Exodus Wallet Review 2024: Pros & Cons, Fees & Features

How Exodus Wallet Works

Every wallet you create in Exodus is accompanied by encrypted private keys, securely stored exclusively on your device. These accounts are entirely private, requiring no registration for typical usage.

A dedicated dashboard offers options to send or receive funds for each digital currency within your Exodus wallet. Besides, a built-in feature allows you to exchange supported currencies through the Exodus decentralised exchange. These transactions occur directly on the blockchain and may entail slightly higher costs than centralised exchanges like Crypto.com, Kraken, or Gemini.

To truly grasp Exodus, the best approach is to download and use it firsthand, a process readily available for free via the Exodus website or mobile app stores. Unless you opt for the Exodus exchange, you can use the wallet without subscription or payment requirements.

Exodus Supported Coins

Upon its initial release, Exodus supported a limited number of cryptocurrency assets. As it continues to expand, it incorporates new coins into its repertoire. Currently, it offers more than 250 cryptocurrencies, with ongoing additions. The robust multi-currency support stands as one of Exodus’ standout features.

You can store any ERC-20 token in Exodus, even if it’s not officially supported. Nevertheless, there’s a caveat: the wallet won’t display the balances of these unsupported ERC-20 coins. To check these balances, you’ll need an Ethereum blockchain explorer. You may have to import your private keys into a wallet that supports the specific asset to facilitate transactions.

Exodus Wallet Assets Exchange

Although Exodus Wallet is primarily a wallet rather than an exchange, it offers a convenient in-app feature for exchanging supported cryptocurrencies directly. This functionality relies on non-custodial, third-party API exchange providers, eliminating the need for KYC identification verification.

The process is straightforward if you possess coins in the wallet and wish to initiate an exchange. Click on the “exchange tab.” From there, you can select the cryptocurrency you intend to exchange and the one you want in return.

After making your selections, specify the amount you wish to exchange. You can choose from preset values like ALL, HALF, or MIN or input a specific amount of the coin or its equivalent value in your local currency.

Once satisfied with your exchange parameters, click “exchange,” and the transaction should proceed swiftly. Typically, these exchanges conclude in under 30 minutes. Once the trade is successfully completed, you can close the wallet.

Exodus Wallet NFT Marketplace

Indeed, NFTs hold a special place in people’s hearts, and Exodus responded to this user enthusiasm. The popularity of the Exodus wallet soared when it became one of the pioneers and continues to stand out as one of the few non-custodial wallets featuring an integrated NFT marketplace and gallery.

Within Exodus, users can seamlessly access the NFT gallery on mobile and desktop platforms, allowing them to receive, store, showcase, and share their cherished NFTs. This NFT gallery also extends support for receiving NFTs on the Solana network.

The NFT Marketplace within Exodus empowers users to buy and sell NFTs directly from the wallet on the Solana network. Exodus has partnered with the prominent NFT platform Magic Eden, the leading NFT marketplace on Solana. Exodus’ NFT marketplace boasts an impressive array of verified collections.

To access the NFT marketplace, you can install the app from within the Exodus wallet. Once the app is downloaded, you can navigate to their NFT gallery or the market to partake in NFT transactions. Exodus has compiled knowledge articles for added convenience, providing users step-by-step instructions to immerse themselves in the Exodus NFT gallery and marketplace.

Exodus Wallet Staking Services

The primary function of Exodus Wallet revolves around the secure storage, sending and receiving of cryptocurrencies. However, it allows users to generate a passive yield on their idle assets through Exodus Rewards. In contrast to some platforms we’ve assessed that levy a portion of your staking earnings, Exodus imposes no costs beyond the standard network fees.

As of the time of writing, seven assets were eligible for staking, including prominent options like Solana, Algorand, Cosmos, and Cardano. However, the absence of support for high-yield staking coins like Ethereum and Polkadot might limit the choices depending on the composition of your portfolio.

Yields ranged from 1.02% (VET) to 21.20% (ATOM), aligning with other staking platforms in the cryptocurrency sphere. Note that unstaking periods vary depending on the asset. For instance, SOL requires 2-4 days for the funds to become available after unstaking, whereas ATOM necessitates a longer 21-day waiting period.

Although Exodus’s selection of staking-supported assets is narrower than exchanges like Bybit or specialised staking platforms like Nexo, its appeal lies in the ease of managing staked assets and monitoring earnings directly within the wallet. This simplicity-centric approach may be attractive to users who prioritise user-friendliness over intricacies.

Exodus Wallet Mobile App

Numerous crypto enthusiasts seek a convenient way to manage their digital assets while moving. The Exodus mobile wallet boasts the same robust security measures and offers many functionalities as its desktop counterpart. This positions the Exodus mobile wallet as one of the most popular, resilient, and versatile solutions.

Notably, users have the desktop app installed to use the mobile wallet fully. It functions independently as a standalone mobile wallet, featuring the same impressive design and user experience as the desktop version. For those who prefer using both platforms, Exodus offers a seamless option to synchronise mobile and desktop wallets for added convenience.

To bolster security, you can enable biometrics on their devices, including face or fingerprint scanning, in addition to a password. The mobile app encompasses various capabilities, including checking cryptocurrency prices, tracking your portfolio, sending and receiving funds, exchanging assets, staking, and accessing multiple cryptocurrency applications.

The Exodus mobile wallet app is available for both IOS and Android devices, staying true to the spirit of cryptocurrency by requiring no KYC or account sign-up, enabling users to dive right into the world of Exodus without unnecessary formalities.

Exodus Wallet Cost & Fees

Although Exodus Wallet offers free usage, the company generates revenue by levying a modest fee on the swaps within their wallet. The exchange section of the wallet consistently displays the amount of cryptocurrency being exchanged and received.

Exodus derives its income from a small percentage of the exchange fees when users swap assets. These exchange services are provided by external third-party providers integrated into Exodus.

Compared to other non-custodial wallets, Exodus Wallet charges relatively higher fees for its exchange services. Users can evaluate Exodus fees by comparing them to well-known exchanges known for low fees, such as Kucoin, Binance, and OKX. While Exodus may not compete with exchanges optimised for the utmost liquidity and minimal fees, it does offer users privacy and convenience in exchange for slightly higher fees.

The spread between the two traded assets represents the difference in their values. For instance, if you trade $50 worth of USDC for $48 worth of BTC, a 4% spread is incurred. This spread varies depending on the assets sold and the available liquidity. Exodus maintains transparency during exchanges by displaying approximate asset values in local currency alongside the market pairs, facilitating easy cost assessment for users.

Exodus Wallet does not impose fees when sending, receiving, or withdrawing Bitcoin, Ethereum, or any other cryptocurrency, except for network or miner fees. These fees, directed to the network, constitute the sole charges associated with blockchain transactions.

Exodus Wallet applies a network fee determined by the network on which you do the trade. For example, if you intend to trade Ethereum-based USDC for native ETH, you’ll encounter this network fee in addition to the exchange fee. The fee’s value depends on the transaction’s size and the prevailing network fee rate.

Exodus Wallet Security Features 

Exodus operates as a non-custodial wallet, ensuring the utmost privacy for users by refraining from collecting personal information or sensitive wallet data. Instead, all data remains securely stored locally on users’ devices.

Users enjoy complete control over their cryptocurrency holdings through a 12-word recovery phrase and a password, allowing them to access their funds. Exodus also bolsters security with features like Face ID and Touch ID for added protection. The wallet releases software updates bi-weekly, addressing wallet-specific vulnerabilities and enhancing security measures.

Exodus Wallet Customer Support

Since the Exodus team generates revenue for the wallet, they allocate resources to provide robust wallet support. This commitment is evident through their comprehensive knowledge base hosted on the Exodus website, which comprises over 100 articles covering various aspects of wallet usage, features, troubleshooting, fees, and more.

Additionally, there is an extensive and easily searchable FAQ section available. You can contact the support team through email and social media if you still need to find a satisfactory answer within these resources.

Trustpilot reviews indicate that most customers are content with Exodus and its support services. While a few users have expressed concerns, primarily related to the wallet’s high swap fees, it’s noteworthy that support response times are relatively impressive, with queries typically addressed within a two-hour window. Despite the absence of live chat or phone support, this responsiveness enhances the overall support experience.

Exodus Wallet FAQs

Who is Exodus Wallet for?

Exodus is suitable for anyone interested in cryptocurrency. You can download the desktop and mobile apps for free, even if you don’t own digital assets, to learn more about the cryptocurrency markets and how Exodus works. It’s ideal for those who prefer managing their cryptocurrency with their dedicated wallet rather than relying on an exchange account.

Can I stake crypto on Exodus Wallet?

Yes, Exodus now supports staking for select coins like Cardano (ADA), Tezos (XTZ), and Cosmos (ATOM). You can earn annual yields from 4% to 8% simply by holding your coins in your Exodus wallet. Additionally, there are plans to introduce more cryptocurrencies for staking.

Is Exodus Wallet regulated and safe?

Generally, Exodus Wallet is considered safe, but it’s crucial to comprehend the risks associated with cryptocurrency usage and wallet management. You could permanently lose access to your cryptocurrency if you lose access to your computer and do not possess a backup seed phrase. When using a self-service cryptocurrency wallet like Exodus, it’s essential to have a solid understanding of the process to avoid potentially costly mistakes.

How to open an Exodus account?

Exodus does not require you to create an account. You can download and use Exodus without any registration. While certain apps within Exodus may necessitate an account, you don’t need one to store cryptocurrency or utilise the Exodus exchange.

Is Exodus Wallet safer than Coinbase Wallet?

The Exodus Wallet is safer than the Coinbase web wallet as it gives users control over their private keys and complete autonomy over their assets. Coinbase’s wallet, on the other hand, is custodial and manages your private keys. If Coinbase were compromised, your funds could be at risk, whereas an Exodus wallet would remain unaffected. It’s worth noting that Coinbase also offers a standalone Coinbase Wallet, which is non-custodial, providing asset control and extra protection against potential hacks on the Coinbase website.

Final Verdict

Thanks to its user-friendly interface and exceptional customer support, Exodus stands out as one of the top hot wallets, mainly geared towards beginners. The wallet has garnered favour among intermediate and experienced crypto investors due to its extensive features, including staking options for cryptocurrencies and support for dApps and NFTs, enabling quick asset swaps without relying on a centralised exchange. 

Nonetheless, the absence of two-factor authentication (2FA) may raise concerns for users with substantial cryptocurrency holdings. However, diligent security practices can help manage digital assets effectively. For those seeking heightened security, Exodus offers an option to store and exchange cryptocurrencies via the Trezor hardware wallet, providing an additional layer of protection.