Exodus Cryptocurrency Wallet Review

A cross-platform, multi-cryptocurrency wallet with excellent customer support

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Exodus

Exodus

Investopedia’s Rating
4.2

Our Take

Exodus, our top choice for beginners, is an ideal choice for beginners. Its user-friendly features, high security, and cross-platform support make it an excellent wallet for those just starting their crypto journey. Plus, it offers quick chat services should users have doubts or face any issues. 

While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Easy setup process

  • Supports 291 cryptocurrencies

  • Exceptional customer service

  • Regular update schedule

  • Staking available

Cons
  • Lack of 2FA security protection

  • No support for crypto-to-fiat conversion

  • Not open source

  • Lack of custom fee support for altcoins

Company Overview

Headquartered in Nebraska, Exodus was founded by Daniel Castagnoli and JP Richardson in 2015 with an aim to enable easy access to cryptocurrencies for everyone. The wallet’s easy-to-use interface and aesthetically pleasing design are perfect for new users, while its security and robustness make it ideal for crypto veterans. 

The Exodus mobile wallet is available for iOS and Android, and the desktop version is accessible across multiple operating systems including Windows, Mac OSX, and Linux. Currently, it supports 291 cryptocurrencies and is packed with features that allow users to secure, manage and exchange popular crypto assets like Bitcoin, Dogecoin, and Ethereum within the wallet.

In addition to featuring a built-in exchange, Exodus can also be integrated with other cryptocurrency exchanges. But, due to the recent turn of events that led FTX to file for bankruptcy, Exodus no longer supports FTX exchange. To ensure users don't lose control of their crypto assets during events like FTX or Celsius, Exodus offers non-custodial functionality encrypted on users' devices.

Though Exodus is criticized for the lack of integration of two-factor authentication (SFA) methods, the team explains that implementing 2FA raises security concerns due to the unavailability of a reliable backup. While the wallet's security completely depends upon the device it is installed on, it fully supports Trezor to add another security layer for security-minded users.

Exodus

Exodus

overall rating
4.2
Type of Wallet Software (Desktop & Mobile)
Price  Free 
Fees  Network fee only to send assets.  No fee to receive assets 
Number of Cryptocurrencies Supported  291
Bitcoin and Ethereum Support Yes 
Earn (Staking/Rewards)  Yes, customers can stake assets to earn rewards
Customer Service  Exodus Wallet 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
Hardware Compatible  Yes (Trezor only)
SPV or Full Node  Simplified Payment Verification (SPV) 
Mobile App  Yes (Android and iOS) 

Pros & Cons Explained

Pros Explained

  • Easy setup process: Getting set up with Exodus on a computer and mobile devices is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.
  • Supports 291 cryptocurrencies: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus's Ethereum address. 
  • Exceptional customer service: Along with a help page, Exodus offers chat and email support services for users. The wallet even allows users to message founders JP and Daniel directly, although the response could take a while. 
  • Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus's official website.
  • Staking available: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.

Cons Explained

  • Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user's password gets compromised. 
  • No support for crypto-to-fiat conversion: Users do not have a way to exchange their crypto assets with fiat currencies directly within the wallet. To cash out, users need to send their assets from Exodus Wallet to a crypto exchange. 
  • Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet's software code. Therefore, the general public cannot review its robustness. 
  • Lack of custom fee support for altcoins: Customization of network fee for Ethereum and altcoin is missing from the wallet. Currently, users can only customize Bitcoin and Ethereum network fees.

Features

An aesthetically pleasing software like Exodus can make beginners feel less intimidated by cryptocurrencies. Its simple layout enables users to easily access, manage, and hold 291 cryptocurrencies directly from within the wallet. It is free and does not charge additional fees for sending or receiving crypto assets, except blockchain network fees. There is, however, a small fee for using the built-in wallet exchange.  

Users can also access various decentralized applications (dApps) and non-fungible token (NFT) collections on Exodus through its recently launched web browser extension. The wallet supports Ethereum, Solana, BSC, Algorand, and other blockchains. Therefore, users can connect their dApps to all the supported networks and collect NFTs within the wallet. It is also one of the few wallets with a built-in NFT marketplace, accessible only after installing the app from within the wallet. 

Exodus also offers a staking feature for users looking to earn passive income from their favorite assets. It supports staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO), and Solana (SOL). The APY paid as staking rewards is variable and can be tracked within the wallet. If users don’t want to stake, they can also use DeFi protocol Compound Finance through Exodus to lend their Ethereum assets to a pool to earn interest. 

Security

Exodus is a non-custodial wallet, meaning it does not collect users' personal information or any sensitive data about the wallet. Instead, the data is stored locally on the users' devices. 

With the ability to log in with a 12-word recovery phase and a password, users are always in control of their crypto funds. The wallet has also integrated security measures like Face ID and Touch ID. Moreover, Exodus releases software updates in a two-week cycle for additional wallet-specific exploits or to remove possible vulnerabilities.

Though Exodus does not feature two-factor authentication, it supports Trezor Model T and Trezor One hardware wallets for offline storage of cryptocurrencies. The security of Trezor, combined with the convenient features and functionalities of Exodus, gives users safety and peace of mind. 

Privacy and Anonymity

Exodus does not have Know Your Customer (KYC) requirements. Therefore, users don't need to enter any personal information to download, install, or use the wallet. All transactions are anonymous on Exodus. 

However, Exodus does not support on-chain anonymity, since it is easier to track transactions made with the wallet on the blockchain scanner. It isn't CoinJoin-enabled, meaning the wallet cannot combine multiple crypto transactions into a single transaction to make it difficult to determine the identity of the senders or receiver.

Setup  

Setting up Exodus Wallet is a smooth process on desktop and mobile. All a user needs to do is download the wallet on their preferred device and start using the services without sharing any details. Both the desktop and mobile platforms can be synced by scanning a QR code. 

Though users don't need to enter personal information, the wallet will ask them to save a secret recovery phrase consisting of 12 words, which should be copied in the sequence provided during the prompt. Users can also access this recovery code by navigating to the “Settings” tab available within the wallet. 

Usability

Desktop

The desktop wallet has a slick user interface that is easy to use and navigate. The dashboard shows total crypto assets held in a wallet and also displays various other portfolio metrics, like 24-hour change, best and worst 24-hour asset, portfolio age, highest balance, etc. Users can also send, receive, or exchange a wide range of cryptocurrencies directly within the desktop wallet. 

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Mobile App

The mobile version of the Exodus Wallet has similar functionalities and features as the desktop wallet, making it an ideal choice for users looking to manage their crypto on the go. It is available for both mobile operating systems, iOS and Android. Exodus also features an option to sync mobile and desktop wallets should a user want to use both versions. For extra security, users can enable biometrics like face or fingerprint scanning to protect against unauthorized access to the mobile app. 

Customer Service

Exodus is well known for its customer support, as it offers an extensive knowledge base of hundreds of articles and videos that explain usage, features, fees, and other aspects of the wallet. It even features a searchable FAQ section for common queries. If users can't find suitable answers or have any trouble with their wallets, they can always reach out to the support team through email or social media channels. Support personnel on Exodus are also readily available 24/7, and replies are often quick.

Cost & Fees 

Like most software wallets in the crypto space, Exodus is free to download, access, and use. The wallet does not charge any fee for received assets. However, when sending cryptocurrencies, users need to pay network fees for the transaction. This fee can also be customized, although this option is available for only BTC and ETH as of writing. 

While sending and receiving crypto on Exodus is free, it charges a small fee in the form of an exchange spread should users want to exchange assets within the wallet. 

Final Verdict

Exodus' intuitive user interface, simple navigation, and exceptional customer support make it one of the best hot wallets available, especially for beginners. The addition of staking options for a wide range of crypto assets and support for dApps and NFTs makes it a favorite choice among even intermediate and pro crypto investors. Its in-built exchange makes the wallet more convenient, allowing users to quickly exchange their crypto assets without requiring a centralized exchange. The wide selection of digital assets combined with self-custody certainly makes it more appealing. 

However, the lack of 2FA security could be a concern for users who hold large crypto bags, although they can follow good security practices to manage their digital assets. Nonetheless, for users looking for additional security, Exodus offers a way to store and exchange cryptocurrencies from the Trezor hardware wallet. 

Methodology

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 of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Exodus. "Exodus Status."

  2. Exodus. "Does Exodus Pay Stakes? How to Stake Crypto."

  3. Exodus. "Everything You Need to Know About Your 12-Word Secret Recovery Phrase."

  4. Exodus. "Exodus + Trezor Hardware Wallet Experience."

  5. Exodus. "Does Exodus Have Transaction Fees to Send or Receive?"

  6. Exodus. "How Does Exodus Make Money?"