Mobile wallets must meet at least two minimum requirements: the first and most essential thing is security, open source is preferred. Second, they must be light, fluid and offer a pleasant user experience. In this Exodus is the wallet that stands out.
Now, you might think that there are many wallets that meet these two minimum requirements – and you’d be right – however, thanks to the Exodus development team, in addition to these features, this wallet receive updates every 2 weeks and gives us full control over our fundsalong with one of the most impressive interfaces on the entire market.
To know more about this wallet, we need to know that Exodus is a cross-platform wallet that is operational (in its desktop version) since 2015. in this moment, supports more than 30 different cryptocurrencies in its mobile version, with the possibility of exchanging them within the platform’s own exchange market.
Likewise, Exodus is the ultimate wallet for beginners. That’s because in just a few steps you can have a 100% functional wallet, ready to send and receive cryptocurrencies which, thanks to a simple and intuitive interface, facilitates the customization process.
The control is yours
Exodus is a wallet that offers its users full control over cryptocurrencies. But remember, the greater the control, the greater the responsibility. Now, to make this possible, Exodus will generate an HD portfolio (hierarchical deterministic) BIP39starting with a 12-word recovery seed. This seed gives us complete power over the assets within the portfoliobecause it is the only possible way to recover the private keys that give us access to our funds.
As you can see, when you use Exodus we have more than just a wallet, because we will have:
- It’s open source.
- It supports more than 30 cryptocurrencies.
- It has a clean, fluid and minimalistic interface.
- It has 24/7 support.
- It has an internal foreign exchange market.
- Receive updates every two weeks.
- It’s cross-platform, which means it lets you sync your wallet across all your devices.
Download and install
Exodus currently works for all devices and operating systems, but in the next tutorial we will focus on learning how to use it from our mobile device. To do this, we will go to the main page of this portfolio.
When you need to download a wallet, always remember to go to the official website to get the correct installers. This way, you will avoid downloading fake apps that could compromise your funds.
Once here, we’ll select the Get Exodus Now option.
Here you will see buttons that will take you directly to the appropriate app store, where all we have to do is install and run the app as usual.
When you first open the wallet, it will give us a small a tour of the main features and benefits that Exodus offers. We will click on Start.
Private and secure, is the slogan we see in the previous picture, and it refers to the fact that every transaction, every movement inside the wallet, remains encrypted.
One-click exchange: Exodus allows make an exchange in just one click.
Control your wealth thanks to the interface that Exodus offers you. You will be able to quickly track your portfolio with a graphic design that allows you to visually manage the value of your entire capital.
When you get to this last part of the initial tour, you’ll find two options: The first, Get Started, lets you create a portfolio from scratch. Another option: I already have a wallet, from where we can restore our wallet from the recovery mode.
Therefore, we will continue to click Start to generate a new portfolio.
Now you have your wallet ready to use.
Set up backup and security
If you’ve used other wallets before, you’ll notice that when generating a new one, the first step is to copy and secure your recovery seed, but with Exodus this doesn’t happen. As you could see, when you choose to create a wallet, it is automatically generated and you can immediately use it to receive and send cryptocurrencies. However, Skipping the step of protecting your seed for recovery is not recommended. This is because if, in the hypothetical case, they send you a transaction and at that very moment your equipment is damaged or the application crashes, you will have no method to recover said funds.
Now, to get your recovery seed, you will need to select the following icon:
This will send you to the following menu:
What we see in the previous image is the settings menu, where we will select the Security option.
Finally, to get the recovery source from the portfolio you just generated, you’ll need to select a Recovery Phrase.
Before the recovery phrase is spoken, we are shown a warning to make sure we are not being followed because, Whoever has access to your spare seed will have access to your funds.
To continue, we will select View Recovery Phrase, where the recovery seed will be displayed. The app won’t allow you to record your screen for obvious security reasons. When your device is connected to the Internet, if you save a backup copy of your seed (screenshot) in the internal memory, If the security of your phone is compromised, so will the security of your assets..
However, all that remains is to copy the 12 words in the order they appear, preferably on a sheet of paper, and then store them in a safe place. Avoid places like your desk drawer that anyone can access. If possible, keep recovery seeds safe.
Protect our app
Seed backup allows you to protect the private keys of the funds you have linked to your wallet, but anyone who has access to your phone can also access the funds. To avoid this, you can configure your own application security so when entering it is necessary to confirm access, either with a security password or a fingerprint (in case your device has biometric security).
Once we understand the above, we will need to go back to the Security menu.
Here we will have two options, where the first, Secure With a Passcode, will allow us to set a password or security PIN that will protect our application; and the other, Secure with Fingerprint Scanner, allows fingerprint validation, however, a security password must be set to enable this option later.
The security code will consist of six numerical digits, which are recommended not to be associated with personal information at all, such as social security numbers or dates of birth.
With the security code already set and confirmed, we will enable the security of our wallet.
If you forget your password, you will need to restore your wallet from the recovery mode. That is why this step must be after we have secured our support.
When you enable biometric security, it will use the fingerprints registered on your device, so you don’t have to take an extra step.
Send and receive cryptocurrencies on Exodus
In Exodus for mobiles, we can handle more than 30 different cryptocurrencies, managing each of them, in terms of sending and receiving, in the same way.
Let’s start with the procedure for receiving deposits. To do this, we will need to obtain our public address. The first thing we will have to do is select the desired cryptocurrency from the list we see in the main section.
Here we will see the details of the balance we manage in this specific cryptocurrency, where we will find:
- The current price of the cryptocurrency, which will be the average given by CoinMarketCap. In addition, we will see the percentage changes that the price has undergone according to the selected time period. We can also see a chart that shows the price fluctuation over a certain period of time.
- The balance and value of the funds, where the balance will be the total amount of cryptocurrencies we own, while the value is its equivalent in fiat currency, calculated at the current price that we see reflected in this section.
- Activity (Activity) where it will show us the history of transactions organized chronologically.
You must select the following symbol to receive:
Where you’ll find the following screen:
Here you will see your public address along with a QR code abstraction. To copy it, you just need to click on it and it will be placed in your clipboard.
In the case of cryptocurrencies like Bitcoin, you can generate SegWit or Legacy addresses.
Exodus allows you to generate only one address for each cryptocurrency you store in it, except for Bitcoin, for which you can generate a SegWit address and another Legacy address.
Once the cryptocurrencies are sent, you will be able to track the transaction directly from the Activity section.
In case of sending fundsyou will need to select the following icon:
The app will show you the following form:
We’ll start by entering the amount to send. It can be expressed in cryptocurrency or fiat currency, because no matter which one you put in, its equivalent will be immediately displayed in the field of the other denomination.
Second, you’ll need to enter or scan the destination address. In the latter case, you will need to select the QR code icon, which will immediately open the camera of your device.
In the case of commissions, Exodus is the one who calculates them, which is a disadvantage when the network becomes saturated, because we will be forced to pay very high commissions.
In the next step, a summary of the transaction that we will sign is displayed. This screen highlights each of the data we entered in the previous form.
Please note that it is important to confirm that the destination address is correct when sending, as there is no way to reverse or reverse the transaction.
All that’s left is to swipe to confirm the transaction and that’s it.
If you’ve taken a moment to explore the wallet, you may have noticed that we don’t see the 30+ cryptocurrencies that Exodus boasts. It’s not that they don’t exist, they’re just disabled. To see them in our portfolio, we will have to go to the settings menu.
If you scroll down a bit, you’ll see the total list of cryptocurrencies along with a toggle that allows you to enable or disable said cryptoactivity to be displayed in our wallet.
You can find out the total number of cryptocurrencies supported by Exodus here.
An interesting section inside Exodus is that you can exchange between cryptocurrencies, without leaving aside the security of the wallet, without owning a deposit and without even leaving the application, thanks to its own wallet exchange market.
According to him Official Exodus Blog, It is the platform’s own exchange market that trades between a large portion of the cryptocurrencies available within the wallet.
However, to get started, the first thing we’ll need is to select the following symbol:
After that we will see the stock market menu.
Here, in the top box, we’ll put the cryptocurrency to exchange next to the corresponding amount. On the other hand, in the next field we have to select the crypto asset we want to receive. At the bottom, Depending on the pair we have chosen to exchange, we will be able to follow the current exchange rate.
Please note that Exodus operates minimum exchange rates to cover network costs and other fees associated with the exchange process.
In the next step, we will see a box with a summary of the exchange transaction, it remains only to swipe to continue the operation. After that, we will just have to wait for this process to finish before we can see the available balance in our portfolio. Average waiting time is 30 minutes, but may vary depending on network saturation.
In short, Exodus is a wallet with a beautiful interface that, I dare say, is the best on the market; clean, minimalist and very intuitive. This means that regardless of your level as a user, using this wallet for the first time is child’s play.
Another important aspect of Exodus is that we have a cross-platform wallet, with support for hardware wallets, that is, wherever you go, Exodus will be with you, without leaving security aside.
As for the negative points, Exodus has two that we can at least be aware of. The first is that it doesn’t allow you to generate more than one public address, which allows people you share your address with to use a block explorer and know the total amount associated with your wallet.
Second, it does not allow us to modify the commission to be paid, since Exodus itself calculates and sets the current rate without giving us a choice, which makes this a real headache when the cryptocurrency network becomes saturated.
In any case, despite these two major shortcomings that we have, Exodus is a wallet for everyone, and that no cryptocurrency enthusiast should be without from their devices.