How do I get started with Exodus?
Welcome to Exodus - A multi-asset cryptocurrency wallet designed to give you financial freedom! In this post, we will explain the different steps needed to start using our wallet and sprinkle the post with links to our knowledge base articles so that you can use this page as the go-to place for problems you're likely to run into.
1) Buying crypto
First of all, you have to buy crypto to hold crypto! Exodus does not interact with the legacy financial system, so you'll have to use another service for this step. Here is a link describing you some of your options to buy cryptocurrencies:
As you can see, there are many services that will help you turn your first fiat money into crypto-currencies. Do not hesitate to research local services running in your country. They may 1) speak your language 2) allow you to buy in your currency and 3) have lower fees because you do not have to pay for an international transfer.
2) First transaction and backup
The first transaction to your Exodus wallet is an important event because it will unlock the full potential of the wallet. It is also a way for you to familiarize yourself with the wallet. Here is how to make your first transaction:
When Exodus receives your first deposit, it will allow you to see the “seed” of your wallet: it is a 12-word passphrase that functions as a master key to all of your assets. With these 12 words, you will be able to access your balance from anywhere or even transfer all your funds to another wallet if you wish to. Write this phrase down on paper and store it safely offline! Do not store any digital copy of it.
You will then be asked to create a password for your wallet. Please choose a password that is different from any other password on your computer or any online accounts you control. You don’t want someone hacking your computer to easily access your funds, right? See this article for tips on creating good passwords.
We also provide an email backup that allows you to restore your funds from your password. This backup is your 12-word recovery phrase encrypted in a URL with your password. We do not store your keys on our servers. Even if Exodus is hacked, your funds are safe.
Making an email backup and writing down your 12-word passphrase is very important. Having two available methods for you to restore your wallet is a double-safe precaution. This way, in order to lose access to your wallet, you'd need to forget your password and lose your 12-word phrase at the same time.
Once you have done a backup and chose your password, you will be asked to enter your password each time you want to log in to your Exodus wallet. To log out, you simply close the software.
3) Following your transactions on the blockchain
You’re all set up now. Your main activity with Exodus will be to send and receive transactions. As explained in this post, a transaction can be unconfirmed, pending, or confirmed. The time it takes for a transaction to complete depends on the congestion of the network and the currency at hand. It also depends on the transaction fee, but Exodus takes care of that for you.
The status of your transaction will be shown in Exodus, and you have the possibility to look up the status of your transaction directly on the blockchain. Here is how to do it:
When you click on the transaction ID, it will bring you to a blockchain explorer. This is a website that allows you to look at all the transactions that are recorded on a blockchain. The blockchain explorer will show your transaction, its state (with the number of confirmations), and the public addresses involved in this transaction. This is an easy way to see why your funds have not reached your wallet.
4) Exodus disagrees with the blockchain
Sometimes, the blockchain will show that the funds are in your wallet but your wallet will not display the correct amount. Alternatively, you will sometimes see the opposite: Funds in your wallet will be higher than what the blockchain states. There is one simple rule here:
When the blockchain and Exodus disagree, the blockchain is always right. In such a situation, your Exodus wallet is not synchronized with the network. Fortunately, you can solve this issue by manually refreshing:
Most of the time, this solves the display issue and you are good to go. If it does not, the issue may be with your internet connection. You can try to reboot your computer, reboot your router or change your network to solve the issue. If none of that works, then our support team (firstname.lastname@example.org) will happily help you!
There is a feature in Exodus that turns your wallet into a market exchange: the built-in exchange section. With it, you can trade any fully supported cryptocurrency for any other. This feature is made possible thanks to third-party exchange partners which allows countless exchanges of cryptocurrencies.
There is a fee to use this feature which depends on the currency you are exchanging. See here for more information on how this fee is applied: http://support.exodus.io/article/90-how-does-exodus-make-money
When you perform an exchange, you send funds in one currency to our exchange partner. They receive it and send you back the equivalent amount of the currency you asked for. Bam! As simple as that!
Similar to a regular transaction, you can follow the path taken by the funds on the blockchains. We make it easy to follow it by giving you the exchange order ID of your exchange. See here how to find it: https://support.exodus.io/article/50-how-do-i-find-the-shapeshift-order-id
In this order, you will see the progression of the exchange. If any issue occurs with the exchange, our support team will be happy to help you with the issue by email (email@example.com).
6) A note on security
Exodus gives you the power to control your digital wealth. And we want you to have total control over your money. Therefore, we do not store any of your personal data. We cannot access your transaction history, we cannot see access your private keys, and we cannot revert transactions.
You have the responsibility of your wealth. We do our best to make it easy. Your wallet is only as secure as the computer it is running on. Write down your 12-word passphrase, store it in a safe place offline. Backup your wallet. Create a strong password that is different from any other passwords on your computer or online. And finally, be very careful with scammers and too-good-to-be-true offers that just require you to enter your private key on a website.
You are now set to go. As a closing word, we would like to invite you to watch this interview with our Chief Design Officer, Daniel, that covers many topics related to the blockchain and Exodus. (https://www.youtube.com/watch?v=edP9fx7pBmo)
To learn more about security best practices for your Exodus wallet, check out this guide: http://support.exodus.io/article/145-safety-and-security-tips