Exodus Wallet Review - Investopedia

Exodus is free to download, access, and use. The wallet does not charge any fee for received assets. 5 However, when sending cryptocurrencies

• Easy setup process: Getting set up with Exodus on a computer and mobile devices is easy. Start by creating one wallet, then import it across devices using the 12-word seed phrase.

• Supports 291 cryptocurrencies: Exodus supports an extensive array of crypto assets, including Bitcoin and Ethereum. Users can also store custom ERC-20 tokens by sending them to Exodus's Ethereum address.

• Exceptional customer service: Along with a help page, Exodus offers chat and email support services for users. The wallet even allows users to message founders JP and Daniel directly, although the response could take a while.

• Regular update schedule: Software updates are frequent; users can expect an update after every two weeks. However, users need to update their wallets manually on Exodus's official website.

• Staking available: Since Exodus supports proof-of-stake blockchains, it offers a way for users to stake crypto assets directly from within the wallet. If you want to stake, you will need to lock your cryptocurrencies for a specific period.

Cons Explained

• Lack of 2FA security protection: Exodus lacks the traditional two-factor authentication method to provide an extra layer of security and instead relies on users supplying a password. It could have serious consequences if a user's password gets compromised.

• No support for crypto-to-fiat conversion: Users do not have a way to exchange their crypto assets with fiat currencies directly within the wallet. To cash out, users need to send their assets from Exodus Wallet to a crypto exchange.

• Not open source: Exodus is not open source. That means no one outside the company can see, modify, or distribute Exodus Wallet's software code. Therefore, the general public cannot review its robustness.

• Lack of custom fee support for altcoins: Customization of network fee for Ethereum and altcoin is missing from the wallet. Currently, users can only customize Bitcoin and Ethereum network fees.