Of all the desktops, the Exodus wallet is by far the most appealing, easy to use and the most beautifully presented.
It supports in excess of 100 cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC),
Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), Cardano (ADA) Chainlink (LINK) and the list goes on. In effect, it accommodates altcoins, tokens and coins that reside on other blockchains, all under one roof.
What is great about Exodus is the wallet will generate the appropriate crypto address for each of your cryptocurrencies, without you having to create them yourself. You are able to manage your own keys as they are stored on your device. Exodus is very easy to use and you have the option of customising it to your liking.
Do note that the first time you use your Exodus wallet, you will need to send a very small test amount to activate the wallet before it will allow you to send larger amounts. This is however good practice for any new wallet that you create.
The wallet will have already been preloaded with many of the assets outlined above including many more. There is also the option to add more altcoins and tokens if you so wish. For instance, the Exodus wallet can accommodate some Ethereum ERC20 tokens.
You start by selecting from a list, the assets you would like to make up your wallet by ticking them. Once you are done, just click on each asset and the page will refresh to give you the options of ‘Send' or 'Receive'.
Send Your Crypto To The Correct Wallet Address
All cryptocurrencies, altoins, tokens and coins, will each have their own unique wallet address. If you send your crypto to the wrong wallet address, you will lose it. Remember, Bitcoin (BTC) for instance does not live with his little brother Bitcoin Cash (BCH). This is a frequent mistake made by newbie crypto investors who confuse the two.
Both Bitcoin and Bitcoin Cash are completely different and separate. Always remember to double-check, triple-check the address of each altcoin or token and that it is the correct address to which you are sending/receiving. If you mistakingly send your crypto to the wrong wallet you will lose it!
The send tab is used when you want to make a transfer to someone or to fund a wallet you have on a crypto exchange.
You will see an address field for you to input the wallet address of the person (or this could be your exchange wallet address) you want to send crypto to. In the 'Amount' field, simply enter the amount you want to send, for example, 0.5 ether or 0.01 btc, or 100 XRP, you do not need to enter the crypto asset you want to send, this is already taken care of.
Once you click on send, you will be asked to confirm that you do in fact want to make that cryptocurrency transaction. Double-check the amount, that the wallet address you are sending to is correct and that you are sending to the appropriate wallet, then click submit. That's it, you will receive confirmation that your crypto has been sent.
Here is an example of how the 'Receive' tab works: You have bought some Ether at one of the exchanges such as Cex.io or Binance. The ETH is currently in your exchange wallet address but you now want to move it to Exodus. However, if this is the first time you are funding your Exodus wallet, you will want to send a small ‘test’ amount first, just to be sure all is well and your wallet is working appropriately.
In your Exodus wallet, click on the Ethereum asset on the home page, then click on the 'Receive' tab. The page will refresh to show you your Ethereum wallet address, copy to clipboard.
Head over to the crypto exchange where you bought your Ether and navigate to your account holdings. Against your Ether, you will have the option to 'Withdraw', click to withdraw then paste in the address field, your Ethereum address you copied from your Exodus wallet.
Next, Enter the amount of ether you want to withdraw, which in this example is 0.5, however, as you want to send a test amount first, you could make it 0.01 or, the very least amount it will allow you to send for example. Please note that you will have to pay a gas fee to send all Ethereum-related assets so, if you have 0.05 Ether, expect a small amount to be taken for gas. Next, click to send.
You will be asked to verify that it is you accessing your account so, check your email or your phone to get the verification code sent by the exchange, which you paste into the box provided.
Once you press submit, you will then receive confirmation that your funds are being sent once the page refreshes. You can then head back over to your Exodus wallet to check that your Ether has arrived. Be warned though, Eth transactions are sloooow at times, especially if you choose the lower level gas fee.
Your Ether balance will change to show your funds have arrived, however, it will be minus the gas fees you have to pay for all Ethereum transactions, which the exchange will have deducted before sending your ETH. It can take a bit of time to come through so be patient. Always ensure you have sufficient funds to pay for gas.
Staking In Exodus Wallet
You can also stake some of your cryptocurrencies directly within exodus to earn interest on your holdings. You can do this simply by clicking on any asset that is highlighted as being able to stake with an APY showing next to it, then input the amount you wish to stake.
Staking is an excellent way of increasing your crypto holdings as rewards are paid in the same token you stake. Another good feature is that your staked cryptocurrencies remains in your Exodus wallet, meaning, you maintain control of your private keys.
You cannot use the staked crypto funds while you have them staked, you need to un-stake them first. To do this, simply click on the asset and then click the staking icon and unstake. Your tokens or altcoins are now un-staked and you can use them as you wish.
While desktop wallets are not as secure as hardware wallets, they are nevertheless better than web wallet and they are free to download and use. Exodus is by far the most secure of these types of wallets.
Additional security can be achieved by observing some basic Internet security and implementing some enhanced privacy and safety measures on your computer. You will find further information on exactly how to further enhance your wallet security in Exodus.
Connecting a hardware wallet such as a Trezor on which to store your private keys is an extra security step. The Trezor hardware wallet is compatible with Exodus, unlike the Ledger Nano S. The combination of a Trezor with your Exodus wallet will give you all the security you will need to keep your cryptos safe.
Bitcoin Wallet
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