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Exodus Wallet Review 2024 Safety, Features, and Benefits
JP Richardson and Daniel Castagnoli founded the Exodus Wallet in 2015 to simplify cryptocurrency administration by removing technical aspects that deter new users. They prioritized a visually appealing and user-friendly interface to enable everyone to manage and exchange digital assets.
The free Exodus Wallet for desktop and mobile platforms is designed for users who want a seamless experience across multiple devices while remaining anonymous. In a day and age where keeping your money on an exchange or wallet might be tied to your name, address or whatever else, Exodus does allow users to use their wallet without providing any information.
Exodus works with popular hardware wallets like the Trezor One and Trezor Model T, adding security for asset-protectors. Exodus is one of the few software wallets that combines user-friendliness with advanced security by allowing direct cryptocurrency trading within the wallet.
This detailed review of the Exodus crypto wallet will examine its cryptocurrency community popularity and suitability for digital asset management.
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- Free to download for desktop & mobile
- Supports multiple hardware wallets
- Supports over 100 cryptocurrencies
- Great customer support
Pros and Cons of Exodus Wallet: What We’ve Learned
Pros
One-click crypto exchanges any time
Human support desk available 24/7
Easy to use interface
Free to download with no registration required
Hardware wallet support (Trezor One and Trezor Model T)
Cons
Mobile app supports less cryptocurrencies
No way to buy cryptocurrency in the app
Doesn’t support cryptocurrency to fiat transactions in-wallet
Exodus Wallet Compared to Other Wallets
Selecting a reliable wallet is critical for the safekeeping of your cryptocurrency holdings. Read this Exodus wallet review to learn what makes this cryptocurrency wallet different from the others. Both novice and seasoned crypto users flock to Exodus for its intuitive interface, wide range of supported assets, and robust security features. To assist you in finding the ideal solution for your digital asset management requirements, we have compared Exodus with other prominent wallets below.
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Why Exodus Wallet Is Our First Choice for Managing Assets and Cryptocurrencies
As we dove into our in-depth Exodus crypto wallet review, we discovered a product that is a very solid option for newbies. It’s not quite as easy as the custodial options on exchanges like Coinbase and Gemini (where you essentially buy your coins and just let them sit on the exchange) but it’s definitely one of the simpler non-custodial options.
Using Exodus removes the need for registration, as done on an exchange, and provides an easy to use layout. The average person can expect to have a simple, headache-free experience with the built in exchange and storage of cryptocurrencies in the wallet. The top-notch security that Exodus offers its users is an added bonus.
With Exodus, the initial purchase of cryptocurrency must be done through another app or exchange. Those crypto assets can then be sent to Exodus. Although an extra task, it’s extremely important that beginners to cryptocurrency learn how to store their purchased crypto assets in a non-custodial wallet, like Exodus.
An Overview Of Exodus Wallet’s Transaction Fees: What We Think
One of the best parts of using Exodus Wallet is the low fees. You can’t truly say there are no fees when sending some money but they are all tied to the blockchain network fees (they don’t take any off the top for themselves).
When you’re executing a transaction, you’re going to pay for the network fee and the rate. For example, you might choose to use Ethereum and do a fast transaction. That means you’ll pay for Ethereum gas at the high level. Whatever Exodus is charged is what is passed down to you.
Exodus Wallet Security Features: Secure Crypto Management
While security is always going to be the most important element of a cryptocurrency wallet it should be mentioned that Exodus’ killer app is its beautiful software. And we’re referring to both of the Exodus apps – Apple and Android. The software does an exemplary job of visualizing your crypto holdings and the thoughtful UI makes navigation a breeze. A good UI can actually save you from costly crypto mistakes so you shouldn’t underestimate the benefit of good software.
Exodus Wallet is also free to download, offers one-click exchanges, provides hardware wallet support. Private keys and transaction data are stored on the users’ device, and there is 24/7 human support available.
Its easy to use and aesthetically pleasing layout make one-click exchanges of cryptocurrency and tokens simple. Exodus doesn’t have any knowledge of users’ blockchain assets, and all keys and transaction data are stored on the users’ device, providing privacy and security. Perhaps the best overall feature of Exodus is that it supports Trezor One and Trezor Model T hardware wallets. Hardware wallets are the most secure way to store your cryptocurrency. Wallets such as Jaxx Liberty Wallet or Atomic Wallet do not support any type of hardware wallet.
Another huge advantage of Exodus is that it offer crypto rewards right in the wallet with no risk to the user. That means you can stake something like Cardano (ADA) and receive a percentage of yield back. Exodus takes a small percentage of the yield but it’s a great way to earn passive income on your crypto for essentially no risk.
Here’s an example of the eye-pleasing Exodus desktop software:
Cryptocurrencies Compatible with the Exodus Wallet
Exodus wallet supports over 275 cryptocurrencies and continues to add more regularly. The tokens including all the heavyweights like Bitcoin, Ethereum and Litecoin but also some rising stars like Stellar, Dai, Lisk and more. Here’s a look at some Exodus Wallet supported coins:
- Bitcoin (BTC)
- Ethereum (ETH)
- Stellar (XLM)
- Tether USD (USDT)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Monero (XMR)
- Bitcoin SV (BSV)
- Binance Coin (BNB)
- Chainlink (LINK)
- Cosmos (ATOM)
- DAI (DAI)
- Tezos (XTZ)
- Tron (TRX)
- Cardano (ADA)
- Brave Attention Token (BAT)
Exodus Wallet Customer Support & Resources
Exodus is renowned for offering an exceptionally secure product with a number of powerful security features.
The first stage of Exodus Wallet’s security is the user-created password. This password is required for access to the wallet once set up, along with confirmation of transactions and viewing private keys.
The next step is copying a randomly generated 12-word backup seed phrase which can be used to recover access to the wallet if your device is lost or stolen. All data stored on the users’ device or sent when making a transaction is fully encrypted. Exodus has no knowledge of or access to your cryptocurrency, ensuring transparency.
Creating a 12-word backup seed phrase is common for most cryptocurrency wallets and it should be taken seriously. If you lose your 12-word backup seed phrase than you will not be able to recover your crypto in the case the Exodus software is deleted or the device where it’s installed is lost or destroyed.
Finally Exodus is also known for having a quality customer support team that will answer your questions promptly. Exodus is a bigger company that most cryptocurrency wallets so they offer more support than the average crypto wallet company.
On the negative side several people have been scammed by downloading fake Exodus wallets on the Google Play Store. That’s no fault of Exodus itself but you should be very careful when downloading Exodus software. Double check that you are downloading from the correct location and remember that Exodus will never ask for your 12-word backup seed phrase.
What Operating Systems Does Exodus Wallet Support?
Exodus is available for pretty much every device that you could think of. That means you can run it on PCs running Windows or Linux. It’s also available for Apple computers running MacOS.
In addition Exodus has a mobile app for both Android and iOS mobile operating systems so you can run it on iPhone, iPad and most Android devices.
Finally Exodus hardware wallet support (which dramatically increases your protection). Currently you can use either the Trezor One or Trezor Model T in conjunction with the desktop wallet to get an extra layer of security. This is highly recommended.
Unfortunately you won’t be able to use Ledger devices (Such as the Nano S or the Nano X) because Ledger has its own competing software wallet.
Exodus Wallet Portfolio Management: What is Ramp?
Ramp is Exodus’s payment partner for buying crypto directly from your wallet. Yes that means you can buy crypto directly from the mobile Exodus app without having to use an exchange.
Buying crypto using Ramp is extremely simple and has the benefit of being deposited to your Exodus wallet so you won’t have to transfer it. Currently Ramp on Exodus offers a collection of 20 different cryptocurrencies for purchase include Bitcoin, Ethereum, Solana and USDC. Ramp accepts Visa, Mastercard and Apple Pay in most jurisdictions with Google Pay on the way.
You’ll need to provide a small amount of identity verification to make a purchase using Ramp. Here’s a quick video from Exodus that shows how to use Ramp:
Potential Dealbreakers
The main downside of using Exodus Wallet is that you cannot make an initial purchase of cryptocurrency directly through the wallet. Instead, users must use an exchange, whether centralized or decentralized, in order to turn their fiat currencies (USD, CAD, EUR) into digital currency. They can then transfer their cryptocurrency into their Exodus wallet.
This is true of many cryptocurrency wallets but some of started to offer access to exchanges directly in the wallet so you are able to cut down on the number of steps required to buy and store crypto.
Finally you should watch out for fake Exodus wallets. Exodus has become such a popular wallet among the crypto community that hackers have created copies of it to try and scam people out of their crypto. Always make sure you download directly from the Exodus website or the select the current software in the app store.
Why We Recommend Exodus Wallet Over Other Wallet Options
Compared to a number of other options out there, Exodus stands out because it’s free, it keeps you anonymous and it’s easy to use. Ledger, Trezor and many other wallets have their place (they’re more secure and offer different features). However, Exodus is great for those who are new to crypto and just want to get a taste of how things function.
Conclusion: Is Exodus Wallet Right for You?
Put simply: Exodus is one of the best free crypto wallets available.
There are plenty of competitors in the space but Exodus offers an extremely high level of security (particularly when combined with a hardware wallet) a ton of different features (including staking and Web3) and an industry-leading UI.
It’s very easy to recommend Exodus to new crypto users because the slick design makes it very easy to understand what’s going on. This is in stark contrast to some of the more complicated software experiences (such as MetaMask or MyEtherWallet).
If you found this review help, please help support the CryptoVantage team when signing up for Exodus by using the referral code: 6EI5S1
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Frequently Asked Questions
Yes, you can be completely anonymous if you like. You’re allowed to send, receive and use Exodus without providing any personal information.
Exodus is free to use. Simply download the Exodus app to get started.
Exodus does not charge fees themselves but passes along Network and Rate fees. In other words, if you’re using Ethereum to send or receive, you’ll have to pay the Ethereum gas fee that they’re charged.
Exodus supports nearly 300 different assets including Bitcoin, Ethereum, Cardano, Polkadot, Chainlink, Solana, Doge and many more.
