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Pros
- Excellent, even beautiful, user interface that's well suited for beginners.
- Great charting features.
- Large selection of supported currencies.
- Supports ShapeShift.
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Cons
- No two-factor authentication.
- No multi-signature support.
- Desktop only; no mobile version.
Exodus (whose software is free) stands out among cryptocurrency wallets in that, not only is it designed solely as a desktop wallet, but its user interface (UI) can actually be described as beautiful. The designers are cryptocurrency and open-source veterans, and have gone to great lengths to not only make Exodus as broadly applicable as possible from a currency standpoint, but to make sure it's easy to look at and use. However, Exodus is also fairly new, which means the company is still catching up in some areas, notably, in security. However, even though Exodus lacks both two-factor authentication (2FA) and multi-signature support, it's hardly alone in this deficiency. We expect great things from it in the future, but even now, we are impressed with it enough to give it our Editors' Choice designation, along with Coinbase Wallet, in our cryptocurrency wallet review roundup.
Pricing and Versions
Like our other competitors, downloading and using Exodus is free; there's no charge for the software. But also like our other free competitors, you'll be charged per transaction, and those fees will vary depending on which cryptocurrency network you're using. Exodus helps with this by tracking fee changes on the blockchain network and adjusting fees accordingly on the fly. This necessarily keeps Exodus' pricing opaque, but user reports so far haven't reported any marked fee increases over other exchanges and wallets, so you can expect your fee structure to remain competitive for now.
Where Exodus falls down a bit is on the version front, mainly because, unlike its most similar competitor, Jaxx , it only offers a desktop version. This means no mobile applications for Exodus, and that's a ding in today's computing landscape. Still, if desktop-only use is OK with you, then Exodus has you covered with separate versions available for Apple OS X, Microsoft Windows, and even Linux.
Using Exodus
Getting started with Exodus is both easy and very similar to our other players. Just head over to the Exodus website, browse to "Download," choose your target operating system (OS), and download your installation files. On my Windows 10 test system, I downloaded a single EXE file that kicked off a closed installation process, meaning I didn't see the usual Windows installation wizard. Instead, the Windows spinning circle spun a few times, after which a dialog popped up stating that Exodus was ready to run off the desktop icon it had already installed.
Something worth noting here is that, while Exodus' creators have street cred in the open-source world, Exodus is not an open-source project. This is entirely proprietary code, and that's drawn some negative comments from some in the crypto community. Frankly, I'm not disappointed at all that Exodus isn't open source. A closed codebase makes it easier and faster for the company to deliver new features, while also making it that much harder for hackers to figure out weak spots in the code. If you're an open-source devotee, though, then check out competitor Copay Bitcoin Wallet (Learn More at GitHub) , which is firmly rooted in that community.
Back to setup. Once you've run through the installation wizard, Exodus will ask for a passcode, a username, and an email address. After that, it will generate a 12-word paper key that you'll need to have accessible to recite in correct order should you ever need to recover your wallet. This and your other credential information are stored on your hardware, not on Exodus' servers, so be sure to protect it carefully.
Now you're ready to start using cryptocurrency. This is where Exodus shines in that, unlike Bitcoin-focused wallets such as BRD (Learn More at BRD) , Exodus supports a long list of cryptocurrencies and other kinds of digital assets right out of the box. These include not just the usual Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, but also other altcoins, including Aragon, EOS, and Golem to name only a few. All in, Exodus' list of supported digital assets ranges across cryptocurrencies to include altcoins, tokens, and other kinds of cyber wealth—for a final list of about 90 different digital asset types. That's about double what its closest competitor Jaxx can offer. This capability is important for folks looking to delve into more than just Bitcoins, and part of what makes it possible is Exodus' support for ShapeShift at the time we reviewed it.
ShapeShift is a relatively new exchange that uses a complex application programming interface (API) structure to swap lots of data between different blockchain currencies. The upshot is that using ShapeShift means users can almost instantly swap one cryptocurrency for another across a huge portfolio. Privacy advocates also like the fact that, because ShapeShift is headquartered in Switzerland, it doesn't require any personal information to use. That's in sharp contrast to exchanges such as Coinbase Consumer, which require a long list of personal information and identity (ID) verification before you're allowed to trade, buy, or sell there. Then again, some folks feel a lot safer using an outfit such as Coinbase specifically because it's required to comply with US banking regulations.
However, in the true spirit of the fast-moving cryptocurrency market, ShapeShift changed its privacy policy while these reviews were being written. It's now shifting to a policy of Know-Your-Customer (KYC) compliance, which are banking guidelines designed to combat financial crime. That will make ShapeShift a safer exchange, but it will also mean an end to its privacy policy and likely the large number of currencies it supports. So, before you use Exodus, make sure you do your research on how it will react to the change in ShapeShift's policies.
Beautiful User Interface
Finally, it's worth mentioning Exodus' UI again. Post-setup, you're treated to a very slick and fast UI in which it's obvious that Exodus' designers went to a great deal of trouble to make it easy to use and attractive. Jaxx may support more devices, but Exodus definitely takes advantage of its desktop orientation, with a UI that looks super slick and even expands into full-screen mode. This is something no other cryptocurrency wallet I reviewed was able to do. That's not super necessary, but it can be useful if you delve into Exodus' charting and data visualization capabilities, which are also more extensive than most of its competition.
Furthermore, Exodus makes it easy to navigate between your various digital currency holdings as well as initiate trades and purchases. I sincerely hope Exodus will bring this level of UI design to mobile devices in the very near future.
Another benefit of not being open source is that it's easier to provide customer service, and Exodus takes full advantage of this trait. Its customer support is rated as excellent by most users, and its website comes equipped with a full knowledgebase of text articles that cover UI navigation, advanced features, and the variances in its fee structure. There's even a great selection of video tutorials available on the Exodus website that cover a wide array of topics applicable to everyone from rank newbies to seasoned crypto veterans.
Security
Security is definitely Exodus' weak spot as of this writing. While the software supports a basic password and paper key access structure, and touts the fact that it asks for very little private information not only to set up the software but to use the back-end ShapeShift exchange, that's about where security leaves off. As far as I'm concerned, that's just not enough in today's cryptocurrency landscape.
To be truly competitive from a security standpoint, Exodus needs to support either 2FA or multi-signature support, and preferably both, like Coinbase Wallet does. On the plus side, we'll probably see these features arriving soon. It's easy to stay on top of Exodus' yet-to-arrive features because the company recently enabled auto-updating for both its Windows and OS X client versions.
Overall, I loved Exodus' look and feel, its ease of use and customer service, and especially its great support for ShapeShift. These capabilities put Exodus out in front for beginners who want easy access to a broad swath of digital currencies. Plus, they're enough to garner Exodus our Editors' Choice designation.