Exodus Wallet Review 2023

Exodus wallet is one of the world’s most popular crypto storage companies. The crypto wallet’s fame hinges on its simplicity and strong design language. For investors seeking a digital wallet or wondering what the wallet offers, this Exodus wallet review provides all the necessary information.

We will highlight key features of the Exodus Bitcoin wallet and how the platform works.

What is Exodus Wallet?

Exodus is a cryptocurrency wallet founded in 2015 by JP Richardson and Daniel Castagnoli.

Exodus wallet operates across seven blockchain networks offering a multi-chain framework that allows users to send, receive, and swap over 200 crypto assets, including Bitcoin, Ethereum, and Ripple. From our Exodus crypto wallet review, you’ll discover that the wallet is platform-agnostic, meaning it functions on desktops, on mobile devices, and as a hardware solution.

The wallet’s main attraction is its strong visual language. It offers eye-catching animations, making the user experience pleasurable. Despite its somewhat complex outlook, Exodus wallet is easy to use. The primary functions of sending, receiving, and exchanging tokens are easy to complete. Beginners should have no issues interacting with this platform.

The wallet is easily accessible because there are no fees attached. Receiving digital assets from other platforms is also free. However, Exodus wallet fees are charged for transferring digital assets outside the crypto wallet, and this is largely based on the underlying asset’s network.

As you probably know, multiple online Exodus wallet reviews have indicated that the platform works in tandem with an in-house crypto exchange. This allows users to interact with decentralised finance (DeFi) apps or dApps and perform basic send, receive, and exchange operations.

Other useful features include the Exodus wallet staking functionality. This cryptocurrency staking feature allows users to earn rewards for locking their digital assets for a particular time period. While compiling data from Exodus wallet reviews online, we discovered that users can earn staking rewards from Compound Finance (COMP), Tezos (XTZ), Vechain (VET), Algorand (ALGO), Cardano (ADA), Ontology (ONT), and Cosmos (ATOM) networks. The platform is actively working to expand its collection of Exodus wallet staking services to include more proof-of-stake (PoS) coins.

Looking to broaden its user appeal, the Exodus Bitcoin wallet also features functionality for non-fungible tokens (NFTs). This way, users can buy and sell NFTs on the Solana-based NFT marketplace, Magic Eden. Adding a bit of convenience, users can directly buy their favourite NFTs using their Exodus funds.

Investors can’t buy Lucky Block NFTs yet despite their widespread adoption. We expect the wallet to add a means to buy Lucky Block tokens and its collectibles to its inventory in the future.

Exodus Wallet Pros & Cons

Every best crypto exchange comes with its benefits and weaknesses. Most Exodus wallet reviews have isolated a number of areas where the digital wallet excels and where it lags behind.

Supported Coins

So far, we have considered what the Exodus wallet is. We also explained some of its pros and cons in our Exodus wallet review. This section considers the cryptocurrencies supported by the Exodus wallet. Exodus supports storage for well above 200 digital assets. These are some of the popular names:

• Bitcoin
• Ethereum
• Algorand
• Cardano
• Solana
• Tether
• Vechain
• Cosmos
• Ripple
• Polkadot
• Aave
• EOS
• NEO
• Litecoin
• Dogecoin
• Dash
• Tron
• Bitcoin Cash

Exodus Wallet Fees

As we have mentioned earlier, Exodus wallet fees are streamlined to the network fees and its in-house exchange fees. The platform does not charge any fee for using its Exodus software wallet. Below, we itemise the Exodus wallet fees investors may incur using the service.

Exodus Wallet Safety & Security

With most Exodus wallet reviews online, safety and security are two areas that are often ignored. Ours is different. In terms of safety, Exodus is fully decentralised in its operation. The crypto wallet does not have access to users’ funds as it is non-custodial. Users can only communicate via wallet addresses, which are typically generated at random using cryptography letters and numbers.

This feature adds much-needed security to the platform as users are responsible for the safety of their digital funds instead of the platform. Users can easily set up a wallet and a 12-word recovery phrase that is only accessible to them.

While creating this Exodus wallet review, we discovered that the non-custodial storage platform has since partnered with top hardware wallet manufacturer Trezor, pushing its security infrastructure even further. This allows users to quickly transfer, receive, and exchange tokens while also enabling them to explore cold or offline storage functionality.

With this hardware functionality, users still retain full control or access to their private keys and assets offline. The Exodus hardware wallet – the integration of Exodus with Trezor – also supports hundreds of digital assets, enabling flexible token use.

Exodus Wallet User Experience

The Exodus wallet download can be completed in seconds. Users have the option to either download the Exodus software wallet on their desktop – currently supported for Windows and Mac personal computers (PCs) – or on their mobile smartphones running Android and iOS operating systems.

The user experience on the Exodus software wallet is quite seamless as users can easily buy and send their favourite digital assets in seconds. The portfolio balance is prominently displayed, and up-to-date market prices for each selected crypto coin are itemised after. Users have the option of adding more to the four standard coins listed on the ‘Portfolio’ page.

The exchange functionality is also seamless and streamlined as users can easily swap one coin for another in a few steps. Once a swap command is initiated, the Exodus software wallet displays a dialogue box to confirm the transaction. Once confirmed, the token swap is completed in seconds.

A number of fiat currencies including heavyweights like USD, GBP, and EUR are available for deposits. Also, users can buy NFTs using their local funds in the Exodus wallet.

Transferring Funds into Exodus Wallet

To transfer funds with the Exodus crypto wallet on desktop, follow these steps:

• Click the ‘Wallet’ icon.
• Navigate to your Bitcoin wallet.
• Click on the “Receive” button.
• You can click on the “Copy” button to copy your wallet address. The button can be found on the right-hand side of your address bar.
• Note that you can also scan your wallet’s QR code.
• Once you have the wallet address, paste it on the eternal source from which you’re sending the funds, and proceed with your transfer.

For users whose Exodus software wallet is on mobile, funds can be transferred using these steps:

• Open the app and tap on the portfolio icon at the bottom of your screen.
• Tap on your desired coin wallet.
• Here, you can see the address as both plain text and a QR code.
• Copy the address or scan the code, and you can share it with the sender.

Exodus Wallet Features

As part of a complete Exodus crypto wallet review, investors should understand what it offers and how it could help them.

These are some of Exodus wallet’s top features:

1. User Interface

With a sleek user interface, Exodus wallet makes it incredibly easy for investors to move around. The platform is incredibly seamless, and even beginners would have no problem using it.

On the Exodus platform, investors can easily see their portfolios as well as real-time prices for all supported coins. Users will be able to view the biggest gainers and losers, portfolio per coin, and price changes based on specific time frames.

The desktop platform also has a yield calculator that allows users to check possible staking yields based on current market trends.

For investors who need help, there are guides and support pages available on the wallet that help them with all the knowledge they require.

Altogether, Exodus scores top marks in terms of ease of use and functionality. Beginners will have no problems getting a hang of it.

2. Staking Service

Staking is one of the most exciting parts of the crypto market. With this activity, investors get to lock their assets in a protocol and earn yields. Staking is a low-risk activity that provides sizable returns, especially if the staking period is much longer.

Exodus wallet staking is one of the few wallet apps that allow users to stake their coins easily. The Exodus wallet staking service is available in seven cryptocurrencies: Cardano (ADA), Algorand (ALGO), VeChain (VET), Solana (SOL), Ontology (ONT), Cosmos (ATOM) and Tezos (XTZ).

3. Security

Ever wondered if the Exodus wallet is safe? As a renowned wallet application, Exodus prioritizes security a great deal. This is why the wallet employs several security features to protect its users.

The first phase of the wallet’s security infrastructure is a password. Investors will need one to access the wallet once they set it up.

Then, there’s a 12-word backup seed phrase that can be used to recover a wallet if it gets lost or stolen. All data stored on a device or sent via transactions is protected by encryption, and Exodus also doesn’t keep any track of investors’ data.

Exodus, by default, is non-custodial, meaning the platform does not store investors’ private keys. Users are solely responsible for the safety of their funds.

4. Zero KYC Function

Exodus wallet does not require new users to provide personal details before interacting with the platform. All a user needs to do is create a new wallet and set a backup recovery phrase. This lack of information gathering means users can be assured of their privacy.

5. Ramp on Exodus

Ramp is a payment service available on Exodus that allows users to directly buy crypto from their wallets. With Ramp, investors can easily buy crypto directly from the Exodus app without having to go through an exchange or any other third party.

Buying crypto with Ramp is very simple. And it is great because there is no need to transfer funds anywhere. The product currently supports over 20 cryptocurrencies and accepts multiple payment methods, including Apple Pay, Mastercard, and VISA.

6. Hardware Wallet Integrations

Another great feature of the Exodus crypto wallet is that it offers integrations with hardware wallets like the Trezor One or Trezor Model T.

The Exodus hardware wallet integration makes it easier for users to enjoy enhanced security features. Hardware wallets are known to store coins offline, so they are perceived as being much more secure than the other wallet options.

The Exodus hardware wallet offers access to 100+ coins, and users can easily send, receive, exchange, and earn yields using cold storage. The Exodus hardware wallet is also privy to extra security measures and practices the Trezor platform offers users.

Exodus Wallet Contact and Customer Service

As a top wallet service provider, Exodus offers users help when they need it. The wallet is highly adaptable and helpful for customers, providing an extensive network of support and contact pages for customers who would like assistance with one thing or the other.

Besides social media pages, users can contact Exodus wallet via Slack and a help desk. And they can watch support videos on the platform’s extensive support page to find more help.

Exodus claims that its customer service system is available 24/7.

How to Use Exodus Wallet

After exploring the offerings of the Exodus crypto wallet, let’s examine how to use Exodus wallet:

1. Download Your Wallet

The first step on how to use the Exodus wallet is to download the Exodus wallet on mobile or desktop devices. Users with desktop devices also have access to the browser extension.

Find the wallet on the Google Play Store or Apple Store and complete the Exodus wallet download.

2. Create Your Portfolio

Once your Exodus wallet download is complete, you can proceed to the next step.

To use the Exodus wallet, there is no need to create an account. When a user first accesses the wallet, a few of the supported coins are displayed on the portfolio page. Click on any coin of your choice to learn how to use Exodus wallet to send and receive the selected asset

3. Write Your Seed Phrase

Using a seed phrase is a fundamental aspect of learning how to use the Exodus wallet.

Investors creating a new wallet need to have their seed phrase ready.

Go to the profile page and tap “Security.” Tap on “Backup” and write down the secret backup phrase. Remember to keep the secret phrase carefully as it ensures access to investor funds – even if the wallet is lost.

Users can also secure their wallets using biometric security if their device supports this feature.

Is Exodus the Best Crypto Wallet?

The Exodus hardware wallet comes with a lot of great features.

However, if you’re truly looking for the ideal crypto wallet for you, we’d recommend using the eToro Money wallet.

One of the most reputable and regulated cryptocurrency brokers on the market, eToro, offers a service for storing digital currencies called eToro Money. The wallet was created as a means for eToro users to safely store and send their currencies, and it has since developed into one of the most prominent crypto wallets available. This wallet supports more than 120 coins and more than 500 cryptocurrency trading pairs.

Unlike Exodus, eToro Money is not a standalone wallet application. Investors receive the crypto wallet as soon as they open an account on eToro. Another major pro is that eToro Money Wallet allows direct fiat currency to your bank account. This is a functionality that is absent in the Exodus crypto wallet.

Additionally, eToro Money is regulated separately from the exchange by the Guernsey Financial Service Commission (GFSC), adding extra protection for users.

With over 100 coins available, eToro Money makes it very easy for users to hold some of their favourite assets. Even better, they don’t pay anything for transactions – save for the network fees, which are relatively negligible.

The Verdict

The Exodus wallet is undoubtedly one of the best crypto wallet options. The service provides a well-laid-out user interface as well as an impressive set of features that allow investors to easily make the most of their coins.

However, while this wallet is truly impressive, we believe that the eToro Money wallet is the best bet for most investors. eToro Money is easy to use and highly functional, and it offers better security features than the Exodus wallet. With staking available on the eToro app and zero fees for transactions, all the requirements of investors are available on this service.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Frequently Asked Questions (FAQs)