Exodus Wallet Review 2024: Fees, Features, & Security Explored

Launched in 2016, Exodus is a popular self-custody wallet that’s compatible with over 50 blockchains. It supports multiple devices, including desktops, mobiles, and browser extensions.

This Exodus wallet review is a must-read if you’re looking for a new storage solution. We cover the most important factors, including security, fees, supported coins, key features, and more.

Key Findings

What is Exodus?

Exodus is an established cryptocurrency wallet that launched in 2016. It offers self-custody storage, meaning users control the wallet’s private keys. This is a crucial benefit for most cryptocurrency investors, as there’s no requirement to trust a third-party platform, such as an exchange. Instead, Exodus users can send, receive, and store cryptocurrencies without intermediaries.

Exodus offers a wallet solution for all requirements, not least because it supports the most popular device types and operating systems. This includes Windows, Mac, and Linux software for desktops. Not to mention an iOS and Android app for smartphone users. Another option is the Chrome browser extension. All wallet types support over 50 blockchain networks.

This includes Bitcoin, BNB Chain, Ethereum, and Solana. Any custom token can be added by pasting the contract address. For example, if you buy a new BNB Chain meme coin, you can easily store it in Exodus. We found that Exodus is ideal for beginners and experienced traders alike. It offers a user-friendly interface alongside portfolio management tools, such as the overall profit or loss for each investment.

Exodus also connects with decentralized applications (dApps). This enables traders to access decentralized ecosystems like exchanges, NFT marketplaces, and lending pools. The only drawback with Exodus is that limited security features are offered, other than a PIN/password. There’s no support for two-factor authentication or multi-sig technology. Plus, Exodus isn’t open-sourced.

What Type of Wallet is Exodus?

You’ll come across a lot of different terms when reading Exodus wallet reviews.

Let’s start by breaking down the fundamentals:

• Exodus is a mobile, desktop, and browser-based wallet. The same functionality and features are available on all supported device types.
• We mentioned that Exodus is a ‘self-custody’ wallet. Some investors also use the term ‘non-custodial’. They both refer to the same thing – Exodus users control their cryptocurrencies without third-party interference.

It’s important to understand why self-custody wallets are always the best option.

• The alternative is using a ‘custodial’ wallet, which is like leaving money in a bank account.
• Should that financial institution go bankrupt, that money could be at risk.
• Only instead of a bank account custodial wallets are offered by cryptocurrency exchanges.
• One of the biggest exchanges at the time, FTX, went bankrupt in 2022.
• This resulted in users losing billions of dollars from their FTX wallets.

This is why Exodus is a great option for long-term investors. Nobody, not even Exodus, can access the wallet without the private keys. The only person with access to the private keys is you, the wallet owner. This means you can send and receive cryptocurrencies without needing approval. You can also store cryptocurrencies without the funds being frozen or confiscated.

Exodus Supported Coins

Our Exodus wallet review will now discuss what coins and networks are supported.

In a nutshell, Exodus is compatible with over 50 blockchain networks.

This includes:

• Bitcoin
• Ethereum
• Solana
• BNB
• XRP
• Dogecoin
• Cardano
• TRON
• Avalanche
• Polkadot

Now, the first thing to mention is that Exodus supports ‘secondary’ tokens. For example, suppose you currently own Pepe, which is considered one of the best meme coins. Pepe operates on the Ethereum network, so it’s an ERC-20 token. If Pepe wasn’t on Exodus by default, you could add it by pasting its unique contract address.

This means Exodus is ideal for storing up-and-coming tokens with small market capitalizations and for diversified portfolios. For instance, suppose you own 15 cryptocurrencies from 6 different networks. You can store all of these cryptocurrencies in the same Exodus wallet.

We should also mention that Exodus supports the Bitcoin Lightning Network. This is the most popular layer 2 solution for Bitcoin, reducing transaction times from 10 minutes to seconds.

Exodus Wallet Fees

Exodus offers a fee-free service for the basic wallet functions. This means you can store and receive cryptocurrencies without being charged. There are no markups when transferring coins to another wallet, either. That said, like all wallets, you must still cover the network fee.

The blockchain determines this in real time, depending on demand. The fee will also vary depending on the blockchain. For example, transitions on the Solana and Dogecoin networks are considerably cheaper than Bitcoin and Ethereum.

Exodus also enables users to set up custom network fees. However, this isn’t advised unless you’re an experienced investor. Setting the fees too low can mean your transaction remains pending indefinitely.

Fee to Buy Cryptocurrencies on Exodus

Exodus has partnered with multiple fiat on-ramp providers, including MoonPay, Ramp Network, and Sardine. This means you can buy cryptocurrencies without leaving the Exodus wallet.

Fees are determined by several factors, including the:

• Respective On-Ramp Provider
• Currency
• Payment Method

Nonetheless, we found that, on average, fiat purchases cost 3-5%. Fees are displayed when creating your order, so there’s no requirement to proceed if they’re too high.

Fee to Swap Cryptocurrencies on Exodus

Exodus also comes with an in-built swapping tool. This enables you to swap two cryptocurrencies without leaving the wallet interface. For instance, you might want to swap ETH for PEPE or SOL for WIF.

A major drawback is that Exodus isn’t transparent about its swap fees. It simply states that the fees “include a spread and a network transaction fee.” Once again, the fees will be displayed when creating the order.

Safety & Security

We mentioned earlier that Exodus offers limited security features when compared to other wallet providers. Nonetheless, let’s start with the core safety controls available.

First, when setting up Exodus, you will be asked to choose a strong password or PIN. This must be entered whenever you access the wallet. Exodus also provides a backup passphrase. It consists of 12 randomly generated English words that must be entered in the correct order.

The backup passphrase allows you to recover access if you lose the device that Exodus is installed on. Similarly, you can regain access when forgetting the password or PIN. Exodus also offers a ‘Security Lock’ feature. This will automatically lock the wallet if it isn’t used for a specified time frame.

Another feature is connecting Exodus with the Trezor hardware wallet. However, this feature is somewhat redundant, as you likely won’t need Exodus if you’re already using a hardware device. So, where does Exodus fall short in the security department? For a start, Exodus doesn’t offer two-factor authentication.

This security feature requires a unique code sent to a secondary method, such as email or SMS. Exodus also lacks multi-signature technology, which requires verification from two or more devices when transferring funds.

We also found that Exodus’ code isn’t open-sourced. This means the community can’t highlight potential bugs or vulnerabilities. Just remember – if your wallet is hacked or compromised, Exodus won’t be able to help. That’s the risk you take when using self-custody wallets – you’re responsible for security.

Exodus Wallet Features & Tools

Let’s explore some of the best features and tools offered by Exodus.

Access dApps and Other Web 3.0 Products

Exodus is ideal for active cryptocurrency investors who want to access dApps and Web 3.0 ecosystems. For example, Exodus connects with the best cryptocurrency presales. This means you can use your Exodus balance to invest in blockchain startups before they’re listed on exchanges.

Exodus can also connect with decentralized exchanges. This enables you to buy and sell tokens without revealing your identity. Just connect Exodus and choose which cryptocurrencies trade. You can also earn passive income via staking and yields farming pools. The rewards will be added to Exodus instantly.

Anonymous Cryptocurrency Storage

Exodus is a self-custody wallet, so it never collects personal data from users. To use it, you simply need to download the Exodus wallet to your preferred device. You’ll then be given a unique wallet address for each supported network.

As such, you can store cryptocurrencies in complete privacy. This is in contrast to custodial wallets like Coinbase. Not only must users provide personal information but also government-issued ID.

Add Custom Tokens

Exodus is also a great option for investing in new cryptocurrencies that aren’t mainstream. For example, suppose you buy a presale token that operates on the Solana network. Exodus won’t list that token by default.

Instead, you’d need to add it manually. All you have to do is copy and paste the token’s contract address. Then, you can transfer the tokens to the wallet address provided by Exodus.

In-Built Staking Rewards

Exodus also allows users to ‘stake’ their cryptocurrencies without leaving the wallet interface. If you’re new to staking, it’s a passive income tool supported by proof-of-stake networks. Competitive APYs are often available, especially on low-cap projects.

That said, Exodus only supports 13 staking coins. Moreover, we found that APYs are higher on other platforms. For example, Cardano APYs amount to just 2.85% when using Exodus. And 0.94% on VeChain.

Portfolio Management

Exodus is also a good option for keeping tabs on your cryptocurrency portfolio. It offers real-time prices on cryptocurrencies held in your wallet.

Not to mention the total value of the entire portfolio. Exodus also offers portfolio insights, such as the portfolio age, highest and lowest balance, and overall profit and loss.

User Experience

We tested the user experience on all Exodus devices, covering the mobile app, desktop software, and browser extension. No navigation issues were found, and overall, Exodus is ideal for beginners and experienced pros alike. A positive user experience begins from the offset; no personal information is collected, ensuring complete privacy. 

That said, unlike other self-custody wallets, users aren’t initially presented with their backup passphrase. Instead, Exodus sends a reminder once the wallet is used for a certain time frame. Nonetheless, users can also get their backup passphrase manually via the ‘Settings’ tab. Receiving cryptocurrencies is also straightforward.

Just click on the network (e.g. Bitcoin or Ethereum) followed by the ‘Receive’ icon. A unique wallet address and a QR code are then displayed. This can also be used for secondary tokens. For instance, you can use the Ethereum wallet address when depositing USDT. Similarly, sending cryptocurrencies to another user is also simple.

Click the coin you want to send, type in the amount, and paste the destination address. The appropriate network fee will be calculated automatically. No authorization is needed – meaning the transfer will be processed instantly. Exodus also offers a comprehensive help section. This explains most wallet functions in Layman’s Terms.

Desktop vs Mobile Experience

As mentioned, we experienced no issues on any supported device type or operating system. The best option for you depends on your personal preferences. For example, those actively buying, selling, and trading cryptocurrencies might prefer desktop software or browser extensions.

This makes it far easier to enter orders and perform technical analysis, which can be cumbersome on a mobile device. That said, it’s also worth having the Exodus mobile app—even if you prefer desktop trading. After all, you can send and receive coins at any time without needing to be near your laptop.

Exodus Wallet Contact and Customer Service

Our Exodus crypto wallet review found that customer service is subpar. For a start, it doesn’t offer live chat support. Having clicked the ‘Chat’ icon, we were connected with an AI bot. There is no way to get around this. Exodus doesn’t offer a telephone either.

Instead, you’ll need to send an email, which means replies can take days. The only other options are Facebook and X. That said, it’s important to remember that Exodus is a free wallet service, and as such, it has limited customer support resources.

How to Setup Exodus Wallet

This section explained how to get started with Exodus. We’ll also show you how to perform core wallet movements, such as sending and receiving funds.

Step 1: Download Exodus to Your Preferred Device

The first step is to visit the Exodus website. Click on the ‘Download’ button and choose your preferred device type and operating system.

Here’s a recap of your options:

• Desktop: Windows, Mac, Linux
• Mobile: iOS, Android
• Browser Extension: Chrome

Step 2: Set Up the Exodus Wallet

Once downloaded, open the Exodus wallet app or software. Click the ‘Create New Wallet’ button. Depending on the device type, you’ll be prompted to enter a password or PIN.

Re-enter the credentials to confirm. You now have access to your Exodus wallet interface. However, we’d suggest obtaining the recovery passphrase straightaway.

So, click on the ‘Settings’ button followed by ‘Backup’. You’ll be shown 12 random words – this is your recovery passphrase. Write it down in the correct order. This should be on a sheet of paper.

Step 3: Deposit Crypto 

Your Exodus wallet is now empty, so you’ll need to transfer some coins. The cheapest way to get some coins is on a cryptocurrency exchange. Once you’ve completed the purchase, open Exodus and click the coin you’re depositing.

Then click the “Receive” button. Copy the unique wallet address and provide it to the exchange when requesting a withdrawal. Once the withdrawal is approved, the coins should arrive in a few minutes.

Alternatively, you can buy coins directly on Exodus. Just click the ‘Buy’ button and follow the on-screen instructions. Do note that fees average 3-5%. That said, the coins will be added to your wallet balance automatically, so it’s the most convenient option.

Step 4: Send Cryptocurrencies 

We’ll now show you how to send cryptocurrencies from Exodus to another location. First, click on the coin you want to transfer. Then click on the ‘Send’ icon.

You’ll need to paste the destination wallet address and type in the number of coins to send. Finally, confirm the transfer, and Exodus will send the funds.

Conclusion

This Exodus wallet review has covered everything you need to know. It’s a solid self-custody wallet for diversified portfolios – more than 50 blockchains are supported. No fees are charged to receive or store coins, and outgoing transfers come without a markup.

However, while Exodus ticks most boxes, other wallets offer more robust security features. It lacks safeguards like 2FA, multi-signatures, and cold storage. Moreover, buying coins directly on Exodus is expensive.

FAQs