Exodus Wallet - Secure Backup?

[Chris180BTC]

Hi.

Sorry if this seems a little odd, but I'm a bit old school. I was into crypto from around 2010 to around 2014, and have just dabbled with it here and there since then.

All I really know about crypto storage is downloading the official wallet and backing up the wallet.dat file.

A lot of coins I see don't operate in this way any more. I just downloaded the Exodus wallet which allows you to store many coins all in one wallet. It sounds like a great idea, however, I am unsure regarding the security around it. How exactly do I back any of these coins up that I mine/buy on exchanges and send to the Exodus wallet? I set up a password within the software, and backed up the 12 words it gives you for recovery, but what if the company goes bust, which lets face it is very likely in this game. How would I actually physically back up my various crypto assets? I've tried to find a answer online but can't find one. Thanks.

[zasad@]

Remember the famous phrase:
Not your keys, not your coins(C)
You can use official wallets and have a seed phrase or private key, but this is not convenient.
I advise you to buy a ledger or trezor hardware wallet.
These wallets are compatible with many wallets and applications, and even if these companies disappear from the market or go bankrupt, you can always use many other softwares.

[tabas]

I don't think that Exodus will be coming to its out of service just as you are thinking. I can't think of a reason why they'll go out of business for now. We're in the bull run and this benefits them but as long as you have the backup, you can always gain access through it with another respective wallet. Like if you have BTC on exodus, you can still import your private keys into electrum to access your BTC and that can be the same as the other coins that they support.

[judeafante]

Exodus is a legit company and they are unlikely to scam people not this time when the market is doing great in the market, I am using Exodus wallet and you have an option to back up your wallet pass phrase and private key, if ever they are going to close they will do an announcement because they are regulated.

[bittick]

The only answer if you must have started to download the official wallet and then you can create the wallet that will let you get the privatekey. I have been using exodus for years and never encounter any problem but if you are feeling doubt about that and you can find another good choice.

[D-Day_68]

If Exodus as a company dies (HIGHLY unlikely at this point), the Exodus app will still open on your computer. The exchange feature won't work, obviously. Some assets won't be able to send due to our servers being down (some will fallback to public servers and still work). For those assets that don't work, you can either import your Exodus 12 words into a compatible wallet to claim them, or export private keys from your Exodus app and import each private key one-by-one into a wallet for that asset.

[Ryushin]

Recovery seeds or private keys can be inserted into other wallets if exodus wallet stop working, it's not exodus business anymore as far as you get your recovery seed in hand, just download other wallet like Enjin wallet and import the same key and your coins will be revealed

[aemma]

Always download your wallet applications, softwares or files from the right website, that's the first step in getting secured. Once that is done, then create a wallet and most importantly keep your backup details securely, that is the 12 words you wrote down, therefore in as much as the 12 words are safe you have nothing to worry about and even if the team decides to shut down their platform, you can easily import your wallet to other wallet applications and recover your assets, therefore in simpler words, your 12 words or commonly called mnemonic phrases gives you the right to control your assets the way you want.
I don't think there is any particular way to back up your assets separately, that is, in as much as you created a wallet, got the 12 words and got the wallet address from various assets like ETH, BTC and so on, they all will be contained within that particular wallet, therefore once imported in another wallet all will be accessed easily.

[btc_angela]

Also take note that Exodus is not a pure open source client software:

Is Exodus open source?

Although Exodus is built on many open source components, there are components of Exodus that are not open source.

Exodus publishes the open source work used in the Exodus wallet on Github under the official company name "Exodus Movement". Individuals can view the source code, history, and continually published updates by visiting https://github.com/exodusmovement.
Why isn't Exodus open source?

Exodus as a company has put a lot of time and work into producing our designs, animations and overall user experience and want to continue doing so for a very long time to offer the best user experience for holding crypto assets. Open-sourcing all aspects of the product including the design and user interface elements make it very easy for others to copy the work or even worse for hackers to make fake, malicious, phishing versions of Exodus to try to pass them off as official downloads with the goal of stealing individual's funds.

https://support.exodus.io/article/89-is-exodus-open-source#

So the OP's fear I would say is legit, although others are vouching that Exodus could be trusted, but still if the produce is not 100% open source then there is a big possibility that it could suspend or even confiscate your funds, others call it selective scamming.

[doomloop]

From what I have understood about that Exodus wallet, you’re fully in control of your funds and I think as long as you have the twelve words or seed (whatever you may call it) you will be able to load your coins using another software.

The company Exodus doesn’t have anything to do with your funds, and you’re completely in control of it all, same way if you lose it they cannot do anything about it because you’re the one who is in control. It is a recommended wallet and I make use of it for years. But don’t make use of one wallet, it’s more better to store on different wallets as per veterans of this community; yes it is a kind of decentralizing the risks.