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Exodus is one of the newest and most popular digital currency wallets on the market that boasts of ease of use and a strikingly beautiful user interface as well. Though the wallet pales in comparison with eToro, it does have a few interesting features. The desktop wallet supports multiple cryptocurrencies. The design of the wallet aims to make crypto coins more easily accessible for the general user (non-technical).
In this review we have investigated this wallet’s fees, pros, cons, and features in depth, and have found, however, that whilst ExodusWallet is a reasonable service, there are better options for storing cryptocurrencies, which offer higher security and better rates. Read on for a full review of this wallet, as well as an explanation of why we would recommend other providers.
What is Exodus wallet?
Exodus is a desktop-based online multi-currency wallet that lets you hold Bitcoin, Bitcoin Cash, Ethereum and a host of ERC20 and other digital coins. It supports close to 100 digital currencies and offers users in-app trading via ShapeShift. It stores the user’s private key on his machine, making the wallet more secure than an exchange wallet. Though it cannot be considered as secure as a hardware or paper wallet, it lets users retain control of their private keys which is crucial in terms of development. It is also a lite wallet, which means that the users never have to download the entire blockchain on their systems to engage in transactions.
The wallet was founded by JP Richardson and Daniel Castagnoli. Richardson is the Chief Technical Officer of the project and has published over 200 open source libraries to date. His codes are being used in several Bitcoin and other crypto software. Castagnoli is the Chief Creative Officer has previously worked in the design teams of BMW, Disney, Apple, Nike, and Louis Vuitton. The wallet was launched in mid-2016 and quickly started getting attention from users from its user-friendly design and highly intuitive user interface.
What cryptocurrencies does Exodus Wallet support?
What fees does Exodus wallet have?
Exodus wallet design allows users to calculate the fee for making transactions on a network automatically. As it supports multiple cryptocurrencies, the fee for each network varies greatly. However, fees on Exodus tend to be higher than other wallets, as it is designed to send transactions as quickly as possible, not as cheaply as possible. What you gain in speed, you lose in the fee. The wallet itself does not charge any fee except for the miner/transaction fee that all networks charge.
The wallet computes mining fee using a dynamic pricing model that tries to get the transaction into the next block, i.e. it focuses on getting quick transaction confirmations. Users who want to set the fees for each transaction manually should use other wallets.
How to open an Exodus wallet account?
Exodus is a desktop based wallet account. Therefore, users must first download the application on their systems and then create an account. Here are the steps to creating your own Exodus wallet.
- Visit the official website of Exodus wallet. Double check if you are not using a phishing website.
- On the top right corner of the website, you will find the ‘Download’ button. Click on it.
- On the next page, choose your operating system. Exodus is available for Windows, Mac, and Linux.
- Run the downloaded file and install the wallet.
- Your wallet is now ready to use. No sign up necessary.
How do I transfer coins to Exodus wallet?
When using the Exodus wallet, you will have three options to transfer coins- Send, Receive and Exchange. Here is a step-by-step procedure to complete all three types of transactions.
Receiving coins on Exodus
When you first start using the Exodus wallet, you will have to add coins to it for safe storage and also to send them to other wallets.
- To start with, open the application and click on the ‘Wallet’ tab.
- Click on the cryptocoin you want to receive in the wallet, and click “receive.”
- You will be shown a wallet address alongside a QR code. Share it with someone you want to receive money from or copy paste it to receive money from another wallet you own.
Sending coins on Exodus
- Click on the ‘Wallet’ tab
- Select the cryptocurrency you want to from the list
- Click on ‘send.’
- Paste the wallet address or scan a QR code to send money
- Write the amount of money you want to send.
- Click ‘send.’
Exchanging coins on Exodus
If you already have some coins in your account, you can easily use the in-built ShapeShift support to exchange coins directly within the wallet. Here is how to accomplish it-
- Click on ‘exchange’ in the left panel of your app
- On the left, select the cryptocurrency you want to swap. On the right, select the cryptocurrency you want to receive.
- Check the current exchange rate between the two cryptocurrencies.
- Click on ‘exchange.’
- Your new balance will be reflected once ShapeShift completes the exchange.
While the wallet provides quick exchange and transaction facility, we must note that it doesn’t intend to save money for the users. The wallet trades affordability for speed because of which your transactions get accepted more quickly, but you also have to pay extra. Ideally, the users must be allowed to manually select how much fee they intend to pay for a particular transaction. Exodus itself urges users to find better solutions for manual fee decision in other places. Wallets like eToro serve the users better in this regard.
Exodus wallet Pros and Cons
Every Bitcoin wallet comes with its own set of advantages and disadvantages to the users. Let’s check out what Exodus brings to its users.
Allows users to retain their private keys
Supports multiple cryptocurrencies
Allows in-app crypto-to-crypto exchange
Beautiful user interface
Easy to use, beginner friendly
Available as a mobile application too
High transaction fee
Doesn’t allow manual transaction fee decision
Doesn’t offer two-factor authentication
Does not support multi-signature addresses
Is not a highly secure wallet
Exodus vs. Other wallets
Exodus is not the only multi-currency wallet available to the users. There are other popular wallets like eToro and Jaxx that pose significant challenges to Exodus. So let’s check how the wallet fares against its peers.
Exodus vs. Jaxx
One of Jaxx’s founder is also the co-founder of Ethereum, which gives a significant edge to the wallet. It is a popular desktop-based digital currency wallet available for mobile platforms as well. Unlike Exodus, Jaxx can also be used as an online wallet. It supports over 66 digital currencies and can show crypto balances in fiat currency to the users. While it is quite similar to Exodus in principle, Jaxx allows users to choose a transaction speed. It has three speed options- slow, medium and fast. Therefore, users get to decide whether they want to send their transaction quickly or cheaply. Exodus doesn’t provide this flexibility- it focuses on providing the fastest possible transactions, albeit at a higher fee.
Both Exodus and Jaxx allow in-app crypto-to-crypto exchange using ShapeShift. Though Exodus provides a larger selection of coins, Jaxx offers more advanced features.
Exodus vs. Ledger Nano S
The definitive wallet for high-end security, Ledger Nano S is the leader of cryptocurrency wallets on the market today. It is a hardware wallet that allows users to store their cryptocurrencies offline. The USB shaped device can be connected to your computer to complete transactions or view balances. It comes with state-of-the-art security features as well.
Exodus, on the other hand, is a desktop-based online wallet. It cannot be considered the most secure storage option on the market because of the lack of crucial security features like two-factor authentication. However, it is great to keep smaller sums of multiple coins at a single place while retaining all your private keys. Exodus is free to use while the Ledger Nano S is available on the market for under $100.
Exodus vs. eToro
Even though Exodus is also a reliable cryptocurrency wallet, eToro wallet’s top-of-the-line security features like two-factor authentication and multi-signature support beat the security Exodus provides. eToro also supports a wider range of cryptocurrencies and other types of traditional assets. Moreover, eToro provides unmatched support, social trading platform as well as multiple language support which is of great help to non-English speakers. Thus, the eToro wallet is a much better wallet than Exodus.
No. Exodus is free to download and use and does not charge a fee from the users. However, when they make a transaction, the users have to pay the current transaction fee of the network. This money does not go to Exodus and is instead paid directly to the miners/block validators of the blockchain. There is no charge for holding coins in your Exodus wallet.
ERC20 tokens are Ethereum-based digital assets that are often developed by a company, startup or developer as part of an ICO or other fundraising methods for their blockchain-based idea. Some popular stablecoins in the market are also ERC20 assets designed to provide a fiat equivalent to the crypto world.
Exodus wallet supports a select list of ERC20 tokens. However, your ETH address can still receive any ERC20 token you want. These coins will not show up in your wallet asset list. You can use your private keys to manage these unlisted assets. If any of these assets are formally supported by the wallet in the future, they will show up on the list automatically.
It is possible to run the same Exodus wallet on two machines. However, due to the design of the application, it could become complicated for the users to do so. For instance, if the wallet on one computer makes a transaction, the wallet on the second computer will not be able to detect the change.
Users will have to refresh and upgrade both the wallets consistently to ensure that they both reflect the correct balances. For an average user, this could cause unnecessary hurdles. However, advanced users may want to upgrade their wallets and manually check if their wallets are aligned to each other and the blockchain. Exodus support could help users explore their transactions if the need be.
The Exodus wallet allows you to check your cryptocurrency balances in fiat equivalents which help in providing a smoother experience to the users. Here are some of the fiat currencies it supports-
- AUD – Australian dollar
- BRL – Brazilian real
- CAD – Canadian dollar
- CHF – Swiss franc
- CLP – Chilean peso
- CZK – Czech koruna
- DKK – Danish krone
- EUR – Euro
- GBP – British pound
- HKD – Hong Kong dollar
- HUF – Hungarian forint
- IDR – Indonesian rupiah
- ILS – Israeli new shekel
- INR – Indian rupee
- JPY – Japanese Yen
- KRW – South Korean won
- MXN – Mexican peso
- MYR – Malaysian ringgit
- NOK – Norwegian krone
- NZD – New Zealand dollar
- PHP – Philippine peso
- PKR – Pakistani rupee
- PLN – Polish złoty
- RUB – Russian ruble
- SEK – Swedish krona
- SGD – Singapore dollar
- THB – Thai Baht
- TRY – Turkish lira
- TWD – New Taiwan dollar
- USD – United States dollar
- ZAR – South African Rand
No, the users control their private keys on the Exodus wallet. The Exodus staff does not have access to your private information or your wallet. They cannot make any changes to your account or manipulate your wallets. Exodus doesn’t even require to sign up using an email because of which all personal details of the users remain obscure. Hence, it provides full control of blockchain assets to the users.
Exodus wallet is a great product designed to help onboard people into the crypto revolution. It brings a clean and beautiful user interface. Users can view their account holdings in a ‘ring/pie chart’ format and can see their crypto holdings in fiat equivalents of their choice. While it makes transactions slightly more expensive, it takes away the headache to decide manual fees which is great for new users.
The problem with Exodus lies in its security flaws and its lack of advanced features. The absence of two-factor authentication and the complex process of operating the wallet on multiple machines simultaneously create several hurdles for an average user. It lets users add multiple ERC20 based tokens, but fails to list them all. Wallets like MetaMask and Coinbase steer clear of such issues and allow users to retain some control over the fee they intend to pay for a transaction.
Overall, Exodus wallet is a good product. It is not one of the best in the market in terms of security but provides a highly intuitive way to manage multiple crypto assets.