Exodus Wallet Guide

What is Exodus?

Exodus is a self-custody wallet that supports a wide range of crypto assets, services and features. It’s simple to use interface is great for beginners and those new to cryptocurrency and is often one of the first wallets used to take crypto assets of exchanges and into the control of the user. With this however comes the responsibility to record and keep safe the wallets backup recovery information linked to the wallet’s private keys. Exodus is a well-established wallet provider and has an excellent reputation for its support and customer service.

Key Features

1. Supports over 200 Cryptocurrencies
2. Free to download for desktop & mobile
3. Supports multiple hardware wallets
4. Great customer support

Keeping it safe

Exodus is renowned prioritising wallet security for users and is very transparent with its platform and features for protecting crypto assets. When you download the wallet, all data is stored locally on the device and is fully encrypted, meaning that no one including Exodus has access. The wallet is further protected by a password required each time you want to access the wallet.

As with many wallets providers Exodus provides the users with a 12-word backup phrase during set up which can be used to regain access to the wallet should you experience any computer/wallet or security issues. If you do not have a record of your 12-word recovery phrase and lose access to your wallet it is likely that your coins are gone forever and even Exodus will not be able to recover them. Exodus is a self-custody wallet, and the company has no access or control over your crypto assets, transactions or activity ensuring user privacy and security. It is also worth mentioned that Exodus has proven itself to delivering high quality customer service and support to its users especially when facing technical difficulties.

Supported Networks

Exodus supports a wide variety of different blockchain networks that in turn can be used to send, receive and stake compatible crypto assets and tokens. Most major networks are supported, and Exodus regularly enhances and adds new networks, token standards and features to its ecosystem making it convenient for users to update their wallet and keep up to date. This continued improvement and integration is what enables Exodus to support so many different crypto assets in one place providing significant benefits and simplicity for users. It is important to check the compatibility before sending however as Exodus allows the user to access their private keys it is relatively easy to recover any unsupported assets. Exodus also allows users to enable and set custom network fees controlling the mining fee paid for transactions from the wallet, however this is not currently possible with all listed coins/tokens.

Staking using Exodus

Exodus allows its users to Stake crypto assets directly from the comfort of their wallet. This is not available for every listed cryptocurrency and depends on if Staking and Earn features are apart of the blockchain and network protocols as standard. It is very easy to get started and you simply enable staking and follow the steps within Exodus to begin generating rewards. As participating in Staking activities via Exodus directly on chain, there is very little exposure and risk to third parties as the smart contract or blockchain protocol being used are public and highly trusted.

Summary

Overall, Exodus is a fantastic wallet to use for beginner and advanced users. It is incredibly simple interface makes it clear and easy to interact with crypto assets and greatly reduces the complexity and increased the security of holding coins yourself in self-custody. The wide variety of crypto’s and networks supported accommodates most and provides the flexibility to hold many different coins in one place. As there are already staking services and features available for major coins with many more developments likely to come in the near future, Exodus is set up to take advantage of dormant or assets not in use to provide an ongoing yield and interest rate. It is always important to ensure that your wallet and/or exchange provide has good customer services and Exodus is no different always providing its technical resources and producing clear and informative guides and updates.

Exodus Wallet Guide Instructions

1. Download Exodus Wallet

Navigate to the official Exodus website and initiate a download to your Mac, Linux, or Windows device. The new extension version of Exodus Wallet is also available for Chrome and Brave browser.

Run the application to complete the set up and access the exodus wallet.

2. Finish Setting up the Wallet

Navigate to the settings by clicking the Cog in the top right hand of the screen.

From there select Backup and then set a strong but memorable password which will be required each tie you open your Exodus Wallet.

3. Secret Phrase

With your Password Set protecting the wallet on your device you can now make a backup of your wallet’s recovery information. Continue by clicking View Secret Phrase which will then be displayed.

Write down the 12-word recovery phrase linked to your wallet. Ake sure you keep this information safe and secure to ensure the security of your assets.

You will then need to confirm a few of the words with Exodus to ensure you have correctly recoded the Secret Phrase. Once confirmed the backup will be completed.

4. Deposit assets/crypto

With the backup completed you are ready to use your wallet and receive crypto assets. Using the main navigation bar at the top select the second icon along to navigate to your wallets which should appear on screen as shown below.

Select a crypto asset from the list at the top and click Receive to display your wallet address.

BTC Wallet Address: bc1qlzknt7sw67qr9zt8g7skdedywnhcqud5x925r2