In this lesson of our course, we are going to introduce you to the two main functions of the cryptocurrency wallet apart from storing and securing your coins. Those two functions are receiving and sending your coins.
How to receive coins to Exodus wallet?
Once the setup is done, it is time to fund your Exodus wallet.
To do that, go to the wallet section, choose the coin you want to receive and click on Receive. I will use Bitcoin as an example.
Once you click on Receive, you will get a Bitcoin wallet address where you need to send coins. Copy the address and send coins to that wallet address from other wallets or cryptocurrency exchanges.
Exodus doesn’t charge fees for deposits. However, you will probably have to pay fees to the Bitcoin network, cryptocurrency exchange, or another wallet to confirm your transaction.
How to send coins from Exodus wallet?
To send your coins from Exodus wallet, head to the wallet section, choose the coin you want to send and click on Send.
You have to paste in the coin wallet address and the amount you are planning to send. Double-check if everything is alright and click on Send.
The exodus wallet offers you an ability to exchange your coins to other coins.
To exchange your coins, click on the Exchange tab. From the two drop-down menus, choose the coins you want to exchange and the coin you want to receive.
Type in the amount, double-check if everything is alright and click on Exchange.
Once you click on the exchange, it will offer you three seconds to cancel your transaction. The transaction may take from a couple of minutes up to a few hours, depending on the network saturation.
I do not suggest doing this because their fees are very high. It’s way better to send the coins you want to the exchange and buy the one you want and then send that coin back to your wallet.
If you have any questions about the Exodus wallet, they have a very detailed Support Page with more than 100 articles that should contain the answers to all your questions. The link to their support page will be in the description.
I hope this was helpful and that you learned all you need about desktop wallets to be able to start your crypto journey. In the next lesson, I’ll teach you how to set up your exchange account and buy your first cryptocurrency.