When choosing between crypto wallets, assessing their safety is the first order of business. Exodus is a noncustodial wallet that offers several features, including a built-in exchange. The company boasts great customer support and a storage solution that gives users more control over their assets. But is Exodus Crypto Wallet safe?
In this article, we delve into Exodus’s offer to users, focusing on its safety measures. To offer a complete picture, we cover:
- some background information on Exodus
- the security measures Exodus employs
- steps you can take to make your assets as secure as possible
- how you can get started securely using Exodus
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What is Exodus Crypto Wallet?
Exodus is a crypto wallet provider that was launched in 2015. The company’s goal is to provide “full control” to the user without sacrificing the security of sensitive data. To do so, Exodus does not store any sensitive data about your wallet while also taking several extra security measures. (More on that momentarily.)
The Exodus Crypto Wallet was established to be a secure one-stop-shop for your crypto:
- buying
- selling
- passive income (through staking)
- management needs
To make all this possible, their elaborate platform includes:
- user-friendly mobile and desktop apps
- noncustodial storage
- built-in cryptocurrency exchange with over 100 cryptos
- staking opportunities
How Does Exodus Work?
Exodus is a crypto digital wallet, meaning it only accepts cryptocurrencies. The wallet is the primary product they offer. However, their wallet comes with a built-in exchange. The purpose is to make it easy for you to buy, trade, and manage your cryptos on one easy-to-use platform.
Within the Exodus platform, you can trade between all the cryptocurrencies they offer. If you’re looking for a passive income opportunity, they also offer that. In addition, you can stake your cryptos with Exodus for fairly generous interest rates.
Exodus can be used through any of its apps (they have apps for desktop and mobile devices). You can perform all of the activities Exodus facilitates on the go on your phone wherever you have an internet connection.
Is Exodus Crypto Wallet Safe?
Overall, Exodus is a safe crypto wallet. They do not sacrifice user security in their efforts to provide full user control.
Of course, the devil is in the details, so let’s look into what Exodus does to keep users safe.
Safety and Security Features
Personal and Full Control Wallet
When we mentioned “FULL” control over your Exodus wallet, we meant precisely that. Exodus explicitly states that they intend to leave your wallet under your full personal control. They don’t collect your sensitive data, and they aren’t able to view or control your wallet in any way. All your information is stored locally on whatever device you use.
Trezor Hardware Wallet
Exodus is integrated with the Trezor Hardware Wallet. That means you can trade and manage your assets securely from your Trezor. You don’t need to go through additional signup or registration, which offers you more privacy. You can just use the Exodus Exchange to move crypto to and from your Trezor Wallet.
Cold (offline, hardware) storage is the superior option when it comes to protecting your data and assets from others. With Trezor, your assets are stored offline. No one can steal your Bitcoin online if your Bitcoin is in cold storage.
Passcode, Face, and Touch ID
Multi-factor authentication makes it far more difficult for criminals to access your data and assets. These biometric checks verify users for who they ARE, not what they KNOW. Someone can steal a simple password online very easily. But it’s not so simple to steal your appearance or your fingerprints. These additional security measures:
- make it much harder for others to access your account
- are easy for you to use because you don’t need to record or remember your fingerprint or your face
Invest in over 30 cryptocurrencies from your checking account with no trading fees with the Current mobile app crypto feature.
Titan is an investment platform with a team of experts actively managing your portfolio based on your chosen strategy, including cryptocurrencies.
Alto IRA allows you to invest in stocks, bonds, mutual funds, ETFs, real estate, cryptocurrencies, and even gold for your retirement.
Wallet Auto-lock
Auto-lock is not an alternative to the multifactor authentication measures discussed above. It is an additional feature that keeps your assets and data secure if you lose or forget your device somewhere. You can have your wallet locked automatically after any of the following periods:
- 5 minutes
- 15 minutes
- 30 minutes
- 1 hour
- 2 hours
Just keep in mind that the default setting is off. You must activate auto-lock to benefit from the enhanced security it provides.
Wallet Back-up Process
Backing up your data is a vital part of most cybersecurity practices. Exodus enables users to back up their wallets. If you want to do so, Exodus gives you a 12-word recovery phrase to restore your wallet on a different device.
Of course, for a wallet backup to be helpful, you must secure your recovery phrase and not share it with anyone.
Setting up Exodus backup is highly recommended but is another feature you can choose to use. It isn’t set up by default.
What Else Can I Do To Keep My Wallet Safe?
You can use a few standard cryptocurrency wallet safety measures on top of the excellent security offered by Exodus. Using all methods at your disposal maximizes the safety of your wallet.
Protect Your Private Keys
As is the case with recovery phrases, you must securely store your private keys. The digital theft of your private key online can lead to someone accessing your assets. Likewise, if you write your private keys down and leave them in the open, someone can physically steal them and access your account later.
Protect Passwords and Recovery Phrases
Common-sense password concepts still stand when it comes to crypto wallets. Likewise, you need to keep your recovery phrases somewhere private if you are going to use them.
Set Up Authenticator Methods
Using additional authentication methods makes accessing your wallet take some extra time sometimes. However, the payoff is that your digital assets are protected far better than if you use only the simplest security measures.
Pair Your Software Wallet With a Hard Wallet
Pairing a software wallet with a hardware wallet provides additional security. Hardware wallets provide more protection for your keys and offer a level of security not possible to achieve with a software wallet. But you also want the convenience of fast access to your crypto assets for trading.
Practice Safe and Secure Online Habits
Dangerous online browsing activities can lead to the loss of your data. However, using common sense and secure online habits protects all your data, including data relevant to your crypto wallet’s security.
Using strong antivirus programs and a VPN are examples of regular online security measures.
As a final example, you should be aware that you do not need to validate your Exodus wallet. Phishing scams are the most pervasive cybersecurity threat online today, and phishing scams also target Exodus users. So be careful when you see emails claiming to represent Exodus. Double-check the email address and make sure it’s one of Exodus’s official addresses, letter-by-letter.
Other Exodus Crypto Wallet Features
User-friendly Design
Exodus is a young, modern company that employs the most modern user experience and user interface professionals and methods. So even if you feel that you are inexperienced with cryptocurrencies and wallets, Exodus should not be difficult to use.
Desktop Application and Mobile App
Exodus offers its wallet and other services where you want to use them the most. You can use Exodus on the go or in the comfort of home, right at your desk.
Over 100 Cryptocurrencies
Beginners and experienced traders alike can trade, hold, or stake a wide variety of cryptos on Exodus. Check the Exodus cryptocurrencies list to see if they have the opportunities you’re looking for.
