Need a crypto wallet that gives you full control of your assets? You can download Exodus here.
In this article:
Do I control my own wallet?
With Exodus, you have full control over the funds stored in your wallet.
Unlike your bank account or stock portfolio, Exodus (the company) doesn't hold any assets on your behalf. Exodus is a self-custody wallet with no counterparty risk. This means that even in the unlikely event Exodus goes out of business, you will still have access to your funds.
You control your assets through the 12-word secret recovery phrase and private keys that are generated when you first open your wallet.
In Exodus, there is no account signup, and you can start using your wallet right away. Essentially, you are your own bank, and you have complete control over your funds.
What are the 12-word secret recovery phrase and private keys and why do they matter to me?
Exodus is a hierarchical deterministic (HD) wallet, which means there is a master key, known as the 12-word secret recovery phrase, and a private key for each asset's address in your wallet.
The secret recovery phrase is the master key that provides access to your entire wallet, including all the assets inside. If Exodus is like an apartment building, this would be the key that can unlock the building and every apartment in it. Your secret recovery phrase allows you to access the funds at every address.
Individual private keys are different from the secret recovery phrase because they match only one address for each asset. This is sometimes referenced as a public/private key pair. Your private key only allows you to access funds at one address.
How is my transaction and balance information displayed in my wallet?
Exodus uses information from each asset's blockchain to display current and past information about your transactions and wallet balance.
Remember that nearly all blockchain networks, except for a few privacy networks like Monero, are designed to provide transparent and public information about transactions.
In practice, this means that with blockchain data, anyone can see any transaction sent on the network. But unless you have sophisticated tracking in place, it is unclear which transaction belongs to which individual.
How does Exodus differ from traditional exchanges with wallets?
Exodus differs from custodial exchanges like Coinbase or Binance because they control of your private keys. Custodial exchanges also require you to create an account hosted on their servers.
Custodial exchanges act like traditional bank accounts where the account provider holds your funds. The benefit is that you could lose every password or email account you have, but there is always a chance to get access to your account back if they allow it.
On the flip side, if the account provider turns out to be untrustworthy, your funds could be lost or inaccessible. They can also freeze your account or seize your assets. Some exchanges delay for months in getting their customers' funds back to them. Some never return them at all.
With Exodus, you are the only person who can access your 12-word secret recovery phrase and private keys, so you have complete control over your funds.
How does Exodus store and use my data?
What information about my wallet is visible and stored by Exodus Movement, Inc?
You can encrypt this data with a password, only known to you, to keep this information private and secure.
To protect any other locally stored data, such as personal notes, a key derived from your 12-word secret recovery phrase is used to encrypt your backup metadata. This means the only way to decrypt this data is if someone knows your secret recovery phrase.
Exodus goes one step further to obscure and protect your data. All data files used to sync your account between devices have the same relative size, so even a casual observer with access to this data could not sniff out differences by comparing unique file sizes. This is meant to protect you from hackers.
One way to think of this is to imagine millions of securely locked files, all with passwords only known to individuals, and then all wrapped in the same square brown box tossed into a large bin. Not only would anyone finding this data not be able to open and access this data, but they also would not even know where to start to determine which brown box belongs to who.
This applies to anyone looking for data about your wallet, even Exodus employees. This is why if you email Exodus Support to help you unlock your wallet or have us help you reset your password, we can’t.
Only you can access the information that can decrypt your files - your secret recovery phrase.
What information is stored by Exodus Support?
Whenever you reach out to Exodus Support, we keep a record of our conversations to better assist you over the entire length of your experience as our customer. This includes your email address and the contents of your emails.
Exodus only collects the information you directly give us via email or other correspondence as required to provide customer support.
To respect your privacy at any point, you can request a record of this data, or you can request that we amend the data if it is incorrect. You can also request that we erase your support data entirely.
To make any data request, please send an email to [email protected], and we will respond as quickly as possible.
What information is stored when I visit the Exodus website?
Product usage and performance data
Exodus gathers usage and performance data to help us understand how our apps perform and guide us as we work to improve them.
This data contains no personal identifiable information (PII), no advertising identifiers, and is not shared with partners except those that act as our processors (not controllers). This data is not sold.
If you wish to stop Exodus from gathering this usage and performance data, you can opt out in your settings: How do I disable anonymous activity sharing?