exodus in-built ShapeShift feature.

Create an Address

As a matter of fact, you’re not going to create an Exodus address. This HD wallet can generate many new addresses from a single seed. You can use your old addresses, or a new one every time you perform an action, which makes tracking your funds close to impossible. When clicking the ‘Receive’ section choose a coin, then the software automatically generates an address from the seed. Copy it, send it via email or print a QR code to access it.

Send and Receive Assets

As you can imagine from the last paragraph, receiving is going to follow the same steps logic with one additional action requested – to give the sender your address, so he could proceed the transaction. Sending isn’t pretty different. When you choose the send option in the ‘Wallet’ section, you’re supposed to pick a coin. The Exodus crypto wallet offers the opportunity to type the amount either in crypto coins or fiat currency. Enter the recipient’s address and then broadcast – that’s all.

Specific Functions

If you’re the tech-orientated guy, who wants to have it all, then you’ll be interested in the developers’ functions. Let me give you something interesting to try on: press the Ctrl+Shift+D combination and check on the console, which will appear. It gives the opportunity to:

• See your private key (click export and then private key)

• Export your private key pair to a file and use it as a backup (keep in mind it is not encrypted)

• Change the price service delivery

• Adjust notifications

• Move funds from other wallets with the private key or from paper wallet (you’re going to be charged for this)

Possible Issues and How to Avoid Them

Ultimately, you might need help at some point. If any problem occurs, there are community and help desks, which can help you. The troubleshooting section lists the most common issues user ever experienced, which is very useful especially for newbies. Don’t forget you can always ask the community in their direct chat channel.

Scams and attacks aren’t excluded, so you should consider some precautionary measures to protect your wallet. An Exodus example to think of in this direction is the phishing from September 2017. There was a website copying the Exodus’s official one. When you’re not careful and download the wallet from their phishing domain, hackers steal all your money by sending it to another address without your permission. That’s why always verify if the domain of the official website starts with HTTPS, instead of HTPP. Also have a look at the green padlock, just to make sure it’s not a scam. Check the discussions on Reddit here:

Exodus on Social Media

We all know the importance of social media nowadays. Most users prefer following their interest all the time and stay tuned for news. Note that Exodus doesn’t offer not only a mobile version, but also no telephone support. Let’s resume the Exodus socials to check everything you’re interested in anywhere, anytime.