What information does Exodus have access to?
In this article:
- Do I control my own wallet?
- What are private keys and why do they matter to me?
- How is my transaction and balance information displayed in my wallet?
- How does Exodus differ from traditional exchanges with wallets?
- How does Exodus store and use my data?
- Product usage and performance data
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 to sign up 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 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 12-word secret recovery phrase is the master key that provides access to your entire wallet, including all of the assets inside. If Exodus was an apartment building, consider this your master key that can unlock the building and every apartment in it. Your 12-word phrase allows you to access funds on every address.
- Individual private keys are different from the 12-word 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 on one address.
Your Exodus wallet is a software application running locally on your computer. It creates and manages your private keys offline.
Since we do not control your funds, it is very important to keep your 12-word phrase and private keys secure. Never share your 12-word phrase or private keys with anyone. Exodus staff will never ask for your 12-word phrase or private keys. To find out more, visit: How do I keep my money safe?
How is my transaction and balance information displayed in my wallet?
Exodus uses information from each of the asset's blockchains to build the current and past information about your transactions and wallet balance.
Keep in mind 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 the blockchain data, anyone can see any transaction sent on the network. But unless you have sophisticated tracking in place, it is not immediately clear which transaction belongs to which individual.
How does Exodus differ from traditional exchanges with wallets?
We differ from custodial exchanges like Coinbase or Binance because they are in full control of your private keys. They also require you to create an account, which they control, hosted on their servers.
Custodial exchanges act like traditional bank accounts where your funds are held by the account provider. 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 as good as gone. They can also freeze your account or cease your assets. Some exchanges delay for months in getting their customers' funds back to them. Some never return them at all.
With Exodus, you own and hold your 12-word secret recovery phrase and private keys, and 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?
Exodus does not have any access to the funds stored in your wallet. You are completely in control over your funds, and your 12-word secret recovery phrase and private keys are stored locally on your device. Exodus encrypts this data with a password, only known to you, to keep this information private and secure even when using Exodus across multiple devices.
To encrypt and protect the locally stored metadata, 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 12-word 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. Another 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 what specific brown box belongs to who.
These same rules apply to malicious hackers looking for data, or even Exodus employees and our own founders for that matter. This is the reason if you email Exodus Support to help you unlock your wallet or have us help you reset your password, we can’t. Only you have access to the backup that can decrypt your files. It was designed this way from the beginning to give full control to only you.
What information is stored by Exodus Support?
Whenever you reach out to Exodus Support for assistance, 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. To make a data request, 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 are working and to guide us as we work to improve them. This data contains no personally identifiable information, 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 the settings in Exodus Web3 Wallet at any time.