Last Updated on Aug 18, 2021
Exodus is a multi-currency wallet, co-founded by JP Richardson and Daniel Castagnoli, supporting more than a hundred cryptocurrencies.
The founders developed Exodus to remove the geek requirement associated with cryptocurrency by creating a user-friendly interface. The crypto wallet was initially available only for PCs, but now people can use it on their ios and android mobile phones. In addition, there are free downloadable versions of the cryptocurrency wallet for PCs and mobile phones, along with hardware wallet compatibility with the Trezor One and Trezor Model T.
Is Exodus a good wallet?
Exodus is one of the best wallets available for beginners as it is entirely free and has a user-friendly interface. One of the unique features of the Exodus wallet is the ability to swap between different cryptocurrencies. One can swap between more than 100 cryptocurrencies in Exodus, making it one of the best wallets.
Beginners of crypto space should try their hands on Exodus because of its simplicity. In addition, it provides a great support system that helps the newbie understand the market of cryptocurrencies, termed as a confusing market. However, an experienced user may find some of the essential features missing in Exodus because it is a closed wallet, and its code is not open for everyone to see.
Best features of the Exodus Wallet
The best feature of the Exodus wallet has to be the beautiful software which it offers. The navigation in the Exodus wallet software is super clean and easy. It also does an impeccable job of visualizing your crypto holdings. Of course, it would help if you never undermined the benefits of good software while dealing with cryptocurrencies. An exemplary user interface can save you from mistakes that might prove very costly.
The Exodus wallet is a cross-platform app, and since it doesn’t require any registrations, you can download the app and start by installing it. However, the app only relies on a password, and the rest is taken care of by the developers to make sure that the wallet is safe.
Another great feature of the Exodus wallet is that it provides crypto rewards in the users’ wallets without risks. It means that you can receive a percentage of the yield back by staking something like Cardano. Though Exodus is taking some share of the yield, it’s a great way to earn passive income on your crypto without any risks.
How to set up your Exodus Wallet?
You can create an Exodus wallet just by following three simple steps, which are as follows:
- Install the Exodus Wallet: The first step includes installing the wallet on your PCs or smartphones. Go to the Exodus website first and follow the link to avoid being caught by bogus sites and bogus applications. Always keep in mind that one app is more than enough for all your cryptocurrency needs.
- Installing and opening Exodus on your PC: When you click the said link on the computer, you will see the “Desktop” section on the bottom-left on the download page. Click the button to choose the platform (Mac, Linux, or Windows). When the download completes, install it like any other application that you have on your computer. Open the application after the installation. An account creation is avidable at this point.
- Installing and Opening Exodus on Smartphone: Just like the desktop version, when you are on the download link website, you will see the link for the “Mobile” version on the down-right side. You can select the download option depending on whether it is an ios or Android. After that, do install the application and open it once done.
Can I withdraw from the Exodus wallet?
You will discover that there are things to learn if you are in the cryptocurrency scene.
New systems for such currency are popping out regularly. Therefore, it is essential to have the basic knowledge to convert your hard-earned cryptocurrencies into numbers in your bank accounts.
The Exodus wallet is only intended for cryptocurrency and not for money in your bank accounts. And because of this reason, Exodus wallet doesn’t support local bank transfers and withdrawals. However, there are cryptocurrency exchange platforms where exchanging one type of digital asset for another is possible. For example, you can exchange cryptocurrencies for fiat money and process them with your bank account through an exchange platform.
However, remember that most cryptocurrency exchanges allow their users only to trade digital assets for digital assets. Still, a few of them let the users’ trade fiat currencies like U.S. Dollars for cryptocurrencies.
Can Exodus be hacked?
The Exodus company cannot access your wallet or crypto. Unlike other cryptocurrency wallets such as Binance or Coinbase, your private keys (the credentials that manage and grant access to your crypto) aren’t managed or stored by Exodus. Instead, your private keys are stored and encrypted locally on your computer or mobile phone by the Exodus app.
These private keys act as the “login” to your “account” for crypto. However, your private keys give you (or anyone else) access to your crypto addresses and the funds stored within them instead of a login that gives access to your bank account.
The Exodus company doesn’t store any of your private keys with them. So if the company is hacked, there is no way that the hackers can access your private keys as they store on your devices. To access your private key, the hackers have to run with your devices.
Does Exodus have transaction fees to send or receive?
crypto wallet app exodus wallet fees? the answer is no, this is the Overall top pick crypto wallet app cause Exodus does not charge fees for sending or receiving currency. Unlike exchange platforms, Exodus does not keep any of the transaction fees charged for withdrawing bitcoin (BTC), Ethereum (ETH), or any other cryptocurrency.
Is Exodus wallet safe?
Your security practices determine how safe your Exodus wallet is. It’s usually for any of the following reasons that an Exodus wallet user gets hacked or loses their crypto:
- The biggest blunder that users make is saving their wallet recovery information electronically. Never save your information regarding cryptocurrencies electronically on your devices in the form of a phone note, a digital photo, a cloud/email account etc.
- Another common mistake that crypto users make is not following safe computing practices. It would help if you avoided downloading torrents, using pirated versions of Windows, and visiting suspicious websites to protect yourself from bad actors.
Never reuse similar passwords for multiple sites.
- You will be easily hacked if the hackers find out the password for just one site. As an extra level of security, make sure to choose a password for the Exodus wallet, which is unique.
Is Exodus better than Cubase?
Exodus and Coinbase are cryptocurrency exchanges that offer users digital wallets, staking, and various cryptocurrencies. Exodus has its headquarters in Nebraska and was founded in 2015. Coinbase was launched in 2012 and is planning to have its head office in San Francisco by 2022.
Coinbase monitors transactions and secures assets on your behalf. In contrast, Exodus provides the platform but doesn’t track your trading. Both the crypto platforms differ in their approach to fees and features. Coinbase is an excellent choice for beginners or people who want a traditional brokerage experience, while Exodus offers more coins and control over your assets.
Although both Coinbase and Exodus have hot wallets, incorporated cryptocurrency exchanges, and support staking, both the platforms offer different features that may attract users toward one exchange or the other. Exodus doesn’t accept fiat currencies, such as USD cash deposits from any bank account. And also, Exodus is app-based, meaning users must download a desktop or mobile app to use the exchange. It differs from Coinbase, allowing investors to trade via a web browser or a mobile app.
When it comes to supporting currencies, the Exodus wallet supports 138 altcoins, and Coinbase offers 66. In addition, popular coins like Litecoin, Bitcoin, Ether, Ethereum Classic, Lumen, Loom Network, Graph, Aave, Dogecoin, and Polkadot are given access by both platforms.
Both Exodus and Coinbase are incredibly safe regarding security, although; differences exist due to the nature of their exchanges and wallets. Users must create a new account in Coinbase and must complete the verification process.
Coinbase holds your private keys and acts as the custodian of your web wallet. On the other hand, Exodus bestows a crypto-to-crypto platform for P2P trades. As a result, the users of the Exodus wallet have complete control over their funds, and the user must secure their computer or mobile device, hot wallet, and cold wallet. In addition, the users are responsible for securing the private keys.
While storing funds in the hardware can be done by anyone, the partnership between Exodus and Trezor makes it easier to do so, giving Exodus an edge for security and privacy.
Exodus doesn’t take any fees for transferring crypto and doesn’t retain any fees associated with the withdrawal of funds. On Exodus, transaction fees go to the people who mine the crypto, which means busier networks charge higher fees. The transaction amount in Exodus depends on the number of previous deposits.
Once a transaction initiates, a network fee is chargeable before you click send. In contrast, there is a set fee list in Coinbase. The fees may vary depending on the payment method and amount. There are also flat fees and convenience fees that you need to pay in Coinbase. There isn’t a way to convert your cryptocurrencies to fiat withdrawals in Exodus, so they give Coinbase as an alternative for transferring funds.
Both Coinbase and Exodus have their mobile apps making life easier for their users. However, the users of Exodus must download a desktop or mobile app to access their service, whereas the Coinbase users can access it on a web browser. Both their apps and wallets are compatible with Android and iOS devices. Additionally, the, the Exodus desktop app are also compatible with Linux, Windows, and Mac systems. Both the companies have made their mobile apps user-friendly. It allows investors to utilize the exchanges for P2P trades or the Coinbase app for investments. But, the Exodus apps have a plus point as they integrate with the Trezor hardware wallets. It gives users additional control over their crypto assets.
People in most areas of the country have access to the Exodus app. However, their website notes that users residing in Iran, China, and the U.S. states of Alabama, Hawaii, Louisiana, New York, Oregon, and Washington may see a “Temporarily Unavailable” message while trying the platform. It means that trading through Exodus is unavailable in those areas. In contrast, Coinbase allows investors to trade in more than 100 countries, including all U.S. states, except for Hawaii.
Exodus is a cryptocurrency wallet having an incorporated, decentralized cryptocurrency exchange process. It also provides 138 cryptocurrencies for crypto-to-crypto and peer-to-peer swaps. Furthermore, it allows the users to have complete control over their assets and the private key. On the other hand, Coinbase is a centralized cryptocurrency brokerage that supports 66 altcoins and over 20 fiat funds. Coinbase acts as a custodian while the users hold funds using hot wallet software. In addition, the investors can transfer funds to the standalone Coinbase wallet for additional control.
The investors must already have cryptocurrency to use Exodus, although it is worth checking. The initial fiat-to-crypto trades are often made on the Coinbase platform by users, and then they shift crypto assets to the Exodus hot wallet. As we can see, it is all about the comfort level through peer-to-peer trading conducted on decentralized exchanges in contract to the convenience less controlled on a centralized exchange. It is challenging to point out a single company as the best platform for trading cryptocurrencies. It is all about personal choice while choosing between Exodus and Coinbase.