Exodus Cryptocurrency Wallet Review (2024)

Pros & Cons Explained

Pros Explained

• Easy setup process: Getting set up with Exodus on a computer and mobile devices is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.
• Supports 291 cryptocurrencies: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus's Ethereum address.
• Exceptional customer service: Along with a help page, Exodus offers chat and email support services for users.
• Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus's official website.
• Staking available: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.

Cons Explained

• Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user's password gets compromised.
• No support for crypto-to-fiat conversion: Users do not have a way to exchange their crypto assets with fiat currencies directly within the wallet. To cash out, users need to send their assets from Exodus Wallet to a crypto exchange.
• Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet's software code. Therefore, the general public cannot review its robustness.
• Lack of custom fee support for altcoins: Customization of network fee for Ethereum and altcoin is missing from the wallet. Currently, users can only customize Bitcoin and Ethereum network fees.

Features

An aesthetically pleasing software like Exodus can make beginners feel less intimidated by cryptocurrencies. Its simple layout enables users to easily access, manage, and hold 291 cryptocurrencies directly from within the wallet. It is free and does not charge additional fees for sending or receiving crypto assets, except blockchain network fees. There is, however, a small fee for using the built-in wallet exchange.

Users can also access various decentralized applications (dApps) and non-fungible token (NFT) collections on Exodus through its recently launched web browser extension. The wallet supports Ethereum, Solana, BSC, Algorand, and other blockchains. Therefore, users can connect their dApps to all the supported networks and collect NFTs within the wallet. It is also one of the few wallets with a built-in NFT marketplace, accessible only after installing the app from within the wallet.

Exodus also offers a staking feature for users looking to earn passive income from their favorite assets. It supports staking for Cosmos (ATOM), Algorand (ALGO), Ontology (ONT) and Ontology Gas (ONG), Tezos (XTZ), Cardano (ADA), VeChain (VET) and Vethor (VTHO), and Solana (SOL). The APY paid as staking rewards is variable and can be tracked within the wallet. If users don’t want to stake, they can also use DeFi protocol Compound Finance through Exodus to lend their Ethereum assets to a pool to earn interest.

Security

Exodus is a non-custodial wallet, meaning it does not collect users' personal information or any sensitive data about the wallet. Instead, the data is stored locally on the users' devices.

With the ability to log in with a 12-word recovery phase and a password, users are always in control of their crypto funds. The wallet has also integrated security measures like Face ID and Touch ID. Moreover, Exodus releases software updates in a two-week cycle for additional wallet-specific exploits or to remove possible vulnerabilities.

Though Exodus does not feature two-factor authentication, it supports Trezor Model T and Trezor One hardware wallets for offline storage of cryptocurrencies. The security of Trezor, combined with the convenient features and functionalities of Exodus, gives users safety and peace of mind.

Privacy and Anonymity

Exodus does not have Know Your Customer (KYC) requirements. Therefore, users don't need to enter any personal information to download, install, or use the wallet. All transactions are anonymous on Exodus.

However, Exodus does not support on-chain anonymity, since it is easier to track transactions made with the wallet on the blockchain scanner. It isn't CoinJoin-enabled, meaning the wallet cannot combine multiple crypto transactions into a single transaction to make it difficult to determine the identity of the senders or receiver.

Setup

Setting up Exodus Wallet is a smooth process on desktop and mobile. All a user needs to do is download the wallet on their preferred device and start using the services without sharing any details. Both the desktop and mobile platforms can be synced by scanning a QR code.

Though users don't need to enter personal information, the wallet will ask them to save a secret recovery phrase consisting of 12 words, which should be copied in the sequence provided during the prompt. Users can also access this recovery code by navigating to the “Settings” tab available within the wallet.

Usability

Desktop

The desktop wallet has a slick user interface that is easy to use and navigate. The dashboard shows total crypto assets held in a wallet and also displays various other portfolio metrics, like 24-hour change, best and worst 24-hour asset, portfolio age, highest balance, etc. Users can also send, receive, or exchange a wide range of cryptocurrencies directly within the desktop wallet.

Mobile App

The mobile version of the Exodus Wallet has similar functionalities and features as the desktop wallet, making it an ideal choice for users looking to manage their crypto on the go. It is available for both mobile operating systems, iOS and Android. Exodus also features an option to sync mobile and desktop wallets should a user want to use both versions. For extra security, users can enable biometrics like face or fingerprint scanning to protect against unauthorized access to the mobile app.

Customer Service

Exodus is well known for its customer support, as it offers an extensive knowledge base of hundreds of articles and videos that explain usage, features, fees, and other aspects of the wallet. It even features a searchable FAQ section for common queries. If users can't find suitable answers or have any trouble with their wallets, they can always reach out to the support team through email or social media channels. Support personnel on Exodus are also readily available 24/7, and replies are often quick.

Cost & Fees

Like most software wallets in the crypto space, Exodus is free to download, access, and use. The wallet does not charge any fee for received assets. However, when sending cryptocurrencies, users need to pay network fees for the transaction. This fee can also be customized, although this option is available for only BTC and ETH as of writing.

While sending and receiving crypto on Exodus is free, it charges a small fee in the form of an exchange spread should users want to exchange assets within the wallet.

Final Verdict

Exodus' intuitive user interface, simple navigation, and exceptional customer support make it one of the best hot wallets available, especially for beginners. The addition of staking options for a wide range of crypto assets and support for dApps and NFTs makes it a favorite choice among even intermediate and pro crypto investors. Its in-built exchange makes the wallet more convenient, allowing users to quickly exchange their crypto assets without requiring a centralized exchange. The wide selection of digital assets combined with self-custody certainly makes it more appealing.

However, the lack of 2FA security could be a concern for users who hold large crypto bags, although they can follow good security practices to manage their digital assets. Nonetheless, for users looking for additional security, Exodus offers a way to store and exchange cryptocurrencies from the Trezor hardware wallet.

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets.

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations.Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.