Exodus Wallet: One-Stop Shop for Investing and Тrading
How to safely use the Exodus wallet to hold a small, diversified portfolio of Bitcoin, Altcoins and Tokens.
Wallets are extremely important for cryptocurrency buyers, traders and investors. But sometimes, the wallet seems to be an afterthought. For some coins, users have to rely on a hard-to-use software with a very Spartan interface.
Enter Exodus wallet. This multi-coin wallet will look amazing for the new to intermediate investors, and has features that should please even advanced cryptocurrency holders.
Exodus constantly evolves and adds new tokens, after it started initially with only a handful. Now, this wallet holds 10 types of coins, tokens and assets in its version 1.30.0.
But you can choose to have only Bitcoin and Ethereum active, and select your own batch of assets. And then you can even adjust the fiat currency in which to track the value of your portfolio.
Exodus is beautiful to look at, intuitive and well-designed to access the most important features.
Immediately after downloading the wallet, go to the Backup section. The wallet itself will remind you to backup when the balance changes.
Exodus will prompt you to select a complex password with lowercase, Uppercase and numbers. Write it down on multiple places and move on to the next step.
The wallet will generate a seed phrase for you. Store it safely in several locations. Print it, write it out, lock it in a safe location. This phrase can regenerate your wallet.
Next, the wallet will send you a safety link to restore the wallet if you lose access to the computer. Also, copy and store the backup link for future use.
As it is easily seen, Exodus is relatively easy to recover, provided you never lose your seed phrase and password. This should be enough for the new user. If you have some experience with seed phrase wallets, Exodus should seem very friendly.
But if you want explicit access to your private keys, as well as a different set of prices (you can select to view prices from CoinMarketCap, or Cryptocompare.com), you need to access the developer menu.
On the initial screen, the Developer menu is invisible, but you can call it with a CTRL+ Shift+D key combination. From the Developer menu, explore the Price options.
The Developer menu also has an option to use the 12- word phrase to restore the wallet.
From the Assets menu, you can choose to "Export Private Keys" for any of the coins you hold. The keys will be exported to a specified folder. Do not share them and keep them secure.
Currently, there are no horror stories of security breaks on Exodus. Still, just like all wallets, Exodus has its weak spots.
It is still unknown if this seed-phrase wallet is vulnerable like the Jaxx wallet.
But there is one point of contention: Exodus forces users to send out just one receiving address. Other wallets generate a public key for receiving funds every time the user requests payment. But Exodus gives you just one address for one coin. All transactions in that coin use the same public key (address). So your privacy is compromised, and your transactions are visible and traceable for anyone who knows how to use a Blockchain explorer. Your timestamps and amounts of funds sent are visible. And hackers may follow other clues to link your cryptocurrency activity to your identity.
Granted, this is not of concern for a small-scale user, but risk awareness is always good in the world of cryptocoins.
For Ethereum holders, there is no need to download Exodus everywhere. If you have the 12-word pass phrase, you can use it through MyEtherWallet. You can track balances and generate a paper wallet. This service also forces you to reuse the same address for Ethereum and Ethereum-based tokens.
Exodus New Tokens
Users campaign to have a token added to the Exodus wallet. For now, there is no knowing which assets would work with Exodus. Recently, DogeCoin lost its support, due to irreversible damage to its reputation and market price.
Exodus, when used through the MyEtherWallet interface, has a long list of Ethereum-based tokens and may be used to send compatible tokens from Ethereum-based ICOs. Test the wallet with a small transaction to be certain your tokens will find the right address and be compatible. If participating in an ICO, follow the instructions closely. Pay extra attention when unlocking your Ethereum wallet with a private key.
Exodus is an accessible wallet for beginners, well-designed and has a good mix of usability and security. Backup and recovery are relatively easy. And the visual design and usability are not to be passed over- trading cryptocoins is confusing enough, and Exodus manages to make the experience a bit smoother.
With a built-in exchange mechanism, Exodus saves a lot of labor for the small-scale investor who wants to use one or two ramp currencies and move into other assets.