Developed by JP Richardson and Daniel Castagnoli, Exodus is one of the easiest software wallets to use in the market. The Exodus Wallet is a multicurrency wallet that provides a wonderful experience that even a beginner would enjoy. It is well designed and fitted with numerous features to enhance the user experience, however, is it secure enough?
The creators of exodus made it with the beginners of cryptocurrency in mind. That is the reason why invested a lot on the user interfaces to enhance the experience. However it’s also ideal for mainstream cryptocurrency enthusiasts because it supports multiple currencies. The wallet can hold over 100 different currencies.
The Exodus wallet is not totally convenient for users that need a mobile wallet because the company is yet to develop a mobile version of the wallet. Users that have a lot of cryptocurrencies and need a more secure wallet such as a paper wallet or a hardware wallet will also not find the exodus wallet to be ideal for them.
The security of the Exodus wallet relies on the secure password that the user inputs to access his or her cryptocurrencies. The developers of the wallet maintain that the password is enough to ensure security but many users are bothered by the fact that the Exodus wallet lacks two-factor authentication support. Users see the lack of two-factor authentication as a loophole that fraudsters can use to steal user logins.
The company assures users that their platform is entirely secure. They maintain that they guarantee this security by reviewing the platform regularly to identify any vulnerabilities. In the year 2017, the company had to remove Dogecoin from its platform after one of these reviews. Dogecoin lacked sufficient updates which increased vulnerabilities to the Exodus wallet.
Another security problem that Exodus may have is the lack of a multi-signature feature. A multi-signature feature would require users on the other end of a transaction to sign on the transaction before the transaction can be broadcasted into a blockchain. A hacker or a fraudster would have to break through two platforms to get access to your coins.
A factor that should give confidence to Exodus wallet users is that although Exodus is a software wallet, the private keys are generated and stored locally. This means that users keep full control of their private keys.
Users also enjoy that the Exodus wallet can be used completely anonymously. No personal information is taken when you download, install and use the wallet. Public keys and transactions made by the wallet are however visible on the blockchain. The Exodus wallet don’t have any feature for the purpose of hiding transaction trails.
Most dangers that surround software wallets are brought about by poor online practices. A software wallet is only as secure as the computer it is installed on. If you avoid downloading software from untrusted sites and clicking on malware sites the Exodus wallet will be sufficiently secure for you.
Ensure that you have a reliable and recently updated anti-virus software to shield your computer from suspicious activity when you are online. Take safety measures whenever you are using the Exodus wallet. Keep your private keys and seed phrases offline to ensure ultimate security for your crypto-coins.
The Exodus wallet is a user-friendly wallet created with an impressive design. It has a reliable support system and its developers are dedicated to review and update the platform regularly. It has the capacity to store multiple coins but the development team does not recommend storing large amounts of coins.
The Exodus wallet’s impressive design and support aside, is the wallet secure enough for your crypto-coins? Yes it is.
Despite the software wallet not having a two-factor authentication feature or a multi-signature feature, no successful attack has been reported since its launch. The Exodus development team has shown dedication and commitment to improving security. The team has proven to be keen on protecting users’ assets. This is evident by looking at the removal of Dogecoin from their platform when it posed a security threat.
The company recommends personal protection of private keys and security phrases. It also recommends a regular update of the software so as to enjoy any improvements that the company makes to their platform.
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