Exodus Wallet Review Singapore: Features, Rewards and more
Exodus Wallet Review Singapore: Our Opinion
Exodus wallet is a beginner-friendly self-custodial crypto wallet that allows you to have complete control over your digital asset’s private keys. The wallet is multi-platform allowing you to access it using either a desktop, mobile, or browser extension.
It also integrates with the Trezor hardware wallet which helps provide additional security.
Founded in 2015, the Exodus wallet allows you to manage and store your crypto assets. With Exodus you can send, receive, and exchange 200+ cryptocurrencies through a desktop, browser extension, hardware, or mobile wallet.
The wallet also allows you to buy crypto using EUR, JPY, GBP, USD and other credit/debit cards, Apple Pay, or bank transfer. And like most crypto wallets Exodus allows you to use it without registration.
Exodus wallet also features various crypto apps that give users additional functionality like a staking rewards app and a compound finance app.
The information for this Exodus wallet review was gathered from user reviews, first-hand experience, and cryptocurrency expert analysis.
An Overview of Exodus
Exodus was founded in 2015 by Daniel Castagnoli and JP Richardson. The company is headquartered in Nebraska, the United States, and it operates in the app, Fintech, and blockchain industries.
Exodus Wallet: What is it?
Exodus wallet is a non-custodial multi-asset wallet that allows users to buy, sell, hold, swap, send, and receive cryptocurrencies and NFTs via desktop, hardware, and mobile devices.
In addition, Exodus partners with exchanges to enable its users to access them right from the Exodus apps. This facilitates asset transfer between them.
Exodus wallet holders can also stake assets and earn interest on their holdings. So you would be able to deposit assets on the wallet app you intend to stake and then get passive income on them.
Exodus: How Does it Work?
Exodus wallet is a crypto and NFT wallet. This means it allows you to store and manage digital assets. To use it you’ll have to access the wallet via the browser extension, desktop app, or mobile app.
In this Exodus wallet review, we’ll show you how the platform works on both mobile and desktop apps.
First, you need to download the desktop or mobile app.
Exodus is a non-custodial wallet efficient means when you download the solution to manage your digital assets, you don’t have to give up control of your funds to a third party.
After downloading the wallet app, you don’t need to sign up. You can start using it right away.
App navigation is very easy to understand, the mobile wallet offers just 3 categories:
- Exchange: This is a built-in exchange that allows you to trade supported cryptocurrencies.
- Portfolio: This provides an overview of all digital assets that you’re currently holding. Plus, the price graph for various assets.
- Wallet: From here you can send or receive particular coins.
The desktop app offers all the above and includes these additional categories:
- Help: This offers support videos, FAQs, email support, and slack chat
- Backup: The backup feature enables you to restore your Exodus cryptocurrency wallet using the unique 12 seed phrase.
- App Explorer: This category offers a featured app section that allows you to discover and use various crypto apps within the wallet. Some of the apps available can be used to stake your coins for rewards and compound interest.
- Settings: This is where you can tweak the design and security functions of your Exodus wallet.
The private keys of your cryptocurrencies are kept on your mobile or desktop. And since Exodus is a lite wallet it is very quick to set up.
Exodus supports iOS, Android, Windows, and Mac currently and allows you to pair your desktop and mobile wallets together so you can manage your assets from either device.
The wallet also integrates with Trezor hardware wallets. This means you can use the Exodus clean interface while maintaining the security of cold storage.
That said, Exodus does not offer custom network fees for altcoins and Ethereum. Only for Bitcoin. So when you make an order Exodus automatically chooses a price that will ensure a fast transaction. The con is that this ends up being costly when the network is busy.
How to Send and Receive Coins
To receive, open the Exodus wallet, then click the receive button.
Next, click the coin you want to receive.
The address for that particular cryptocurrency will show, And you just have to give the sender your address to receive payment.
That said, ensure that the digital currency you intend to receive is supported on the Exodus platform or you won’t get your funds.
To receive on the desktop wallet app, tap on your wallet icon, go to the specific crypto wallet and click the receive button.
You should see an address, click the copy button, or scan the QR code to copy it. You can email your crypto address as well. The process is the same for the mobile app.
To send crypto from your Exodus wallet, click the wallet icon on your dashboard.
Next, click the crypto asset you want to send out then click send.
Paste the address that you are sending crypto to. Alternatively, you can scan a QR code with your recipient’s address.
Next, enter the amount you want to send. You can send either in the blockchain unit or enter an amount in fiat currency and the wallet will do a conversion for you.
Lastly, click send. That’s it.
You’ll be shown a transaction preview, if it looks great, click “send” again.
Exodus allows its users to earn rewards by staking certain crypto assets supported by the Exodus platform.
Staking rewards are rewards paid to crypto holders for holding crypto assets in their cryptocurrency wallets for a certain time frame. The more crypto assets you stake, the higher your staking reward.
Below is a list of cryptocurrencies that can be staked on Exodus.
Ontology, Cosmos, XTZ, Solana, Cardano, Algorand, Ziliqa and VeChain.
Exodus and Trezor
Exodus has a special partnership with Trezor. Trezor is a cold or hardware wallet that provides advanced security for holding cryptocurrency keys. Trezor hardware wallet generates and stores private keys and secret recovery phrases in its flash memory.
These keys are generated offline, which means that payments can be made without compromising the security of wallets.
Exodus’s partnership with Trezor gives users’ accounts and wallets extra security from malware and hackers. Most desktop wallets lack this security.
Exodus is compatible with both Model Trezor One and Trezor Model T.
Integrating Trezor into your Exodus desktop is simple. Once your Trezor is connected to your Exodus wallet, your Trezor wallet will be displayed as a portfolio in your Exodus wallet.
After this, you will be able to send and receive funds to and from your Trezor the same way you would with your Exodus wallet. The only difference is that with Trezor, your assets will be stored in a cold wallet.
Just like with other hardware wallets, for you to successfully move funds to your Trezor portfolio, your Trezor must be connected to your desktop via a USB cable.
You can view your Trezor balance from Exodus Mobile, but you will not be able to send funds via your mobile device.
Exodus Reward App
Exodus has a reward app that enables users to keep track of all the rewards being generated passively from assets that have been invested in Exodus.
To install the rewards app, do the following:
Go to settings
Click on Apps
Tap “Rewards” and click install.
Once the app is installed, you will need to click the reward icon on your Exodus wallet to open the app. The reward app icon is located at the top of the Exodus wallet.
In the reward app, you will see your current all-time earnings, average APY, and existing balance. All of these will be displayed at the top of the page.
At the bottom of the page, you will see a breakdown of what the current APY is for your assets and a breakdown of your assets gaining interest.
To claim your reward, all you need to do is to click the “Get Reward” button.
Exodus is a multi-currency wallet that supports over 200 cryptocurrencies. These include popular ones like Bitcoin, Ethereum, and Litecoin as well as stable coins such as USDT, USDC, and DAI. Other coins available on Exodus include XRP, Shiba, Doge, Solana, Cardano, Polkadot, Wrapped Bitcoin, Tezos, etc.
Exodus is a decentralized exchange hence Exodus users are not charged any transaction fee for sending or receiving cryptocurrencies into their wallets.
At the time of this Exodus wallet review, the only fees that users may incur are those related to the blockchain. All blockchains charge users miners and network fees. Exodus, however, claims not to keep any part of the transaction fees demanded by the blockchain.
Exodus is a secure cryptocurrency wallet. Users have total control over their cryptocurrencies at all times. This is done by allowing the users to encrypt and store all crypto assets directly on their computers.
Even though Exodus has a backup system, none of the users’ private keys are stored on its servers.
The backup comes in handy when the user’s computer breaks down or is lost. If this happens, the user can still regain access to his wallet by receiving a link from the Exodus team. This secure link is sent via email to the user.
The link is protected by an Exodus key and a 12-word passphrase.
Exodus does not offer two-factor authentication. This is because the 2FA cannot be implemented in non-custodial wallets like Exodus.
Opening an Account
Opening an account with Exodus is very straightforward. It simply requires that you download the wallet to your desktop. The platform runs locally on your computer and does not need an account Signup.
Their mobile app offers the same process. You just need to download the app to open an account. If you want a good experience you can sync the desktop and mobile app by scanning a QR code.
After downloading and opening the app you’ll see a prompt to backup your account. This will come with a secret recovery phrase that you will be encouraged to pen down.
However, you can still view your secret recovery phrase by going to Settings – Backup – View secret recovery phrase.
That’s all you need to do to get started with Exodus.
Exodus offers a mobile app on both iOS and Android. The iOS app has a 4.6 over 5 rating on the Apple App Store. And a 4.2 over 5 user rating on the Google Play Store. Most users of the mobile app are satisfied with the interface and ease of use. The complaints are mainly about poor customer support response time.
The Exodus wallet review on TrustPilot has an overall score of 4.2 over 5. And most users are satisfied with the wallet.
User complaints on the Exodus wallet review on TrustPilot and G2, are about the wallet’s security. The majority of security complaints had to do with their funds being stolen.
This isn’t unique to Exodus as the wallet is a non-custodial wallet which means that security is primarily left to the user.
And just like the app reviews, Exodus wallet reviews by customers on Trustpilot also complain about poor customer service from Exodus support in solving technical problems.
Who should use Exodus?
Exodus is best for beginner crypto investors who want complete control over their digital assets and need access to multiple platforms to manage assets.
Why use Exodus?
You would want to use Exodus to have complete control over your digital assets and still have access to centralized exchange features like staking rewards, holding NFTs, and buying crypto with credit/debit cards, bank transfers, and mobile payments.
How to get Exodus in Singapore?
To get the Exodus digital wallet in Singapore simply download the mobile app on the iOS and Android app store, or download the desktop software or browser extension.
Exodus is a non-custodial wallet that enables you to send, swap, receive, and buy cryptocurrencies and NFTs. The platform is beginner-friendly and very easy to navigate. Exodus also offers a ton of flexibility in usability enabling you to access the app via mobile, desktop, or browser extension.
If you want to know more about on Exodus Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallet Singapore. You can also read about our MetaMask Review Singapore as an alternative to Exodus.
Most frequent questions and answers
In terms of security, Exodus is better than Coinbase. This is because while Coinbase is a custodial wallet, Exodus is a non-custodial wallet. This means that Exodus does not manage your private key.
Exodus does not hold funds or require the personal account information of users. Users are solely responsible for the safe storage of their cryptocurrencies. It only provides a platform for peer-to-peer crypto trades.
Coinbase on the other hand manages your web wallet and holds your private keys. If the platform is compromised, your assets may be affected.
Exodus as a company has not been hacked at the time of writing this wallet review.
If however, a hack were ever to happen, the hackers won’t have access to the user’s funds. This is because Exodus does not store users’ private keys. Each user has full custody of their private keys.
Since Exodus is a self-custodial wallet, it is only as secure as the device it is installed on.
Exodus does not charge users fees for sending or receiving fees except the normal network fees that go to the miners.
Yes, you can transfer crypto from Coinbase to your Exodus wallet effortlessly by pasting your receiving address on Exodus.
This is not possible directly within the Exodus app. But you can withdraw money from Exodus by exchanging crypto for USD in the FTX exchange app in Exodus.
Just like other crypto wallets, Exodus makes money through its relationships with exchanges and other 3rd-party API providers that offer services within the wallet. They receive a tiny percentage of the exchange spread.
We always try to provide the most accurate information available, and make sure our team follow through.
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Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.