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Author Topic: Is Exodus Safe?? to store your crypto assests for long time?  (Read 6191 times)
DrMsEr
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June 20, 2017, 06:21:02 AM
 #1

Hi!
I am wondering that is excudos wallet safe to use? They offer multiple crypto portfoli , like litecoin, ethereum, doge, golem..etc.

they let you back up your wallet.so in case what will happen if the exodus company is shut down?? will i be able to access my money then??

how things will work then... i know bitcoin has Pvt key, so i can go to any site or wallet and redeem my private keys, is that same like exodus wallet??
please help me.


arizn

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buwaytress
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June 20, 2017, 07:20:46 AM
 #2

Yeah, Exodus is one of the more secure options out there - I also have it, if only because it was simply easier at first to keep multiple coins. Create backups as you note, and yes, you're able to export all your private keys for each wallet in there. Developer> assets> crypto> export private key

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June 20, 2017, 07:26:57 AM
 #3

Yeah, Exodus is one of the more secure options out there - I also have it, if only because it was simply easier at first to keep multiple coins. Create backups as you note, and yes, you're able to export all your private keys for each wallet in there. Developer> assets> crypto> export private key

There are no developer options in my wallet?


arizn

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@@@@@:,       :'@@@@@
@@@@@@:,    ;@@@@@
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June 20, 2017, 07:40:07 AM
 #4

Exodus is a good way to store a chunk of your savings, it has a good mix of privacy, control and ease of access, as well as an incredibly clean UI, and multicoin support that is something that no other wallet offers.

You control your own private keys, but you're running a full node. I would say that unless you are storing extremely large amounts of cryptocurrencies, over $10,000, then you should be good to go with Exodus. Their developers are all publicly known and have done several how-to videos which are extremely helpful as well.

If you want to import your 12 word backup, it does follow the BIP39 scheme. So you can import it into any wallet that accepts BIP39, for example Copay. I have tested this personally and it works fine.

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June 20, 2017, 07:44:56 AM
 #5

You cant export your private keys, i tried doing by going to developer option and then assets and then bitcoin, but all i can export is bitcoin address... even if you click export private key or address the output is same, only address is exported.


arizn

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@@@@@:,       :'@@@@@
@@@@@@:,    ;@@@@@
@@@@@@:   :@@@@@@
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June 20, 2017, 07:56:15 AM
 #6

You cant export your private keys, i tried doing by going to developer option and then assets and then bitcoin, but all i can export is bitcoin address... even if you click export private key or address the output is same, only address is exported.


I just did it with my Ethereum wallet, and it works. It will export on your desktop as a csv file.

Are you sure that you are doing everything correctly? Follow this guide on exodus: http://support.exodus.io/knowledge_base/topics/how-can-i-view-my-private-keys-1

I can't try this with my bitcoin address because i haven't sent anything to it, so therefore there are 0 active addresses that have ever received funds so when i export it nothing comes up. But you should get your private key for bitcoin if you have used your wallet before.

If not, just get your recovery phrase and as i said, import it into any BIP39 supporting wallet.


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June 21, 2017, 04:03:19 AM
 #7

I dunno also if exodus is much better and safer to store with huge funds since it's stated on their web page http://support.exodus.io/knowledge_base/topics/is-exodus-open-source that
Quote
Is Exodus open source?

Exodus is NOT 100% open source.
So it's up to you if you were still going to use this wallet, but actually, I'm using it also, not to store with bitcoin but some altcoin like ETH, since I can access my private keys there.


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June 23, 2017, 08:28:05 AM
 #8

isn't a huge negative of exodus you cannot control the fees?  Thus if you send btc or other currency, the fee is very high etc?


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buwaytress
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June 23, 2017, 09:11:53 AM
 #9

You cant export your private keys, i tried doing by going to developer option and then assets and then bitcoin, but all i can export is bitcoin address... even if you click export private key or address the output is same, only address is exported.


Download and install the latest version (1.28.1) released yesterday. I just found out that several versions before 1.28.1, including 1.27.xs, had this particular feature regressed. It's now back and should work for exporting private keys.

isn't a huge negative of exodus you cannot control the fees?  Thus if you send btc or other currency, the fee is very high etc?

It's a negative for me for sure, which is why I don't use exodus for BTC. That said, it's convenient as a wallet I use for several alts, and has an inbuilt exchange. I am looking forward to some upcoming wallet projects featuring decentralised exchange.

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June 23, 2017, 07:34:04 PM
 #10

Can someone tell me what are the fees when sending btc, ETH, litecoin etc with exodus?


Say you send $10, how much is the fee?  What about $100?  What about $1000?  Is it a flat fee?  Does it depend on when you send it?  How much is average fee?  Does it cost more to send btc vs eth or vice versa?




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June 23, 2017, 10:49:18 PM
 #11

Can someone tell me what are the fees when sending btc, ETH, litecoin etc with exodus?

Say you send $10, how much is the fee?  What about $100?  What about $1000?  Is it a flat fee?  Does it depend on when you send it?  How much is average fee?  Does it cost more to send btc vs eth or vice versa?
First, you need to understand that your tx fees don't increase depending on the value you are sending. You will pay the same amount to send $10 as you would with $10000. What makes the tx more expensive is the amount of inputs and outputs on the transaction, which will increase the size of the tx.

Exodus will calculate the fee depending on the load on the network and the amount of inputs and outputs your transaction have.

Always check https://bitcoinfees.21.co to see how much is the avarage price for the cheapest transaction fee in bytes. If you want to understand everything and how to calculate the fee, you will probably need to read a little from the technical side to understand how fees works.

Google articles for you:

http://bitzuma.com/posts/making-sense-of-bitcoin-transaction-fees/
https://blog.blockchain.com/2016/12/15/bitcoin-transaction-fees-what-are-they-why-should-you-care/

j32804
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September 02, 2017, 07:21:10 PM
 #12

Yeah, Exodus is one of the more secure options out there - I also have it, if only because it was simply easier at first to keep multiple coins. Create backups as you note, and yes, you're able to export all your private keys for each wallet in there. Developer> assets> crypto> export private key

As far as I know Exodus is not an open source wallet, which basically means it can't be audited publically and checked for bugs. I hope that the team did their security audit well, but no one can be sure.
Ok, with open source software you still have bugs. Any software has bugs. It's just a question whom these bugs are found by.

May be most of the open source wallets no one checks. But the fact that they can be checked does make open source ones more secure. If you can't read the code yourself, but lets say have a ton of cryptos, you can hire your own security audit before using the wallet.

Saying all that, I wouldn't keep a significant amount of cryptos in anything that somehow connects to the internetz. For small change the incentive of a potential attacker is just too small to bother with stealing it. I keep small change on whatever wallets have the cleanest interface, as long as they allow me to export keys.
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September 02, 2017, 09:07:17 PM
 #13

No way Exodus is as secure as a hardware wallet. If you have a decent portfolio you should be using a Trezor or Ledger.

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September 04, 2017, 12:12:10 AM
 #14

I wouldn't recommend to use it mainly for the following reason: It's not open source. You don't know if they'll have a timer integrated which will transfer all funds from all users to their bank account at a certain time.

How do they make their money? The claim, they only make money from the exchange where they are using shapeshift. However, there affiliate fees are so low that it's hard to believe that exodus can make enough money to pay their engineers. So how are they making money?

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cuteman
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October 19, 2017, 08:01:12 AM
 #15

I wouldn't recommend to use it mainly for the following reason: It's not open source. You don't know if they'll have a timer integrated which will transfer all funds from all users to their bank account at a certain time.

How do they make their money? The claim, they only make money from the exchange where they are using shapeshift. However, there affiliate fees are so low that it's hard to believe that exodus can make enough money to pay their engineers. So how are they making money?
maybe they take a part of transaction fees? People wrote earlier that Exodus always calculated high fees.
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October 19, 2017, 08:20:47 AM
 #16

I wouldn't recommend to use it mainly for the following reason: It's not open source. You don't know if they'll have a timer integrated which will transfer all funds from all users to their bank account at a certain time.

How do they make their money? The claim, they only make money from the exchange where they are using shapeshift. However, there affiliate fees are so low that it's hard to believe that exodus can make enough money to pay their engineers. So how are they making money?
maybe they take a part of transaction fees? People wrote earlier that Exodus always calculated high fees.
They don't. Is just that they don't let you customize your fees, therefore the calculation will always be somehow higher than it should be. The cheapest and fastest transaction at 21.co is 170 sat/byte, but I'm sure that I could choose a ~100 sat/byte transaction and have a fast confirmation time.

They actually make money from the assets exchange through ShapeShift, where they take a small part of the profit.

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October 19, 2017, 12:16:28 PM
 #17


They actually make money from the assets exchange through ShapeShift, where they take a small part of the profit.
same as blockchain.info?  they also started to use shapeshit recently.
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