This Step-By-Step Guide to the Exodus Wallet shows how to set up, back up, and use the Exodus wallet for securely managing your cryptocurrency portfolio. The Exodus wallet is a desktop wallet that supports almost 30 cryptocurrencies. It is one of our favorite desktop wallets because it has a beautiful user interface that is simple, reliable, and fast. Let’s get started!
The first step is to download Exodus to your Windows, Mac, or Linux system. Visit the Exodus website. Select Download from the upper right for your operating system. Open the Exodus installation file to install Exodus.
The first time you open Exodus you will see a message to “Get started by sending assets to your wallet.” The process to create your Exodus account is to deposit assets to your Exodus wallet and then go through the backup steps to create a password, create a 12 word backup phrase, and identify a backup email account. We recommend depositing a small amount of cryptocurrency to create your Exodus account.
The first step to get started is to deposit assets to your wallet. You can deposit assets into Exodus from the Wallet section Choose the cryptocurrency that you wish to deposit from the left side and then select Receive. For example, below we chose ethereum. You must make one deposit to create your Exodus account.
Exodus will display the cryptocurrency deposit address when you select Receive from the wallet. Press the copy button to copy the cryptocurrency deposit address. Then go to the exchange or other wallet that will send cryptocurrency to Exodus.
Paste the cryptocurrency deposit address from Exodus into the destination, transfer, or withdrawal address on the exchange or wallet that is sending cryptocurrency to Exodus. In this step-by-step guide we pasted the ethereum address from Exodus into the destination address on the Gemini exchange. Then we pressed review withdrawal and sent a small amount of ethereum from Gemini to our Exodus wallet.
Exodus will make a satisfying “cha-ching” sound each time it receives a deposit and then display that deposit in your wallet. For example, Exodus almost immediately displayed our ethereum deposit in the ethereum wallet on Exodus. After Exodus receives your first deposit, choose Backup to continue creating your Exodus account.
From the Backup section, enter and confirm a strong password to proceed with creating your account.
There are two ways to regain access to your Exodus wallet. The first way is a recovery phrase that Exodus provides in step 3 of the backup process. Write or print the recovery phrase and store in a safe place. Do not store your recovery phrase on any electronic device.
The second way to regain access to your Exodus wallet is a backup link. You click the backup link and enter your password to regain access to your Exodus wallet after, for example, installing Exodus on a different computer.
Your Exodus account is setup after the first deposit and the backup process. Click the Portfolio section at any time to see a summary of your cryptocurrency holdings in the Exodus wallet. Let’s cover a couple other important features: exchanging cryptocurrencies, withdrawals, choosing assets to display, and exporting keys.
Exodus allows you to exchange many of the cryptocurrencies that it supports via Shapeshift. Go to the Exchange section. Choose the cryptocurrency you want to exchange, enter the amount you want to exchange, and choose the cryptocurrency you want to receive. In the below example we chose to exchange all of our Ethereum for Ox (XRX).
Exodus is a convenient way to exchange cryptocurrencies, but it’s also an expensive way to exchange cryptocurrencies. The Exodus team is upfront that Exodus prioritizes speed and reliability over low fees. Exodus even recommends that you use a different wallet if you want to manually set lower fees. We greatly appreciate that the Exodus team is transparent and upfront that its incredible user experience comes at the expense of higher fees. However, that means Exodus is not a good way to regularly trade cryptocurrencies,, especially at smaller amounts. For example, you can see below that it cost us almost $13 to trade a small amount of ethereum into bitcoin. Note: We created this guide at a time when bitcoin fees were very high, but bitcoin transaction fees are now way lower.
There will come times when you want to send cryptocurrency from Exodus to exchanges or other wallets. To do so, navigate to the Wallets section and the cryptocurrency you want to withdraw. Then enter the withdrawal address and amount you want to withdraw. Check closely the network fee for the withdrawal to ensure you understand the transaction costs. Select send to complete the withdrawal.
You may want to display only certain assets in Exodus. To do so, navigate to Settings –> Assets to show and hide various assets. Exodus helpfully includes a brief description and links for each asset.
Many users may notice that the default setup in Exodus does not include several features supported by other cryptocurrency wallets. Exodus chooses to hide these features to avoid confusing new cryptocurrency users and to maintain the focus on simplicity. However, you can access these advanced features from the developer menu. Press control + shift + d to bring up the developer menu.
The most useful advanced features are located under Developer–> Assets. Here, you can export your addresses, export your private keys, export your transactions, and move funds from a paper wallet into Exodus. The export private keys function will create an un-encrypted plain text file with your private keys. While there are certainly reasons to export your private keys in some situations, exporting your private keys does entail significant risk. Take extreme caution in exporting private keys to maintain the confidentiality of those private keys. Never store your private keys in plain text on an electronic device. Anyone who sees these private keys will have complete control of your cryptocurrency.
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