Review on Exodus by Benaiah A. Akinlade
The Exodus Crypto wallet: Giving Crypto beginners the baby steps before dabbling into the big waters
Exodus is a lite desktop, mobile and hardware wallet built with the consciousness of newcomers, novices, or beginners in crypto space in mind due to its simple and versatile design and multiple currency feature, beginners can easily get acclimatized into the crypto space. I’m also convinced that this wallet is designed to be user friendly due to its charts and personalization of features.
I discovered that the wallet performs some mini cryptocurrency exchange related features such as hodling, managing, and trading or exchanging of different cryptocurrencies, meaning that it gives you the total freedom to have a complete control over your assets. I found out that the wallet supports a wide variety of cryptocurrencies summing up to over 100 tokens which can be stored directly on your computing devices such as Windows, Mac OS, Linux, iOS, and Android. Exodus charges you fees for the transactions you make every time your payment is being processed which is paid to the blockchain network of the token you transacted. The transaction fees are dynamic and changes accordingly, depending on the changes on the blockchain network traffic in order to favor speedy completion of transactions. This is also an indication that the fees can be very low and later be very high, depending on blockchain network traffic.
If you want to add assets to your wallet, you need to initially purchase the asset through your fiat currency and then transfer the asset to your Exodus wallet.
The wallet is made secure from a series of security measures put in place to ensure your assets are kept safe such as;
1. A back-up system which comes in handy if your computer breaks down. It is noteworthy that the back-up servers which do not store your keys.
2. An email message from the Exodus team which contains a secure link for you to reactivate your wallet. It is also worthy to note that the link itself is protected by a passphrase and a key.
I am particularly fascinated by the disclaimer on the website that Exodus is purely a software platform and is not involved in the nitty gritties of cryptocurrencies and blockchain technologies. This fully shows that the investor is fully and solely responsible for whatever projective evaluation he does on his investments. This disclaimer is enough for any investor to trade responsibly.
Pros
- Exodus wallet is highly secured through encryption of all blockchain assets and stores the assets directly on your computer which puts you in full and total control of your assets.
- The wallet web and app interfaces are fascinating and well explanatory with the charting tools
- The wallet gives you uninterrupted access to over a century of crypto assets that can be traded on the wallet
- The wallet is purposely designed to be easily navigable and accessible for beginners
- The wallet is available for web, PC, mobile, and hardware devices
- The fees charged for transactions are dynamic in relation to the blockchain network traffic
- There is a disclaimer on the website advising investors to trade responsibly
- The back-up system and email service is a good way to ensure that your assets are secure
Cons
- There is no 2FA on the wallet, and this can make the wallet porous security-wise
- The wallet has not gained much popularity and publicity
- The dynamism of the fees charged on transactions can make transaction fees very high if there is a heavy request traffic on the blockchain
