Exodus Wallet Review | The Motley Fool

Exodus is one of the most versatile cryptocurrency wallets available today. Exodus is a wallet that offers great value for new crypto traders or veterans. With this wallet, you can store, exchange, stake, send, and receive crypto. This wallet can compete with the offerings of some of the best cryptocurrency apps today. Read our full Exodus wallet review to find out if this is the best wallet for your crypto needs.

Ratings Methodology

Exodus Wallet

Blockchain Support

Supports currencies from various blockchains, but runs locally on your device.

Compatability

Available for download on all Windows, Mac OSX, and Linux, with companion apps available on iOS and Android.

Storage Type

Hot. Use of a Trezor hardware wallet gives access to cold storage.

Price

Free; Trans. Fees

Exodus is a secure and intuitive wallet for your digital currencies, offering support for cold storage for an added layer of security, and allowing you to exchange or earn passive income from the currencies you hold with it.
- A good variety of coins with more added frequently
- Exchange crypto without having to take it out of the wallet
- Earn passive income by staking select coins
- No sign-up required
- Intuitive interface with many capabilities
- 24/7 support
- No multi-signature or two-factor authentication (2FA) security features
- Variable fee structure that can result in higher fees than other exchanges

Full Exodus wallet review

This wallet is a good fit for: New or experienced crypto traders who are looking for one place to store, trade, send, receive, and stake over 160 types of cryptocurrency.

What is Exodus?

Exodus is a non-custodial wallet for your cryptocurrency, which means none of your private keys are stored by Exodus. Exodus uses hot storage to store your coins. With hot storage, your wallet connects to the internet, and is more likely to experience invasion. To keep security simple for users, Exodus does not support 2FA or multi-sig security. Instead, it encourages users to transfer their funds to cold storage on a separate device.

Exodus has partnered with Trezor to support the use of its sophisticated hardware wallets. With these, you can store your coins offline, away from prying eyes. With Exodus, you maintain sole responsibility for keeping your crypto safe. If the device you choose to store your coins on is safe, your coins will most likely be safe too.

Top perks

Privacy for the user

Exodus does not force users to sign up for their service to experience its service. You don't have to worry about Exodus having your email address, SSN, or any of your confidential information. Exodus seeks to make the user experience simple and easy by minimizing the hassle. This also gives the user peace of mind, as they don't have to worry about anyone misusing their information. If a hacker was to gain access to Exodus' databases, they wouldn't have anything they could use against you. You hold onto your own private keys, so any potential failure of Exodus' security won't affect your wallet.

A wallet, an exchange, and a staking pool

Exodus offers a single place where you can store, exchange, and stake crypto. By staking your hard-earned coins, you can earn more crypto without having to lift a finger. Your crypto will do all the work for you, earning you more coins while you sit back and watch the money come in. You can also trade the coins you earn right within Exodus to diversify your portfolio, while keeping it safe in your wallet. Exodus offers incredible functionality and charges no fees itself. Any fees charged with Exodus are incurred by the network. Exodus does not acquire any of the profits from these transaction fees.

Support around the clock

Exodus offers 24/7 human support. If you are having an issue using Exodus' wallet, crypto exchange, staking functions, or anything else, you can get the help you need quickly with an online message. Support begins on the Exodus website. The site's articles can help you troubleshoot technical problems, find answers to FAQs, and more. Keep in mind that Exodus does not offer phone support. It is best to steer clear of any "Exodus support hotline" numbers seen on the internet. These are most likely scams.

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What could be improved

Security is dependent on you

Exodus makes users responsible for the security of their own wallets. Since Exodus runs locally on your device, the security of your wallet is dependent on the security of your device. If you choose to keep your wallet on a device that frequently uses the internet, you must follow best practices to ensure the safety of your coins.

Some users are unfamiliar with safe internet practices. These users might feel more comfortable with a more hands-on approach to security. If managing your wallet's security is too daunting, you may wish to seek options that leave security to the professionals. With Exodus, your wallet is only as safe as your internet habits are.

Fees can jump

Exodus does not charge any fees for transactions made within the service, but blockchain networks do. Because of this, fees can vary from transaction to transaction. Fees are dependent on the volume of transactions at a given time. This can result in high fees that exceed even the most notoriously expensive set transaction fees, like Coinbase.

Alternatives to consider

Offer	Kraken	Uphold
Rating	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.00 out of 5 stars. 4.00/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Commissions	$10 purchase minimum, other fees charged on a per-service basis. 0.0% - 0.40% maker-taker fees on Kraken Pro	0% commission, variable spread
Next Steps	Open Account for Kraken Read Full Review	Open Account for Uphold Read Full Review

Which cryptocurrencies does Exodus support?

Exodus supports a wide range of different types of cryptocurrency. Exodus supports over 160 coins. Some of the most well-known currencies on Exodus include Bitcoin (BTC), Dogecoin (DOGE), Litecoin (LTC), Ethereum (ETH), Tether (USDT), and Shiba Inu (SHIB), to name a few. Exodus is adding support for coins all the time, so if your desired currency is not supported yet, it may be soon.

Exodus fees

Exodus does not charge the user any fees for using its service. However, fees are always incurred for making transactions on different blockchain networks. These fees can vary based on the volume of transactions at a given time. In a time where many users are trying to perform transactions on the same blockchain, fees will be higher. Exodus does not receive any money associated with these fees.

Is Exodus safe to use?

Exodus uses hot storage, which is generally considered less secure than cold storage. This does not necessarily mean that Exodus isn't safe, however. Exodus itself has not been hacked yet, but if it was, your wallet would be safe. The company does not hold onto any information that could breach your wallet. Exodus' approach to security makes it easy for users to set up their own wallets. By partnering with Trezor, Exodus gives you the option to store your coins offline for an added layer of security.

Much of the responsibility for keeping your coins safe with Exodus is on you. When installing and using Exodus on a hot device, the wallet will only be as safe as the device is. Digital wallets should not be installed on systems that have viruses or malware, or the integrity of the wallet may be compromised. With Exodus, your wallet is as safe as you keep it, for better or worse.

Exodus is right for you if:

You are a new or experienced crypto investor who wants a versatile, powerful, and easy-to-use wallet.
You are looking for a well-designed platform to store, trade, stake, and share your crypto.
You want to have great control over your funds.

This device is too small

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