As someone who has been involved in cryptocurrency for quite some time, I understand the importance of choosing a reliable and secure cryptocurrency wallet.
That’s why I decided to write a review of Exodus Wallet, one of the most popular and user-friendly cryptocurrency wallets available in 2023.
In this Exodus review, I will share my experience with the Wallet and help you decide whether it’s the right wallet for you.
Exodus Crypto Wallet “Quick Summary”
- You can store and trade more than 260+ different crypto coins on Exodus wallet. It supports over 50+ crypto networks, like Bitcoin, Ethereum, Litecoin, EOS, and more.
- You can “swap one crypto coin for another” in seconds. You don’t need to sign up or verify your identity (KYC) to do this. You can also buy crypto with your fiat money using your card, bank account, Apple Pay, or Google Pay.
- It has a simple and beautiful user interface that makes swapping easy and fun. You can also see live charts and portfolio information to track your crypto investments.
- You can use the Exodus wallet on your desktop and mobile devices. You can sync your wallet across different platforms and access it from anywhere. Use the Exodus Chrome browser extension to connect to 12+ networks like Ethereum, Solana, and BSC and use DeFi apps, buy NFTs, and explore Web3 without leaving your browser.
- It encrypts your private keys and transaction data on your device and only you can see them. Your data is private – no sign-up or verification is required. You can also use the Trezor hardware wallet with the Exodus wallet for extra security.
What is Exodus Wallet?
Exodus Cryptocurrency Wallet is a software wallet that allows users to securely store, manage and exchange various crypto assets. It has a user-friendly interface, which makes it easy for even beginners to navigate and use. It offers high fund security, Quick support, and Easy DApp Integration.
Pros
- User-friendly interface and easy-to-use design
- Supports 260+ blockchain assets
- built-in exchange for quick and easy Swapping
- Offers 24/7 customer support
- Staking Rewards
Cons
- Few coins are supported
- Higher fees compared to some other wallets
- No support for multisig wallets
Exodus Review: At a Glance
| Type of Wallet | Software Wallet (Hot wallet) |
|---|---|
| Cost | Free of cost |
| Transaction Fees | Depends on Network Congestion (Avg. $4 – $9 for Ethereum blockchain) |
| Supported Coins | 260+ |
| Supported Blockchain | Ethereum, Solana |
| Staking APY | Upto 21.2% |
| Support | Community, Live Chat, E-mail |
| In-built Swap | Yes |
| Cold wallet Support | Trezor Model T |
| Mobile App | Yes (Android and iOS) |
Exodus Wallet Security Review
You might be wondering, Is Exodus Wallet hacked proof? How safe is exodus wallet? Well, it offers some advanced security features that standout against many security breaches and makes it a hackproof:
- Exodus Wallet is a “self-custodial wallet“, which means that only you have access to your private keys and your crypto funds. Exodus does not see or touch your private keys or your transactions, and they are locked on your device for your eyes only.
- It uses the best crypto security practices to build its products. It has a team of top-notch security experts, including top 10 HackerOne researchers on staff. They focus on testing, protecting, and improving the security of their products.
- Exodus Wallet uses “open-source software“, which means that it can work with the community and use the latest technologies. Before releasing its products to customers, Exodus checks all the open-source software they use to make sure there are no risks or bugs.
- The Wallet works with Trezor, which is a hardware wallet that lets you manage and exchange your crypto safely from your Trezor suite app.
- Exodus Wallet has a bug bounty program with HackerOne, which means that it invites security researchers and hackers to find and report any security issues in exchange for rewards. It also provides a way to encrypt sensitive data when reporting security issues.
What Coins does Exodus Wallet support?
Exodus Wallet supports over 260 different cryptocurrencies, making it one of the most versatile wallets available. Some of the most popular crypto assets supported by Exodus Wallet include Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
The wallet also supports many lesser-known digital assets, which is great for those who like to explore new projects and invest in up-and-coming coins.
Exodus Wallet also supports the ability to exchange digital tokens within the wallet, which can be very convenient for users who want to quickly and easily swap one currency for another.
This is possible through Exodus Wallet’s integration with several third-party exchange platforms, such as ShapeShift and Changelly.
Exodus Wallet Fees and Charges
Most cryptocurrency transactions carried out on a blockchain network come with associated network transaction fees also referred to as “gas fees“. Exodus, as a decentralized exchange, does not hold on to any portion of these transaction fees.
The network receives 100% of these fees. Additionally, Exodus does not impose any fees for sending or receiving crypto nor does it keep any fees related to the withdrawal of funds.
You can also buy and sell cryptos with Exodus Wallet using different ways to pay. The fees for buying and selling cryptos depend on how you pay and who you use. Here is a summary of the fees for each way to pay:
- Credit or debit card: You can use your card to buy cryptos with Simplex, MoonPay, or Wyre. The fees for this are usually around 5% of the amount you buy, but they may be different depending on the partner, the crypto, and the card company.
- Bank transfer: You can use your bank account to buy or sell cryptos with Wyre or SEPA. The fees for this are usually lower than card, but they may take longer to complete. The fees for Wyre are 0.75% for buying and 1.5% for selling, while the fees for SEPA are 1.49% for both buying and selling.
- Apple Pay: You can use Apple Pay to buy cryptos with MoonPay. The fees for this are similar to card, around 5% of the amount you buy.
- PayPal: Exodus users can sell cryptos and get money in their PayPal account with Coinimal. The fees for this are 3.99% of the amount you sell.
- Cash: You can use cash to buy or sell cryptos with Bit2Me or Bitcoin ATM. The fees for this vary depending on the partner, the place, and the market conditions. You can check the fees on their websites before making a deal.
You can also swap cryptos within Exodus Wallet using its exchange feature. The fees for swapping cryptos depend on the exchange rate and the network fees of the two cryptos you swap.
Exodus Wallet does not charge you any extra fees for swapping cryptos, but it does take a small spread (usually less than 0.5%) from the exchange rate to cover its costs.
Exodus Wallet App Review (Desktop and Mobile)
The Exodus wallet is available as a mobile app for iOS and Android devices, as well as a desktop app for Windows, Mac, and Linux operating systems.
Both mobile and desktop apps have an intuitive design that makes them easy to navigate and use. The wallet allows users to trade one cryptocurrency for another without leaving the app, which can be convenient for those who want to quickly swap between assets.
The Desktop and Mobile App consists of-
- Live Charts and Portfolio Management
- Built-in Swap
- Built-in Trezor security
- Swap assets between Trezor and Exodus
- Multiple DApps Integration
Exodus Wallet Staking Rates Review
Exodus Wallet offers staking services for a number of cryptocurrencies, allowing users to earn rewards for holding and validating transactions on the blockchain.
The staking rates offered by Exodus Wallet are competitive and vary depending on the cryptocurrency being staked.
For example, at the time of writing, Exodus Wallet offers staking for Cardano (ADA) at a rate of 4.91% APY, Polkadot (DOT) at a rate of 14.12% APY, and Cosmos (ATOM) at a rate of 19.25% APY.
These rates are subject to change based on a number of factors, including market conditions and network demand.
Exodus Cryptocurrency Wallet also offers a staking dashboard, which allows users to easily track their staking rewards and see how much they have earned over time.
The dashboard provides detailed information on staking rewards, including the amount earned, the staking period, and the total rewards earned to date.
Exodus Customer Support Review
Exodus Wallet offers several customer support options for users who need assistance. The wallet has a comprehensive knowledge base on its website, which includes articles and FAQs on a wide range of topics.
There is also a support ticket system, which allows users to submit a request for assistance and receive a response from the Exodus Wallet support team.
In addition to these options, Exodus Wallet also has an active community on social media platforms such as Twitter and Reddit. This community can be a great resource for getting answers to questions and connecting with other users.
Related:
How to use Exodus Wallet (How to Setup)?
Here are the steps for the Exodus wallet login and setup process:
- Visit the official website and get the app. Don’t download it from any other sources, they might be dangerous or fake. 🛡️
- Once you get the app, install it by following the directions on the screen. 💻
- Launch your Exodus wallet and click on the “wallet” tab on the left side of the screen. 💰
- Pick the coin or token you want to add to Exodus. Then click “receive”. 📥
- You will see a QR code and an address for your selected coin or token. This is where you can transfer your crypto from another wallet or exchange. Copy the address or scan the QR code with your phone. 📲
- Wait for your transaction to be verified on the blockchain network. You can check the status of your transaction on the “history” tab. 🕒
- You’re done! You have set up your Exodus wallet and received your first crypto asset.
Alternatives to Consider
Atomic Wallet: Atomic Wallet is a free multi-cryptocurrency wallet that supports over 500 cryptocurrencies and tokens. It is available on Windows, Mac, Linux, Android, and iOS devices.
Read: Atomic Wallet Review
Trust Wallet: Trust Wallet is a free mobile wallet for iOS and Android that supports over 40 cryptocurrencies and tokens. It offers a simple and user-friendly interface, making it easy for beginners to use. Trust Wallet is owned by Binance, one of the largest cryptocurrency exchanges in the world.
Read: Trust Wallet review
Coinbase Wallet, Trust Wallet, and Ledger Nano X Cold Wallet are all viable alternatives to Exodus.
Methodology: Is Exodus Suitable for Your Needs
When reviewing a crypto wallet, here are some factors to consider:
🔒 Security: Is the wallet secure and trustworthy? Does it have features like two-factor authentication and password protection?
💰 Supported cryptocurrencies: Does the wallet support the cryptocurrencies you want to store?
📈 User interface: Is the wallet user-friendly and easy to use?
🌐 Accessibility: Can you access your wallet on multiple devices or platforms?
🛡️ Backup and recovery: Does the wallet have a backup and recovery process in case of lost or stolen devices?
👍 Reputation: What is the wallet’s reputation in the cryptocurrency community? Are there any red flags or concerns?
💸 Fees: What are the fees associated with using the wallet? Are they reasonable?
👥 Development team: Who is behind the wallet’s development? Are they experienced and trustworthy?
📱 Mobile compatibility: Is the wallet compatible with mobile devices?
🔍 Transparency: Does the wallet provide transparency about its operations and security measures?
“Choose security over convienence”.
Final Thoughts
Overall, I have found Exodus Wallet to be an excellent choice for anyone looking for a secure, user-friendly cryptocurrency wallet.
The wallet’s extensive support for multiple cryptocurrencies, ease of use, and strong security features make it a great option for both beginners and experienced cryptocurrency users.
While the fees charged by Exodus Wallet can sometimes be higher than those charged by other wallets or exchanges, the convenience and all-in-one functionality offered by the wallet may make it a worthwhile investment for some users.
I hope this Exodus wallet review has been helpful in your decision-making process.
As always, it’s important to do your own research and carefully consider your options before choosing a cryptocurrency wallet.
Exodus Wallet Review: FAQs
Is Exodus Wallet safe?
Exodus Wallet is regarded as a secure and safe cryptocurrency wallet due to its utilization of advanced encryption to protect sensitive information and private keys. Additionally, it offers two-factor authentication as an extra security layer.u003cbru003eu003cbru003eThe wallet is classified as a non-custodial wallet, which implies that you have full control over your funds all the time.u003cbru003eu003cbru003eIt also undergoes regular security audits and is constantly updating its security measures to stay ahead of potential threats.
Why are Exodus Wallet fees so high?
Exodus fees can be higher than other wallets or exchanges because they use a network of third-party providers to process transactions. These providers charge a fee for their services, which is then passed on to the user. u003cbru003eu003cbru003eAdditionally, Exodus Wallet prioritizes fast transaction times, which can also result in higher fees compared to other wallets or exchanges.
Is Exodus Wallet Decentralized?
Yes, Exodus is a decentralized crypto wallet that gives you full control over your crypto funds and keys. It does not store any of your personal information or your wallet files on its servers. u003cbru003eu003cbru003eIt also has a built-in decentralized exchange that allows you to swap between different crypto assets within the wallet.
Who owns Exodus Wallet?
Exodus Wallet is owned by the company Exodus Movement INC., which was founded in 2015 by JP Richardson and Daniel Castagnoli. u003cbru003eu003cbru003eJP is a programmer who has published over 200 open-source libraries and has written code for many Bitcoin and crypto software projects. Daniel is a designer who has worked for Apple, BMW, Disney, Louis Vuitton, and Nike.
How does Exodus wallet work?
Exodus Wallet is a software app that you can download and install on your desktop or mobile device. It allows you to send, receive, exchange, and manage your crypto assets with ease. u003cbru003eu003cbru003eYou can also stake some of your assets to earn rewards, collect and display NFTs, and access dApps and Web3 apps using the Exodus Web3 wallet extension. When you first open your wallet, you will get a 12-word secret recovery phrase that is used to generate your private keys. u003cbru003eu003cbru003eThis phrase is very important and you should write it down and store it safely offline. You can also connect your Exodus wallet to a Trezor hardware wallet for extra security.
