How safe is Exodus Wallet ? [Help me plz]

[posi]

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.

Coinomi was a good wallet before its PC version was said to have vulnerability issue and I won't suggest the use of it
@karsyla, the best option you have is using electrum Segwit wallet version for transaction or getting a $59 Ledger hardware wallet which accept various coin and I will advise you to use two-factor authentication for your exodus

[1715597647]

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[Pmalek]

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. 

There were security issues with the Coinomi wallet in the past. If I am correct the issue is present only in the desktop version, not in the mobile applications.
The desktop client spellchecks your seed words via Google. One user claimed he used a lot of money this way.

Take a look at these threads:
https://bitcointalk.org/index.php?topic=5114708.0
https://bitcointalk.org/index.php?topic=5114778.0

[hulla]

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.

If you're looking for opinion, then check best multi coin wallet ?.
You should've seen it before you open this thread.

But personally i'd recommend HODLER wallet (https://hodler.tech/) because it's open source and AFAIK have good reputation.

I'm not much a tech person. But the last time I checked open-source of a project doesn't mean the project is totally secure but for public review and this project was created last year. Don't you think its too early to recommend such wallet to people?

[OmegaStarScream]

I'm not much a tech person. But the last time I checked open-source of a project doesn't mean the project is totally secure but for public review and this project was created last year. Don't you think its too early to recommend such wallet to people?

I doubt anyone is creating wallets from scratch anymore, especially with all the existing open-source projects out there, meaning that whatever code has been used on this, it might have been used and reviewed elsewhere as well.

Also, how insecure/vulnerable can the wallet be? knowing that unlike Coinomi, the suggested wallet stores everything locally and don't send anything to their servers.

[karsyla]

Thank you for your answers guys!

Most of you recommend HW wallet which I completely agree with. I already have one - Ledger Nano S. The thing is, to me ledger is so inconvenient to use it's crazy. It's alright to hold assets, but if you transact a lot and different currencies it's not that comfortable at all - it does not even have enough space for crypto apps to download to ledger.

Now exodus is not completely open-source, while the team claims that most of it is open-source it's just the interface that is kept private for trying to prevent others from copying it, which is alright we don't care about the design code, do we? Now, let's say exodus program collapses on my desktop - how can I retrieve the coins?

[karsyla]

I'd still recommend open-source wallet over closed-source wallet, unless it gives you full control over you coin and have reputation at least as good as Coinomi.

Exodus falls back under this category, does it not?

[TryNinja]

Exodus falls back under this category, does it not?

If you mean the closed-source wallet category, then yes. Exodus isn’t open source.

[karsyla]

Exodus falls back under this category, does it not?

If you mean the closed-source wallet category, then yes. Exodus isn’t open source.

No, I mean that you have full control over you coins, because the keys are generated from a seed and is stored on your device

[TryNinja]

No, I mean that you have full control over you coins, because the keys are generated from a seed and is stored on your device

You do. I say this in the first post of this thread...

-snip-

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

-snip-

[HCP]

Now, let's say exodus program collapses on my desktop - how can I retrieve the coins?

As explained above, Exodus supports exporting of keys... but it also provides a BIP39 compatible seed mnemonic (aka "Recovery Phrase"). I've never been able to test it, because Exodus refuses to let you actually access the backup "recovery phrase" (and therefore test the backup) until you have deposited coins into the wallet.

So, as long as you have the 12 word "recovery phrase"... you can restore your wallet to another BIP39 compatible wallet should Exodus no longer work.

[Teahouse_vid]

Hey there, this is Kris from Exodus. Happy to help answer any questions regarding the wallet and the earlier posters are correct. We are not 100% open source so if that's the #1 concern for a wallet then Exodus is not the best choice for your needs.

Regarding the display of the backup phrase, we've recently changed this to where you can backup the wallet before you have funds in it. This applies to Desktop and Mobile. This will make testing your seed phrase easier. I can go into the history of why we used to do it differently but I imagine the most important question has been answered. Did that help in any way?

[HCP]

Regarding the display of the backup phrase, we've recently changed this to where you can backup the wallet before you have funds in it. This applies to Desktop and Mobile. This will make testing your seed phrase easier. I can go into the history of why we used to do it differently but I imagine the most important question has been answered. Did that help in any way?

In a word... Yes.

That was basically one of the core reasons why I would not recommend Exodus to anyone. I'd be more inclined to recommend it now... Are users able to specify fees now as well? Or is that all still handled automagically based on network conditions?

[TryNinja]

Are users able to specify fees now as well?

No. Apparently they still decide that for you. However, I made the backup of a wallet I just generated (without having to send any coins) and it works on Electrum with the BIP39 seed option. So you can use it to hold your other coins with cool UI, and use Electrum for BTC payments.

[karsyla]

So, as long as you have the 12 word "recovery phrase"... you can restore your wallet to another BIP39 compatible wallet should Exodus no longer work.

wow, that's nice, did not know that before. I thought those mnemonic phrases are unique to that specific wallet, but this is not the case right?

If I have bitcoin on exodus, I can use the mnemonic phrase on electrum and electrum will retrieve that amount of BTC?

[HCP]

wow, that's nice, did not know that before. I thought those mnemonic phrases are unique to that specific wallet, but this is not the case right?

If I have bitcoin on exodus, I can use the mnemonic phrase on electrum and electrum will retrieve that amount of BTC?

Essentially that is correct... but you need to be aware that Electrum is somewhat of a "special" case... Electrum, by default, is NOT BIP39 compatible... While it uses the BIP39 wordlist to generate it's seed mnemonics, they are NOT BIP39 compatible.

However, Electrum can *import* a BIP39 seed... on the seed entry screen, you click "Options" button:



You then select the "BIP39 Seed" option:



And make sure that you read the warning:



Note also that Electrum will NOT store a BIP39 seed in the wallet file (unlike a native Electrum seed), so you cannot recover a BIP39 seed from a restored BIP39 wallet file ("Wallet -> Seed" option will be greyed out).

[karsyla]

alright, has there appeared better alternatives to Exodus? Because I cannot really find anything better than this one

[OmegaStarScream]

alright, has there appeared better alternatives to Exodus? Because I cannot really find anything better than this one

You have Atomicwallet. it supports over 300 cryptos and It's not that much different from Exodus, especially when it comes to UI. There has been a serious accusation against them being linked to other scam companies in the past, but aside from that, I haven't seen many users complaining about it.

Or there is also Coinomi, but I would only consider it as a better alternative for the mobile version because even though they do have a desktop wallet, it's not as good as Exodus.

[HCP]

alright, has there appeared better alternatives to Exodus? Because I cannot really find anything better than this one

Define "better"? What are your specific requirements for a wallet, such that you would consider using it an alternative?

Open Source?
Custom fee adjustment?
Multi-currency required?
Fancy UI?
Desktop/Mobile?

Without knowing what you actually want, it's difficult to recommend anything.