Exodus Wallet review – what is it and how does it work? Learn about a multi-asset wallet

Do you want to know about one of the wallets that is very popular and well-known, it’s very secure and it has a good reputation? Watch our latest video of Exodus Wallet review, to find out what it represents, and how to use it.

Exodus Wallet review – a guide on how it works

Hello, Diary of a Trader customers! This is John and I’m here today to go over another video with you and I hope you enjoy it.

In today’s video, we’re going to be going over a wallet and one of the wallets that is very popular, it’s very well-known, it’s very secure, it has a good reputation. Actually, those are all things that you should look for in a wallet because there are a lot of various wallets out there, that are offered and suggested to people as a good wallet, but they’re not, so don’t even take CryptoForge’s word for it, or my word for it. If there’s one thing that you should do your own due diligence on, that is making sure where you are storing your crypto currencies is safe and secure.

Actually, this wallet is a multi-asset wallet. It is a very safe wallet to use. And, when you open it, you’ll see that it defaults to a series of cryptos, that, you know, you’re probably mostly familiar with, on various exchanges. And the thing that we’re noticing in Exodus wallet, is it almost looks like an exchange in some respects, it shows you the 30-day trend here, provides the market cap, that actually updates live, and we can see that it will show your full assets here. On the wallet itself, we can scroll down and see the transaction history, if we have any. And we are actually going to go through how to send money to a wallet. And at the exchange, you can also, this is a very interesting component that is part of, actually this is the “how to exchange cryptocurrency between the two.” We can just swap the values here. It is a very convenient way to do this, instead of having to move it from your wallet to an exchange and then back to your wallet. We also have the backup option, but one thing that’s really great about this is that you can add assets that are actually not by default listed there, so, DigixDAO, Funfair, Gnosis. Kyber, GUP Match coin, Mithril, there’s a whole slew of other cryptocurrencies that are available to us. TrueUSD, actually, this is a fantastic one, this is probably the safest dollar to dollar crypto coin out there. Tether is a little unsafe, heavily unsafe actually, but TrueUSD is based in the U.S. and, actually, has a dollar for dollar reserve here.

And, if we go back to the portfolio, we can see that it will add those assets. Now, one of the things that a lot of folks want to know is, “Well, why would you keep something on an exchange?” Or, “Why would you keep it in a wallet?” Exchanges, they do not provide the same kind of security as a wallet does. And, additionally, some cryptocurrencies that are Blockchain specific, other words, they are platform currencies, think of Etherium, or EOS, if you have those coins on exchanges, they may not give you the airdrops that come off of those. And saying that, some wallets don’t either, but Exodus has a really good feedback. We’re going to investigate their site here, after this, but Exodus Wallet has a really good integration with other cryptocurrency platforms, where they do allow for the airdrop process. One of the most important that happened recently was back in June, that was the EOS airdrop and they made that process for getting your EOS tokens onto the Blockchain for the voting process, they made that very simple, very easy, by just having a one-click process and also notifying you that, “Hey, by the way, this is the deadline to do this.” And so, there we have that up here.

But, let’s look at how do we exchange or how do we send cryptocurrency. So, let’s say I want to send myself some Ethereum Classic. All right, so I want to make sure I hit receive and then here’s my address. This is safe to show everybody because all somebody can do with this is to send money to this address. That is awesome. If you’re using this and you want to send me Ethereum classic, that’s great. But, the easiest thing to do is just to copy the address, just hit Copy and it’s already on your clipboard, and then we want to pull up the exchange or the other wallet that we’re looking at. So, already have my Binance account pulled up, that is down below here, let me grab that. And I want to type in ETC and I want to withdraw. And here we have Ethereum Classic. The address is just what I picked up from Exodus Wallet, right here, okay? And then, I’m just going to right-click. And how much do I want to send? We’ll just do this for a trial, I’ll send two. The fee they’re charging is 0.01 ETC. And now, I just hit Submit. And I put in my Google authentication code. What Binance is also going to do is, they’re going to ask me to check my e-mail and approve this, so I have to do that real quick.

Okay, so I have gotten my e-mail, I clicked on the approval and now, we just wait for it to show up on my balance in the wallet. And while we’re doing that, why don’t we just go ahead and take a look at the website. And so, here’s the Exodus, the front page of the Exodus wallet website. It’s a portfolio exchange and wallet for your digital assets. It’s a very, very phenomenal tool to download it. You know, there’s a product video that you can watch, but to download it, we just click on Download and then they’ll ask you which version you want to download and the setup process is very simple, easy, self-explanatory, you don’t even need a video. What’s great about this, maybe you have a question, “Well, how do I know what my address is?” Once you download your Exodus for the first time, it’s going to ask you to put in a password and then, you’re also going to get the twelve-word security key, that shows up right here. If we go to Backup, they’re going to want to know your twelve-word backup phrase and I don’t want to show you my twelve-word backup phrase because you’ll be able to get access to my $1.48.

Whenever I do videos like this, I like to move a lot of my money off of, either the exchange or the wallet, that I do, just to be safe. You can’t be too careful these days with anything, so you’ll get a whole bunch of access to my $1.48. The email backup is fantastic too, but what I’ve actually done, I have a laptop that I have mostly offline, and that stores a good amount of all of my crypto currencies that I hold as assets or an investment, and, actually, this wallet is actually on my laptop and you’re probably asking, “Well, okay, why don’t I see what is on there right now?” It’s because I have not decided to update this wallet from there, okay? But, I could backup or pull that data because all of the assets are also stored online, but only I know what my twelve-word backup phrase is, to my wallet. So, even though, my laptop is offline, or let’s say it got destroyed, or it broke, or whatever, they’re not gone forever. I can still open this up anywhere, like I’m on my desktop right now and, as long as I have the twelve-word backup phrase, either memorized or written down, or saved on a flash drive  somewhere, I would really encourage you to memorize it, or write it down on a paper somewhere, then, I still have the backup to my Exodus Wallet and I can go anywhere with it. I would not advise putting it in your wallet, like your physical wallet, that you carry with you, like a regular wallet. Don’t put it in your wallet like that. We’re in a time now, where people probably store their passwords and their twelve-word backup phrases in their wallets and if somebody were to steal your wallet, there’s probably some people out there who aren’t interested in the cash or the credit cards, but they would like access to your cryptocurrency holdings.

That’s probably little ways down the road yet. The two Ethereum Classic that we sent is now here and the value of 1.99, and you can see that it updates our portfolio.