Exodus is a popular non-custodial cryptocurrency wallet that supports around 260 digital assets. The wallet also has an exchange feature that lets users buy, sell, trade, and store crypto.

In this Exodus review, we’ll look into the pros and cons of the wallet, discussing the exchange fees, features, and possible issues, so you can decide if it’s the best choice for you.

Pros & Cons of Exodus

Pros

• It’s easy to set it up and use
• Supports 260 digital assets
• Communicative and solution-oriented founders
• You can use Exodus in tandem with Trezor hardware devices for security
• Fiat deposit via third-party payment processors
• You can stake your crypto in the wallet

Cons

• Doesn’t support a two-factor authentication
• You can’t set custom blockchain fees for most coins 

About Exodus

Exodus was co-founded by JP Richardson and Daniel Castagnoli in 2015 to provide innovative solutions to the developing crypto market. The company launched its flagship product, Exodus wallet, in 2016 as a multi-currency software wallet for storing Bitcoin and altcoins. 

Exodus wallet is a non-custodial wallet, meaning the company doesn’t keep the wallet’s private keys. When you set up an Exodus wallet, you receive 12 recovery phrases to back up your wallet and can use them to access your wallet from different devices.

Thanks to its intuitive and easy-to-use interface, the Exodus wallet quickly became a popular option for storing digital assets. The wallet was built for people with minimal crypto knowledge and is very beginner friendly.

Exodus can be used as a desktop wallet, a mobile wallet, and a web3 wallet through your browser. The wallet is compatible with Mạc, Windows, and Linux operating systems, Brave and Chrome browsers, and Android and iOS systems.

The wallet receives regular updates, and relevant documentation is published online.

Crypto Coins Available on Exodus Crypto Exchange

Exodus supports over 260 digital assets, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC), Cardano (ADA), Bitcoin Cash (BCH), Litecoin (LTC), Tron (TRX), AAVE (AAVE), Polygon (MATIC), Maker (MKR), and Chainlink (LINK).

Exodus supports several blockchain networks, including Ethereum, Solana, Tron, Polygon, Binance Smart Chain, Avax, Wechain, and Cardano.

You can check all the supported coins on Exodus live status page. Almost all coins are supported on the desktop wallet, but a few may not be available through mobile and web browser extensions.

Fiat Currencies Supported on Exodus

Exodus accepts USD, EUR, and GBP deposits and withdrawals through third-party payment processors. Or, to put it more accurately, Exodus allows you to purchase and sell crypto with fiat.

You can use Exodus from anywhere in the world, but fiat deposit and withdrawal availability are limited to countries that support Exodus’s chosen payment processors, which include MoonPay, Ramp, and Sardine.

Depositing is easier compared to withdrawals. Ramp and MoonPay are globally available in over 140 countries and several US states. You can link your bank account to these services or use debit cards, credit cards, Apple Pay and Google Pay to purchase select crypto.

Ramp allows you to purchase Bitcoin, Ethereum, and 25 other digital assets with fiat. On MoonPay, you can purchase 29 coins.

If you are based in the US, you can use Sardine to purchase crypto using your bank account. Unlike Moonpay and Ramp, available in 47 and 35 US states, respectively, Sardine is pretty much available throughout the US.

Using third-party processors is faster than ACH transfers which may take days to settle. However, the convenience is quite expensive as the processors add their own fees. You can expect to pay 1-2% in fees.

Please note that fiat withdrawals can be problematic if you aren’t based in the US, UK, or Europe. Exodus only supports fiat withdrawals (selling crypto) via Moonpay, and selling crypto isn’t available in all countries.

You cant sell crypto on Moonpay if you are based in Albania, Belarus, Iceland, Malta, Russia, Turkey, and Ukraine. In the US, Texas, New York, Louisiana, and the US Virgin Islands residents can’t sell crypto via Moonpay.

Minimum Crypto Withdrawals

Another important thing to note is that minimum withdrawal limits are quite high in Exodus.

 

Cryptocurrency	Minimum
Bitcoin (BTC)	0.0008
Ethereum (ETH)	0.025
Solana (SOL)	2
Binance Coin (BSC BNB)	0.07
Tether (USDT)	20
USD Coin (USDC)	20
Binance USD (BUSD)	20
Bitcoin Cash (BCH)	0.1
Litecoin (LTC)	0.25

Countries Supported on Exodus

Exodus is available throughout the world, except for OFAC-sanctioned countries like Cuba, North Korea, Iran, and Syria. Anywhere else, you can simply download the Exodus wallet on your computer or mobile device.

Exodus Trading Fees

Exodus is a free wallet, so you don’t have to pay to set it up. However, there are three types of fees on Exodus: a network fee (otherwise known as blockchain fee or gas), a processing fee, and a spread baked into crypto prices.

Exodus earns revenue from its partnerships with crypto exchanges and API providers. When you buy, sell, or swap crypto through Exodus, you pay a baked-in spread, and Exodus gets a percentage.

Spreads change depending on the market conditions but can vary between 1% to 5%. More liquid assets like Bitcoin often have tighter spreads, but less liquid coins can have very wide spreads, meaning more expensive purchases.

Let’s see Exodus fees in more detail.

Exodus Fees for Crypto Swaps

When you swap crypto tokens on Exodus, you pay a baked-in spread as well as a network fee. The network fee is a staple of almost all blockchain transactions and is often paid to miners or network operators. Exodus doesn’t receive the fees.

On Exodus, you can only set custom network fees for Ethereum, Bitcoin, and ERC20 transactions. For all other tokens, Exodus applies an automatic network fee. Automatic network fees are set to ensure your transaction is processed rapidly. However, they are often quite expensive, and combined with high spreads, trading altcoins on Exodus can be very costly.

You can see the exact cost before you complete your transaction.

Exodus Fees for Buying and Selling Crypto

When you purchase or sell crypto through Exodus, you pay a processing fee in addition to the network fee. Unfortunately, Exodus doesn’t advertise the processing fee, but you can see it before you execute your transaction.

Main Features of the Exodus Platform

Let’s see some of the most notable crypto features of Exodus in more detail.

Buy, Trade, and Store Crypto

Exodus is a multi-function non-custodial crypto wallet that allows you to buy, store, and trade digital assets.  You can store most high-cap tokens in your Exodus wallet, as it offers support for several blockchains.

Since it’s a non-custodial wallet, your funds are never stored at Exodus servers, and Exodus doesn’t control or manage your assets for you.

The wallet layout is simple and aesthetically pleasing, and the interface is incredibly intuitive, allowing beginners to use the platform without stress.

Desktop, Online, and Mobile Access

You can use the Exodus wallet on your computer, mobile device, or through a supported browser. All the features and coins supported on the computer platform may not be supported in the mobile and browser versions, but most functions are there.

Connect to dApps and Collect NFTs

Exodus recently launched a web3 browser extension that allows you to connect to dApps on supported blockchains, including Ethereum, Binance Smart Chain, Solana, Algorand, and many others. You can connect to several DeFi apps through Exodus to stake digital assets, take out or borrow loans, and so on.

You can also collect NFTs from different networks via Exodus and trade them on Exodus’s native NFT market.

Staking

You can stake multiple digital assets on Exodus to create passive income. The supported 

Tokens include Solana (SOL), Cosmos (ATOM), Cardano (ADA), Tezos (XTZ), Algorand (ALGO), VeChain (VET), Ontology (ONT), and Ontology Gas (ONG) and Vethor (VTHO). 

Exodus also allows you to lend your ETH on Compound Finance protocol.

Staking rewards vary by the asset and are advertised on the wallet. You can also download the Rewards app to track your staked assets and calculate your profits. 

Trezor Support

Trezor is a hardware cold wallet for storing digital assets securely. You can connect your Exodus desktop wallet to your Trezor wallet to store your assets offline. Exodus supports both Trezor One and Trezor T models.

Exodus Learn

Exodus provides in-depth tutorials on how to use the Exodus wallet, as well as on several topics relating to crypto and blockchains. You can find answers to most questions on their straightforward FAQ section, check out YouTube video tutorials, and request community support.  

Customer Service

Exodus customer service is often rated highly, and the team is quite responsive. You can request help via email or through Exodus social media on Twitter, Reddit, and other platforms.

How Easy Is It to Open an Exodus Account?

Opening an account and setting up an Exodus wallet is quite easy. Simply download Exodus Desktop,  Exodus Mobile, or Exodus Web3 Wallet to start.

Exodus Web3 Wallet is compatible with Chrome and Brave browsers, Exodus desktop is compatible with Windows 64-bit, Linux, Mac, and Mac M1/M2 operating systems, and mobile is compatible with iOS and Android devices.

Exodus doesn’t enforce KYC checks to send and receive crypto. However, you must complete KYC to buy and sell crypto on the exchange.

When you download the wallet, the software will prompt you to write down a 12-word secret recovery phrase. 12 word secret recovery phrase is how you back up your wallet if you switch your device. This is a secret password known only to you, and it’s incredibly important to keep it safe. You won’t be able to access your funds if you lose the recovery key.

Once you write down the recovery phrase, you can set up a password. Your Exodus password is used to encrypt your wallet files to add a secondary-security measure.

You can download all three apps or just one if you want. You can later sync your wallets using your 12-word recovery phrase. Exodus provides a detailed guide on how to sync your wallets.

How Secure Is Exodus?

Since Exodus is self-custodial, the company doesn’t hold your assets. You must keep your assets safe by keeping your 12-word recovery phrase safe. 

Self-custody wallets reside on laptops or mobile devices. If your device is compromised, stolen, or broken, you may lose access to your assets. The recovery key allows you to load your wallet up from a backup on a new device, so it’s crucial to your financial security.

Of course, software wallets like Exodus are vulnerable to hacks and other attacks, as they are hot (internet-connected) wallets. That means you have to be diligent with your security and set up appropriate control for your devices.

Please note that the Exodus team doesn’t have access to your recovery keys and can’t help you if you ever lose them. You are advised to store your recovery key offline on a piece of paper. Don’t write your recovery key on an internet-connected device or take a photo.

While Exodus doesn’t offer 2FA, you can further increase your security by linking your Exodus wallet to a Tezor cold wallet. 

Has Exodus Ever Been Hacked?

Exodus has never reported a security breach. In 2021, several Exodus customers were targeted in a phishing attempt. Scammers sent mass emails to crypto owners to issue a fake warning, asking people to update their 12-word phrases. Exodus clarified the email wasn’t sent by them.

Please note that since Exodus is a custodial wallet, the company has no knowledge or control over your wallet or keys. The wallet is stored on your devices, and you’re solely responsible for protecting your assets.

As with any software wallet, the Exodus wallet is vulnerable to hackers because it stores your information on an internet-connected device. Several users have lost funds due to inadequate security practices. If you are not knowledgeable about internet security, using a cold wallet or an exchange wallet can be the safer option.

Exodus will never ask you to share your 12-word recovery phrase. If you receive a similar email, disregard it and don’t click the links. Update your security, and contact Exodus.

Is Exodus a Regulated Exchange?

Since Exodus wallet isn’t an exchange, it’s not regulated or licensed in the same way most exchanges are. Exodus exchange partners are probably licensed.

Exodus is a publicly traded company.

How Does Exodus Compare to Other Crypto Exchanges?

Exodus can’t really be compared to other online brokerages since it’s a wallet with a built-in exchange feature. Its closest competitor might be the Atomic wallet, another multi-currency wallet that supports trading.

One advantage of Atomic wallet over exodus is that it supports over 300 digital assets. However, Atomic wallet charges higher for trading, and few coins are available for atomic (instant) swaps. 

Both wallets are easy to use and offer trading capabilities. You can connect Exodus to a Trezor hardware wallet, and you can connect the Atomic wallet to a Ledger hardware wallet for more security.

Does Exodus Have an App?

Exodus has a mobile app for iOS and Android which you can download from Google Play Store and the App Store. The mobile app has similar functions to the desktop app and allows you to store, manage, and trade tokens. You can sync both wallets.

Exodus mobile wallet supports biometric scanning (face or fingerprint) for security.

Exodus Review: Final Thoughts

Many people believe you don’t truly own your crypto if you don’t own your wallet keys. Most online exchanges are custodial exchanges that control your keys (and funds) for you. While this is often seen as an easier way to manage your assets, things go badly if an exchange is hacked, shut down, or goes bankrupt. In these cases, users may lose all their assets for good.

Exodus is an alternative to centralized exchanges. Since self-custodial, users keep their private keys and have the utmost control over their wallets. However, that also means users must shoulder the burden of keeping their wallets secure.

Most retail users don’t have the capabilities to ward off determined hackers and software wallet users often report hacked assets. 

Exodus provides a way around the problem by allowing you to connect your Exodus wallet to an offline Trezor hardware wallet. If you plan to store a large amount of crypto in your wallet, then buying a cold hardware wallet like Trezor is the best option. You can use that in tandem with Exodus for managing your portfolio.

Don’t forget to check out our reviews of the best 22 crypto exchanges and 8 alternatives for trading crypto.