Are you looking for an economical and secure way to store your cryptocurrencies? There are several types of cryptocurrency wallets available, and if you want to keep your assets easily accessible, a software wallet is a great choice. Exodus Wallet is one of the leading players in this field. Read on to learn all about it in this Exodus Wallet review.
|Hot / Cold||Hot (online)|
|Custodial / Non-custodial||Non-custodial|
|Supported Platforms||Multiple desktop and mobile applications, Chrome extension|
|Supported Cryptos||Over 1000 assets (coins, altcoins, tokens)|
|Built-in Features||Buying, exchanging, staking, Trezor hardware|
|Fees||No commission (only network fees)|
|Available in French||No|
Exodus Wallet is a cryptocurrency wallet with a primary mission of securely storing digital assets. At the time of writing this article in October 2023, Exodus Wallet supports 291 different cryptocurrencies from various blockchains.
To briefly summarize the key features of the Exodus crypto wallet, it’s a free software wallet classified as a hot wallet, and it’s non-custodial. We will explore these characteristics further later in this article.
Exodus Wallet was founded in 2015 by its two co-founders, JP Richardson and Daniel Castagnoli, who brought complementary skills and experiences to the table:
Exodus Wallet was created with the goal of “removing the need to be a geek and making design a priority to make cryptocurrencies accessible to everyone.”
Now that we’ve introduced Exodus Wallet, let’s delve into its key characteristics.
First and foremost, it’s important to clarify that Exodus Wallet is a “hot wallet.” This information is crucial when you’re choosing the right wallet for your needs. The type of wallet you choose influences how you can use it.
Cryptocurrency wallets can be categorized as “hot” or “cold.” The distinction is straightforward: hot wallets are always connected to the internet, while cold wallets are not. Each type of wallet has its own advantages and disadvantages.
Since it’s connected to the internet, a hot wallet is easily accessible. This means you always have your funds “at hand” for transactions. The availability of funds is one of the advantages of Exodus Wallet. However, hot wallets are susceptible to internet-related risks like cyberattacks. Hot wallets come in various forms, including web wallets, exchange wallets, and software wallets (desktop or mobile).
On the other hand, cold wallets are not connected to the internet, making the funds less vulnerable to hacking. Hardware wallets (like Ledger Wallet or Trezor) and paper wallets are examples of cold wallets.
So, how is it recommended to use Exodus Wallet? Ideally, you should only store the funds you need for short-term activities in your Exodus hot wallet, accessing them via the Exodus Wallet app. And what about any longer-term investments with Exodus Wallet? Download them as it’s preferable to store the rest of your cryptocurrencies in a cold wallet.
Another fundamental feature of Exodus Wallet is its “non-custodial” nature. This means that your private keys and personal data are yours; they are never stored on Exodus’ servers. Why is this important? Having control of your cryptocurrency holdings requires possession of the private key to your wallet. In contrast, wallets hosted by exchange platforms are often custodial, meaning the exchange possesses your private keys and therefore controls your funds. What happens if the exchange goes bankrupt or the platform turns out to be a scam? In such cases, you have little chance of recovering your money.
If you’re asking the question: Is Exodus Wallet safe? You don’t have to worry. The words Exodus Wallet Hacked are almost never heard. That isn’t to say it’s impossible though.
Some cryptocurrency wallets are dedicated to a single blockchain, such as Ethereum. This is not the case with Exodus Wallet.
Exodus Wallet can store over 291 assets across multiple blockchains.
Furthermore, since late 2021, the wallet also supports NFTs based on the Solana blockchain, allowing you to store, view, send, and receive NFTs directly through the Exodus interface.
Exodus Wallet is available in three different formats: desktop, mobile, and the Chrome extension.
Although Exodus is fundamentally a cryptocurrency wallet, it serves more purposes than just storage. To complete this Exodus crypto wallet review, these need to be explored, so here are the additional features integrated directly into the Exodus interface.
With Exodus Wallet, you don’t need to go through an exchange to purchase new coins or tokens. You can buy cryptocurrencies directly within Exodus.
Exodus Wallet offers three payment methods for cryptocurrency purchases:
Additionally, the wallet supports multiple currencies, including the Euro (EUR), the British Pound (GBP), and the US Dollar (USD).
Exodus also features an integrated exchange platform, meaning you don’t have to move your assets to a third-party platform for trading. You can exchange one cryptocurrency for another directly within the Exodus interface.
The wallet also boasts some noteworthy features:
With Exodus Wallet, your cryptocurrencies can generate passive income through crypto staking. As of mid-September 2022, Exodus Wallet supports staking for various cryptocurrencies, including Cardano (ADA), Cosmos (ATOM), Solana (SOL), Algorand (ALGO), and Ontology (ONT), each with its associated annual percentage yield (APY). Exodus provides a calculator to help you estimate your potential earnings through staking.
It’s worth noting that you can connect a Trezor hardware wallet to Exodus Wallet. The software is compatible with both Trezor One and Trezor T models, allowing you to easily and quickly send, receive, and exchange your digital assets while benefiting from the maximum security of the Trezor hardware and the responsiveness of the Exodus software.
All Exodus Wallet reviews need to address the ‘c-word’ – Cost. Exodus offers free downloads and access to its products. Receiving and storing assets is also free, which aligns with the industry standards for most software wallets.
However, users of Exodus Wallet will need to cover the standard network fees when sending assets. These Exodus Wallet fees are essential for network operation and are independent of the Exodus Wallet. The fee amount fluctuates in real time based on network traffic.
For transactions on the Bitcoin and Ethereum networks, Exodus gives you the option to customize the fee amount. This flexibility allows you to choose between following Exodus’s recommended fee or adjusting it to your specific needs. Reducing the fee may result in a slower transaction that might not get processed.
About the author
A writer from the north of England, I've been fascinated by all things cryptocurrency since the early days of Bitcoin. I've written countless articles in the crypto space over the years, contributing to various websites in the process. I'm always reading and forever following the trends and expanding my knowledge so that I always have more to share!