Cold storage is quite popular in the bitcoin and other cryptocurrency markets due to the security it brings. The ability to maintain balance and work with wallet in offline and online environments is warmly welcomed by trades. The Exodus capitalizes in this aspect, as it offers the desktop program that can be downloaded on your computer for free.
The article is concerned with platform, functions, pros, and cons of the Exodus wallet. We also provide a comparative analysis of the service with other competitors in the market, such as BitPanda, Jaxx, and CoinCorner. The concluding remarks touch overall attractiveness of the wallet, combines with milestones company achieved in its history.
Exodus is a wallet-only service provider which offers regular storage capacity for cryptocurrency traders to use. The company is operated by founders Daniel Castagnoli and JP Richardson. Apart from wallet services, Exodus has also built an active relationship with ShapeShift exchange, allowing clients to swap coins around using available balance, as shown in the picture below.
The said marketplace, although dealing with a large number of coins, puts large exchange rate spreads, thus the swap remains expensive. The service is partially the same as what Jaxx offers since both platforms use ShapeShift as a swap agent.
Its services are globally available while online registration is not needed since the platform is available on desktop only.
Wallet’s Properties & Functions
The Exodus wallet offers most of the regular tools for its users, as traders can transfer around coins and maintain their balances in real time. The swap exchange marketplace is also available with the help of ShapeShift, meaning that you can get rid of altcoins you do not wish to keep in favor of more popular coins.
You also have transaction history as a record of your activities, much the same as in BitPanda, CoinCorner and Jaxx wallets. You have live charts tracking down your transactions and balances for all coins in your position, giving the platform a premium feel, as seen below.
Exodus accepts a number of cryptocurrencies and supports them all in terms of stashing, transferring and swapping functions. There are 18 coins overall, with all popular ones included, like bitcoins, Ethereum, Litecoin, DASH, Bitcoin Cash and others.
Exodus offers more coins that BitPanda and CoinCorner, as these two platforms are online exchanges, working only with the largest currencies. When compared with Jaxx on the other hand, Jaxx has an upper hand as it supports ICO projects and tokens that come out of them.
Platforms and Features
Exodus offers an only desktop extension of the wallet environment, with supported operational systems being Windows, Mac, and Linux. The desktop version of the platform provides encrypted keys and wallet, protecting the users from external hacking attacks. The keys are generated by your computer, while the wallet functions are available both online and offline.
Wallet supports all coins at the same time, meaning that you do not need different clients for different coins. The platforms can be considered as a main weak point for Exodus, as Jaxx offers Chrome extension and phone platforms in addition to the desktop.
Exodus maintains miner fees based upon the daily market trends and volumes transferred within its platform. Most of the popular coins have average network cost structure, while some less-known cryptos do come with higher fees than those found on other platforms.
Since the wallet is based on desktop only, the cold storage prevents hackers from reaching your balances directly. You should still use caution, as malware downloaded from other activities can lead towards deletion of your balance or theft through Trojans.
All keys are private and the entire wallet is encrypted, something Jaxx platform has not implemented as of yet. Other functions, like email verification and two-factor authentication (2FA), are not available for you to use.
Exodus, like many other platforms, offers separate support section, with extensive FAQ and article page available for traders to read. The direct messaging is also available, where you put your email and body text as well. You can also attach pictures and files supporting your case, as to speed up the process, as shown below.
The support functions are in line with other wallet platforms, as most offer FAQs and ticket system. Instant messaging is not yet available, thus issues might take up to 24 hours to be addressed, especially on weekends.
The reputation of the company is average but better standing that Jaxx in many aspects. The security, although not great when compared with Armory or hardware wallets, is deemed as sufficient for beginners with small balances.
The general issues are the lack of 2FA and somewhat slow customer support response. Minor issues and hacking incidents have been recorded but no large cybercrime activity has occurred as of yet.
The startup was found in 2016 by two cryptocurrency enthusiasts, Daniel Castagnoli and JP Richardson. It is one of the new entrants in the market, bent on providing fast service with nice design of the wallet’s platform.
Apart from new coins added from time to time, there are no other milestones in the company’s history. There have been no hacking incidents in the past apart from individual issues.
Pros and Cons
+ encrypted wallet and private keys in addition to cold storage
+ 18 accepted and supported cryptocurrencies
- lack of personal security functions, such as 2FA
- no other platforms available (phone extensions not supported)
- somewhat higher network fees for less popular cryptocurrencies
When compares with Jaxx, Exodus would win the encounter due to the encryption of the keys and entire wallet software. Jaxx might offer more coins but security always comes on top. The security and lack of other platform extensions remain an issue of the Exodus to grow from this point, as no 2FA or mobile platforms are available for you to use.
We would suggest keeping small balances at Exodus if you are a beginner, while experienced players would find Armory more suitable for their needs.