Introduction
If you are wondering, is Exodus custodial, then the answer to this is yes. Exodus provides custodial wallet services to users to manage their cryptocurrencies. The platform is known for its advanced security practices used to secure digital assets worth millions. As the popularity of cryptocurrencies is constantly rising, so do the value of digital assets. Hence it is quite important to ensure that digital assets are safe from any potential hacks and thefts. In this article, we will discuss more Exodus Custodial Wallets.
Features of Custodial Wallet
Exodus has incorporated a large number of features making it convenient and easier for users to store and manage their cryptocurrencies or digital assets.
A few of the features are below:
- It leverages advanced Multi-layered security measures like biometric authentication, two-factor authentication, tax tips for investing in crypto and much more.
- Cold storage: it uses cold storage to store users in a device that is not connected to the internet, making it more secure and protected from online security hacks. Cold storage is the best way to store digital assets.
- Round-the-clock customer support: Exodus provides round-the-clock customer support making it easy for users to transact their digital assets and manage them.
- User-friendly Interface: it has got a user-friendly interface making it quite easy for users to make transactions for their digital assets.
Pros and cons of Exodus Wallet
Pros
- Uses enhanced security practices as compared to a traditional wallet such as cold storage, insurance coverage, and multilayered security that offers much greater security.
- It is quite easy to use by people who are quite new to the cryptocurrency world and want some third party to manage their assets, Exodus is an easy-to-use and convenient platform.
- Offers support for multiple cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. This allows users to have their portfolio in one single place.
- Exodus wallet has been integrated with a built-in exchange that allows users to transact cryptocurrencies within the wallet. It makes it quite easy to exchange and manage different cryptocurrencies.
- Round-the-clock customer support is available with comprehensive guides, live chat support, FAQs, and a knowledge base. Users can ask questions whenever they encounter any of the problems.
Cons
- Exodus wallet has a closed source code. The code is not available for anyone to access or review, which makes users unsure about using the wallet.
- Although it follows the best security practices, it still requires advanced security features like multi-signature support available in different wallets.
- It charges quite high fees when any user exchanges cryptocurrencies. Although the transfer fee is quite competitive, it is still expensive for the users.
- There is no control over the transaction fee adjustment. Wallet automatically sets the fees based on the network demand that is usually not appreciated by the users.
While you choose the right wallet, ensure that you compare and weigh both pros and cons. While there are some cons, Exodus wallet has also a lot of benefits to offer such as customer support, built-in exchange, multi-cryptocurrency support, and much more.
