Exodus Review: Features, Fees, Pros & Cons

Exodus is one of the market’s leading and most popular digital currency wallets. It boasts ease of use and a strikingly beautiful user interface.

This Bitcoin and crypto wallet supports over 50 networks, allowing users to swap between thousands of different assets. With features like Web3 wallet, desktop wallet, and more, Exodus is one of the superior offerings in terms of online digital wallets.

This review will examine the Exodus wallet in-depth, highlighting its pros and cons and explaining how it differs from traditional wallets.

What is Exodus wallet?

Exodus is an online cryptocurrency wallet that has gone through many renditions. Initially introduced as a simple desktop-based application for storing tokens, it has evolved into a full-fledged ecosystem delivering top crypto-storing solutions.

A digital wallet with multiple products, Exodus features tools for exploring multiple web3 apps on 50+ networks. It also supports cross-chain swapping and NFT storage and allows users to secure, manage, and swap their tokens.

The platform also has robust security features depending on the device it uses. From face-scanning to fingerprint authentication, Exodus has gone above and beyond to make assets secure. Furthermore, this software wallet is compatible with Trezor One and Model T hardware wallets.

Another major perk of this digital wallet is staking. Users can stake their crypto on the network of their choice through a mobile app, desktop app, or web browser extension.

Founded in 2015, Exodus has undergone multiple updates. Developed by JP Richardson and Daniel Castagnoli, It now supports over 100,000 assets, making it suitable for those looking for new and emerging cryptocurrencies.

The platform also offers top-of-the-line customer support, complemented by a fresh knowledge base that uploads new articles daily. Crypto learners will also find a lot to appreciate about Exodus with its YouTube Tutorials and daily newsletters covering the biggest crypto highlights.

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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. That being said, Exodus doesn’t keep any fee for itself, dedicating 100% of the charges to the network.

Exodus explains that transaction fees are determined by the transaction size and the fee rate.

Overall, Exodus is a free-to-use crypto wallet that charges nothing. The only charges users have to incur are network fees, which depend on the network itself, not on Exodus. That is why Exodus promotes cross-chain transactions to mitigate higher costs.

How do you open an Exodus wallet account?

Exodus is a multi-device crypto wallet account. It can be downloaded from the App Store and Google Play. Desktop users can download it for Windows, Mac, or Linux. Those who want to engage with Exodus’s Web3 wallet will only have to download the extension. That is, there is no need to open an account.

1. Visit the official website of Exodus Wallet. Double-check if you are not using a phishing website.
2. On the top right corner of the website, you will find the ‘Download’ button. Click on it.
3. On the next page, choose your operating system. Exodus is available for Windows, Mac, and Linux.
4. Run the downloaded file and install the wallet.
5. Your wallet is now ready to use. No sign-up is necessary.

How do I transfer coins to the Exodus wallet?

When using the Exodus wallet, you have three options for transferring coins: Send, Receive, and Swap. Here is a step-by-step procedure for completing all three types of transactions.

Receiving coins on Exodus

Here are the steps to receive coins in Exodus.

1. Open Exodus mobile and copy the address for the asset you want to receive from an exchange or any other wallet.
2. Now open the exchange app or wallet from which you want to receive your tokens.
3. Paste the address on the receive section. It can be a “To” field on Coinbase or any other field in another wallet.
4. Enter the number of tokens you want to send to Exodus.
5. Choose the network through which you want to send your funds.
6. Click “Send,” and your Exodus wallet will receive the tokens.

Sending coins on Exodus

There are four ways to send coins from Exodus to other exchanges or a wallet.

From Mobile

1. Open Exodus Mobile and tap on the wallet icon. Search for the asset you want to send. If the asset supports multiple networks, choose the network through which you want to send the token.
2. Tap the Send arrow given on the wallet.
3. Enter the number of tokens you want to send. If you want to send fiat currency, enter the amount of fiat you want to send.
4. Click on Tap to paste the address to paste the address of the wallet you are sending your tokens to.
5. Click the menu icon and enter the custom fee for Bitcoin, Ethereum, and ERC20 tokens. If you are sending Bitcoin, enable RBF.
6. Tap send.
7. It will send first-time users an alert stating the transaction is permanent.
8. Tap send again to confirm the transaction.

From Desktop App

1. Open Exodus Desktop and click the wallet icon before selecting the token you want to send.
2. If the asset supports multiple networks, choose the network through which you want to send the tokens.
3. Paste the address to paste the address of the wallet you are sending your tokens to.
4. Click the Show Advanced icon and enter the custom fee for Bitcoin, Ethereum, and ERC20 tokens. For sending Bitcoin, enable RBF.
5. Enter the number of tokens you want to send. If you want to send fiat currency, enter the amount of fiat you want to send.
6. Click on the Send button.
7. IF you are transacting for the first time, you will receive an alert stating the transaction is permanent.
8. Review your Transactions and click on Send.

From Web3 Wallet

1. Open Exodus Web3 Wallet extension. Click the wallet icon before selecting the token you want to send.
2. Scroll to search for the token you want to send.
3. Enter the address of the wallet you are sending your tokens to.
4. Click continue and set the custom transaction fee for Bitcoin, Ethereum, and ERC20 tokens.
5. It will send first-time users an alert stating the transaction is permanent.
6. Review your Transactions and click on Send.

From Trezor

1. Open your Trezor wallet and connect your Trezor to Exodus.
2. Go to Settings, and click on Portfolios
3. Click the Wallet icon
4. Select the asset to send and click on send.
5. Paste the destination address.
6. Select the amount of tokens you want to send.
7. Click Send again.
8. Confirm your transactions by holding the section.

Swapping Crypto

There are four ways to swap crypto via Exodus:

Mobile

1. Open Exodus Mobile and click on the Swap icon.
2. Select the asset from the dropdown menu you want to swap on the top. At the bottom, select the asset you want to swap it for.
3. Enter the amount of crypto want you to swap.
4. Check the network fees and ensure your wallet has enough tokens to cover it.
5. Click on Swap now.

Desktop

1. Open Exodus Desktop and click on the Swap tab.
2. Select the asset from the dropdown menu you want to swap on the top. At the bottom, select the asset you want to swap it for.
3. You can choose the portfolio for the asset you want to swap if you are using multiple portfolios.
4. Enter the amount of crypto want you to swap.
5. Check the network fees and ensure you have enough assets in your wallet to cover the fee.
6. Click on Swap now.

Web3 Wallet

1. Open Exodus Web3 Wallet and click on the Swap icon.
2. Select the asset from the dropdown menu that says “I have.”
3. Searching can take some time, so you know the ticker symbol of the asset you want to swap.
4. Go to the “I want” dropdown menu and select the token you want to receive.
5. Enter the number of tokens you want to swap.
6. Check the network fee.
7. Review the details and click on Swap to complete the exchange.
8. Click on Open Explorer to view the swap transactions.

Trezor

1. The first step is connecting and unlocking your Trezor wallet and then clicking on the Exodus Desktop Swap icon.
2. Select Show Portfolios and choose between the Trezor and Exodus portfolios from which you want to swap.
3. Select whether you want to receive your tokens on Trezor or Exodus portfolio.
4. Search for the token by name or ticker, or scroll through the available list of tokens you can swap.
5. Enter the number of tokens you want to send at the top and the number of tokens you want to receive at the bottom.
6. Review the network fees.
7. Click on Swap.

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Exodus Wallet Pros and Cons

Every Bitcoin wallet offers users its own set of advantages and disadvantages. Let’s check out what Exodus offers its users.

Exodus vs. Other Wallets

Exodus is not the only multi-currency wallet available to users. Other popular wallets, like eToro, are just as effective as Exodus.

Exodus vs. eToro

Even though Exodus is also a reliable cryptocurrency wallet, the eToro wallet has top-of-the-line security features like two-factor authentication and multi-signature support, which Exodus currently lacks.

However, Exodus’s list of crypto assets supported is bigger than eToro’s. EToro has features like multi-language support, copy trading, and a social trading platform.

Overall, it can be said that Exodus and eToro are mostly even in terms of offers. However, Exodus is a better option for those who are looking for a more robust wallet with multiple options to pick from.

Update 2024 – Going forward, the only cryptocurrencies eToro customers in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

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 also comes with state-of-the-art security features.

Exodus, on the other hand, is a multi-device wallet that can also integrate with Trezor, which is a hardware wallet. Even though it is not the most secure storage option on the market because of the lack of crucial security features like two-factor authentication, it is great to keep smaller sums of multiple coins in 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.

Conclusion

Exodus wallet is a great product designed to help onboard people into the crypto revolution. It brings a clean and beautiful user interface. It has multiple features that come from its multi-device support.

Considering that it is also accessible as a Web3 wallet and a mobile wallet, it is a plus for everyone. With its support for over 50 networks, cross-chain swapping, and the ability to interact with multiple decentralized applications, it is a suitable wallet for beginners and veteran crypto enthusiasts.

The absence of two-factor authentication and other security features can be felt. However, Exodus is evolving and has added multiple updates since its beginning. Therefore, more security features will also be coming soon.

Furthermore, It lets users add multiple ERC20-based tokens and supports over 100,000 assets.

Overall, Exodus is a good wallet. Its multi-device support makes it versatile, and its constant updating means more developments may soon be coming to this ecosystem.

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Read more:

• Best Bitcoin wallets
• Best Ethereum wallets
• How to buy Bitcoin with debit card

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