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Exodus, our top choice for beginners, is a straightforward and easy-to-use crypto wallet, enabling access to over 150 assets. While the wallet’s wide range of features make this a viable option for just about anyone, it is particularly suited for beginning crypto investors.
Pros & Cons
Supports over 150 cryptocurrencies
Seamless linkage to exchanges and decentralized finance (Defi)
Lack of custom network fees for altcoins
- Key Takeaways
- Company Overview
- Exodus is our best cryptocurrency software wallet for beginners.
- Investors looking to select from a large menu of digital assets will likely find the one they are looking for on the Exodus platform.
- While Exodus does not provide two-factor authentication (2FA), users do have the ability to interact with a Trezor hardware wallet.
- Users will maintain complete control over their assets, as Exodus is completely non-custodial.
Exodus was founded in 2015 by Daniel Castagnoli and JP Richardson, with the wallet implementing over 200 product updates since inception. On average, Exodus releases a new software update every two weeks, and currently supports assets on the Ethereum, Algorand, Solana, Polygon, and Binance chains.
In addition to being a multi-asset wallet, Exodus enables operation across multiple platforms, with desktop, mobile, and hardware wallet options. Mobile functionality is available across both Android and iOS, while its desktop offering works across Windows, Linux, and Mac. In addition to the existing built-in exchange, Exodus recently added FTX integration allowing users to exchange one asset for another within the platform. Doing so allows users to view their FTX balance alongside their Exodus balance, and provides them the opportunity to send assets to and from each platform. Users can either link their current FTX account, or create a new one. It should be noted that Exodus states plainly that users may experience higher fees using their exchange feature. It should also be noted that those fees will be clearly disclosed prior to the completion of a transaction. In the current version of Exodus, users are able to set custom fees specific to Bitcoin and Ethereum transactions.
To give users complete control over their assets and private keys, Exodus operates as a non-custodial wallet by encrypting their information locally on their own devices. Registration and/or disclosure of a user’s personal information is not required, and it should be noted that Exodus uses simplified payment verification, which means that they do not download full blockchains to verify payments. Instead, Exodus uses a series of servers to trace and validate customer balances. Two Factor Authorization (2FA) is not currently supported by Exodus, and due to the structure of the service Exodus has made it clear that 2FA integration is unlikely to ever be implemented. The Exodus approach to mitigating this is through its compatibility with Trezor's hardware wallets. Exodus is well suited for both new and experienced crypto investors, specifically those looking for a broad array of digital assets to choose from, and versatility specific to available desktop, mobile, and hardware platforms.
|Type of wallet||Software (Desktop & Mobile)|
|Fees||Network fee only to send assets. No fee to receive assets|
|Number of cryptocurrencies supported||150+|
|Bitcoin and Ethereum supported?||Yes|
|Earn (staking/rewards)||Yes, customers can earn interest on their Crypto holdings, as well as stake assets.|
|Customer Service||Exodus offers 24/7 customer support, along with a help page, online chat, and email support.|
|In-App Features||Customers can buy, sell, swap, and convert assets within the Exodus app.|
|SPV or Full Node||Exodus uses simplified payment verification (SVP)|
|Mobile App||Exodus is available for both Android and iOS|
Pros & Cons Explained
- Easy-to-use interface: The Exodus user interface is both easy to use and understand, and should come across as straightforward for most users.
- Supports over 150 cryptocurrencies: Exodus wallet currently supports over 150 cryptocurrencies for trading, and the number is still growing.
- Seamless linkage to exchanges and Defi: Exodus makes it easy to integrate with Defi platforms.
- Lack of custom network fees for altcoins: Currently, custom fees are only available for Bitcoin and Ethereum transactions.
Exodus supports more than 150 currencies, across seven separate blockchains. Users can buy and sell, as well as swap currencies on Exodus’ internal exchange. Additionally, Exodus’ partnership with FTX allows users to access the exchange directly from the Exodus app, facilitating the transfer of assets between the two. Users will also find that Exodus has recently integrated the Lightning Network as a payment system. In short, the Lightning Network is a payment system that processes transactions outside of the Bitcoin network. As a result, Exodus users who take advantage of this feature will benefit from faster and less expensive Bitcoin (BTC) transactions.
Another recent feature is the ability to buy, sell, send, and receive Non Fungible Tokens (NFT) within the Exodus NFT Marketplace. This feature, via its partnership with Magic Eden, is available on both the mobile and desktop versions of the app. Users will want to note that Exodus supports NFT transactions on the Solana network. As such, a minimum reserve of 0.01 SOL will be required to successfully complete an NFT transaction.
As it relates to generating income, wallet holders have the ability to stake assets as well as earn interest on their holdings. In doing so, users have the ability to deposit assets on the app, delegate the assets they wish to stake, and collect passive income as a result. This feature applies to ALGO, ADA, ATOM, ONT/ONG, SOL, XTZ, and VET/VTHO, with each asset having its own distinct parameters specific to staking. Finally, as it relates to software updates, Exodus maintains a relatively frequent cadence, at one every two weeks.
Top 5 supported cryptocurrencies:
- Binace Coin
A key factor to be noted specific to security is that as of this writing, Exodus does not have access to your assets or private keys. The wallet’s non-custodial framework means that all storage and encryption takes place on the user’s hard drive, not on the Exodus platform. Once the platform has been downloaded, users access their account via password. Should users need to recover their account, they will be prompted to do so via a 12-word recovery phrase.
For users who prefer securing their assets offline, Exodus has partnered with Trezor to allow users to manage their assets from the Trezor hardware wallet. With the hardware wallet connected to Exodus, users can send, exchange, and receive assets while maintaining their private keys and assets offline. One item to note is that Trezor supports hundreds of assets.
Privacy and Anonymity
Exodus wallet firmly believes in the privacy and non-custodial rights of their users. As such, it does not have Know Your Customer (KYC) requirements, which means users are not required to register or supply personal information. All transactions are anonymous on the platform, and Exodus generates a new wallet for each BTC transaction. The benefits of this are that usage of the Exodus wallet does not require the divulging any personal information. Exodus has no access to your wallet, nor does the company collect personal data. The creation of a new wallet for each BTC transaction adds a layer of security, and an increased hurdle in the event that a malicious actor was looking to track your BTC transactions. As the user, however, you maintain the ability to view all of your wallet addresses.
The set-up process is relatively straightforward in that it simply requires the user to download the platform to their desktop. The software runs locally on the user’s computer, and requires no account signup. A similar process exists for the mobile app, and both the mobile and desktop platforms can be synced via the scanning of a QR code.
Users are subsequently prompted to back up their account, and will be provided with a secret 12-word recovery phrase that they will be encouraged to write down and safeguard. Still, users are able to access/view their recovery phrase by navigating to Settings, Backup, and clicking on View Secret Phrase. Doing so prompts a warning and requests confirmation that the user understands the risks for displaying their secret phrase.
The Exodus user interface is both easy-to-use and understand, and should come across as straightforward for most users. Portfolio balances are prominently displayed, and up-to-date market information is available for all supported assets. On a per asset basis, users will also find the 24-hour change, portfolio age, highest balance, and best and worst percentage moves, given a particular time frame.
The desktop version also has a feature which allows users to calculate potential profits (via sliding scales) given the asset amount, staking term, and average reward rate.
When it comes to installing and using the mobile app, the process doesn’t get much easier. Once the setup is complete, users are allowed the very convenient option of syncing it to your desktop, or even creating a new wallet. While Exodus gets high markets for its straightforward mobile experience.
Exodus offers 24/7 customer support, along with options for both email and chat. One area of concern would be the lack of an option to contact the service via telephone, though it is worth noting that this is fairly common throughout the industry. Still, Exodus scores highly when compared to competitors.
Cost & Fees
When it comes to pricing, most cryptocurrency software companies share a lot of similarities. For instance, it is the industry standard for software wallets to be free to download and access, and for users to not have to pay to receive assets. However, being charged a network fee for sending assets is something all crypto wallet users will encounter. Exodus wallet matches this standard fee schedule, and keeps fees nominal in the process.
While Exodus does allow customization of fees, which is also a common industry practice, this feature is currently limited to the Bitcoin and Ethereum networks. Users can enable this option via Exodus’ “Asset Menu’, navigating to “Advanced Options” and toggling on “Enable Custom Fees.” At the point in which users wish to send an asset, they will find a gear icon in the upper left hand corner which provides them access to Exodus’ custom fee interface. While Exodus will show a recommended fee, users are able to set a custom fee via a sliding scale. Users will want to note that the recommended fee will change, given network congestion and/or traffic. Additionally, once users set a particular fee, Exodus will remember it. There is no need to set a fee for each transaction, if users wish for it to remain the same.
Exodus offers a more than viable wallet option for both beginning and intermediate crypto investors. The wide selection of digital assets, ease of use, and self custody will certainly appeal to both segments. The absence of any security breaches in the last five years will provide comfort to new users, while more seasoned traders will find value in the ability to stake assets and integrate with Defi platforms. The user interface is aesthetically pleasing, and should provide beginning users with a level of comfort in managing their digital assets. One drawback is the educational component of the platform, which, although present, doesn’t feature prominently. There is, however, an Exodus Support feature which provides a number of articles and answers to frequently asked questions. Moreover, Exodus provides 24/7 human support via its email and instant chat platforms.
Given the pace of Exodus’ updates, the company is on track to continue to grow its base of supported assets and apps. Exodus wallet is an excellent choice for any cryptocurrency enthusiast, particularly those that are in the early stages of their crypto journey. Still, Exodus is not a wallet that will be quickly outgrown, even as users increase their base of knowledge.
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 crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.