In this in-depth Exodus wallet review I am going to share with you everything you need to know to decide if Exodus is for you or not. I will cover the main features, pros, and cons of using Exodus. In addition, I will evaluate the user interface and what the overall user experience is like. We’ll also cover whether it is safe to store your crypto on this wallet or if you are at risk of getting hacked. In addition, I’ll assess the legitimacy of the company and its founders. I will also share with you Exodus’s cool features such as its multicurrency support and Web3 integration as well as areas that I feel could be improved.
Overall Rating: 4.25/5
Choosing a wallet is confusing. I know because I have used over 15 of them and none of them are perfect. Exodus ticks the boxes when it comes to a beginner-friendly user experience, laddered safety options, and the ability to handle multiple cryptocurrencies and participate in Web3. Its key drawback is that it does not instruct you about the importance of saving your seed phrase. If you uninstall the wallet without saving the seed phrase you cannot recover your funds which is a terrible experience for those who are just starting their crypto journey and are not familiar with how wallets work.
Background check: How Legit is Exodus?
Exodus was founded in 2015 by JP Richardson and Daniel Castagnoli with a mission to encourage mass adoption of crypto. Their wallet makes crypto simple to use. JP is a coding genius and has a lot of experience in producing open-source code in the crypto space. Daniel brings design experience from Apple, BMW, Disney, Louis Vuitton, and Nike.
In May 2021 the company went public issuing just under 3Mn shares and raising $75Mn in capital. As a Regulation A stock issuer, Exodus files quarterly reports with the U.S. Securities and Swap Commission which you can find along with their shareholder letter on their site. This is the only wallet I have come across that files quarterly reports which earns it brownie points for transparency and accountability.
- Available as both a mobile wallet and desktop wallet.
- Supports two languages: English and Spanish (beta)
- Built-in exchange
- Includes Web3 browser and is DeFi compatible via its browser extension
Let’s take a look at the pros of Exodus.
#1. Awesome User experience
I loved how easy it was to set up the wallet. It’s the fastest wallet I have ever set up. After you download the app you just click Create Wallet and you are done.
The app does not ask you for an email address or to create a password. It does not instruct you to write down a seed phrase – a process that is unfamiliar to most. Instead, it intentionally allows you to set up your account as soon as possible. Later you can set up a password, fingerprint ID log-in, and check and copy your seed phrase under settings.
The intuitive interface is full of nifty features. Here are some details that made an impression on me
- You can customize the layout of the widgets on the app’s homepage
- There is an option to add personal notes to transactions. This way you can remind yourself of what you were doing. These notes are exclusively visible to you.
- When purchasing ETH or BTC you can bid a higher transaction fee for your order to go through faster.
Exodus encrypts your private keys on your device. For this reason, using the desktop version is slightly more secure than mobile devices. Mobile devices are more accessible to hackers.
To date, Exodus has not been hacked.
When you download the app you have the additional option of setting up a password and adding fingerprint identification.
If you use a laptop or PC you can also set an autolock feature which times out when you walk away from your computer.
When you check your seed phrase Exodus has this cool feature where you need to press and hold to reveal your seed phrase. It also warns you how to take correct precautions i.e. how not to share your screen in a public space and instructs you not to create a digital copy.
Did you know? Digital copies like screenshots and copy-pasting are really easy to hack. If someone gets your access to your seed phrase it’s the same as them having access to your wallet. A more secure way is to write your seed phrase on a piece of paper. Consider buying a waterproof notebook such as a stonebook to prevent damage from water.
#3. Supports a full range of devices
Exodus is available on any device you could possibly need:
- Mobile app for iOS and Android devices
- Desktop app on Mac OS, Windows, and Linux
- Web3 extension on Chrome and Brave browsers. I give them bonus points for this because not all wallets have an extension.
#4. Supports multiple coins
Exodus supports 364 cryptocurrencies across chains and covers all of the major ones. What impressed me is that you can also import any coin of your choice.
#5. No KYC
Once you install the wallet there is no registration required. Exodus will not ask for KYC verification and your activity remains anonymous.
#6. Self Custody
Exodus is a self-custodial wallet. This means that your unique private keys are stored on your device and you are solely responsible for keeping them safe.
#7. Includes Portfolio tab
The wallet includes a portfolio tab similar to what you find on centralized crypto exchanges.
What’s more, you can customize your portfolio page to show separate wallets.
For example, you might want to have one for your daily transactions, one for long-term holdings, some that are network-specific, and so on.
In this tab, you also have the option to select which fiat currency to display your portfolio in: dollars, euros, etc.
#8. NFT Gallery
Because Exodus supports multiple chains you can import and view all your NFTs in one place.
#9. Publicly traded
I don’t know about you but I feel comforted when I know a company is publicly traded and I can check their quarterly filings.
#10. Includes a built-in exchange
You can easily swap between currencies using Exodus’s swap exchange. The cryptocurrency exchange integrates with third parties so you can swap between tokens or coins.
#11. Fiat onboarding capabilities
Using its third-party integration with a company called MoonPay you can use a debit card or bank transfer to buy crypto with fiat currency such as euros, dollars, pesos, yuan, etc. Moonpay’s payment options vary by jurisdiction.
#12. Web3 and DeFi integration
The Exodus app includes a Web 3 browser which means you can directly connect to DeFi protocols via the wallet and start earning passive income by lending your crypto.
There is also the option to stake your digital assets across multiple Proof of Stake cryptocurrencies and the last time I checked their rates they were offering the same or higher APR than what you can get as a validator.
The fact that Exodus is available as a web browser extension on Chrome and Brave browsers means that you can use the wallet directly on DeFi apps
#13. Hardware wallet support
Exodus is compatible with a Trezor hardware wallet which you can use to better secure your crypto.
Hardware devices are the safest you can get with crypto. If you plan on storing a considerable amount of crypto then consider purchasing a hardware wallet for cold storage i.e. offline.
#14. Customer Service
Offers 24/7 support live chat. There is also a well-executed knowledge base at exodus.com/support plus there are video tutorials within the app itself to get yourself acquainted with everything.
That sums up the benefits. Let’s look at the drawbacks of using Exodus
#1. It is a software wallet
No matter how good the team behind them is, software wallets are exposed to more risk than hardware wallets since they are connected to the internet.
Alternatively, you might also want to read up on Coinbase Vaults.
Firstly, Exodus is built using proprietary software. Unlike other open-source projects, there’s only a limited number of eyes on the code to tackle potential vulnerabilities.
The second thing I don’t like is that they are not transparent about which exchange they are using in the backend.
When I searched for this information on their site I couldn’t find it. They also used to have a partnership with FTX in the past which ended up going bankrupt.
Thirdly while they have a whole page explaining their fees they never actually disclose what their fees are for buying and selling crypto via the built-in exchange.
#3. Exchange disadvantages
When you swap one token for another you cannot adjust slippage like you can with a decentralized exchange such as Uniswap.
Added to that you can’t set limit orders and other more advanced order types like you can with centralized exchanges such as Coinbase, Binance, and the like.
The only option available is to place a market order i.e. to accept the going market rate.
If you have no clue what I am talking about check out these resources:
- How to Set Limit Order on Coinbase App in 6 Steps
- Binance Limit Vs Market Order: Understand the Difference
#4. Beginners might not take all security measures
If you are a beginner you might not know that you need to go into the settings to retrieve and store your 12-word phrase somewhere safely.
A newbie is more exposed to the risk of having someone steal or hacking their phone and gaining access to an unprotected app.
#5. Miner UX faux-pas
I personally am peeved that the menu at the bottom of the app is not titled. This makes it harder to know what each of the buttons does.
#6. Does not have 2Fa
Exodus does not support two-factor authentication. They explain why this is not possible here.
#7. Collects some personal information
That sums up the pros and cons. If you prefer to see a video check out Blaze Reviews’s video below. It mentions some of the same points.
The wallet does not charge for sending or receiving crypto. Like with all wallets and exchanges, you do need to account for network fees though. These are transaction fees that you pay to miners to validate your transactions on the blockchain.
Exodus users pay additional fees to both Exodus and third parties when they use the in-built exchange or when they buy/sell digital currencies with fiat.
However, Exodus does not disclose how much those fees are beforehand.
How to use Exodus
#1. Download and install the app
When you first download the app you have the option to import a wallet(I Have a wallet) or create a new one (Create Wallet). By setting up a wallet you are implicitly agreeing to Exodus’s terms and conditions.
#2. Set up a wallet
Click on “Create wallet”
That’s it you are done. Now you have a wallet address to receive cryptocurrencies for each of the cryptocurrencies available on Exodus.
#3. Write down your seed phrase
This is the most important step. If you uninstall your app or lose your phone you will not be able to recover your funds without your wallet’s seed phrase. Customer support won’t be able to help you either.
To see your seed phrase click on the security settings widget in the right-hand tab and click on backup > view secret phrase. You will need to tap and hold down to see the seed phrase.
Write down your seed phrase on a piece of paper.
#4. Import your crypto
You can either buy crypto directly using the MoonPay integration or you can click on receive to scan your QR code and send crypto to that address.
Alternatives to Exodus
Here are some alternative hot wallet ton consider
Are you wondering whether you should use multiple crypto wallets or one wallet to rule them all? Using many wallets means you need to manage multiple seed phrases and makes it hard to keep track of your total portfolio. Using a single wallet exposes you to more risk. What if you get hacked or lose your seed phrase? What if you lose your device if you use a hardware wallet? Is there even a single wallet that can accommodate everything you want to do with your crypto assets? Having used more than 17 different wallets, I guarantee you that you will end up using many wallets yourself as you become better acquainted with the world of crypto. Read more.