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Exodus Review: Is it legit, safe and trustworthy for UAE citizens and residents?

A crypto wallet is a digital wallet that may be used to manage and store digital money in a secure manner. The Exodus cryptocurrency wallet is one of the many software wallets that are available today, but it is often considered to be among the very finest of these alternatives. According to reputable sources, the Exodus wallet is now in #1 place among all of the available crypto wallets. Visit Exodus Website.


In this Exodus wallet review, you will learn more about Exodus, including how it functions, its features, products, advantages and disadvantages, supported currencies, and many other topics. Users should take notice, however, that the information contained in this review does not in any way constitute investment advice. The marketplaces for cryptocurrencies are notoriously unstable. Therefore, before making any decisions about your finances, it is highly recommended that you do some research and speak with a financial counselor.

Let's investigate the topic that a lot of newcomers have, which is, "What is the finest cryptocurrency wallet that can assist consumers efficiently handle their digital wealth?" Exodus Movement INC. was established in the year 2015 by JP Richardson and Daniel Castagnoli for the purpose of providing safe storage for digital currency. More than one hundred different cryptocurrencies may be stored in the multi-currency wallet. Initially, it was only accessible through a PC version; however, the Exodus mobile app is now readily available for download on both Android and iOS.



The wallet supports a broad range of other cryptocurrencies, in addition to Bitcoin. The wallet may be used to buy and sell cryptocurrencies without the need for any registration on your part. Exodus, on the other hand, uses Simplified Payment Verification, which is a light wallet. This fact is very important to keep in mind.

This suggests that it does not download the whole blockchains but instead utilizes various servers in order to track wallet balances. There is further information that is essential concerning the Exodus wallet and the manner in which cryptocurrencies can be exchanged.

The basic purpose of the Exodus platform is to make it easier to gain access to digital currency, manage those assets, and make use of them.

To understand how the wallet operates, you must first be familiar with its three primary components, which are as follows:

Wallet - Exodus, much like any other cryptocurrency wallet, operates through a sequence of codes that aid users in maintaining and connecting their crypto coins in various blockchains. This is similar to how other wallets for cryptocurrencies work. As a result, rather than storing cryptographic information, it keeps a set of three codes: main keys, a seed phrase, and a public address. Primary keys provide access to the cryptocurrency token on blockchains, whilst public keys function as addresses that may be used to access a wallet's contents. The seed phrase, on the other hand, is a recovery phrase code that, in the event that the private keys are misplaced, assists in the process of recreating those keys.
Portfolio The Exodus development team has created a page for the portfolio that displays all pertinent information, including a breakdown of the cryptocurrency coins that are owned and their current valuations in comparison to fiat currencies.
Tweets by exodus_io
Integrated With ShapeShift A one-of-a-kind value position has been achieved as a result of the combination of Exodus and ShapeShift. The trading, security, user interface, and privacy features of ShapeShift have earned it a reputation as one of the most reputable cryptocurrency exchanges. Users of the Exodus wallet have a direct connection to this cryptocurrency exchange, giving them the advantage of increased speed while maintaining their anonymity.

The dedication of the Exodus development team has resulted in the creation of a number of features that are truly remarkable. The following are a some of the features that have been highlighted in this review of the Exodus wallet: -

Users are not required to register or provide any personal information in order to download the Exodus Wallet, which is available for free. Exodus provides a user-friendly interface with only one click, the ability to save transaction data simply, support for hardware wallets, a support team available 24 hours a day, seven days a week, and private keys.
The interface is aesthetically pleasant, and you can easily execute cryptocurrency token transfers with only one click. All of the transaction information and private keys are kept on the device that Exodus is saved on since the company does not have any knowledge of the blockchain assets of its customers. This provides a high level of privacy and security.

Exodus is compatible with the Trezor Model T and the Trezor One hardware wallet, both of which allow users to safely store coins.
In addition, Exodus provides users with two different options for recovering their wallets. This is an important built-in function of the exchange that comes in useful in the event that you unexpectedly lose your Exodus Bitcoin wallet, or if it is destroyed, stolen, or lost. There are two different approaches of regaining access to your wallet: - Passphrase with 12 Words: When users create an account, they are given a passphrase with 12 words to use as their passphrase. For instance, if your computer were to malfunction, you would still be able to access the bitcoin wallets by using this passphrase.
Email Restoration is another another important backup tool that allows you to restore your Bitcoin wallets by sending an email to your associated account. This email will contain a link that will allow you to access your wallet.

The Exodus wallet is a non-custodial wallet that provides excellent assistance as well as substantial and additional control over cryptographic assets. While it does not directly handle or assume possession of your wallet, it gives you the ability to exercise complete control over it. Users are able to make use of a wide variety of crypto assets with it. Exodus is compatible with TREZOR wallets, which are hardware wallets known for their slick user interfaces and high levels of security.

Exodus is also a "lite" wallet, which means that it does not download the whole blockchains to the device, which makes the initial setup process a much quicker. Additionally, this renders the Exodus Wallet responsive and user-friendly. Additionally, the mobile wallet and desktop wallet versions of the platform are both accessible to users, making it possible for the platform to be utilized on any device, including operating systems like as Windows, Mac OS, Linux, Android, and iOS. The function in the Exodus wallet that allows users to exchange crypto assets works really well and is easy to use for both inexperienced users and those with more expertise.

Mobile Wallet - The Exodus mobile wallet has a straightforward interface with only three categories for users to navigate: Portfolio, Exchange, and Wallet.
Desktop Wallet - The desktop app has a few extra tabs, including Settings, Backup, App Explorer, and Help. These tabs are located on the desktop wallet.

Trezor Hardware Wallets Exodus is compatible with the Trezor Model T and the Trezor One hardware wallets, allowing for further increased security functions when used in conjunction with any of these wallets.
The application explorer known as Exodus Crypto Apps has a highlighted app sector that makes it simple to navigate the site and provides access to cryptocurrency applications. Using the software, users may increase their earnings from cryptocurrency investments.
Exodus Crypto Apps Allow You to Accumulate Interest
Exodus Crypto Apps Allow You to Accumulate Interest

The Good and the Bad of the Exodus Wallet:

Built-in Portfolio and Trading Functions On Exodus, it is simple to trade one cryptocurrency for another and to monitor daily gains or losses. Exodus also has functions for trading.
Support for Multiple Cryptocurrencies This feature allows you to keep more than one hundred different digital and unique coins in a single location. As a result, it is much simpler to spend and exchange major cryptocurrencies.
User-Friendly and Intuitive Interface Exodus is the most user-friendly wallet and ease of use, and it is the first wallet that was developed specifically for all types of users in the cryptocurrency world.
Automatically Adjustable Fees This Exodus benefit is for novices who are still not sure with establishing the right transaction network price. Automatically Adjustable Fees are a feature that Exodus offers.

Customer Service - The customer service offered by Exodus is not only competent but also attentive to the needs of its clients.
Integration with ShapeShift Exodus includes integration with ShapeShift, which enables anonymous and straightforward currency trades.
The Exodus software wallets may be easily hacked, and the majority of users might lose their cash if the device they use to access their wallets is infected by keyloggers or malware.
It Does Not Provide Essential Support for Security Features Such as Multi-Signature Support or Two-Factor Authentication It does not provide the necessary support for security features such as multi-signature support or two-factor authentication.
Lacks Transactions from Cryptocurrency to Fiat Currency This platform does not support such transactions.

In order to begin using the revolutionary features that are available on the Exodus platform, you will first need to establish an Exodus software wallet by going through the processes that are outlined in the following paragraphs:

You may get the app for your smartphone by downloading it from the Google Play store or the Exodus website (Windows, Mac, or Linux operating systems).
As soon as the download is finished, you will get a popup on your computer asking you to install the software.
After the installation is complete, launch the wallet and select the Wallet tab from the menu that appears on the left.
When you click on Wallet and Receive, you will be given the option to add a variety of cryptocurrencies to your Exodus wallet. This will produce a unique QR code. To move crypto tokens stored in other hardware wallets to the Exodus wallet, you will need to use the code.
Take note that each asset stored in your wallet has its own private key associated with it. To access the private key of a certain asset, select Assets from the Developer Menu and then click the View Private Keys button. For your own protection, make a copy of the keys, and under no circumstances should you give anybody else access to them.

If you want to transmit cryptocurrency using Exodus, you only need to follow the simple procedures that are listed below:

Visit the main page of the company's website and select the Wallet option.
Select the cryptocurrency that you want to transfer, then hit the Send button.
When you are finished, click the Send button, and a QR code will appear on your screen. You have the option of scanning the code, or you may manually input the address of the recipient.
After entering the desired cryptographic currency amount, click the Send button.
Exodus is compatible with the following cryptocurrencies: Wallet
Exodus supports more than one hundred different cryptocurrencies, including Ethereum, Bitcoin, and Litecoin, as its company says. The following is a list of some of the more prominent cryptocurrencies that users are able to hold in their Exodus wallets: -

BTC is short for Bitcoin, ETH is short for Ethereum, XLM is short for Stellar, BTG is short for Bitcoin Gold, USDT is short for Tether USD, BCH is short for Bitcoin Cash, LTC is short for Litecoin, EOS is short for EOS, XMR is short for Monero, BSV is short for Bitcoin SV, DASH is short for Dash Coin, and BNB is short for Binance Coin.

The amount of protection provided by Exodus is acceptable, but it is not very spectacular. A user-chosen password is the initial layer of protection, and it must be entered before the wallet can be accessed. During the second step, you will be required to develop a 12-word seed phrase that will be used to retrieve your wallet in the event that the device is lost or stolen. It is absolutely necessary to scribble down this phrase somewhere that can be accessed offline, rather than on your smartphone or computer.

However, if you take a look at the downsides of Exodus's security, there are some significant issues to be concerned about. After all, nobody wants to risk losing the cryptocurrency cash stored in their wallets. There is no high-level protection offered against cybercriminals by using Exodus Wallet. Due to the absence of two-factor authentication on this site, it is quite straightforward to get into using keyloggers and obtain access to users' wallets by stealing their login information.

In addition to this, Exodus is missing a feature that allows for multiple signatures. Before a transaction can be broadcast into a blockchain using a cryptocurrency, you will be required to sign it using a multi-signature address, which adds an additional layer of protection to the wallet. And in most cases It is not unusual for people to have a multi-signature wallet on both their PC and their mobile device. Nevertheless, Exodus does not provide its users with a multi-signature wallet option.

As our review of the Exodus Wallet comes to a close, it is clear that the Exodus wallet deserves its reputation as one of the most popular hot wallets, particularly among newcomers. Its user-friendliness has made it the user's first and best option when compared to other wallets on the market. The user-friendly and appealing design of the wallet's interface makes it possible for users to transfer, purchase, and sell cryptocurrencies as well as exchange them in tiny quantities without the need for a time-consuming process, making it the most effective cryptocurrency wallet.

There is a minimal advantage to using Exodus for advanced cryptocurrency users, mainly because custom fees are currently restricted to Bitcoin and, more importantly, because the platform focuses more on the user crypto experience than it does on security. However, there is still an advantage to using Exodus. Those users of the wallet who want to store significant amounts of money in their digital wallets will find that this makes the wallet less safe.

Tweets by CoinMarketCap
Tweets by CoinDesk
Tweets by FXStreetNews

However, taking everything into consideration, despite the fact that Exodus does not aim to satisfy users of all skill levels, it is especially built for novices who would want to acquire Bitcoin and additional currencies from their wallets without any complications.

Exodus provides users with a bitcoin wallet that is acceptable for everyday usage and is largely safe. However, digital cash kept in cold storage, such as a paper wallet, is always more secure than digital currency held in an online wallet.

Exodus wallets for desktop computers and mobile devices both lack numerous essential security elements, which makes Exodus a less safe option than alternatives that are more difficult. As a result, it is strongly discouraged to keep significant sums of cryptocurrency on this site.

Nobody enjoys doing unpaid labor, and it's a truth that can't be changed. Therefore, when new customers use Exodus to receive or send bitcoin or perform cryptocurrency transactions, Exodus does indeed get a tiny fee in the form of a modest commission.

When compared to other digital currency wallets, Exodus's transaction costs for processing payments are significantly higher. Following that, the fees are transferred to the blockchain network (Ethereum, Bitcoin, Litecoin, etc.).

Therefore, you will not be required to pay any transaction fees to Exodus. The platform places a greater priority on speed and dependability than it does on having reduced rates. Before you transmit, there will only be a listing of any applicable network costs at the very end of the Wallet app. The network fees can be adjusted based on how the blockchain network is operating at any given time.

The only thing that Exodus does is assist you in storing your cash. Your private keys will not be stored, nor will it manage them (credentials that give access to crypto). Hackers will not be able to steal your cash even if your Exodus wallet is compromised since the private keys are stored on your device and not in the wallet itself.

How Difficult Is It to Use the Exodus Wallet? There is no doubt that Exodus is simple to use since it is designed to be extremely user-friendly for novices. It has a straightforward and simple layout, and its most popular features are simple to explore and access. Therefore, consumers will have an easy time operating this wallet.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.