Skip to content
Luis Clark
- Home
- /
- Software Wallets Reviews
- /
- Exodus Wallet Review 2024:...
Exodus Wallet Review 2024: Features, Pros & Cons
Luis Clark
- URL: https://www.exodus.com
- Hardware Compatible: Yes (Trezor Model One and Trezor Model T)
- Price: Free
- Staking Rewards: Yes (Up to 18.97%)
- Platform App: Desktop/Mobile
- NFTs Storage: Yes
- No. of Assets Supported: 250+
- Type of Wallet: Non-custodial hot wallet
Exodus Wallet Review: Our Opinion
The Exodus Wallet is a user-friendly cross-platform non-custodial crypto wallet. It is an ideal choice for beginner crypto investors, offers high security, and is compatible with the popular Trezor hardware wallet.
Exodus also stands out for its stellar customer service, which has received numerous accolades from users.
The major drawback of the Exodus crypto wallet is that it offers no crypto-to-fiat conversion option.
An Overview of Exodus Wallet
Founded in 2015 by Daniel Castagnoli and JP Richardson, the Exodus Wallet offers its users the opportunity to own the private keys of their coins as well as hardware wallet compatibility with the Trezor hardware wallet.
JP Richardson is the technical guru of the crypto wallet and has published more than 200 open-source libraries and has written code used by most cryptocurrency and Bitcoin software in the world today. Daniel Castagnoli, on the other hand, oversees the creative process of the Exodus Wallet. He has designed “emotional designs” for BMW, Louis Vuitton, Nike, and Apple.
The purpose of the Exodus Crypto Wallet is to be a multi-asset self-custody crypto wallet and NFT wallet that eliminates the “geek” requirement and maintains design as a priority to make the management and use of digital assets seamless for both beginner traders and advanced investors.
The Exodus Wallet is available on mobile and desktop devices and allows users to secure, swap, and manage cryptocurrencies like Ethereum, Bitcoin, and over 250 other digital assets.
The crypto wallet also supports more than 10,000 asset pairs for trading/swapping.
To enhance its security, the non-custodial functionality employs local encryption on users’ devices, ensuring complete key control for the user.
The goal of the company is to empower half the world to leave the conventional finance system by 2030.
Pros
- Compatible with hardware wallets
- User-friendly interface
- Large selection of cryptocurrencies
- Good customer service
- High security
Cons
- No crypto-to-fiat conversion option
Exodus Wallet Review: What is it?
The Exodus Wallet is a self-custody crypto wallet that allows users to swap, manage, and stake over 250 cryptocurrencies. It also offers support for NFTs.
With the Exodus Wallet users can store the keys of their assets locally in their device, which gives full ownership of the coins and tokens.
Exodus Wallet Review: How Does it Work?
The Exodus Crypto Wallet is a self-custody wallet that does not collect personal data to offer its services. This means that no account sign-up is required as Exodus runs locally on your smartphone or desktop computer.
You control your digital assets using the 12-word secret recovery phrase and private key which are generated when you first open your crypto wallet.
So rather than an email and password combination, non-custodial crypto wallets like the Exodus Crypto Wallet identify your wallet and digital assets using the 12-word secret recovery phrase displayed during setup.
It is important to note that Exodus cannot access your secret recovery phrase or private key.
Exodus is also unable to view your transaction history either.
After setting up, you can begin using your Exodus crypto wallet right away. You can also buy and receive crypto from third-party exchanges integrated into the Exodus wallet app.
Exodus Wallet Review: How to Set Up Exodus Wallet
To set up your Exodus Wallet go to Exodus Wallet website: https://www.exodus.com, or go to the Google Play Store or Apple App Store and search for Exodus Wallet.
Once you’ve installed Exodus and launched it on your mobile device for the first time you’ll see the welcome screen displaying 2 options: “Get started” and “I already have a wallet”.
If you wish to restore an already created Exodus crypto wallet using your secret recovery phrase hit “I already have a wallet”. Otherwise, tap “Get started” and go through the onboarding slides to learn some useful wallet functions.
On the portfolio screen, you’ll see some popular cryptocurrencies along with their real-time values. If you don’t see your favorite coins, scroll down and tap “Add More”.
Exodus supports over 250 cryptocurrencies just toggle on in the supported assets list to add any coin you want.
At the bottom of your screen, you’ll see 3 icons. The first icon looks like a circle and it will take you to the portfolio screen. The second icon (2 arrows) will take you to the exchange where you can swap coins. And the third icon (2 squares in a circle) tap it and it’ll take you to the dashboard where you can adjust various settings and get support.
Once there, tap security and back up your wallet by writing down your secret recovery phrase in the order it is shown to you.
You mustn’t store this phrase on your device as anyone who has access to it can access your assets. Also, Exodus customer support cannot access your recovery seed phrase so once you lose it, your funds cannot be recovered.
Next, tap the “Back” button and secure the crypto wallet on your phone and create a passcode. If biometrics are enabled this will be used instead of a passcode but it’ll only work on the device it was set up on.
That’s it! You have successfully set up and secured your Exodus Wallet app.
You can use the settings option to adjust your user experience on the app.
Exodus Wallet Review: How to Send and Receive Coins
To send your crypto assets out of the Exodus Crypto Wallet to other crypto wallets launch the app and go to your Portfolio.
Next, you can slide an asset to the right to see options to send, receive, or exchange.
If you want to send an asset that isn’t listed in your portfolio, scroll down, tap “Add More”, and enter the coin’s name you’re searching for.
After finding the asset you want to enable, slide the toggle on and it’ll show in your portfolio.
Next, tap on the coin you want to send and slide to the right then tap “Send“. Scan the recipient’s QR code or copy and paste their crypto wallet address.
Enter the amount you want to send and then Confirm the transaction.
To receive crypto into your Exodus Wallet, launch the Exodus app, tap on Portfolio, and select the coin you want to receive.
Slide to the right on the coin and choose “Receive” from the options that show.
Next, copy your crypto wallet address and send it to the sender or allow them to scan the QR code shown on your screen to capture your address.
Unique Features
Exodus Web3 Wallet
The Exodus Web3 wallet is a self-custody wallet that allows you to connect to DeFi, dApps, and all of Web3. With the wallet, you can send, swap, and receive cryptocurrencies and NFTs on all supported networks.
The Web3 wallet supports the purchase of crypto with several payment methods including bank account, credit/debit card, Google Pay and Apple Pay.
It also allows you to sell your crypto for fiat and withdraw the funds into your bank account.
The Wallet has an Earn feature which allows you to stake Cardano and Solana directly on the app and earn passive income from the staked assets.
The Exodus Web3 wallet automatically scans multiple decentralized exchanges to find the best price for on-chain crypto swaps. It gives you access to the lowest exchange rates and fastest routes for crypto swaps.
Exodus Web 3 wallet is a Chrome-based wallet extension. This means it is only available on Chrome browsers. You can install the wallet extension on Google Chrome or Brave.
Since the wallet is a browser extension, you need to first install the wallet on a supported browser to access its features.
Once the wallet is installed, you can create a new wallet or restore your already existing Exodus wallet using your 12-word recovery phrase.
To create a new wallet on the Web3 wallet, do the following:
Open the wallet and click “Create New Wallet”. If you are new to the wallet, take a quick tour around the wallet and read the Terms and Privacy Policy.
Click “Continue”
Your new Web3 wallet will be created.
Once the wallet is created, Exodus will automatically set it as your default wallet.
You must write down your 12-word recovery phrase after creating your wallet.
Exodus Web 3 wallet also supports recovery phrases generated by Phantom and MetaMask. But the wallet will only restore an address from MetaMask or Phantom if it has previous transaction history.
If it doesn’t, a new address will be created.
Exodus Wallet Review: Cryptocurrencies Supported
The Exodus cryptocurrency wallet supports over 250 cryptocurrencies across 15 networks.
Supported cryptocurrencies include Bitcoin, Ethereum, Cardano, USD Coin, Tether, Solana, Dogecoin, Tron, Polygon, Shiha Inu, Binance USD, Stellar Lumens, Cosmos, Binance Coin, Quant, Hedera, Arbitrum, Cronos, VeChain, Eleond, Algorand, Lido, Filecoin, Decentraland, Monero etc.
Exodus Wallet supports the following networks Bitcoin, Ethereum, Avalanche C-Chain, Cardano, Fantom, Solana, Algorand, Arbitrum One, Arbitrum Nova, Binance Smart Chain, Polygon, Rootstock, Aurora, Flare, and Optimism.
Exodus Wallet Review: Does it support NFTs?
Yes, the Exodus Wallet supports NFTs via its NFT Gallery which allows you to receive, view, and manage your NFTs.
At the moment, the NFT Gallery can only display still images but you’ll be able to send and receive other NFT types.
The Exodus Crypto Wallet supports NFTs on the following networks Ethereum (ERC-721 and ERC-1155), Solana, Algorand, Polygon, BNB Smart Chain, AVAX, Cardano, and Fantom.
NFTs on the Polygon, BNB Smart Chain, Cardano, AVAX, and Fantom blockchain networks are not supported (yet).
Exodus Wallet Review: Fees Explained
Exodus, unlike centralized crypto wallets, does not charge usage or service fees. However, in sending or receiving cryptocurrencies you’ll need to pay network fees, which go directly to miners or validators on the blockchain network.
Keep in mind that popular networks like Ethereum or Bitcoin are more expensive as they are crowded.
That said, Exodus allows you to see these fees before sending your cryptocurrencies.
Beyond the network fees, Exodus’ third-party service providers that enable buying, selling, and swapping on the platform charge processing fees for each transaction.
Exodus Wallet Review: Security
Unlike most software wallets, the Exodus wallet is a self-custody wallet that gives you total control of your crypto assets. Exodus does not have access to your digital assets. This means that you are 100% responsible for the security of your private keys and your crypto assets.
That said, Exodus has some security features in place to ensure that your assets are secure on the mobile wallet, Web3 wallet, and desktop wallet.
Exodus Wallet does not have the traditional two-factor authentication because it does not have access to the information needed to restore your wallet.
While traditional two-factor authentication provides some level of security, its presence means that the exchange can access your account. With the Exodus wallet, however, no Exodus employee or even the company can access your secret recovery phrase or initiate a reset on your behalf.
As already stated, Exodus has certain security features in place to ensure that the privacy and security of your assets are not compromised. One such feature is its compatibility with Trezor.
Since hardware cryptocurrency wallets are more secure than software wallets, you can use a Trezor with your Exodus Wallet. Hardware wallets like Trezor do not disclose your private keys or recovery phrase to your computer, this makes ten the most secure way to store your crypto assets.
Asides from keeping your keys private, hardware cryptocurrency wallets are also immune to malicious attacks and brute force attacks.
The Exodus Wallet also has an auto-lock feature that automatically locks your wallet after a selected timeframe. The auto-lock feature has the following time options: 5 minutes, 15 minutes, 30 minutes, 1 hour, and 2 hours.
By default, auto-lock is not enabled, you will need to activate it by going to the settings menu in the settings tab.
Once this feature is enabled, you will need to enter your password if you intend to view private information, send funds, or make an exchange within the set time frame of the auto-lock. The auto-lock feature puts the wallet in read-only mode.
If you want to manually lock your wallet without waiting for auto-lock, you can do so by clicking toggle at the top right corner of the wallet.
That said, it is important to note that auto-lock is not the same as two-factor authentication. And while it protects your wallet from being accessed by unauthorized parties, it does not protect it from malicious attacks. This is why the hardware wallet compatibility exists as part of the Exodus wallet security.
Exodus Wallet Review: Opening an Account
Exodus software wallet is a non-custodial wallet, which means that it does not collect personal data for sign-up or account opening.
To use the mobile wallet, Web3 wallet, or desktop wallet, you only need to download the app and launch it.
No sign-up is required.
Exodus Wallet Review: Exodus Wallet App
The Exodus Wallet app allows you to buy, sell, swap, stake, and manage your crypto funds on the go.
The mobile app is compatible with both iOS and Android devices and available for download on the Google Play Store and Apple App Store.
The Exodus mobile wallet doesn’t just make access to cryptocurrencies easy, it also simplifies complex actions like Crypto Swaps.
It has a built-in swap feature that allows you to buy and sell one crypto for another in seconds. The wallet app hides the complex details of swapping.
This makes it perfect for beginners who have never used the swap feature.
The app also makes tracking your crypto portfolio easy. Each crypto wallet has its chart.
The app offers intuitive charts that update in real-time. This allows you to stay updated on the market movements of your favorite cryptocurrencies. You can also export your activities in CSV format, this helps with crypto taxes.
As already stated the mobile app simplifies sending and receiving Bitcoin and other cryptocurrencies. You can send crypto and NFTs using text addresses or via QR codes using the built-in QR code scanner.
Exodus Wallet Review: Customer Satisfaction
Exodus offers customer service via email at support@exodus.io. Customers in need of support are expected to fill out the support form on the Exodus support page. Exodus support will follow up with an email.
Exodus customer reviews show that Exodus wallet is a reliable crypto wallet. Also, the Exodus support team offers good, real-human support to customers’
Exodus Wallet Review: Who Should Use Exodus Wallet?
The Exodus Wallet is best for beginner crypto investors looking for an easy-to-use self-custody cross-platform crypto wallet and NFT wallet.
Exodus Wallet Review: Why Use an Exodus Wallet?
The Exodus Wallet is a non-custodial wallet, which means that you own the private keys to your coins. This prevents losses in the event of exchange bankruptcy like in the case of the Celsius network or personal account hacks.
Exodus Wallet Review: Alternatives to the Exodus Wallet
Popular alternatives to the Exodus Wallet include MetaMask and Trust Wallet. Both of these options support thousands of digital assets and offer a non-custodial service.
Exodus Wallet Review: Conclusion
Exodus offers crypto newbies an easy-to-navigate user interface and full ownership of their digital assets.
The Exodus Bitcoin Wallet supports over 250 cryptocurrencies and integrates third-party services to enhance its offerings and features.
It also stands out for its compatibility with the Trezor hardware wallets.
FAQ
Most frequent questions and answers
Exodus is a self-custody wallet which means the safety of coins stored on the platform is primarily the responsibility of the investor. Exodus does not hold your coins’ private keys or recovery seed phrases.
If you lose either of them, the safety of the Exodus mobile Wallet is compromised
No, Exodus does not report to the IRS. However, it offers a feature to export your transaction history for taxes.
In general, yes, a self-custody wallet is safer than a centralized exchange as in the event of bankruptcy or exchange hacks you can lose your funds because your private keys are kept online.
Yes, the Exodus Wallet is legal and there are no known laws that prevent its usage.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, 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. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
