Exodus vs. Coinbase

At a Glance

Exodus vs. Coinbase: Features

Exodus and Coinbase have hot wallets, incorporated cryptocurrency exchanges, and support staking. But the platforms offer different features that may sway users toward one exchange or the other. 

Exodus is primarily a distributed exchange, but it does allow you to connect to a centralized exchange if you prefer that option. It doesn’t accept fiat currencies, such as USD cash deposits from a bank account. But you can directly purchase crypto using fiat currencies in the app.

The core function of Exodus is users swapping crypto via peer-to-peer trading. It’s app-based, so users must download a desktop or mobile app to use the exchange. This differs from Coinbase, where investors can trade via a web browser or a mobile app.

Exodus offers several features for investors, including:

• Hot wallet: The Exodus digital wallet earns a top spot as a beginner-friendly Bitcoin wallet. It’s free to use, and investors control their private keys. 
• Staking: Exodus lets investors stake seven coins and earn rewards. Altcoin staking options include Algorand (ALGO), Cosmos (ATOM), Solana (SOL), VeChain (VET), Cardano (ADA), Tezos (XTZ), and Ontology (ONT). Annual percentage rates (APR) range from 1.00% to 21.20% as of March 12, 2023, but can change at any time.
• Trezor partnership: Trezor Model T and Trezor One users can pair their hardware wallets to Exodus. They can then transfer assets between the hardware wallet and the Exodus hot wallet. Exodus can also be used as an interface to manage assets on the hardware wallet.
• Compound finance: Deposit Dai (DAI) into something similar to a crypto savings account to earn a variable interest rate of around 3.26%.

Coinbase is a centralized exchange accepting many fiat currencies for deposit and purchases, including USD, EUR, and GBP. Users can transfer funds via the Automated Clearing House Network (ACH), debit or credit card, wire transfer, or PayPal. Like Exodus, Coinbase supports peer-to-peer trading. 

Coinbase also offers: 

• Staking: Coinbase users can earn up to 6% APR for staking five coins: XTZ, ATOM, Cardano (ADA), Solana (SOL) and Ethereum (ETH). 
• Coinbase Learning Rewards: Watch videos and read guides about blockchain and cryptocurrencies to earn free altcoins. 
• Web and hot wallets: Coinbase users can store their currencies in the Coinbase web wallet or select the Coinbase wallet, a standalone digital wallet that lets users store crypto assets outside the exchange. 
• Coinbase Pro: Advanced users can upgrade to the Coinbase Pro platform for free. It offers extra trading options and charting. 

Exodus vs. Coinbase: Currencies

Exodus supports over 260 cryptocurrencies. Coinbase offers over 250. Both platforms give access to well-known coins, such as:

• Litecoin (LTC)
• Bitcoin (BTC)
• Ethereum (ETH)
• Ethereum Classic (ETC)
• Stellar (XLM)
• Loom Network (LOOM)
• Graph (GRT)
• Aave (AAVE)
• Dogecoin (DOGE)
• Polkadot (DOT)

Each exchange also supports stablecoins like Tether (USDT) and USD Coin (USDC). However, the platforms have slightly different options — if you’re looking for specific coins, you’ll find a few offered on each platform that aren't found on the other. 

Exodus supports Binance Coin (BNB), PAX Gold (PAXG), adToken (ADT), and Ripple (XRP). Coinbase offers BarnBridge (BOND), and SKALE (SKL). Again, Exodus doesn’t support fiat currency deposits, but you can buy crypto using fiat currency in the app. Coinbase supports many major fiat currencies for holding and purchasing, but Exodus doesn’t support crypto to fiat withdrawals. It suggests Coinbase as one alternative to convert and withdraw your funds. 

Exodus vs. Coinbase: Security

Both Exodus and Coinbase are very secure, but differences exist due to the nature of their exchanges and wallets.

Coinbase users must sign up for an account and complete a verification process. Coinbase keeps insurance on funds in hot storage, stores 98% offline in cold storage, and the Federal Deposit Insurance Corporation (FDIC) insures USD funds. Coinbase is the custodian of your web wallet, so it holds your private keys. The private keys reside on your device if you opt for the standalone wallet and you're the custodian.

In contrast, Exodus provides a crypto-to-crypto platform for P2P trades. Users maintain full control over their funds. You have a lot of responsibility to ensure that your computer or mobile device, hot wallet, and cold wallet are secure. The Exodus wallet is a non-custodial wallet where users retain ownership of their private keys.

Exodus does take measures to ensure that the platform is secure against hackers and cyber attacks, but users must adopt safe practices to protect their wallet and private keys. Coinbase is an entirely closed source so people can't check the code for vulnerabilities. Exodus uses some open source pieces, but it's largely a closed source as well.

Anyone can store funds in a hardware wallet, but the Exodus-Trezor partnership makes it easier to do so on Exodus. This gives Exodus an edge for security and privacy. 

Exodus vs. Coinbase: Fees

As a decentralized exchange, Exodus doesn’t charge any fees for sending or receiving crypto. Nor does it retain any fees associated with the withdrawal of funds. Transaction fees on Exodus go to the network (to the people who mine the crypto), so more crowded and busier networks can charge higher fees. The transaction amount also depends on the number of previously recorded deposits.

You’ll additionally pay a spread on transactions. The network fee will be listed at the bottom of the app after you initiate a transaction and before you click “Send."

Coinbase doesn't publish many of their fees online. It says that fees will be calculated and shown at the time of transaction. Fees for purchasing crypto as well as using different payment and funding methods will apply. The one fee schedule it does post is their maker-taker fees for trades on the exchange. Those can be as high as 0.60%.

Exodus vs. Coinbase: Ease of Use

Coinbase is known as an “on-ramp” for new investors. It offers a user-friendly platform accessible via a web browser or mobile app. Traders can exchange various fiat funds using several different methods, then buy or sell on the exchange. 

Exodus isn’t available through a web browser. Users must download the desktop or mobile app to get started and create a software wallet. Exodus is easy to use, but complete crypto beginners or those who aren’t comfortable with technology will face a slight learning curve. It's definitely more complicated to use than Coinbase.

Exodus vs. Coinbase: Mobile App

Both Coinbase and Exodus offer mobile apps, but Coinbase also functions on a web browser. Exodus users must download a desktop or mobile app to access the service. Its apps and wallets work on Android and iOS devices. The Exodus desktop app also works on Linux, Windows, and Mac computers. 

The mobile apps from both companies are user friendly, allowing investors to use the exchanges to make P2P trades or the Coinbase app to buy and sell. But the Exodus apps also integrate with Trezor hardware wallets, giving users additional control over their crypto assets.

Exodus vs. Coinbase: Access

Exodus can be used worldwide, although some governments or countries may restrict, block, or regulate it.

Coinbase supports users in more than 100 countries, including all U.S. states except for Hawaii.

Final Verdict

Exodus is a cryptocurrency wallet with an incorporated, decentralized cryptocurrency exchange. It offers the ability to connect to a centralized exchange as well. Users have total control over their assets and private keys.

Coinbase is a centralized cryptocurrency brokerage. Its users hold funds using hot wallet software, and Coinbase is the custodian. But Coinbase investors can transfer funds to the standalone Coinbase wallet for additional control. 

Exodus is worth checking out and potentially using, but investors generally must already have cryptocurrency to use it. But Exodus is offering a direct purchase option.

It ultimately comes down to your comfort level with peer-to-peer trading on decentralized exchanges versus the convenience (but less control) of a centralized exchange. Coinbase is also a bit more user-friendly overall and it offers superior educational opportunities for beginners.

Frequently Asked Questions (FAQs)

Methodology

We evaluated each platform based on general and unique features, such as rewards and staking. We also considered which currencies, stablecoins, and fiat were supported while reviewing the process of trading on the exchange. Exodus and Coinbase fee structures are difficult to compare, so we explored the total cost of trading on each platform and how prices may vary by use case. Finally, we examined security measures, ease of use, and accessibility to see how the platforms differed.