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Exodus Crypto Wallet Review 2023: Pros, Cons Explained

exodus crypto wallet review 2023 pros cons

Exodus was started back in 2015 by Daniel Castagnoli and JP Richardson . It’s made for people who are just starting out with cryptocurrencies and also for those who already know their way around . It is pretty cool in the crypto world because it’s easy to use and keeps your stuff safe . Let’s check out the good and not-so-good things about the Exodus crypto wallet in this review . We’ll talk about what it does well and where it could use some work .

Company Overview

Exodus is all about making it easy for everyone to get into cryptocurrencies . They’re based in Nebraska . So basically the guys who started the company wanted to make a crypto wallet that looks good and is easy to use . Exodus wants to make it super easy and safe for people to keep, handle, and trade their cryptocurrencies .

exodus crypto wallet review 2023 pros cons explained 2

Exodus Wallet Features and Accessibility:

Exodus has got you covered with wallets for both desktop and mobile so you can use whichever one you prefer on your device . You can use the desktop version on different platforms like Windows, Mac OSX and Linux . The mobile wallet is available for both iOS and Android devices . This cool feature makes it easy for users to access their money from any device they like .

The wallet can handle a ton of different cryptocurrencies – like 291 of them! This has all the cool cryptos like Bitcoin and Ethereum plus those custom ERC-20 tokens that you can stash by sending them to Exodus’s Ethereum address . So it’s great for people with all kinds of portfolios .

Exodus has a cool feature where you can swap between different cryptocurrencies right in the wallet . This thing makes trading easier by letting you convert cryptocurrencies without having to use other exchanges . But just so you know Exodus doesn’t support FTX exchange anymore because FTX does not exist anymore .

Security and Support:

Exodus is all about security and lets you have full control and ownership of your crypto assets . No worries! So basically, the wallet keeps your stuff safe by encrypting it and storing it on your device . No need to worry about anyone getting their hands on your info without permission . Oh, by the way, Exodus also works with Trezor hardware wallets so you can keep your stuff extra safe .

Exodus is really good at customer support . The company’s got a help page, chat support, and email assistance to help you out with any questions or issues you might have . Also, you can DM the founders, JP and Daniel, for help, but they might take a bit to reply .

Pros Explained:

Easy Setup Process: Exodus makes it super easy to get started by letting you create a wallet and move it between devices using just a 12-word seed phrase . This cool feature makes it easy for users to get started and access their money from any device .

Exceptional Customer Service: Exodus has got your back with customer support options like chat and email help . Users can also hit up the founders, JP and Daniel, with a direct message for extra help . Hey, sometimes it might take a bit to get back to you, but I gotta say, their dedication to making customers happy is pretty awesome .

Regular Update Schedule: Exodus updates their software every two weeks, so you can expect to see new stuff pretty often . Making sure we update regularly means you’ll always have the newest features, better security, and any pesky bugs will be fixed . But hey, just so you know, you gotta manually update by going to Exodus’s website .

Staking Available: Exodus supports proof-of-stake blockchains, allowing users to stake their crypto assets directly from within the wallet . This feature provides an opportunity for users to earn passive income by participating in the consensus and validation processes of supported cryptocurrencies .

Cons Explained:

Lack of 2FA Security Protection: Exodus does not currently support traditional two-factor authentication (2FA), which can be seen as a drawback for users seeking an extra layer of security . Depending solely on a password increases the risk of compromised accounts if the password is breached .

No Support for Crypto-to-Fiat Conversion: Exodus does not offer direct support for converting cryptocurrencies to fiat currencies within the wallet . Users looking to cash out their assets will need to transfer them from Exodus to a crypto exchange that supports fiat conversion . This additional step may be inconvenient for users seeking a seamless crypto-to-fiat conversion experience .

Not Open Source: Exodus is a closed-source wallet. That means its software code is not available for public review or modification . While Exodus has built a reputation for security and robustness, the lack of open-source transparency prevents external experts from conducting independent audits .

Lack of Custom Fee Support for Altcoins: Exodus currently lacks the ability to customize network fees for altcoins and Ethereum transactions . Users can only customize network fees for Bitcoin and Ethereum . Providing customization options for other altcoins would offer users greater control over transaction costs and potentially expedite transaction confirmations .

    Final Verdict: 

    Exodus crypto wallet provides a user-friendly experience, extensive cryptocurrency support and robust security features . Its easy setup process, exceptional customer service, regular updates and staking functionality are notable strengths . However users should be aware of the lack of 2FA security, the need for external crypto-to-fiat conversions, closed-source code and limited fee customization for altcoins as potential areas for improvement . Overall Exodus offers a reliable solution for managing and securing cryptocurrencies, tailored to the needs of both beginner and experienced users .

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