What is Exodus Wallet?
Exodus wallet is one of the most popular multi-asset cryptocurrency wallets in NZ, offering both mobile and desktop applications with a highly intuitive user interface.
Exodus is well suited to Kiwis getting started with cryptocurrency in NZ – acting as a safe and easy place to store cryptocurrencies like Bitcoin, Ethereum, Monero, Ripple, Dash, Tether, DAI, and 120+ other coins.
Follow our Exodus guide to learn how to become your own bank in 5 minutes or less. ⚡
New to wallets? Check out our NZ crypto wallets beginners guide. 🙂
Exodus website: https://www.exodus.com/download/
Exodus Wallet is one of the most reputable cryptocurrency wallets in the world, widely known to be sleek, easy to use, and secure when backed up correctly.
Cryptocurrency NZ’s team are long time users of Exodus, and over our time we’ve never faced any issues in terms of usability, breaches, or software malfunction. Exodus acts as an integral part of our crypto wallet tool kit.
Exodus additionally displays valuable information about your portfolio at a glimpse. Through Exodus you can track your portfolio’s combined total value, your portfolio coin percentages, 24 hour price and volume changes, your historic best performing asset, among other helpful statistics.
Pros and Cons of the Exodus Wallet
- Aesthetically Pleasing – Exodus wallet has a beautiful user interface.
- Easy To Use – Exodus wallet is extremely easy to use, and is exceptionally beginner friendly.
- Portfolio Tracking – You can easily track your combined total value, historic gains and losses, and 24hr portfolio statistics.
- Multi-Coin Wallet – Storing all of your assets in one place easily enables users to keep track of and trade or spend your cryptocurrencies.
- Built-in Exchange – Swapping currencies is effortless in exodus and can be done with just a few simple clicks.
- Support – Exodus offer a helpful support service which is immensely uncommon in the crypto space.
- Frequent Updates – Exodus frequently update their applications whether it be to fix bugs or support more coins.
- Retain Private Keys – Exodus allow users to retain their private keys.
- Generate New Addresses – Exodus users are able to generate new public addresses to receive funds to.
- Your Exodus Wallet Can Be Hacked – As a software wallet, it is possible to lose funds if your device is infected with malware such as keystroke loggers.
- High Fees – Using Exodus’ built in exchange, although extremely convenient, can prove to be rather expensive compared to alternative exchanges.
- Limited Security Features – Unfortunately, Exodus do not support two-factor authentication.
- Closed Source – Users are unable to view and audit the Exodus software, unlike other open source wallets such as Trust Wallet.
How to Get Exodus Wallet in NZ?
To download Exodus wallet, head to the official website at: www.exodus.com/download/
We recommend using the Exodus PC version for your primary holdings, as opposed to the mobile app. This is because PC users gain access to the developer tools by pressing “Control + Shift + D“; where you can find the PC exclusive feature which allows you to import private keys from other wallets, such as your paper wallet.
You can also download Exodus on your mobile, and treat it as a small sized wallet to be used on the day to day. We prefer to keep a different wallet on each device, however you can always sync your wallet between both devices for ease of use. (Simply do this by logging in to both devices from the same 12 word phrase.)
What is a Multi-Coin Wallet ?
Being a multi-coin wallet essentially means that Exodus wallet can be the one home for all of your favourite coins. Exodus aims to support all “high rated” cryptocurrencies, meaning coins with higher volume, market capitalisation, and popularity. Although the list is constantly expanding, they currently support 139 cryptocurrencies.
In addition to having an easily accessible and stylish display of information relevant to the coins in your portfolio, Exodus Wallet also offers a number of additional features such as staking and an in-house exchange.
Staking in Exodus
Staking is the process of participating in transaction validation (similar to mining) on a Proof of Stake (PoS) blockchain. Anyone can validate transactions and earn staking rewards, although depending on specific currencies, there may be some prerequisites such as minimum-required balances.
For more info on how to stake your assets in exodus, see the video below.
Exchange in Exodus
Exodus offers a built-in exchange where you can safely and quickly convert your cryptocurrencies for other coins.
This is an extremely convenient tool and means you can convert between different coins with the ease of a few button clicks; however be wary that their conversion fees can be quite high compared to other exchanges, especially when trading with less common trading pairs.
Essentially, this feature is easier, faster, and more convenient than using other decentralised exchanges; but less cost effective in terms of fees.
A good habit to practice when using exchanges such as this is to verify that the conversion rate is accurate. This can be done by using a simple google search or a currency rates website.
How to Back up Exodus Wallet in NZ
Exodus are passionate about giving the people full control over their funds, this means they do not store any sensitive data about your wallet.
Exodus cannot view, access, or control your wallet in any way because all of your wallets information is stored on your computer locally. Exodus do not know anything about your password, secret 12-word recovery phrase, private keys, or even your public addresses (where you receive funds to).
“Essentially, your Exodus wallet is your own personal crypto-bank – you have the keys to the front door, and the combination to the vault.”– Exodus Support
12-Word Recovery Phrase
Your wallet’s 12 word recovery phrase (seed phrase) is your master key generated by your wallet, it is important to write this down on a piece of paper as anyone who finds your seed phrase can steal the funds in your wallet. It is always advised to have multiple copies of your secret phrase and store them in multiple locations to prevent loss from calamities like floods, earthquake, fire, etc.
Make sure that you write down the secret phrase in the correct order without any spelling mistakes! Entering the secret phrase incorrectly (whether that be the wrong order or incorrect spelling) will result in you not being able to access your wallet.
For a step by step guide by exodus on how to view your 12-word security phrase on their desktop and mobile applications head over to: How do I view my Secret Recovery phrase.
Private keys in the context of cryptocurrency prove ownership of assets associated with a particular wallet address and allow you to access and spend the assets in that address.
An easy way to understand this is if you think of your wallet as your online banking account, your private key is the login information for your account, allowing you to sign in and spend the funds or do as you wish with them.
Just the same as you want to keep your online banking information safe, you must keep your private keys safe. Otherwise anyone can log-in and access your account or wallet.
You should never disclose your private Keys to anyone you don’t want to have access to your crypto assets. There are lots of scams in the crypto world and many of them will ask for your private keys, you should treat these as the combination to your safe and never disclose them, no matter how ‘legitimate’ it may seem.
Each public receiving address (where you receive funds to) has its own corresponding private key, and unlike the public address, the private key enables anyone who knows it to access the address and therefore access the funds inside it.
When you first create an exodus wallet, all of your private keys are automatically created using your 12-word seed phrase. When the 12-Word seed is run through a standardised formula, it is turned into a number called a seed integer, this can be thought of as your ‘master private key’. An almost endless number of public and private keys can be created when your “master” private key is run through a standardised algorithm.
If it weren’t for your seed phrase, you would have to keep track of the private key for each and every address that you own; which would prove extremely difficult considering the majority of crypto users have multiple assets with multiple addresses.
Exodus simplifies all of this by utilising your 12-word recovery phrase (seed phrase) as your ‘master key’ so that you never have to worry about your private keys and securely keeping track of them all.
However, since your recovery phrase is the ‘master key’ to all of your private keys (and the addresses with your funds), it is vital to keep it safe as anyone who knows your recovery phrase or any of your private keys will be able to steal your funds from anywhere.
Check out the video for more information about public and private keys 🙂