Exodus Review (December 2022) - Pros, Cons, Features, & Pricing - Comparewise
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Exodus Review (December 2022) – Pros, Cons, Features, & Pricing

JP Richardson and Daniel Castagnoli are responsible for the establishment of Exodus Wallet in 2015, with the intention of removing the “geek requirement” that is associated with bitcoin. They concentrated on developing an appealing user interface in order to make the process of trading digital assets as straightforward as possible. Check out our Exodus review to learn all the details about this crypto wallet.

Exodus offers a great bitcoin wallet, which can be used on mobile devices as well as desktop PCs, accessible for free. Additionally, it is compatible with Trezor hardware wallets. Exodus Wallet has garnered a lot of positive feedback from members of the cryptocurrency community due to the fact that it has an integrated exchange and is one of the few software wallets that is compatible with hardware wallets.

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Last Updated: Nov 23, 2022

Exodus

  • Interface has user-friendly design
  • Supports 200+ cryptocurrencies
  • Easy to use with Defi platforms & crypto exchanges

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An Overview of the Exodus Wallet from the Beginner’s Perspective

Let’s begin our Exodus review. Exodus is a wonderful alternative for those who are just beginning their journey in the world of cryptocurrencies. It is not quite as simple as the custodial solutions on exchanges like as Coinbase and Gemini, in which you just buy your coins and let them sit on the exchange, but it is unquestionably one of the less confusing non-custodial options that are currently available.

When you use Exodus, you won’t need to register as you would on an exchange since it comes with a straightforward interface instead. With the built-in exchange and storage of cryptocurrencies in the wallet, the typical person may anticipate having a straightforward and problem-free experience with cryptocurrencies.

An additional perk that Exodus provides for its consumers is security of the highest kind. When using Exodus, you will need to use a different app or exchange in order to make your first purchase of bitcoin. After that, the crypto assets may be transferred to Exodus.

Even though it’s an additional chore, it’s very vital for people who are just starting out in the world of cryptocurrencies to understand how to keep their newly acquired crypto assets in a non-custodial wallet like Exodus.

Exodus Crypto Wallet Promo - Comparewise

Exodus Best Features

It goes without saying that a cryptocurrency wallet’s level of security is going to be the single most crucial feature, but it is vital to point out that the killer app of Exodus is its aesthetically pleasing software. The app performs an excellent job of showing the cryptocurrency holdings you have, and the intuitive user interface makes it very easy to use.

You shouldn’t undervalue the value of excellent software since a user-friendly interface may really save you from making expensive errors in cryptography. Additionally, the Exodus Wallet may be for free, but also includes support for hardware wallets, and facilitates one-click trades.

Users’ own devices serve as storage locations for private keys and transaction data, and users have access to human help around the clock. Exchanges of cryptocurrencies and tokens may be completed with only one click because to its user-friendliness and visually beautiful interface.

Exodus does not have any information on the blockchain assets of its customers, and all transaction data and keys are saved locally on the user’s device, ensuring complete confidentiality and safety. It is possible that the support for Trezor hardware wallets is Exodus’s finest overall feature.

Hardware wallets provide the highest level of protection when it comes to storing bitcoin. There is no support for hardware wallets in wallets such as Liberty Wallet or Atomic Wallet.

Another significant benefit of using Exodus is that it eliminates the need for the user to take any risks in order to get cryptocurrency rewards directly inside their wallet. This indicates that you may stake a cryptocurrency such as Cardano and you will earn a portion of the yield back.

Although Exodus takes a little fraction of the return as their fee, using their service is a fantastic method to generate passive income from your cryptocurrency holdings with almost no risk.

Which Operating Systems are Supported by Exodus Software?

Exodus is accessible for download on almost every platform and platform-specific gadget imaginable. This implies that it is compatible with computers running either Windows or Linux. It is also obtainable for Apple machines that use the MacOS operating system.

In addition, Exodus comes with a mobile application that is compatible with the iOS and Android mobile operating systems, allowing you to use it on your iPhone, iPad, and the majority of Android-based devices. At long last, support has been added for the Exodus hardware wallet, which offers a significant improvement in the level of safety it offers.

Ledger Nano S Plus Wallet - Comparewise

For the time being, if you want to add an additional layer of protection to your desktop wallet, you may do so by combining the Trezor One or the Trezor Model T with it. This is something that is strongly suggested. It is unfortunate that you will not be able to utilize Ledger devices, since Ledger has its own software wallet that competes with other similar products.

Exodus Safety and Customer Assistance

It is well known that Exodus provides customers with a solution that is incredibly safe and has a variety of effective security measures. The password that was chosen by the user is the first line of defense for Exodus Wallet’s safety.

After the wallet has been set up, you won’t be able to access it without providing this password, as well as confirm transactions or see private keys without it. The next thing you need to do is make a copy of a 12-word backup seed phrase that was randomly created.

If your smartphone is ever stolen or misplaced, you may use this word to restore access to the wallet and retrieve your financial information. Each and every piece of information that is either saved on the user’s device or sent while they are doing a transaction is scrambled and encrypted.

Exodus does not know anything about your cryptocurrency and does not have access to it, which ensures transparency.The majority of bitcoin wallets require users to generate a backup seed phrase consisting of 12 words, and users should take this requirement very seriously.

If you do not have your 12-word backup seed phrase, you will not be able to retrieve your cryptocurrency in the event that the Exodus software is removed from the device on which it is installed, or if the device itself is lost, stolen, or otherwise ruined.

Last but not least, Exodus is well-known for having an excellent customer support staff that will respond quickly and thoroughly to any issues you may have. Because Exodus is a larger firm than most cryptocurrency wallets, they are able to provide a higher level of customer service than the typical cryptocurrency wallet provider.

On the other hand, there have been reports of consumers falling victim to scams after installing phony Exodus wallets from the Google Play Store. Although this is not Exodus’s responsibility, you should exercise extreme caution each time you download software from the Exodus website.

Check again to be sure that you are downloading from the right place, and keep in mind that Exodus will never ask you for the 12-word backup seed phrase that you have saved.

Exodus-Crypto - Wallet-Comparewise

Pros and Cons of Exodus

Next in our Exodus review, we’ll share the Exodus pros and Exodus cons we found with the user experience.

Exodus Pros

  • User-friendly design of the interface: The user interface of Exodus is not just simple to use but also straightforward, and the vast majority of users should find it to be an intuitive experience.
  • Exodus Wallet presently supports over 205 different cryptocurrencies and the number is continually rising.
  • Exodus makes it simple to interface with Defi platforms and provides a seamless connection to cryptocurrency exchanges.

Exodus Cons

  • Lack of individualized network costs for alternative cryptocurrencies: Transactions using Bitcoin and Ethereum are the only ones that can have their fees customized at this time.

Exodus Design

The developers of the Exodus Wallet have put in a lot of effort to produce a piece of software that is as intuitive and user-friendly as is humanly feasible. The user interface is easy to use and includes functions that even novice users are likely to find useful.

This includes the ability to send and receive transactions for each asset, as well as a comprehensive portfolio display, a trading feature, and choices for data backup and recovery. The developers of the Exodus Bitcoin wallet have placed a lot of emphasis on the wallet’s appearance.

Utilizing the options menu will allow you to customize the way the software appears on your screen. There is a wide variety of themes from which to choose and select. However, none of them are particularly bizarre, and together they provide an air of professionalism to the product.

Altering the hue of the backdrop on the wallet is another option available to you. This choice is pretty amusing due to the fact that all of the color options are variations of black, dark blue, and dark purple.

Exodus Support

The reviews of the Exodus wallet will tell you that the one thing that is absent from the majority of cryptocurrency wallets and services is adequate customer care. Because most wallets are open-source and free, the companies that make them are unable to provide assistance because doing so would require them to hire personnel to answer inquiries from customers.

They generate revenue by levying transaction fees on transactions that are executed via the built-in exchange. This indicates that they are able to provide adequate service through email. Nevertheless, there are many accounts of people’s experiences utilizing it that can be found on the internet.

The majority of them are really favorable, and it seems that Exodus is doing an excellent job of ensuring the satisfaction of its clients. Exodus users get access to over 100 articles on the website, in addition to the customer assistance that is offered.

These provide a comprehensive explanation of the characteristics of the wallet. They also provide customers with information about prices and help for individuals who are having issues. A significant number of the articles also have videos. These walk you through the many features of the wallet and how to utilize them.

Exodus Wallet Promo - Comparewise

Exodus Trading

A built-in trading function may be found in the Exodus wallet. The trade platform Shapeshift is the one that makes this possible. Because of this, exchanging one currency for another is a fairly simple and rapid process.

The rates may not be as cheap as those you would find on exchanges like as CoinBase and Bittrex, but it is an excellent option for non-professional traders who are interested in purchasing various cryptocurrencies.

Potential Dealbreakers of Exodus

The fact that you are unable to make your first purchase of cryptocurrencies directly via the wallet is the most significant disadvantage of utilizing Exodus Wallet. Users are required to make use of an exchange, either centralized or decentralized, in order to convert their fiat currencies (such as US Dollars, Canadian Dollars, or Euros) into digital money.

After that, they are able to move their bitcoin holdings into their Exodus wallet. This is the case with the majority of cryptocurrency wallets; however, some wallets have begun to provide access to cryptocurrency exchanges directly inside the wallet itself.

Because of this, it is now feasible to cut down on the number of processes that are required to purchase and store bitcoin. You should be aware of counterfeit Exodus wallets, which is not the least of your concerns.

Because Exodus has gained such widespread adoption among cryptocurrency users, malicious actors have begun developing imitations of the wallet in an effort to defraud users of their cryptocurrency holdings. Always make sure that the download is done straight from the Exodus website, or that you choose the most recent version of the program from the app store.

Is it safe to use Exodus?

A review of the Exodus wallet would not be complete unless it also discussed the safety features of the program. Exodus provides you with a bitcoin wallet that can be used on a regular basis and is quite secure.

Because it is an online wallet, the security it offers will never compare to that of keeping digital cash in offline storage such as a paper wallet. It also lacks some features that other, more advanced software wallets have, which makes it a less safe option overall.

Exodus Review Wallet Mobile - Comparewise

Exodus Features and Backups

You will still have access to your digital money even if the device on which the Exodus Bitcoin wallet is kept for example, your computer is misplaced, stolen, or rendered inoperable. Exodus provides its customers with two different options for regaining access to their wallets.

The first option is to make use of a standard passphrase that is made up of twelve words. You are provided with this when you have successfully created an account. It is imperative that you save this passphrase in a secure location at all times.

Put it in writing, and then store it away in a secure location. In the event that you misplace it or your computer crashes, you will no longer have access to your Bitcoin. The possibility to restore emails is another important component of the backup.

After you’ve successfully created an account, you’ll get an email with a link to your backup file attached to it. Should you choose to do so, your account will be brought back online. You will be reunited with your valuable cryptocurrency as soon as you enter your password. All that is required of you is to enter your password.

Security Loopholes

The aforementioned features make it simple to restore your wallet, but they do not provide an adequate degree of security against malicious software and hackers. The Exodus wallet has the potential to provide far higher levels of safety if it were enhanced with a few more features.

On the other hand, these capabilities may certainly be introduced in due course. Inside of Exodus, there is not a choice for a two-factor authentication system. Hackers will find it much simpler to get into a wallet by using a key logger as a result of this.

A single password is all that’s needed to keep the wallet secure. A hacker, once they have gained in, will have access to all of the cryptocurrency that is held there.

Another functionality that is missing from the Exodus wallet is the ability to create addresses with multiple signatures. A multi-signature address operates in a manner similar to that of a two-factor authentication system.

Adding this feature to a wallet provides an additional safety measure. You decide how many different devices need to inform the network that it’s okay to transmit money before any of it is actually sent when you use a wallet that supports multiple signatures.

Confirmations by email or text message are two examples of this kind of communication. It is typical practice to have a digital wallet with support for multiple signatures on both a laptop and a mobile device.

A transaction must first get confirmation from each of these devices before it can be sent out into the network. Since of this, it is far more difficult for hackers to steal money because they now need to access two devices rather than just one.

Because their software has these two known security vulnerabilities, Exodus does not advise users to store significant sums of money on its platform. The Exodus wallet is much better suited for use as a wallet that is carried around on a daily basis.

Exodus vs Coinbase

Both Exodus and Coinbase are examples of cryptocurrency exchanges that provide customers with digital wallets, the ability to stake their coins, and a selection of cryptocurrencies. In 2015, Exodus was established with its headquarters located in Nebraska, and in April 2021, the United States Securities and Exchange Commission gave its approval for the company to market Class A common stock.

Coinbase began operations in 2012 and has its first headquarters in the state of California. Nevertheless, in 2020, it was stated that Coinbase will be a remote-first firm, and by 2022, the company intends to leave its headquarters in San Francisco. In April of 2021, it made its debut on the market through a straight listing. Since Coinbase is a centralized exchange, you can trust that it will keep track of all of your transactions and keep your funds safe.

How To Sell Crypto On Coinbase-Comparewise

Exodus, on the other hand, is a decentralized exchange, also known as a distributed exchange. In this situation, it acts as the platform, but it does not monitor your trading activity. Peer-to-peer, trade is what it facilitates instead.

The cryptocurrency platforms have varying approaches on how fees and features are implemented. Coinbase is still an excellent choice for those who are just getting their feet wet in the realm of cryptocurrencies or for individuals who are more interested in traditional brokerage services.

Exodus, on the other side, provides users with more currency and greater control over their assets. The assessment took into consideration factors like as fees, supported currencies, platform features, and overall safety of each cryptocurrency exchange.

Also evaluated the usability and accessibility of each exchange overall, as well as the mobile apps for each exchange.

How Exodus Makes Money

Even if the Exodus wallet does not have an open-source code base, you are still able to download it for free onto your mobile or desktop device. If you choose to utilize the built-in exchange option, on the other hand, a very little spread charge will be added to the rate at which coins may be exchanged.

Exodus does not charge any fees for transferring, receiving, or storing crypto assets; however, there is a fee involved if you wish to utilize the built-in exchange option. When you are really carrying out the exchange, the precise amount will be shown on the area devoted to the transaction.

Because various markets have varying degrees of liquidity, these spreads could be different from one another. For example, the likelihood of acquiring much lower spreads while trading BTC/ETH is far higher than the likelihood of doing so when trading fewer market cap altcoins among each other.

This is due to the fact that Bitcoin and Ethereum are now the most widely used cryptocurrencies. Users need to be aware of the fact that in addition to the spread, there will also be a network fee that is paid to the network miners and validators as payment for the processing and validation of the transactions.

Users should be informed of this fact. Users should be informed of this fact. Exodus does not collect any percentage of the network fee, nor does it get any of it. The fact that all information on the spreads and network costs is shown clearly and concisely prior to the completion of the purchase.

In addition, they claim that they make use of the fees that they collect from the spread in order to continue the development of the wallet and to continue to improve its support, features, and functionality. If this is in fact where the fees are being spent, then this is most likely the most productive use of the money.

Exodus Review Wallet Mobile App - Comparewise

Exodus Alternatives

Not convinced Exodus is right for you? You might consider using another crypto exchange, such as:

Thanks for checking out our Exodus review!

Exodus Review Conclusion

Let’s wrap up this Exodus review. The Exodus wallet is a quite good option for individuals who are just starting out as well as those who have some expertise but just want to store low to moderate quantities of cryptocurrency. The user-friendliness and elegant design of this bitcoin wallet have made it a popular option among cryptocurrency fans.

Simply because it enables users to quickly make trades and manage their cryptocurrency portfolio. The Exodus wallet will very likely continue to operate as a software wallet and a “hot wallet” for the great majority of users, whose electronic devices are constantly connected to the internet.

This is because the bulk of users have always-on internet connections. This means that it is not quite as safe as a hardware wallet, but as long as users take reasonable precautions to protect their computers and their online lives, there should be no need for alarm.

The Exodus wallet is an excellent option for the vast majority of cryptocurrency users who want to transfer and receive bitcoin as well as store cryptocurrency. It is an excellent choice overall. Thanks for checking out our Exodus review.

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FAQs about Exodus

Is it dependable to use the Exodus wallet?

Yes, Exodus is widely considered to be among the most reliable, trustworthy, and safe crypto wallets currently on the market. The members of the Exodus team are not hidden from the public, and the firm itself became public in the year 2021. The founders of Exodus have a great deal of respect within the crypto world, and the rest of the team is committed to working for the overall advancement of the cryptocurrency sector. The firm makes sure that the wallet passes various audits, and since it is not a custodial wallet, the customer has complete control over their cryptocurrency holdings. In addition, the organization does not collect any personally identifiable information about the user on the customer's behalf in any way.

Is there a cost to use the Exodus wallet?

The transaction fees associated with processing payments using Exodus are much greater than those associated with using other digital currency wallets. After then, the transaction fees are sent to the blockchain network (Ethereum, Bitcoin, Litecoin, etc.). As a result, you won't have to worry about having to pay any kind of transaction fees to Exodus. The platform puts a bigger focus on having faster transaction times and more reliability than it does on having lower transaction costs. The very last screen of the Wallet app is the only place where you will get a listing of any relevant network expenses before you actually send. The fees charged by the network are subject to change depending on the performance of the blockchain network at any given moment.

How do the Exodus and Coinbase exchanges take place?

Exodus and Coinbase are two platforms that enable people to buy bitcoins. On its Coinbase Pro trading platform, Coinbase acts as a brokerage and provides customers with sophisticated trading options like as margin trading. Coinbase acts as a broker and monitors transactions while also collecting fees in order to generate revenue. Users are required to sign up for an account and go through a stringent verification procedure before they can make use of the exchange. Exodus, on the other hand, is a distributed exchange, and it offers its customers a platform from which they may launch buy and sell operations. Exodus generates revenue by taking a share of the spread, but all of the transaction fees are distributed equally among the network miners. Exodus doesn't need anybody to join up. Users instead begin trading with their cryptocurrency after downloading the program, securing their wallets, and then using their cryptocurrency.

When compared to Coinbase, who should use Exodus and why?

The ease of use provided by a centralized platform like as Coinbase is often preferred by novice users in most circumstances. After they have acquired cryptocurrency and have an understanding of how it operates, they may decide to test out a decentralized exchange such as Exodus. Because of the potential for a spike in network fees on Exodus when active traders execute many transactions for the same currencies, Coinbase and Coinbase Pro may be preferred alternatives for these traders. Exodus is a better option to consider if maintaining your privacy and safety are of the utmost importance to you. Users have more control over their assets as a result of the company's relationship with Trezor and dispersed exchange.

Has the Exodus wallet ever been vulnerable to attacks?

As a firm, Exodus Wallet has never been the victim of a cyberattack. The digital wallet is subjected to regular security upgrades and audits to guarantee that it maintains the highest possible level of safety. It is essential to have a solid understanding of the fact that the user of a non-custodial wallet bears a significant portion of the responsibility for maintaining the wallet's level of security. Wallets for cryptocurrencies provide just the level of protection that is provided by the hardware on which they are installed. Any wallet that is not kept in a custodial environment is susceptible to theft if the user's machine is infected with malicious software and viruses.

October 6, 2022
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