What Is Exodus? 

Altcoins are becoming more and more popular every day. Just look at the growth rate of the altcoin market capitalization, which has been surpassing the BTC market for many years. To date, there are a large number of coins whose capitalization has already exceeded $1 billion, so a completely natural question arises – in which wallet is it best to store altcoins?To store cryptocurrencies, special wallets are used. They can be software and hardware (physical). Software ones are easier to use and often more reliable because you can't lose the program.

Everyone who actively trades and exchanges cryptocurrency thinks about where to store it. After all, you want to choose the best option – simple, functional and safe. At the moment, there are several thousand wallets for crypto coins. But  only a couple of hundred of them are functional and not fraudulent. And no more than two dozen are really convenient and popular. Exodus is included in this top list.

In 2016, Daniel Castaglioni, an Italian  project engineer with experience in Apple, Disney, BMW, Nike, together with professional developer Jay P. Richardson, decided to create a beautiful, functional, and most importantly, secure Exodus crypto wallet.
However, there was a catastrophic lack of money, so they decided to attract investments through the BankToTheFuture crypto-crowdfunding platform. It is interesting that such well-known projects and platforms as Bitfinex, Bitstamp, Kraken, etc. have been launched on this platform.

Thanks to the efficient business plan and some developments, Castaglioni and Richardson were able to attract 300,000 euros of investments. This was enough to deploy the app.

What Are Exodus Crypto Wallet Fees? 

The deposit and withdrawal of assets, as well as their conversion within the wallet, are free of charge. You only pay the standard transaction fee on the network itself (all blockchain networks charge a small fee for cryptocurrency transactions).

You will have to pay a one-time fee for a Trezor hardware wallet if you decide to order one. The creators of Exodus earn not on user transactions, but on exchange API providers that provide their services. This is the most beneficial approach for wallet users.

What Are Supported Cryptocurrencies? 

This multi-currency wallet supports Bitcoin and over 150 altcoins. The number of supported coins is constantly growing.

How to Use Exodus Crypto Wallet?

The Exodus wallet, like any wallet for Bitcoin and altcoins, partially runs in the cloud. That is, it has a remote server part through which all operations are carried out. However, the user interacts with the installed software part.

Installation is extremely simple and will not take more than 5 minutes. Go to exodus.com. This is the only Exodus cryptocurrency wallet site. Hover over the Download button in the upper right corner of the screen and click on it. You will find yourself on a page where you will be prompted to choose one of two versions – "Desktop" or "Mobile". Below there will be a block describing the Trezor hardware wallet, but we are not interested in it. Hover over the “Download Exodus ...” button, instead of dots in the line there will be the number of the current version of the application.

When you click on the button, the system will prompt you to select the version for your operating system. Click on the version that suits you. The download will start automatically unless blocked by your browser's security system. If your browser is set to require download confirmation, confirm the process.

Once the application has downloaded, launch it. Installation takes place in shadow mode and takes a few seconds. After that, you will have an Exodus shortcut on your desktop. Launch the wallet, its menu will open.  To work with the  wallet, you do not need to register and verify, the program is tied to a specific device. In the settings, you can set a password that will need to be entered when starting the application.

Installing the mobile wallet can be carried out in two ways. The first option is to follow the same steps that we have given for installing the desktop version. Go to the wallet website, then to the "Downloads" section. Next, choose not a desktop, but a mobile version. Pay attention – there are two buttons, one will take you to the App Store, the other to Google Play. 

You can get app versions for iOS and Android. Select the option for your mobile device and you will find yourself on the site of the digital store (in our case, Google Play).Click "Install" and select the device on which the installation will be performed. To carry out the operation, your Google account must be synchronized simultaneously with the PC and smartphone or tablet on which you will install the wallet. After selecting the device, the system will require you to enter your account password. The application will then be automatically downloaded and installed on the selected mobile device (it must be connected to the Internet and signed in with a Google account).

Alternatively, open the Google Play or App Store digital store on your device. Enter "Exodus" or "CryptoExodus" in the search bar. You will find yourself on the application page and can install it directly on your device without the help of a PC. The download speed depends on the quality of your Internet, installation takes a few seconds. 

After that, the Exodus shortcut will appear on the device's home screen. Run it. The wallet will offer to get acquainted with the main functions, this step can be skipped. You can deposit and withdraw funds at any time using different electronic payment systems.  All your assets are displayed in the main menu.

The second integrated function is asset exchange. You can optionally exchange one cryptocurrency for another at the current rate. To do this, simply click the "Exchange" button next to the desired cryptocurrency. Please note that there are no exchange fees.

The third function of the  wallet is passive income. You do not need to install additional modules or register somewhere. The wallet is already synced with the staking services. You must click the APY button next to the selected cryptocurrency.

The interest rate differs for each cryptocurrency, it is indicated in the main menu in the APY column. If there is no APY button opposite the cryptocurrency, then at the moment it is impossible to earn passively on it. You cannot use the deposit that you reserved for passive income, but at any time you have the opportunity to remove the reservation

At the user level, security is supported by the following methods – password, passphrase, 2FA authentication and  private keys. The application uses advanced cryptographic techniques to ensure the protection of user funds and data. Detailed information is not disclosed. For 7 years of operation, the system has not been hacked.

The wallet is maximally simplified in terms of functionality. You can use all deposit/withdrawal options. The algorithm of actions for each direction of transactions is detailed below.

Go to the main menu of the wallet, click on the "Home" button in the upper left corner.Click on the asset you are interested in in the list. You can find it first by entering the name in the search bar.

In the window that appears, click "Receive". The system will provide you with a QR code that you need to scan to pay the bill. In addition to the code, a direct link to the payment will be generated, you can immediately send it to e-mail or see the data on it on mempool.space.
Scan the code or enter the link in the payment system that you intend to use to fund your account (for example, in another electronic wallet or on the crypto exchange where you trade). Make a transfer.

Withdrawing funds is implemented in much the same way as depositing. In the main menu, select the target asset (can be found through the name search). Click on it and select "Send". In the window that appears, specify the wallet address to which the funds will be transferred. Below, enter the amount, you can also select all at once or exactly half of the amount (the "Half" button). Click "Send" and after checking the address, the funds will be transferred to the specified wallet.

What Are Exodus Wallet Pros and Cons?

Pros  

♦ desktop, mobile and hardware versions are available;

♦ no need for registration and verification;

♦ simple intuitive interface;

♦ built-in exchanger and staking function;

♦ high security level; 

♦ simple and convenient user interface;

♦ excellent design;

♦ regular update;

♦ professional and efficient technical support service;

♦ detailed FAQ;

♦ support for themes and styles.

Cons

♦ you can’t independently set a commission for sending coins;

♦ high commissions when converting coins through ShapeShift;

♦ closed source;

♦ lack of localization.

Exodus is suitable for both beginners who want to store coins in a safe place, as well as for experienced investors with large amounts in cryptocurrencies. It lives up to its reputation and is a great option for crypto investors.

Please note that verification is still required if you want to participate in investment projects of Exodus wallet partner services.This is a requirement of the SEC regulator, which oversees the operation of the platforms.