Exodus Cryptocurrency Wallet Review (2024)

Type of WalletSoftware (Desktop & Mobile)
PriceFree
FeesNetwork fee only to send assets. No fee to receive assets
Number of Cryptocurrencies Supported291
Bitcoin and Ethereum SupportYes
Earn (Staking/Rewards)Yes, customers can stake assets to earn rewards
Customer ServiceExodus Wallet offers 24/7 customer support, along with a help page, online chat, and email support
In-App FeaturesCustomers can buy, sell, swap, and convert assets within the Exodus app
Hardware CompatibleYes (Trezor only)
SPV or Full NodeSimplified Payment Verification (SPV)
Mobile AppYes (Android and iOS)

Pros & Cons Explained

Pros Explained

  • Easy setup process: Getting set up with Exodus on a computer and mobile devices is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.
  • Supports 291 cryptocurrencies: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus's Ethereum address.
  • Exceptional customer service: Along with a help page, Exodus offers chat and email support services for users.
  • Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus's official website.
  • Staking available: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.

Cons Explained

  • Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user's password gets compromised.
  • No support for crypto-to-fiat conversion: Users do not have a way to exchange their crypto assets with fiat currencies directly within the wallet. To cash out, users need to send their assets from Exodus Wallet to a crypto exchange.
  • Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet's software code. Therefore, the general public cannot review its robustness.
  • Lack of custom fee support for altcoins: Customization of network fee for Ethereum and altcoin is missing from the wallet. Currently, users can only customize Bitcoin and Ethereum network fees.

Features

An aesthetically pleasing software like Exodus can make beginners feel less intimidated by cryptocurrencies. Its simple layout enables users to easily access, manage, and hold 291 cryptocurrencies directly from within the wallet. It is free and does not charge additional fees for sending or receiving crypto assets, except blockchain network fees. There is, however, a small fee for using the built-in wallet exchange.

Users can also access various decentralized applications (dApps) and non-fungible token (NFT) collections on Exodus through its recently launched web browser extension. The wallet supports Ethereum, Solana, BSC, Algorand, and other blockchains. Therefore, users can connect their dApps to all the supported networks and collect NFTs within the wallet. It is also one of the few wallets with a built-in NFT marketplace, accessible only after installing the app from within the wallet.

Exodus also offers a staking feature for users looking to earn passive income from their favorite assets. It supports staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO), and Solana (SOL). The APY paid as staking rewards is variable and can be tracked within the wallet. If users don’t want to stake, they can also use DeFi protocol Compound Finance through Exodus to lend their Ethereum assets to a pool to earn interest.

Security

Exodus is a non-custodial wallet, meaning it does not collect users' personal information or any sensitive data about the wallet. Instead, the data is stored locally on the users' devices.

With the ability to log in with a 12-word recovery phase and a password, users are always in control of their crypto funds. The wallet has also integrated security measures like Face ID and Touch ID. Moreover, Exodus releases software updates in a two-week cycle for additional wallet-specific exploits or to remove possible vulnerabilities.

Though Exodus does not feature two-factor authentication, it supports Trezor Model T and Trezor One hardware wallets for offline storage of cryptocurrencies. The security of Trezor, combined with the convenient features and functionalities of Exodus, gives users safety and peace of mind.

Privacy and Anonymity

Exodus does not have Know Your Customer (KYC) requirements. Therefore, users don't need to enter any personal information to download, install, or use the wallet. All transactions are anonymous on Exodus.

However, Exodus does not support on-chain anonymity, since it is easier to track transactions made with the wallet on the blockchain scanner. It isn't CoinJoin-enabled, meaning the wallet cannot combine multiple crypto transactions into a single transaction to make it difficult to determine the identity of the senders or receiver.

Setup

Setting up Exodus Wallet is a smooth process on desktop and mobile. All a user needs to do is download the wallet on their preferred device and start using the services without sharing any details. Both the desktop and mobile platforms can be synced by scanning a QR code.

Though users don't need to enter personal information, the wallet will ask them to save a secret recovery phrase consisting of 12 words, which should be copied in the sequence provided during the prompt. Users can also access this recovery code by navigating to the “Settings” tab available within the wallet.

Usability

Desktop

The desktop wallet has a slick user interface that is easy to use and navigate. The dashboard shows total crypto assets held in a wallet and also displays various other portfolio metrics, like 24-hour change, best and worst 24-hour asset, portfolio age, highest balance, etc. Users can also send, receive, or exchange a wide range of cryptocurrencies directly within the desktop wallet.

Exodus Cryptocurrency Wallet Review (1)

Mobile App

The mobile version of the Exodus Wallet has similar functionalities and features as the desktop wallet, making it an ideal choice for users looking to manage their crypto on the go. It is available for both mobile operating systems, iOS and Android. Exodus also features an option to sync mobile and desktop wallets should a user want to use both versions. For extra security, users can enable biometrics like face or fingerprint scanning to protect against unauthorized access to the mobile app.

Customer Service

Exodus is well known for its customer support, as it offers an extensive knowledge base of hundreds of articles and videos that explain usage, features, fees, and other aspects of the wallet. It even features a searchable FAQ section for common queries. If users can't find suitable answers or have any trouble with their wallets, they can always reach out to the support team through email or social media channels. Support personnel on Exodus are also readily available 24/7, and replies are often quick.

Cost & Fees

Like most software wallets in the crypto space, Exodus is free to download, access, and use. The wallet does not charge any fee for received assets. However, when sending cryptocurrencies, users need to pay network fees for the transaction. This fee can also be customized, although this option is available for only BTC and ETH as of writing.

While sending and receiving crypto on Exodus is free, it charges a small fee in the form of an exchange spread should users want to exchange assets within the wallet.

Final Verdict

Exodus' intuitive user interface, simple navigation, and exceptional customer support make it one of the best hot wallets available, especially for beginners. The addition of staking options for a wide range of crypto assets and support for dApps and NFTs makes it a favorite choice among even intermediate and pro crypto investors. Its in-built exchange makes the wallet more convenient, allowing users to quickly exchange their crypto assets without requiring a centralized exchange. The wide selection of digital assets combined with self-custody certainly makes it more appealing.

However, the lack of 2FA security could be a concern for users who hold large crypto bags, although they can follow good security practices to manage their digital assets. Nonetheless, for users looking for additional security, Exodus offers a way to store and exchange cryptocurrencies from the Trezor hardware wallet.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations.Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.

Exodus Cryptocurrency Wallet Review (2024)

FAQs

Is Exodus a hot or cold wallet? ›

Exodus is a software wallet that is also a hot wallet since it connects to the internet. If you have Exodus installed on your computer or phone, you are using a hot wallet. Software wallets are generally more secure than web wallets but still rely on basic computer and internet security practices.

Is storing crypto on Exodus safe? ›

Exodus does not have any access to the funds stored in your wallet. You are completely in control over your funds, your 12-word secret recovery phrase, and your private keys. You can encrypt this data with a password, only known to you, to keep this information private and secure.

Is Exodus a trustworthy wallet? ›

Overall, the Exodus wallet meets the security requirements expected from one of the most widely used hot wallets, with the Trezor integration making it one of the most secure options out there for software wallets. It certainly beats online wallets, and many desktop wallets as well.

Does Exodus work in the USA? ›

US customers can buy crypto using PayPal on Exodus Mobile. PayPal is available in 48 US states. You can use PayPal to buy BTC, BCH, ETH, and LTC. With PayPal, you can complete your purchase using a bank account linked to your PayPal account, a debit card linked to your PayPal account, or your PayPal account balance.

What is the disadvantage of Exodus wallet? ›

Fees and Security Concerns: While Exodus does not require registration and is free to download, users should be aware of the baked-in spread fees for crypto swaps and potentially high transaction fees for buying and selling.

Can my Exodus wallet be hacked? ›

While it's technically possible for any cryptocurrency wallet to be hacked, it's generally considered unlikely that a wallet such as Coinbase or Exodus would be hacked. These wallets employ a variety of security measures, including two-factor authentication, encryption, and cold storage, to protect user funds.

Can I lose my crypto on Exodus? ›

No. While this question is understandable, you would not lose access to your crypto if Exodus were to stop operating as a company. This is because Exodus is a self-custody wallet that gives you 100% control over your funds. This also means that Exodus can never touch or move (or even see) any of your digital assets.

Does Exodus report to the IRS? ›

Does Exodus automatically deduct taxes? No, as of 2024, Exodus does not automatically deduct taxes from crypto trades. However, Exodus might still report your crypto transactions to your country's tax authority, like the IRS or HMRC.

Can Exodus freeze my wallet? ›

2Can Exodus freeze a user's wallet? No. Exodus cannot freeze or take possession of virtual currency on law enforcement's behalf or send virtual currency from the user's wallet to another party.

Can you withdraw from Exodus to a bank account? ›

How do I sell crypto and withdraw from Exodus? You can sell crypto for fiat currency (cash) and withdraw crypto to your bank account or to a Visa debit card in Exodus Mobile, Exodus Desktop, and Exodus Web3 Wallet. Selling crypto with MoonPay in Exodus is available in many countries around the world.

What is the safest crypto wallet? ›

The best software wallets
  • Guarda. ...
  • Crypto.com DeFi Wallet. ...
  • Trust Wallet. Best for Binance and Binance.US users. ...
  • Exodus. Best for customer support. ...
  • ZenGo. Best for easy account recovery. ...
  • Ledger. Best hardware wallet for hot wallet integration. ...
  • Trezor. Best hardware wallet for security. ...
  • KeepKey. Best hardware wallet for price.

Does Exodus have a withdrawal fee? ›

Exodus doesn't charge any fees, but almost all blockchain transactions will cost a network transaction fee (also known as gas) when you send crypto. Exodus does not keep any part of the transaction fees.

What happens if Exodus goes out of business? ›

But, since Exodus is a self-custody wallet, even if they go out of business, they cannot access your funds. In addition, with your private keys, you can access your funds from outside of the Exodus apps. This allows you to retrieve your funds if something goes wrong.

Is Exodus safer than Coinbase? ›

The Exodus Wallet is safer than the Coinbase web wallet because the user holds their private keys and maintains complete control over their assets.

Does Exodus wallet charge fees? ›

This is because Exodus actually uses several partner exchanges to fulfill its fees, if these exchanges don't have great liquidity for the trading pair you are looking to trade, then Exodus will charge a higher fee.

Is Exodus better than Ledger? ›

If you want to get a brief understanding of Ledger vs Exodus comparison results, take a glance at the short table below. By comparing Ledger vs Exodus overall scores, we clearly see that Ledger has the higher overall score of 7.9. Exodus, on the other hand, has scored 7.1 final points.

Is Exodus wallet safer than Coinbase? ›

The Exodus Wallet is safer than the Coinbase web wallet because the user holds their private keys and maintains complete control over their assets.

Is Exodus wallet safer than MetaMask? ›

After doing Exodus vs MetaMask comparison, it's evident that Exodus has somewhat better security features than MetaMask. The Number of Supported Crypto section can tell you just how many & which cryptocurrencies you can conveniently hold in a single cryptocurrency wallet at the same time.

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