Exodus Crypto Wallet
Our top pick for beginners, Exodus is an easy-to-use crypto wallet with access to over 150 assets. While the wide range of features makes the wallet a viable option for almost everyone, it is especially suitable for beginner crypto investors.
Exodus supports over 150 currencies on seven separate blockchains. Users can buy, sell, and exchange currencies on Exodus' internal exchange. 4 Additionally, Exodus’ partnership with FTX allows users to access the exchange directly from the Exodus app, facilitating asset transfers between the two. Users will also notice that Exodus recently integrated the Lightning Network as a payment system. Simply put, the Lightning Network is a payment system that processes transactions outside of the Bitcoin network. Therefore, Exodus users using this feature will benefit from faster and cheaper Bitcoin (BTC) transactions.
Another new feature is the ability to buy, sell, send and receive non-fungible tokens (NFTs) in the Exodus NFT marketplace. This feature is available in the mobile and desktop apps through a partnership with Magic Eden. Users should note that Exodus supports NFT transactions on the Solana network. Therefore, a reserve of at least 0.01 SOL is required to successfully complete an NFT transaction.
In terms of revenue generation, wallet holders have the opportunity to stake their assets and earn interest on their holdings. This enables users to deposit assets into the app, delegate the assets they wish to stake and earn passive income as a result. This feature is available for ALGO, ADA, ATOM, ONT/ONG, SOL, XTZ and VET/VTHO, each asset has a specific staking parameter every two weeks.
A key security-specific factor is that Exodus does not currently have access to your assets or private keys. The wallet's non-custodial framework means that all storage and encryption happens on the user's hard drive, not on the Exodus platform. After downloading the platform, users can access their accounts with a password. If users need to recover their accounts, they will be prompted to do so via a 12-word recovery statement.
For users who prefer to back up their assets offline, Exodus has partnered with Trezor to allow users to manage their assets through the Trezor hardware wallet. 6 When a hardware wallet is connected to Exodus, users can send, exchange and receive asset keys and assets offline while maintaining privacy. Notably, Trezor supports 105 digital assets, while Exodus supports 150.
Privacy and Anonymity
Exodus Wallet believes strongly in the privacy and non-custodial rights of its users. Therefore, there are no know-your-customer (KYC) requirements, which means that users do not need to register or provide any personal information. All transactions on the platform are anonymous and Exodus generates a new wallet for every BTC transaction. The advantage of this is that no personal information needs to be disclosed to use the Exodus wallet. Exodus does not have access to your wallet and the company does not collect any personally identifiable information. Creating a new wallet for every BTC transaction adds a layer of security and an added barrier in case malicious actors try to track your BTC transactions. However, as a user, you retain the ability to view all wallet addresses.
The setup process is relatively simple, as users simply download the platform to their desktop. The software runs locally on the user's computer and does not require an account login. A similar process exists for mobile applications, where both mobile and desktop platforms can be synchronized by scanning a QR code.
Users are then prompted to secure their accounts and given a secret 12-word recovery phrase to write down and save. Nonetheless, users can still access/view their recovery phrases by navigating to Settings, Backup and clicking View Secret Phrases. This will trigger an alert and request confirmation that the user understands the risks of revealing their secret phrase.