Exodus Wallet Review 2020

At Bitreviews.com, we make it our business to provide you with the most comprehensive reviews possible, just as you will find in our Exodus wallet review. Using our expertise, we’ve discovered a multi-faceted option that is capable of bridging the gap between both wallet and trading platform, and security and practicality.

In other words, it’s a wallet that has the potential to be the best option for you. How did we come to this conclusion? Read on to find out.

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When looking for a cryptocurrency to invest in, you’ll first and foremost need to make sure you have a wallet to store it. One of the best things about the growth of cryptocurrency is how much choice is now available. This includes crypto exchange UK options and, of course, your choice for the best bitcoin wallets in the UK.

Exodus Wallet is a software wallet, meaning it can be used online across a wide range of cryptocurrencies. The key advantage a software wallet has over a cold storage wallet is practicality. Not only are there a huge amount of options when it comes to the cryptocurrencies you can use, but it also has a focus on ease of use, functionality and customer support.

The extent to which this is the case does depend on the individual option, but generally speaking, software wallets are the most pragmatic option, while cold wallets are often associated with those looking for longer-term storage.

Perhaps the biggest selling point for many in this Exodus Wallet review though will be the built-in trading feature through Shapeshift. This means it’s not just competing with wallets, but crypto exchanges as well. Once again, practicality is the focus here, with swapping one currency for another made as simple as possible.

Pros & Cons

Exodus Wallet: Pros & Cons
  • Huge variety of available cryptocurrencies
  • Brilliant, easy to use design
  • Excellent quality customer service, available 24/7
  • Hardware options open up quality of security
  • Backups available through passphrase and email
  • None of your information is kept by the site
  • All information stored locally
  • Basic software version does have security limitations
  • No phone line

Cryptocurrencies and Technology

One of the biggest selling points in our Exodus Wallet review is that it offers a great deal of variety in cryptocurrency options. In fact, there are over 100 assets for you to choose from.

At the time of writing, these include Bitcoin, Ethereum, XRP, Tether, Chainlink, Bitcoin Cash, Bitcoin SV, Cardano, Litecoin, BNB, Tezos, XLM, Monero, Tron, USDC, COMP, Vechain, LEO, NEO, Cosmos, Ethereum Classic, Dash, CDAI, ZCash, Ontology, MKR, XEM and Dogecoin, among many, many others. Check the website for the full list of supported crypto coins.

In terms of technology, there’s a desktop and mobile wallet available, along with a Trezor hardware wallet. Everything you see here is expertly crafted by their software team, and from a technical standpoint, we’ve encountered no notable issues. The trading feature is provided by the platform Shapeshift, and is every bit as reliable as their reputation would suggest.

Usability & Store

We’ve made it clear in our Exodus Wallet review that the amount of options available is extremely vast, and you may be concerned this would lead to complexity. We’re happy to say in this part of our Exodus Wallet review that everything is made as easy as possible, with no need for things like an Exodus Wallet promo code, no extra fluff. We said the aim of the software wallet should always be to be as accessible as possible and that’s very clearly Exodus’ intention.

Getting started remains similar whether you’re using desktop or mobile. First, you need to download Exodus. It runs locally on your computer and no account sign up is required. Everything is stored and encrypted within your own harddrive, making it so straightforward.

You can then back up and create a password for your wallet for extra security. You’ll also receive a 12-word recovery phrase to allow access to your wallet if a password is forgotten or lost. They strike a very satisfying balance between security and practicality here, getting a thumbs up in our Exodus Wallet review.

Once this is done, you can receive your first deposit from any of the blockchain assets which are supported. Importantly, this is a crypto-to-crypto system, meaning you’ll need to buy crypto if you don’t have one from another service. You can now access the exchange and everything Exodus has to offer.

The ease of use in this process is reflective of Exodus in general, whether it’s an Exodus withdrawal or finding out about Exodus limits or Exodus fees (you shouldn’t expect any beyond the usual miner/network fees). The design here is key, making everything easy to find and understand, which is almost as important as the processes themselves. Top marks for this part of our Exodus Wallet review.

Security & Support

We’ve briefly discussed some security measures in the last part of our Exodus Wallet review. They go far beyond most, with backup features providing two ways to recover your wallet if your computer is damaged or stolen, including the 12-word passphrase and an email restore. They store no sensitive data about your wallet, which is part of the reason they have such an excellent reputation. This is something we take very seriously in our Exodus Wallet review because there’s few better ways of checking the reliability of any wallet or exchange than through the experiences of others.

That said, Exodus – being a software wallet – simply cannot offer the same level of protection as a cold storage option. To the credit of Exodus, they offer straight-talking advice on this matter and recommend a hardware option. We’ll get onto that in a moment, but we can conclude this part of our Exodus Wallet review by saying that for a software option, they do a lot to ensure you can gain access to your funds across a variety of circumstances, and have the reputation to back that up.

Something that also helps reassure users is the customer service. Exodus explains itself so well that you may easily be able to find answers, but if you do need extra assistance, customer service is available through social media, email and live chat. We utilised this service and got an informative and helpful response every time. They took a few minutes to get back to us but considering the quality of the service, we still consider this a huge plus.

Device and Scope of Supply

Exodus bridges the security gap by “forming an alliance” with the hugely popular and successful Trezor Model T and Trezor One. We appreciate that Exodus are so candid about the logistical limitations of software wallets when it comes to long-term storage, and have offered this solution.

Trezor is one of the biggest names in the world of hardware wallets. Much like Exodus, they’re among the most highly rated amongst critics and customers, and are widely available. Pretty much anyone can enjoy the hybrid pairing, offering the best in practicality and security. This fact is often overlooked in many Exodus Wallet reviews, but this will be the difference maker for a lot of people.

Conclusion

You won’t be surprised at this point in our Exodus Wallet review to learn that we’re very impressed with what’s available here. This is an option which not only explores the limits of what’s possible within the world of software wallets but makes no excuses for those limitations, providing alternatives and backups to keep you as secure as possible.

Pretty much any wallet you choose requires sacrifices in some areas to create a better experience in others. With that said, we’re happy to conclude our Exodus Wallet review by saying that you’re likely to find fewer sacrifices here than in the vast majority of alternatives. It’s an excellent choice for all kinds of users looking for Bitcoin wallets.

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