Exodus crypto wallet has emerged as one of the leading hot wallets that allow users to access and trade their tokens with ease. Let us know about this wallet.
Cryptocurrency trading has reached an all-time high, especially since the Covid-19 pandemic. In addition to trading, users have now started storing their crypto data on wallets to trade them later or use as currency in places that accept them. To do this, users require wallets to hold on to the blockchain data safely.
What Is The Exodus Wallet?
The Exodus Cryptocurrency Wallet is a decentralized wallet where users can store their crypto coin data. It is a hot wallet, and it always needs to be connected to the internet. A hot wallet is generally designed so that the user can constantly conduct real-time trades to make profits from their possessions. Their wallets were initially designed for personal computers, but they now have mobile applications for the same as well.
Why Do You Need To Buy The Exodus Wallet?
Exodus allows its users to keep complete control of their possessions while also allowing you to have access to your tokens at all times. It is unique in the fact that it does not store the entire blockchain information (which would take an immense amount of space), but it rather stores the key data and links so that when you connect to the internet, it gathers all the data. This makes storing the data much more convenient and requires significantly less amount of space.
Features Exodus Wallet Offers
Following are the key features of Exodus crypto wallet –
- Exodus has one of the most user-friendly interfaces amongst all the hot wallets. Most tasks can be conducted in a few clicks, making your job much easier.
- It is associated with over 150 cryptocurrency tokens, and hence offering a robust use case for safeguarding your data that may span across any number of them.
- Exodus offers a convenient interface over computers and mobile devices. This allows you to access your wallet from the comfort of your home or even on the go.
- The wallet is integrated with ShapeShift which is one of the most reputed exchanges in the business. This allows you to trade your tokens with ease from the comfort of your safe wallet.
- Exodus has tied up with Trezor. This key feature gives you the freedom to store your data on hard wallets which you can carry around. Hard wallets are some of the safest ways to keep your information, and Trezor is the leading brand in this.
- The hot wallet also allows you to restore your lost data using your email or a unique 12 Word password. This makes recovery substantially simpler for users who are not advanced users of the cryptocurrency and blockchain platforms.
- Exodus also guarantees 24×7 support for any queries or discrepancies that may creep in. Technicians are always available to assist you in any aspect that you may need assistance in.
What Security Features Does Exodus Provide?
Security features of Exodus Crypto wallet are as follows –
- Exodus allows you to set a 12 word password to access and recover your data. Your email address can also be used to recover this password.
- Exodus offers strong hardware security through its partnership with Trezor, the most secure and efficient hard wallets in the market. This adds an additional level of advanced security to your wallet.
- Software updates are released every two weeks that keeps the security and interface up to date.
- Each individual cryptocurrency that you own needs to be protected with its own individual and unique password. This makes it hard for others to access all your crypto data.
How Do I Set Up My Exodus Wallet?
Following are the steps to set up your Exodus crypto wallet account –
- Download the application from the Exodus website, or from the PlayStore/App Store.
- Complete the installation process on your device.
- Create an account by entering all the relevant details and agreeing to the terms and conditions.
- Set your 12 character password.
- Choose the “WALLET” option and click on the “WALLET” tab.
- You get to choose the various cryptocurrencies that are available on it.
- Choose the cryptocurrencies you would like to add to your wallet.
- Each individual token generates a unique QR code that you can use to receive crypto tokens from other sources.
- You can use the QR code to send the selected token to others as well.
Pros And Cons of the Hot Wallet
Following are the pros and cons of the Exodus Wallet –
|The interface is designed to assist beginners. It is extremely user friendly and allows actions to be conducted with a single click.||It lacks important security features like two-factor authentication and multiple signature protection. This makes it susceptible to attacks from malware and password generating softwares that could crunch numbers.|
|The massive cryptocurrency compatibility is a major advantage.||Cryptocurrency to Fiat transactions are not allowed on this wallet.|
|It has no fees for sending or receiving cryptocurrency tokens. The only fee which they levy is the Network Fee which is a negligible amount.||It does not offer cloud storage facilities. It is completely server and hardware based.|
|Cross platform compatibility between mobiles and PCs helps users to conduct transactions. QR code usage makes the trades quicker.||Does not provide a variety of additional security and analysis that professional users deem necessary for their tokens.|
|ShapeShift integration makes it linked to one of the most reputed and safe exchanges in the market currently. Tie up with Trezor allows it to link with one of the most secure wallets.||It does not allow inter-token exchanges. They all need to be done using Bitcoin.|
|Stores only important sections of the blockchain and occupies only a small amount of space.|
|Recovery of lost data is made simpler.|
Exodus crypto wallet is by far the best wallet that users who are new to the trade can access. This wallet ensures that users can learn the process and become professionals with ease (therefore abolishing a major learning curve) packed with its features. Additional integrations add to its booming portfolio. Professional users are advised to use other wallets due to their minimal security features, relatively small exchange currency option, and limited options to control the fate of their coins.