Exodus is a non-custodial wallet that supports a wide range of cryptocurrencies. But is Exodus the best choice on the market? Our Exodus wallet reviews highlight security features, functions, ease of use, supported coins, device types, and more. Find out here if Exodus is the optimal solution for you in 2024.
What is Exodus?
Exodus is a multi-asset crypto wallet that enables non-custodial storage. This wallet variant is aimed at investors who want to manage their own private keys without third-party interference. Exodus is available as a mobile app, desktop software and browser extension.
Exodus is one of the best crypto wallets for non-custodial storage, offering investors full control over their cryptocurrencies. Users receive their private keys when they first set up the wallet. These keys are secured by a 12, 18, or 24-word passphrase.
Exodus has no access to wallet credentials, allowing investors to store their cryptocurrencies away from centralized parties. Exodus is compatible with multiple devices and operating systems, including iOS and Android for mobile, and Windows, Mac, and Linux for desktop. Additionally, it supports use in web browsers, including an extension for Chrome and Brave.
The main function of Exodus is to store your valuable cryptocurrencies with a future safely. The wallet supports numerous network standards, including Bitcoin, Ethereum, Polygon, and Cardano. 260 cryptocurrencies are integrated by default, but you can manually add additional tokens as long as the network supports them, such as all common ERC20 tokens.
Exodus allows easy and inexpensive sending and receiving of cryptocurrencies, paying only the GAS fees with no additional markups. In addition, Exodus offers numerous features such as support for dApps, which allow investors to generate income from their tokens without leaving the platform. This includes options such as staking, yield farming, or savings accounts.
Exodus also allows investors to buy undervalued cryptocurrencies via debit/credit cards and e-wallets. This is done using the Ramp service, but it charges up to 5.45% fees. Another useful feature is the integration of Trezor hardware wallets, which allows you to store your cryptocurrencies offline and still monitor your portfolios.
Exodus Wallet at a glance
Let’s take a look at Exodus’ features before diving into our in-depth analysis:
| function | Description |
|---|---|
| Type of wallet | Mobile app, desktop software, and browser extension |
| Administration | Non-custodial |
| Supported cryptocurrencies | Supports multiple blockchain standards including Bitcoin, Ethereum, Binance Smart Chain, Polygon, Solana, and Cardano. 260 cryptocurrencies are supported by default, additional tokens can be added manually. |
| Purchase fees | Payments are processed through Ramp. Debit/credit card fees of up to 5.45%. |
| MobileApp? | Yes |
| Special features | Non-custodial storage that gives investors full control over their cryptocurrencies. Available on desktop, mobile, and browsers. Connects to Trezor hardware wallets. |
Supported Coins – Which cryptocurrencies can you store on Exodus?
Although Exodus claims to be compatible with 260 cryptocurrencies, the wallet supports thousands of tokens, including new coin launches. This allows for the manual addition of custom tokens, provided the underlying network is supported by Exodus.
In the following section of our Exodus Wallet review, we provide an overview of the supported cryptocurrencies and networks.
Exodus comes pre-installed with some of the most popular cryptocurrencies, including:
- Bitcoin
- Ethereum
- XRP
- BNB
- Cardano
- Solana
- Tron
- Litecoin
- Polkadot
- Avalanche
- Cosmos
- Monero
- Stellar
Exodus supports all tokens for the networks the wallet is compatible with. For example, Exodus allows you to manually add Binance Smart Chain (BSC) tokens as well as supports all tokens on the Arbitrum network. Of course, there is also a Bitcoin wallet.
Exodus supports NFTs alongside some of the leading cryptocurrencies. This includes NFTs on the Ethereum, Solana, and Algorand networks.
Is Exodus Wallet centralized or decentralized?
Exodus is a non-custodial wallet provider. Users store their new cryptocurrencies in a decentralized environment and have sole access to their private keys. But what is the difference between a non-custodial and a custodial wallet?
With a non-custodial wallet, users retain all security access, while with custodial wallets, third parties control the private keys.
Exodus offers a fully decentralized wallet solution for mobile, desktop, and web browsers. The provider never has access to users’ private keys, which are cryptographically generated and encrypted on their devices.
- Users have full control over their crypto assets, but this comes with increased risks.
- Lost private keys or a hacked Exodus wallet mean the irretrievable loss of cryptocurrencies (this applies to all non-custodial wallets).
Although Exodus is decentralized, the company cooperates with select centralized service providers such as Ramp for debit/credit card payments.
To purchase cryptocurrencies with fiat money, users must go through a KYC process, and neither Ramp nor other partners have access to the wallet or private keys.
Installing Exodus Wallet – here’s how
In this section of our Exodus Wallet review, we’ll explain how to get started with the wallet in less than five minutes. This guide includes downloading the wallet and securing it with a password and backup passphrase.
Note: We used the Exodus Chrome extension for this tutorial. Most of the steps will be the same on other devices, but there may be slight variations.
Step 1: Download Exodus Wallet
First, visit the Exodus website and click “Download”.
Then select the device you want to download the wallet to. Mobile users can download the iOS or Android app. Desktop users can choose between Windows, Mac, and Linux. For browser extensions, Chrome and Brave are available.
Step 2: Create a wallet and get a backup passphrase
Then open Exodus and select “Create new wallet”. Then click “Backup”.
Click “Reveal” to reveal the 12-word backup passphrase. Write it down on a piece of paper and make sure the order of the words is correct. Never share the passphrase with anyone.
Step 3: Secure your wallet with a password
After you confirm that the passphrase is written down correctly, Exodus will give you the option to set a password.
This is highly recommended as it provides an extra layer of security. Make sure the password you choose is strong enough to not be guessed.
Step 4: Add cryptocurrencies to Exodus
Now that the wallet is secured, the final step is to add some cryptocurrencies. Refer to the instructions above on how to receive or buy cryptocurrencies through Exodus.
Exodus Wallet functions at a glance
The Exodus Wallet offers a variety of features that allow users to securely store, manage, and exchange cryptocurrencies.
In-Built Token Swaps
Exodus allows users to swap cryptocurrencies seamlessly within the wallet without having to leave it. This includes cross-chain swaps such as ETH for BNB or LTC for DOGE.
However, this feature is provided by select third-party providers. Token swaps are one of Exodus’ few sources of revenue, as they charge a premium on the spread.
- Example: Suppose Ethereum is currently trading at $1,500.
- Exodus users would pay $1,530, a 2% premium.
The markup is included in the prices Exodus users see, making it difficult to determine the exact amount paid. However, this feature is useful for beginners who value convenience.
Connecting to dApps via WalletConnect
Exodus facilitates connection to dApps such as Uniswap, Compound, OpenSea, and SushiSwap. The Exodus mobile app supports WalletConnect, which enables access to dApps.
- To use dApps, users first select the “WalletConnect” option on their desktop device to display a unique QR code.
- They then scan this with the Exodus app to establish a private and anonymous connection to the selected dApp.
- Completed token swaps will appear in the Exodus Crypto Wallet.
Exodus Wallet Staking Tools
In our Exodus Wallet app review, we also came across a handy staking feature that allows users to earn passive income with their unused cryptocurrencies.
Exodus offers staking options for some of the best cryptocurrencies, including:
- Solana
- Cardano
- Ontology
- VeChain
- Algorand
- Tezos
- Cosmos
Ethereum is not included, however. However, the Exodus Wallet allows a connection to Lido, a decentralized staking pool. This allows users to receive competitive staking rewards without having to become a validators themselves.
Exodus does not earn money when users stake their cryptocurrencies. However, fees may apply depending on the staking provider.
For example, users staking Ethereum through Lido pay 10% of the rewards as a fee, meaning they keep 90%. For Tezos staking, the fee is 15%, as set by Everstake.
Buying and selling crypto with fiat money
Exodus allows users to buy cryptocurrencies through its partner service provider Ramp. Supported payment methods include Bank transfers Debit/credit cards ApplePay GooglePay Additionally, Exodus users can also exchange their cryptocurrencies back into fiat money.
Here is an overview of the fees involved:
Buying crypto with fiat money
| Type of payment | Minimum fee | Under 2,500 € | Over 2,500 € |
|---|---|---|---|
| Bank transfers (manual) | 2,49 € | Up to 1.40% | Up to 0.90% |
| Debit/credit cards and e-wallets (USD, EUR, GBP) | 2,49 € | Up to 3.9% | Up to 3.9% |
| Debit/credit cards and e-wallets (other currencies) | 2.49 € (local equivalent) | Up to 5.45% | Up to 5.45% |
Selling crypto for fiat money
| Type of payment | Minimum fee | Fee (%) |
|---|---|---|
| ACH Bank Transfer | $3.99 | 0.99% |
| Real-time payments via bank transfer | $3.99 | 0.99% |
| Visa or MasterCard | 3,99 € | 4.49% |
Portfolio management
The Exodus Wallet offers excellent cryptocurrency portfolio management functionality.
Within the wallet, cryptocurrencies are displayed along with real-time values, and users can choose which fiat currency they want prices displayed in.
Additionally, Exodus provides useful portfolio statistics such as the best and worst performers of the last 24 hours. All of these metrics can be manually adjusted to give investors a comprehensive 360-degree overview of their cryptocurrency investments.
Exodus Wallet Advantages and Disadvantages
Exodus is one of the leading non-custodial crypto wallets. The provider offers desktop/browser compatibility, storage of multiple cryptocurrencies, and no fees for incoming transfers. However, additional fees apply when using credit/debit cards.
Exodus is ideal for users who want full control over their digital assets, as this decentralized wallet protects your private keys. Compatible with thousands of 100x cryptocurrencies, NFTs, and DApps, Exodus is the perfect multi-use crypto wallet on the market.
Advantages
- Connection to multiple blockchains
- No fees for incoming transfers
- Accessible via mobile app
Disadvantages
- High fees for credit/debit card transactions
- May not be suitable for crypto newbies
- Limited security features
Exodus Wallet User Experience
The Exodus Wallet is easy to get started and use and offers an excellent user experience for investors of all experience levels, especially beginners.
All features are laid out, making storing, trading, and staking cryptocurrencies seamless. The exact steps depend on the device type you choose. For example, desktop and browser users need to create a strong password, while app users can choose between PIN or face/fingerprint ID.
Sending and receiving cryptocurrencies via Exodus is also straightforward, as our Exodus Wallet experience shows. Users can simply click on the “Wallet” icon, select the corresponding token, and then enter the wallet address or scan it via the Exodus app. Exodus has also received outstanding reviews.
The app is rated 4.5 out of 5 stars in the Google Play Store and 4.6 out of 5 stars in the App Store.
Transfer funds via Exodus Wallet and buy cryptocurrencies – instructions
Next, we’ll look at how to transfer and buy cryptocurrencies within the Exodus Bitcoin Wallet.
Transferring funds to another wallet
- Click on the “Wallet” icon.
- Select the cryptocurrency you want to transfer.
- Click on the “arrow” icon on the left.
- Enter the wallet address where you want to send the cryptocurrencies.
- Confirm the transfer.
As a non-custodial wallet, Exodus executes the transfer immediately.
Buy cryptocurrencies via the Exodus Wallet
- Click on the “Buy/Sell” icon as shown above.
- Select the payment currency (e.g. USD or EUR) and then the desired cryptocurrency such as Bitcoin or Ethereum.
After that, you will be redirected to Ramp where the purchase process is carried out and identity verification is required. So it is not an anonymous crypto wallet. After completing the purchase, the cryptocurrencies will be automatically added to your Exodus wallet.
Withdraw crypto from Exodus Wallet
Withdrawing cryptocurrencies from the Exodus Wallet is done in the same way as transferring funds. Simply click on the “Wallet” icon, select the cryptocurrency you want to withdraw and paste the recipient address.
Exodus Customer Service
Exodus offers 24/7 customer support via live chat, which is especially helpful for those new to crypto. Wait times vary depending on how busy the team is. Additionally, there is the option of premium support via Zoom for $49 per 35-minute video call. However, in most cases, basic live support is more than sufficient.
Exodus Wallet Fees
In this section of our Exodus Wallet review, we take a closer look at the fee structure.
Wallet fees
There are no fees for downloading or using the Exodus Wallet. This applies to all supported device types.
Transfer fees
As with most crypto wallets, incoming transfers are paid for by the sender. Therefore, there are no costs for receiving cryptocurrencies from other wallets.
Outgoing transfers incur GAS fees, which are determined by the respective blockchain network. For example, the Ethereum blockchain sets the ERC20 GAS fees, while the Binance Smart Chain fees are set by BSC.
The fees paid go directly to the miners of the blockchain, Exodus does not charge any additional surcharges.
Third-party fees
Exodus offers numerous third-party features within its wallet interface, with fees set by the respective provider.
For example, debit/credit card payments are processed through Ramp, with fees going directly to the provider.
According to Exodus’ experience, the wallet earns money through token swaps by using the spread, i.e. the difference between buy and sell prices. Exodus does not disclose the exact amount of these spreads but integrates them into the transaction prices.
| Type of transaction | fees |
|---|---|
| Incoming transfers | No fees |
| Outgoing transfers | Standard Network GAS Fees |
| Integrated token swaps | Calculates an unspecified market premium (spreads) |
| Buying cryptocurrencies with fiat money | Processed by Ramp, therefore fees of up to 5.45% |
Is Exodus Wallet safe?
Security is a crucial aspect of any wallet review. Now that we’ve covered the fees, let’s take a closer look at the Exodus wallet’s security features.
password protection
Like most non-custodial wallets, Exodus requires users to create a strong password to protect the wallet from unauthorized access.
However, this feature must be enabled manually. If it is not enabled, the user will not need a password to access the wallet. It is highly recommended to always protect the Exodus wallet with a strong password.
Encrypted private keys
When creating a wallet, Exodus provides users with their private keys, which are stored encrypted on the user’s device.
Exodus does not have access to these private keys, so the wallet cannot be recovered if the password is forgotten or the private keys are lost.
Backup passphrase
The private keys are presented to the user as a backup passphrase, which can consist of 12, 18, or 24 words. This backup passphrase should be written down and stored in a safe place.
If the backup passphrase is lost or corrupted, it can only be restored if the user still has access to the wallet. Otherwise, Exodus will not be able to restore the backup passphrase or private keys.
This is an essential security precaution for the non-custodial management of cryptocurrencies.
Exodus Wallet Alternative: Best Wallet
Best Wallet is a new and innovative crypto wallet that is emerging as a promising alternative to Exodus Wallet. This non-custodial wallet allows users to seamlessly manage their digital assets on Ethereum Mainnet, Polygon Mainnet, or BSC Mainnet.
Key Features of Best Wallet:
- Exclusive Market Insights: Best Wallet monitors market trends in real time and provides users with important project news, token sentiment, and significant events for informed decisions.
- Early access to new tokens: Users get early access to emerging token launches like Bitcoin Minetrix, giving them an edge in spotting promising projects.
- Token Airdrops: Through BEST Token Airdrops, Best Wallet rewards loyal users with benefits in the Best Ecosystem, such as no gas fees and additional airdrops.
- NFT Integration: The in-app NFT gallery allows users to easily manage and trade their NFT collections.
- DEX Integration: Best DEX offers low trading costs through optimal liquidity pools to trade Ethereum and BNB Smart Chain tokens directly from the wallet.
Best Wallet’s roadmap also includes planned user updates including Web3Auth integration, multi-wallet support, crypto foundation education, NFT functionalities, staking opportunities, and the long-awaited launch of the BEST token in Phase 6.
Best Wallet uses advanced cryptographic techniques, multi-factor authentication, and biometric security measures to provide the highest level of security to its users.
Conclusion of the Exodus test
As our Exodus experience shows, the wallet offers a user-friendly solution for storing and managing cryptocurrencies. It supports a variety of networks and does not charge any storage fees or GAS surcharges.
However, there are security concerns: the wallets are not initially protected by a password, the user must first activate it. In addition, Exodus is continuously connected to the Internet, which poses potential security risks.
Another drawback is the high fees for fiat payments via Ramp, which can be as high as 5.45%. Additionally, Exodus charges a spread for using its integrated token swap tool, which is built into the price and is difficult to track.
All in all, there are other recommendable wallets on the market, such as the Best Wallet.
FAQ
Is Exodus trustworthy?
Exodus is considered a trustworthy wallet provider that has been active since 2015. However, users are responsible for securing their private keys.
Is the Exodus Wallet safe?
Yes, Exodus is legitimate, but users should keep in mind that the private keys are always online, making them vulnerable to hackers.
Is Exodus Wallet safer than Binance?
Exodus and Binance are two different wallets. Exodus offers a non-custodial wallet while Binance offers a custodial wallet.
What are the benefits of Exodus?
Exodus offers some special features such as non-custodial storage, support for numerous network standards, and an integrated staking tool.
Why is Exodus better than Coinbase?
Exodus is preferred by those who want to have full control over their cryptocurrencies and private keys, as opposed to Coinbase.
Can an Exodus wallet be hacked?
Yes, Exodus is a hot wallet and can be hacked remotely, so users should follow good security practices to protect their crypto funds.