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The basics of crypto trading

Exodus

Exodus
Year 2017
Founders -
Origin Europe

For a relatively short period existence, Exodus wallet managed to win the hearts of many crypto investors, including those living in Russia and the CIS countries. An attractive design, simplicity, and user-friendliness, high-security level, as well as the availability of storage and exchange options make it convenient to operate the service, despite only the English language version and lack of a mobile application.

Description

Exodus – one of the most fashionable, functional and convenient multicurrency wallets designed for digital money storage. The application enables its users to store not only Bitcoin but other popular altcoins as well within the single wallet. In total, the platform unites more than 85 cryptocurrencies, including such well-known ones as Ethereum, Bitcoin Cash, and Dash. You can find a complete list of currencies on the developer’s official website.

The wallet is integrated with the Shapeshift platform, which makes the range of functions available to users significantly wider. The program enables not only to store your digital assets but also carry out such operations as transfers and currency exchange. At the same time, simplicity and user-friendliness of the interface will only make the work easier for an investor.

Exodus is a desktop wallet for storing cryptocurrency. What does it mean? That you will need to install special software on your computer to start operating it. The user’s private keys will also be stored there. An important peculiarity of operating this very application is that it doesn’t require downloading the entire blockchain that occupies a substantial part of computer memory. The thin client not only saves disk space but increases operating speed by times as well.

The program’s “weight” is rather small – only 71.5 MByte. The wallet synchronizes with blockchain when there is the Internet connection or various transactions (transfers, exchanges) are performed. The program can be installed only on a laptop or a personal computer with the following OS:

It’s not possible to operate the wallet from any other devices, including phones and tablets. There is no online version of the wallet either.

The story behind

The multicurrency Exodus wallet appeared as recently as in 2016. However, within this short period of time, it managed to gain a reputation of a reliable and convenient means for storing digital money. The application was developed on the basis of the BankToTheFuture crowdfunding platform. The latter is famous for working with such reliable resources as Bitfinex, Bitstamp, Kraken, and ShapeShift.

When the wallet was launched, the company managed to raise over 300,000 euros. The developers are quite famous personalities:

The reputation and professional qualities of the developers are those very determining factors that attracted investments. As a result, the Exodus wallet was introduced that supported Bitcoin and altcoins. By the way, it is since 2018 that the number of the latter started growing rapidly. Back in February, the amount of supported cryptocurrencies didn’t exceed 30 but today, there are already more than 85 of them.

Despite a large number of convenient functions, the wallet doesn’t currently support fiat currencies. In the near future, it is not planned to introduce them. All the users are left to do is to deposit cryptocurrency directly to the account. But within the platform, users can exchange supported digital money among without leaving the wallet or using any third-party services.

Advantages and disadvantages

Users appreciate Exodus not only for an attractive and convenient wallet design. It has lots of other advantages:

The disadvantages mentioned by the users include a huge number of updates – more than 5 of them were released only in January and February 2018. One of the disadvantages is a lack of open-source code, a mobile version and an opportunity to operate the software in multiple languages.

A significant disadvantage is the fees of the wallet. For small transactions, they sometimes can reach up to 40% of the transaction sum. At the end of 2017, the fee amounted to 30-40 dollars, which was a serious budget item for small investors. The fee size changes on its own based on a situation in the Mempool. Within a few seconds, it can decrease from 20 to 9%. Therefore, it is recommended to monitor the situation before carrying out any transactions. Exchange transactions and digital currency conversion are also subject to fees. Such a large fee can be justified only by the fact that the majority of the funds is assigned to the pools for forming a blockchain.

How to use the wallet

Since it’s a desktop wallet, it is required to download the client in order to start working with it.

Download and sign up

It is recommended to use the company’s official website https://www.exodus.io/ to download the wallet. The download button can be found in the top right corner.

Then, a number of the current version will appear on the screen and you will be offered to download the program to your computer with a suitable OS.

It will take as little as 1-2 minutes to download the wallet. After going live, the program will be installed to your PC. You can launch and use it. There is no such thing as registration here – an investor don’t have to provide personal information, a telephone number or an email address (the latter will be required later).

Available functions

There are no other language versions of the program but for the English one. However, in the Settings you can select your location and national currency – later, all the date will be displayed in this currency.

In the Settings, you can add currencies from the list, customize the color, texture, and theme of the program – this makes perception and operation of the platform more comfortable.

For managing the account 4 side tabs located to the left side of the screen is used. How to use them? Everything is clear if we look at the function of each panel.

Portfolio. Here, you can find information about cryptocurrencies the platform supports: 30-day trends, market capitalization, a volume of transactions and 24-hour changes. If the balance is active, the total value in national currency and the percentage ratio are shown as well.

Wallet. Here, a user selects an appropriate currency and transfers it using the “Send” button, indicating the address for dispatch and the number of assets. The total value in national currency and the fee size will be immediately displayed on the screen.

To receive money, the “Receive” button is used. The wallet address is displayed on the screen in the character format and as a QR code. If necessary, a user can copy, print, email it or receive it as a link.

Exchange. This tab is used for the internal cryptocurrency exchange. A convenient calculator will help you to check currency exchange rates, calculate the amount and perform the operation.

Backup. Backup copy will be available only after the first operation has been completed. A password and a private key will also be generated here.

Reviews

On the Internet, you can find numerous positive reviews about the wallet. The advantages mentioned by users include a professional and fast operation of the service desk. The visual component is also appreciated by users:

“I was extremely pleased by the laconic design – the stuff but not the fluff. The client downloaded very quickly, it took me 10-15 minutes to study the functions, although I don’t read English very well.”

For new users, a FAQ section has been developed; should the need arise, they can ask the service desk a question but they will have to communicate with the staff only in English.

Conclusion

As you can see from the review, Exodus is a convenient, user-friendly and functional wallet featuring a high-security level. All these factors attract new users every day. In this case, the wallet fees are the cost of comfort and funds protection. Operating this platform will be convenient not only for advanced investors but also for beginners, who haven’t made it completely clear about the peculiarities of digital assets.

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The project does not manage funds and does not guarantee profits. The project only offers a service that allows to make conversion operations with cryptocurrencies on a specially configured software.

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All the settlements in this project are processed solely in cryptocurrencies. Conversion operations are processed on the terms of margin trading without a direct supply of underlying assets. According to the generally accepted term, these operations are called operations with OTC (over the counter) CFDs (contracts for difference).

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