Exodus Crypto Wallet Analysis 2024 www.deekpay.com

What is Exodus Wallet

Founded in 2015, Exodus is a software programme that supports a wide range ofcryptocurrencyof unmanaged wallets.

Exodus can provide storage for a user's exchange tokens or NFTs (non-fungible tokens) in the market. Since the wallet is connected to the internet, it is classified as a hot wallet.

Exodus is the best for unmanaged storagecryptographic walletOne of them. This is because Exodus gives investors complete control over their cryptocurrencies. Users will see their private key when they set up their wallet for the first time. The private key is backed by a 12, 18, or 24-character passphrase.

One important point is that Exodus does not have access to wallet credentials, allowing investors to store cryptocurrencies away from centralised parties.Exodus is compatible with a wide range of devices and operating systems. On mobile devices, this includes iOS and Android. desktop software is available for Windows, Mac, and Linux. it also supports web browsers, including extensions for Chrome and Brave.

Exodus Crypto Wallet Overview

Wallet TypesCustodySupported CryptocurrenciesFees for purchasing cryptocurrenciesMobile App FeaturesMobile apps, desktop software, and browser extensionsNon-custodialSupport for a variety of blockchain standards, including Bitcoin, Ethereum, CoinSmart Chain, Polygon, Solana, and Cardano Initially, 260 cryptocurrencies are supported, but additional tokens can be added manually. Payments are processed by Ramp. Debit/credit card fees up to 5.45%. is unescrowed storage giving investors full control over their cryptocurrencies Available on desktop, mobile devices, and browsers Also connects to Trezor hardware wallet.

Exodus Crypto Wallet Features

The main function of Exodus is to store cryptocurrencies. It supports many network standards, including Bitcoin, Ether, Polygon, and Cardano. by default, Exodus supports 260 cryptocurrencies. Users can manually add any token as long as the appropriate network is supported. For example, Exodus supports all the best ERC20 tokens.

In addition, Exodus makes sending and receiving cryptocurrency easy and cost-effective. While users pay a GAS fee, no markup is added, and Exodus includes other features, including dApp support. This allows cryptocurrency investors to earn income from tokens without leaving Exodus. For example, through pledging, income farming or savings accounts.

Exodus also allows investors to purchase cryptocurrencies using debit/credit cards and e-wallets. As mentioned, Exodus uses Ramp for this purpose, which means that investors will pay a huge fee of up to 5.45%. Another feature of Exodus is that it can be connected to the Trezor hardware wallet. This allows investors to keep their cryptocurrencies offline while keeping a close eye on their portfolios.

Recommended Reading:Crypto Hardware Wallet: TREZOR Model T

Cryptocurrencies paid by Exodus Wallet

Although Exodus claims that it is compatible with 260 cryptocurrencies, it actually supports thousands of tokens. This is because custom tokens can be added manually. However, tokens can only be added if the underlying network is supported by Exodus.

Exodus comes preloaded with support for some of the most popular cryptocurrencies, including:

bitcoin (virtual currency) Ether XRP BNB XRP Caldano (name) Solana Tron Litecoin Polkadot Avalanche Cosmos Monroe Coin Stellar

Exodus supports all tokens from all networks with which it is compatible. For example, Exodus supports the CoinSmart chain. Therefore, investors can manually add any BSC token to their Exodus software wallet. Similarly, Exodus is compatible with Arbitrum. Therefore, all the best Arbitrum network tokens are supported.

Exodus not only supports some of the best cryptocurrencies purchased today, but also NFTs. this includes NFTs on the Ether, Solana and Algorand networks.

Exodus Crypto Wallet Pros and Cons Analysis

Pros:

Simple setup process: Setting up Exodus on computers and mobile devices is easy. First create a wallet, then import it into your device using a 12-word seed phrase. Support for 319 Cryptocurrencies: Exodus supports a wide range of crypto assets, including Bitcoin and Ether. Users can also store custom ERC-20 tokens by sending them to Exodus' Ether address. Excellent Customer Service: In addition to a help page, Exodus provides users with chat and email support services. Regular update schedule: the software is updated frequently; users can update it every fortnight. However, users need to update their wallets manually on Exodus' official website. Available Pledge: Since Exodus supports the Proof-of-Stake blockchain, it offers users a way to pledge crypto assets directly from within their wallet. If you want to pledge, you need to lock your cryptocurrency for a specific period of time.

Drawbacks:

Lack of 2FA Security: Exodus lacks a traditional two-factor authentication method to provide an additional layer of security, relying instead on users to provide passwords. If a user's password is compromised, there could be serious consequences. No support for cryptocurrency to fiat currency conversion: Users are unable to exchange their crypto assets with fiat currencies directly within the wallet. To cash out, users need to send their assets from the Exodus wallet to a cryptocurrency exchange. Non-Open Source: Exodus is not open source. This means that no one outside of the company can view, modify, or distribute the software code of Exodus Wallet. As a result, the public cannot review its robustness. Lack of Custom Fee Support for Torrents: The wallet lacks customisation for ethereum and torrents network fees. Currently, users can only customise Bitcoin and Ether network fees.

Exodus Crypto Wallet Fees

Exodus wallet fees are summarised in the table below:

Incoming transfers no fees Outgoing transfers standard network GAS fees Built-in token swaps charge unspecified market spreads

transfer fee

As with most crypto wallets, transfer fees are paid by the sender. Therefore, there are no fees for receiving cryptocurrencies from another wallet. External transfers are subject to GAS fees. This is determined by the blockchain network. For example, the ERC20 GAS fee is quoted by the Ether blockchain. And BSC GAS fees are determined by the CoinSmart chain.

Third-party costs

Exodus offers a number of third-party features in its wallet interface. Fees will be determined by the provider. For example, we mentioned that debit/credit card payments are processed by Ramp. In this case, the fees are paid directly to the provider.

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