Exodus Wallet Review
Overall Rating
85 %
Exodus Overview
The wallet is an interesting option for users looking to store their crypto. Although it’s a software wallet, it allows for cold storage with a connection to a hardware wallet, making it highly appealing. So, users who want the advantages of a software wallet with the security of a hardware wallet can combine the two. It’s free to use, so it is an excellent online crypto wallet for traders on a budget.
Play Responsibly
Key Features
- 250+ cryptos supported
- Trezor hardware wallet support
- Fantastic support
- Mobile and desktop compatibility
In our Exodus wallet review, we have looked closely at everything it offers. Anyone looking to start using a software wallet should take this journey with our experts to discover all it has to offer.
- Customer Service: Live chat, email, and social media
- SPV or Full Node: SPV
- Who Is Exodus Best Suited For? New traders, low-budget users, and experienced investors
Introduction
Exodus provides an excellent option for users looking for a simple-to-use wallet. It’s a decentralized wallet offering custodial services.
Perfect for users who want to enjoy features on their devices without needing a complicated setup. It also connects to Trezor wallets, so users can use hardware wallets.
As it’s available on hardware devices as well, it offers the best of both worlds for features. It has fantastic security, many crypto choices, and an impressive interface. It ensures users can get a lot from this wallet without too much effort.
This review covers the wallet’s most pertinent points while offering insight into how to get the best from it.
Sit under our learning tree to discover what this wallet can do!
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Pros
- Able to connect to Trezor hardware wallets
- Support for 250+ cryptocurrencies
- No cost to download Exodus
- Traders can stake crypto through the wallet
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Cons
- Additional app bolton required for NFTs
- Is a hot wallet if without a hardware wallet
Services Offered by Exodus Wallet
This wallet has a great choice of features for users. Although it’s a software wallet, it goes above and beyond the usual selection of services. To help our readers get entirely up to speed, we covered the most vital factors.
- Exodus has a built-in exchange, which makes things much more manageable. Users can complete trades within the app instead of connecting to an outside exchange. Additionally, traders can stake with it, allowing for passive income.
- The wallet has over 250 cryptos available, which is a solid overall selection. However, seeing an increase in what’s available would be positive. Because it’s free, it appeals to users with a smaller budget, but it offers the option to connect Trezor hardware wallets.
- Finally, there’s an NFT marketplace available through this wallet, which adds some extra functionality.
How to Create an Account?
It’s not challenging to create an account with Exodus. What users need to do is
- Download the app or browser extension
- Log in
- Link the wallet to exchanges or their hardware wallet.
How to Proceed with a Transaction
Completing transactions is another simple process. Sending the funds is the only actual requirement. It’s essential to ensure the cryptocurrency is compatible with the wallet, but as long as it’s accepted, there’s nothing complicated here.
To complete the process, follow these steps
How to Make a Deposit | How to Make a Withdrawal |
Making a deposit is simply a case of sending the funds to the wallet address. Once it is processed, it will be available. | It’s a reverse transaction for withdrawals. Instead of sending funds to the wallet, users send them to an outside wallet. |
Supported Tokens
Although there’s a solid selection available, at 360+ options, Exodus doesn’t quite compete with other names out there. However, many prominent cryptos and some smaller tokens are still in place. Some of the most popular crypto choices are as follows:
- BTC
- ETH
- LTC
- USDT
- XRP
- BNB
- ADA
- DOGE
- TRX
- SOL
Is Exodus Wallet Safe and Legit?
While creating our Exodus review, it became apparent the wallet is totally legitimate. Not only does it provide industry-standard security, but it also has a superb reputation. With so many options available, seeing the wallet taking customer safety seriously is fantastic.
Security
With security in the crypto world at a premium, it’s no shock to see this wallet putting in excellent protection. Because it’s a hot wallet as standard, it requires excellent security as standard.
- However, our review found more than just the basic protocols.
A partnership with Trezor means users can connect any hardware wallet from the company to their Exodus. As a result, it allows cold storage features to become live.
- While it makes it more expensive, it’s also worth it if the budget allows it.
Unfortunately, there’s no 2FA available, however, from the company’s perspective, it protects the user’s privacy.
- With 2FA, it would have to keep data on users, so it’s an acceptable risk for anyone looking to remain private.
User Interface
There’s a fantastic user interface with the Exodus. Whether on the mobile app or desktop, it’s simple to use. While each version looks slightly different due to the limits of each platform, the mobile version has a slightly better design.
How to Use Exodus on Android & iOS
How to Use Exodus on Desktop
Backup & Restore
The Wallet allows users to set up a backup when downloading the app. With hot wallets being vulnerable to cyber attacks, a backup is vital.
The process is extremely simple to follow:
🔹 When first loading up the Exodus app, users get a 12-word phrase
🔹 If the device is ever lost, stolen, or broken, users will need to create a backup
🔹 Just enter the 12-word phrase into the app on a new device to return the device to its original form
As a result, users can have their backup up and running within minutes!
Will Wood
Troubleshooting
All wallets have slight issues from time to time, and the Exodus is no different. Fortunately, it has excellent support in place. However, we’ve collected some of the best troubleshooting options for users who want simple solutions to issues.
Traders who see the “cannot connect to P2P network” message must take the following steps.
Exodus Wallet Alternatives
The Exodus uses software to store crypto, which makes it a hot wallet. However, it does offer the opportunity to connect to hardware wallets. Despite this, it’s not right to compare it with hardware wallets, and we should only compare it to other software wallets.
Exodus Vs Coinbase
Exodus | Coinbase |
Linked-up with Trezor | Allows other hardware wallets |
Better customer support | Provides a superior choice of cryptos |
So, there’s not much between each option, so it’s entirely down to the user which wallet is most suitable.
Exodus Vs Trust
Exodus | Trust |
A better option for the majority of crypto traders. | Software option that primarily appeals to businesses. |
Even though Trust Wallet provides an excellent option, Exodus covers a far more diverse collection of users.
Final Thoughts
The Exodus wallet is an excellent option for users. It provides some fantastic crypto options and has excellent security.
It’s free to download its app, which helps to keep costs low for traders.
Additionally, traders can connect their Trezor wallets to the app. It helps to increase security levels and provides some cold wallet features. However, anyone who wants to connect a Trezor app will have to purchase one, which increases costs.
But it’s worth the extra fees to provide a superior level of security.
Overall, it is an excellent crypto wallet, ensuring users have the highest quality service available to them.
It’s one of the top software solutions, ensuring traders can easily access their funds and other features.
Frequently Asked Questions
Does Exodus Wallet report to the IRS?
No, it doesn’t. The Exodus doesn’t report any crypto funds to the IRS. However, it is the responsibility of users to report any capital gains themselves.
Can I withdraw from the Exodus Wallet?
Yes, it’s easy to make a withdrawal from the wallet.
Is Exodus safe from hackers?
Yes, it is. It has excellent security in place. While it’s impossible to guarantee safety, using a hardware wallet does increase security levels.
Is Exodus safer than Coinbase?
They have similar levels of security in place. All reviews discuss the high levels of security for both wallets.
Why is the Exodus wallet so expensive?
It’s free to use the Exodus, but when using the built-in exchange, it takes a spread to cover its own costs.
Does Exodus Wallet take fees?
When creating our Exodus review we saw there are only when using the built-in exchange. Otherwise, it’s free to send and receive crypto, apart from gas fees.
A pro gambling writer since 2015, immersed in the world of crypto since 2016, Will built up a wealth of knowledge and experience in both crypto gambling and crypto betting, making him one of the most prominent voices in the industry. His high-quality reviews have been featured on prominent gaming platforms, making him a trusted authority in the field.
Nationality
British
Lives In
England
Facts Checked by Josip Putarek