How safe is Exodus Wallet ? [Help me plz]

[d_nova]

Hello bitcoiners !
I want use exodus wallet (exodus.io) because it seen have beautiful UX/UI
but the problem here is that is not open source and managed so i want to know how safe this wallet ??
plz give me your advise on this wallet by answering this question :
1. how safe this wallet ?
2. am i really in control of my bitcoins or other coins ?
3. is the privay keys stored in their server (because this wallet is managed) ?

Thanks

[1714166038]

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[TryNinja]

1. how safe this wallet ?

It’s closed source so we can’t assure it’s as safe as it should be. I personally wouldn’t use them or at least wouldn’t keep too much money in there. But they aren’t just an unknown random wallet, so I would say they are in the middle. Not the best option but also not a shit option.

2. am i really in control of my bitcoins or other coins ?

Yes. You have access to the seed and private keys. However, exporting them isn’t as easy as other wallets because they want it to be as newbie-friendly as possible. And dealing with keys isn’t very newbie-friendly.


See: https://support.exodus.io/article/86-how-can-i-view-my-private-keys

3. is the privay keys not stored in their server (because this wallet is managed) ?

No.

[Polina_21]

1. how safe this wallet ?

Exodus wallet is a software wallet where you store your coins on your computer. Exodus is offering 2 ways of recovering your wallets if the wallets are stolen or lost.

• The first is, they will give 12-word Passphrase when you create an account. You need to store that safely as a backup to recover your coins if the computer breaks and you are not able to access your cryptocurrency.

• The second is the email restore option. You will be sent an email with a backup link attached when you create an account. By clicking on this link, you can restore your account.

* But the above features do not protect your coins from hackers and malware.

Read here to know more - https://www.bitdegree.org/tutorials/exodus-wallet-review/#Exodus_Wallet_Review_Is_Exodus_Safe_to_Use

2. am i really in control of my bitcoins or other coins ?

Yes, you will have control on your coins as the encrypted private key is stored on your computer. It will be accessible only to you.

3. is the privay keys stored in their server (because this wallet is managed) ?

No, it will be stored on your computer and you will have full control over it. It will not be stored in the cloud(server).

Read this article to know more - https://support.exodus.io/article/46-where-are-my-private-keys-stored


Note: Finally, it is up to you to choose the best wallet you want. Please do some research before creating any wallet.

[Pmalek]

Hello bitcoiners !
I want use exodus wallet (exodus.io) because it seen have beautiful UX/UI

Please don't make a beautiful design the reason why you would chose one wallet over another. That shouldn't be a priority. I have had no experience with Exodus but I would never consider using it because it looks good. Go for usability and proven safety of funds rather than looks.
A poisoned apple can also look good.

[dkbit98]

Hello bitcoiners !
I want use exodus wallet (exodus.io) because it seen have beautiful UX/UI
but the problem here is that is not open source and managed so i want to know how safe this wallet ??
plz give me your advise on this wallet by answering this question :
1. how safe this wallet ?
2. am i really in control of my bitcoins or other coins ?
3. is the privay keys stored in their server (because this wallet is managed) ?

Thanks

Exodus has higher fees compared to other wallets.

You have your private keys and your coins, and it is not stored in server.

If you are using it only for Bitcoin, it is best to switch to Electrum wallet.

As an alternative Coinomi is a nice wallet, that was once Open source.

[Negotiation]

Hello bitcoiners !
I want use exodus wallet (exodus.io) because it seen have beautiful UX/UI

Please don't make a beautiful design the reason why you would chose one wallet over another. That shouldn't be a priority. I have had no experience with Exodus but I would never consider using it because it looks good. Go for usability and proven safety of funds rather than looks.
A poisoned apple can also look good.

Agreed only UX/UI designed probable depend not be safe predominantly developing lake coding app and site Insert something else easier tools script  All of these reasons can lead to many problems though make things a lot easier Better not use anything made by someone else.

[hugeblack]

Exodus's wallet was fairly good because it offered for beginners an easy way to receive coins/tokens but it became very bad for the following reasons:

 - Sync problems: Lots of non-sync problems especially if your country has conversion problems using ShapeShift.
 - High fees: ShapeShift use higher fees than average and the wallet tends to pay higher fees.
 - Weak Protection: Do not provide layers of wallet protection as any simple virus of your computer will put your money at risk.

Personally I stopped using them due to sync problems.

[MATHReX]

Well, I am been using Exodus wallet for more than two years now.
I don't keep many cryptos in them as I have cold storage (Ledger Nano S) for the long term and secure storage option.
It does work pretty well and I am quite happy with it.
I would suggest it but not for huge amount of funds.
It works well as a hot wallet.

[Raja_MBZ]

- Sync problems: Lots of non-sync problems especially if your country has conversion problems using ShapeShift.
 - High fees: ShapeShift use higher fees than average and the wallet tends to pay higher fees.

Exodus has higher fees compared to other wallets.

May I ask that which "fee" you two are referring to? The OP wants to only store coins in the wallet, and sending coin fee ain't very much TBH. Yesterday, I used it for sending some BTC, and the transaction fee was only about ~0.00004 BTC (way less than a buck).

However, in the case of "exchanging" or "trading" your coins, Exodus charges about 2% to 4% of the total amount, which is quite a lot. Using the software only as a wallet (like in the case of OP) doesn't require any big fee. Moreover, Exodus only generates the profit through this "exchange" feature, and for all the work which they do (like lightning-fast support at Slack and frequent GUI/operational updates), I guess it's still pretty reasonable.

[TryNinja]

May I ask that which "fee" you two are referring to? The OP wants to only store coins in the wallet, and sending coin fee ain't very much TBH. Yesterday, I used it for sending some BTC, and the transaction fee was only about ~0.00004 BTC (way less than a buck).

Probably because they don't allow to customize fees and if the mempool is even a little bit full, they will make you overpay a lot (and there is nothing you can do other than using a different wallet).

[dkbit98]

Probably because they don't allow to customize fees and if the mempool is even a little bit full, they will make you overpay a lot (and there is nothing you can do other than using a different wallet).

Correct. No way to adjust fee.
I used it before few times and it charges highest fees compared to any other wallet I used.

[JeotQ]

Honestly i don't see any thing wrong with exodus wallet since you are been given your private key or recovery seed when you opened the wallet,but if you are fine with the auto transaction fee which is not adjustable then no problem,just keep your private key safe

[akram143]

Couple of days before I read a thread on reddit which is about coinomi vs exodus and most of the people replied Coinomi is the best because people often faces lags while using exodus.

If OP you are only want to store bitcoin then go with electrum which is available on desktop as well as for android.

[bob123]

Exodus is one of the worst wallets available, together with jaxx.

Besides it being closed source which means you can't know what it is doing and how it is doing it, there is a severe vulnerability which allows anyone with access to your computer to extract the seed.
The developer refuse to fix it because 'your computer has to be secure in order to use a desktop wallet' - which is an extremely worrying statement from developers.

The seed is not secured at all. It is stored in plain text. It takes roughly 1 minute to extract it.
I'd recommend to use a better wallet (e.g. electrum), where an attacker can not simply extract the seed with 1 minute access to your computer (the wallet file can be stored encrypted, not accessible without the password).

[mk4]

Just like what bob123 said, the security of that wallet is worse compared to the alternatives. I'd definitely suggest something else, but if you really like the UI/UX of Exodus, definitely only hold a very small amount using it. Heck, I wouldn't hold more than $50.

As always, if you have a good chunk of money that you're going to hold, grab a reputable hardware wallet[1][2] if you're not knowledgeable enough to create an air-gapped device.

[1] https://ledger.com/
[2] https://trezor.io/

[1miau]

If you want to use Exodus only for Bitcoin, you can also use Electrum. As a beginner it's basically almost as easy to use as Exodus (and there are tons of guides about Electrum if you Google them or even their website explains everything very well: http://docs.electrum.org/en/latest/)

And if you gain more experience you can use all of the different settings for advanced users. But even the default settings are already much better than Exodus.

Exodus is only a reasonable choice if you want to move some random shitcoins from an exchange to your own wallet. The number of supported shitcoins is very high and it's better to store them in Exodus than on random shitcoin exchanges. I'm using it for small amounts of ETH and never had problems, but make sure to avoid storing high amounts in Exodus, even if they are shitcoins.

[karsyla]

which multi-wallet would you suggest then? I have been using exodus for two years now kinda passively, and did not have any issues except for those high fees.

[TryNinja]

which multi-wallet would you suggest then? I have been using exodus for two years now kinda passively, and did not have any issues except for those high fees.

For BTC, I recommend that you use a BTC-only wallet like Electrum. For other coins which have no issues with high fees, you can keep using Exodus. The other wallet which supports a lot of coins and seems good (I still didn't use it tho) is Guarda. It's non-custodial so I would call it a possible option.

[joniboini]

which multi-wallet would you suggest then? I have been using exodus for two years now kinda passively, and did not have any issues except for those high fees.

Might as well consider HW wallet like Ledger or Trezor that supports a lot of tokens/coins.

[The Sceptical Chymist]

which multi-wallet would you suggest then? I have been using exodus for two years now kinda passively, and did not have any issues except for those high fees.

How about Coinomi?  I used to use that wallet on my smartphone and I just recently downloaded it for my PC, even though I don't have a lot of altcoins.  As far as I know it's secure--I never had issues on my phone and don't expect to on my computer, nor have I heard about any security problems with Coinomi. 

I tried Exodus some months back and was not impressed at all.  It was ugly and I just didn't like it and I uninstalled it shortly after trying it.

Might as well consider HW wallet like Ledger or Trezor that supports a lot of tokens/coins.

If OP is willing to spend some money, this is what I'd recommend as well.  I never used a Trezor, but I really like my Ledger.  A lot, actually.  It's a device I keep fiddling with like it was a phone, and I even bought a little case for it.  The Trezor is just as secure, but I don't like its aesthetics, it's look.  I'm finicky like that.