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Exodus — unlike Freeway, which is a rewards platform, and Okcoin, which is an exchange that offers rewards — is a wallet. That means that it resides as an app on your computer.
This hot wallet (or software wallet) gives you control over your crypto assets. You, and only you, are responsible for protecting your assets.
If you forget your passwords, and you misplace your 12-word seed phrase, you’ll lose your assets forever.
If you don’t protect your seed phrase and someone else gets hold of those 12 words, he can steal all of your coins and tokens.
So it’s up to you to protect your crypto!
Even though Exodus is a hot wallet, it’s possible to connect it to the Trezor cold wallet (a hardware wallet aka a physical device) that you then store in a secure place. This lets you keep your assets offline, away from the reach of hackers.
The Exodus wallet doesn’t provide rewards the same way that rewards platforms do. It doesn’t technically offer rewards at all. It simply connects an asset in your wallet to a staking opportunity for that asset.
For example, xodus connects to the Tezos ecosystem, which is a Proof of Stake system where people put their tokens “at stake” to protect the blockchain from malfeasance. Since there’s a risk involved with this, the stakers are rewarded with Tezos tokens.
What many people like about Exodus is that, for staking, they don’t need to have several different wallets, one for each staked asset. They can manage everything from the one app.
Note, however, that the convenience only extends to seven tokens, since only those seven can be staked on Exodus at this time.
If you’re using a computer, the process begins on the Exodus website. There’s a video you can watch. However, it’s out of date, so some of what you see in the video is no longer part of the current Exodus wallet.
If you’re ready to install the Exodus wallet, click on the purple Get Exodus Now button next to the button to watch the video.
On the next page, click on the purple Download Exodus [version number], where [version number] is whatever the current version is.
Exodus updates the wallet regularly, telling you at the bottom of that section when the next update release will occur.
Select the download option relevant to your computer’s operating system (Windows, Mac, or Linux).
If you have a new Mac computer using the M1 chip, don’t click on the purple button. Click on the M1 Have a New M1 Mac? button instead. On the next page, click on the red Download Exodus for M1 button.
If you prefer to use the mobile version of the Exodus wallet, you’ll find it on the Apple App Store or on Google Play.
Navigate to where the file was downloaded and double-click on it to begin installing the app. Drag or install the app in your Applications folder.
In your Applications folder, double-click on Exodus to open the app. This is what you’ll see.
The first thing to do is click on the gear icon in the top right of the wallet. You’ll now see this.
Click on Backup. On the next screen, create a unique password. Create a unique password that you haven’t used for any other apps or web logins.
When you’re done, click the Next button.
On the next screen, type in the password you just entered. Exodus wants to train you.
When you’ve entered it, click the Next button.
On the next screen, you’ll record the 12 words that make up your recovery phrase (also known as the seed phrase). Hover over the number 1 and you’ll see the first word appear.
Write it down on a piece of paper. Do not type it out unless you plan to print out the final doc, then delete the doc you just created.
Once you have all 12 words recorded, click the Next button.
It’s essential that you record all 12 words, and store the paper doc in a secure place, like a fireproof safe. Why? Because if you ever forget your password, you’ll need it to restore access to your assets.
Or, if you lose your computer and have to install the app again, those 12 words are the only way to get back to the assets you have stored in the wallet.
On the next screen, pick which of the four words you see is one of the 12 in your recovery phrase. Click on the Finish button to confirm and complete the Backup process.
Now click on Security at the top of the screen. You’ll see an option to Auto-Lock. Click on the word Never and select an amount of time. The wallet will lock after that amount of time.
Click on Personalize to set your currency (USD is the default). If you want to manage crypto for yourself and others (e.g., your spouse) you can create a portfolio for each person.
Click on the circle to the right of the Portfolios option to turn on that option. The word Portfolios will appear with the other Settings options at the top of the screen.
Check out each wallet layout (regular and Advanced Wallet Mode) and decide which you prefer.
I recommend that you turn on Auto-update, so that you always have the most secure version of the wallet app.
You can also customize your wallet by selecting a color scheme, or a texture, or a skin (you can’t combine them). You can also turn on sounds that will indicate when you’re sending, receiving or exchanging funds.
If you plan to use the mobile app as well, you can sync between your computer and your phone. Click on Devices at the top, then on Sync.
And if you own a Trezor hardware wallet, this is where you’ll come to connect your Exodus wallet to the device.
Click on Apps to see the various apps inside Exodus that you can add to the wallet. You’ll want to install Rewards, at a minimum. If you want to trade from the wallet, you can do that by installing the FTX Exchange app.
Compound Finance is another way to earn inside Exodus. The DAI token is a decentralized stablecoin (it’s not controlled by any central organization). It’s also over-collateralized, which means there no risk in holding it.
If you’re interested in holding and earning DAI, install the Compound Finance app.
If you like to gamble, and want to gamble your crypto, you can do that with the SportX app. I have better things to do with my crypto, and since you’re here on this site, I hope you do too.
Finally, click on Assets. This is where you’ll select the coins and tokens you plan to hold in the wallet. Click on the faint circle just to the left of an asset’s name to add it to your wallet. Assets are listed alphabetically A-Z.
You’ll see a checkmark appear on each circle you clicked on. Note that some are “on” by default, such as Binance Coin (BNB) and Bitcoin Cash (BCH). You can uncheck any of the defaults you don’t want.
When you’re done, click on the stylized X in the top left corner of the screen. This always takes you back to the home screen. It will now have the apps you just added along the top of the wallet.
The screenshot above shows the newly added Compound Finance, FTX Exchange, and Rewards icons. (Rewards is the one with the + inside the hexagon.)
Now you’re ready to make your first deposit to your Exodus wallet.
Click on Make Your First Deposit (the purple text on the left in the screenshot above) to begin.
You’ll now be in the Wallet app, indicated by the blue line under the wallet icon in the screenshot below.
The default is always Bitcoin. You’ll see other coins and tokens listed across the top. Scroll to the right to see more.
Select the coin or token you want to add to your Exodus wallet. Click on the Receive button. The screen will change to show you a QR code and a long string of characters.
Click on the rectangle icon to the right of the character string. This will copy the address for you.
Go to the other end of the transaction, where you’ll be sending the crypto to your Exodus wallet. Paste the address in there. Indicate how much of the coin/token you want to send and complete the process.
In anywhere from a few minutes to an hour or more, depending on the coin/token, your crypto will appear in your Exodus wallet.
When you’re done copying the address, click on the X in the top right corner to return to the previous screen.
Once you have at least one coin/token stored in your wallet, you can exchange it for another on the Exodus link. Simply click on the circle with two arrows on it.
Click through the four screens of introduction. Add a check to the box to indicate that you understand that the exchange process is run by third parties. Then click on the Continue button. You’ll land on the Exchange screen.
Click on the down-pointing arrow next to coin/token in the top pane (ETH in the screenshot above). That’s the one you want to exchange for another one. Then click on the arrow in the lower pane to select the new coin/token you want.
You’ll see how much of each asset you currently hold.
You can exchange the minimum amount, half of what you have, or the maximum. Click on Min, Half or Max to choose the amount.
Sometimes you’ll see weird amounts. The screenshot above showed 0 ETH and 0 BTC, because it’s a new wallet. Yet, when I clicked on Enter Amount, it showed this:
While I wish I have $191,000 of Ether to exchange into Bitcoin, my holdings don’t come close to that.
The message farther down the screen, that there’s not enough Ethereum to start this exchange, is accurate.
When I selected Min, the numbers became slightly more accurate, but still wrong. However, notice the differences, above, in the USD equivalent being sent and the amount in USD being received.
That difference is the fee that’s charged to exchange ETH for BTC. You’ll also see that fee listed at the bottom of the screen, in both ETH and USD.
If your goal is to earn rewards, you’ll want to check which ones you can earn rewards on before you start sending assets to your wallet.
Click on the hexagon with the + symbol, at the top of the screen. At the time of writing, there are seven tokens available to earn staking rewards on.
Those seven are:
Ontology and VeChain earn rewards in their “gas” tokens, ONG and VTHO respectively.
ALGO and VET both have significant appreciation possibilities, so I hold both of them. But I hold them in other platforms, where they’re earning much more in interest.
The others have upside potential and earn a decent staking reward rate. You can also add your rewards back into your total, to compound your interest.
You’ll need a minimum amount before you can redeem your rewards and start compounding interest.
And you’ll pay a small fee to unstake and receive your rewards. Also, some have an unstaking period, designed to keep people from jumping in and out of staking. For example, ATOM has a 21 day unstaking period.
Want to calculate how much you’ll earn based on the current reward rate (which can change at any time)? Click on the arrow next to Calculate Profit, in the top left of the Rewards screen.
Select the crypto you want to investigate. Click on the number you want to enter (not the dollar amount). In the screenshot, I’m checking on how much my 36 ATOM tokens will earn at the current rate of 13.47% APY for one year.
At the current price, my 36 ATOM are worth just over $1,000 USD. So I’ll earn $143 over a one-year period. Compare that to the $1.00 or less that I’d earn in a savings account at a bank.
Keep in mind that most of the tokens available to earn rewards in your Exodus wallet are subject to price volatility.
They can go up, which will make your total, and your compounding, more valuable. Or they can go down, making your total and compounding less valuable.
If you decide that earning 13%+ on some of your money appeals to you, you’ll want to buy some ATOM, deposit it in your wallet, then stake it.
Do keep in mind, though, that staking is not something you’ll want to jump in and out of. Stake your tokens for the long haul (known as HODLing).
If volatility doesn’t appeal to you, earn DAI rewards instead. DAI is a stablecoin with a lot of collateral backing it. It’s pegged to the U.S. dollar.
If you added Compound Finance to your Exodus wallet (see the discussion above about installing apps), click on the Compound icon at the top of the screen.
You’ll see this:
This screen is nice enough to give you an indication of how much you’d earn at a bank with a typical APY of less than 1%.
I doubt whether you have $10,000 to put into DAI. So replace 10000 with the amount you want to use, or use the slider. Type in the number of months, or use the slider.
In the screenshot above, you’d earn just 7 DAI (or USD) for 12 months at a bank, compared to $238.59 in your Exodus wallet.
While that rate is below the current inflation rate, it’s 34X better than the bank’s interest rate.