How safe is Exodus Wallet ? [Help me plz]

HCP

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Quote from: karsyla on February 11, 2020, 09:00:54 AM

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

Define "better"? Huh

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.

OmegaStarScream

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Quote from: karsyla on February 11, 2020, 09:00:54 AM

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.

karsyla

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

HCP

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Quote from: karsyla on November 16, 2019, 07:46:30 AM

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

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Quote from: HCP on November 15, 2019, 01:30:57 AM

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?

TryNinja

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Quote from: HCP on November 15, 2019, 04:48:46 PM

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.

HCP

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Quote from: Teahouse_vid on November 15, 2019, 12:34:44 PM

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? Huh

Teahouse_vid

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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

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Quote from: karsyla on November 13, 2019, 07:14:56 AM

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. Roll Eyes

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.

TryNinja

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Quote from: karsyla on November 13, 2019, 03:46:05 PM

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...

Quote from: TryNinja on August 30, 2019, 06:43:31 PM

-snip-

Quote

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-

karsyla

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Quote from: TryNinja on November 13, 2019, 02:36:20 PM

Quote from: karsyla on November 13, 2019, 02:19:45 PM

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

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Quote from: karsyla on November 13, 2019, 02:19:45 PM

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

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Quote from: ?? on ??

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?

karsyla

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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?

OmegaStarScream

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Quote from: hulla on November 13, 2019, 04:57:51 AM

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.

hulla

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Quote from: ?? on ??

Quote from: karsyla on November 12, 2019, 07:17:32 PM

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?

Pmalek

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Quote from: The Sceptical Chymist on November 12, 2019, 11:31:30 PM

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://bitcointalksearch.org/topic/warning-coinomi-wallet-critical-vulnerability-made-me-lose-my-life-savings-5114708
https://bitcointalksearch.org/topic/coinomi-wallet-sends-your-plain-text-seed-phrase-to-google-5114778

posi

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Quote from: The Sceptical Chymist on November 12, 2019, 11:31:30 PM

Quote from: karsyla on November 12, 2019, 07:17:32 PM

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

The Sceptical Chymist

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Quote from: karsyla on November 12, 2019, 07:17:32 PM

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.

Quote from: joniboini on November 12, 2019, 11:18:16 PM

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.

joniboini

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Quote from: karsyla on November 12, 2019, 07:17:32 PM

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.

TryNinja

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Quote from: karsyla on November 12, 2019, 07:17:32 PM

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.

karsyla

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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.

1miau

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Currently not much available - see my websitelink

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.

mk4

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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/

bob123

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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).

akram143

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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.

JeotQ

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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

dkbit98

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Quote from: TryNinja on August 31, 2019, 04:24:42 PM

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.

TryNinja

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Quote from: Raja_MBZ on August 31, 2019, 04:06:52 PM

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).

Raja_MBZ

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Quote from: hugeblack on August 31, 2019, 07:49:48 AM

- 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.

Quote from: dkbit98 on August 31, 2019, 03:31:22 AM

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.

MATHReX

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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.

hugeblack

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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.

Negotiation

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Quote from: Pmalek on August 31, 2019, 03:11:24 AM

Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

dkbit98

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Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

Pmalek

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Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

Polina_21

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Quote from: d_nova on August 30, 2019, 06:35:05 PM

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

Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

TryNinja

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Quote from: d_nova on August 30, 2019, 06:35:05 PM

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.

Quote

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

Quote

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

No.

d_nova

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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

Topic: How safe is Exodus Wallet ? [Help me plz] (Read 542 times)