Exodus Wallet Review 2022: Overview, Pros and Cons

GOBankingRates Score

4.3
Quick Take: The Exodus Wallet is one of the best options for beginners, intermediate and seasoned crypto investors. It has its own decentralized exchange and staking products, as well as non-fungible tokens and decentralized application integrations.
  • Features
    4.2
  • Crypto
    4.0
  • Cost
    4.4
  • Customer Service
    4.6
How did we calculate this?

Pros

  • One-stop-shop for crypto services
  • Continuous product updates
  • Range of educational resources
  • 24/7 customer support

Cons

  • Exchange spreads mean users may not always get the best prices
  • Certain services are limited to desktop and Android devices

Exodus Wallet Overview

The Exodus Wallet was created in 2015 and has received over 200 product updates since then. It now has more than 875,000 monthly active users all over the world. The core principles of Exodus are safety, reliability and trustworthiness.

Key Features

Crypto wallets stand out for optionality, flexibility, cost-effectiveness and support. The Exodus Wallet performs particularly well in several of these categories, as examined below.

Features

The Exodus Wallet lets users buy, sell, receive and send crypto all in one place. It emphasizes a user-friendly interface and educational material to simplify the crypto learning process for any new users. The Exodus Wallet is available on desktops and on mobile apps. It can also connect with an external hardware wallet that will safeguard crypto

Crypto

The Exodus Wallet integrates all the necessary app extensions in one place: exchange, crypto staking and access to NFT marketplaces as well as dApps.

The Exodus Wallet has a built-in decentralized exchange that allows users to trade more than 200 cryptocurrencies. Alternatively, users can transact through FTX, a centralized exchange that works with Exodus.

The Exodus Wallet supports crypto staking for seven cryptocurrencies: 

  • Algorand (ALGO)
  • Cardano (ADA)
  • Cosmos (ATOM)
  • Solana (SOL)
  • Tezos (XTZ)
  • Vechain (VET)
  • Ontology (ONT)

To enable staking, users can follow these steps:

  1. Select Settings.
  2. Click on Apps.
  3. Select “Install Rewards.”

Once enabled, staking is automatic, but users must claim their rewards manually. Exodus has several tools and calculators to help users determine their current, historic and potential reward values.

The Exodus Wallet incorporates purchasing, transferring, swapping and selling for NFT marketplaces on Solana’s blockchain. Users can browse for themselves and easily move their NFTs to their own Gallery within the Exodus app.

Finally, users can also connect to Solana and Ethereum dApps on the Exodus Wallet, following its latest extension. This allows users to explore applications for gaming or dApp aspects such as yield farming — a method to earn a return on owned crypto assets.

Currently, NFT and dApp functionalities are available on desktop and Android devices. 

Cost

Standard network fees apply for any transaction made using the Exodus Wallet. It doesn’t charge fees itself, but it does profit from the spread — the difference in the bid and asking price of an asset — between third-party exchanges.

Customer Service

Users can contact the Exodus support team via Facebook, Twitter, email or the 24/7 chat service — connecting to a live person and not a bot. The average customer response time is less than 10 minutes for the majority of queries.

The Exodus Wallet app on Google Play and the App Store has ratings of 4.5 stars and 4.6 stars, respectively, suggesting the vast majority of the user base is happy with the service.

How Does the Exodus Wallet Stand Out?

The Exodus Wallet stands out because of its educational material — both a blog and a YouTube channel — that supports the expansion of crypto and blockchain understanding. 

Comparable Options

Here’s how Exodus Wallet performs against some of its close competitors.

Coinbase Wallet

Both display many of the same qualities. However, the Coinbase Wallet gives users access to trade over 6,000 assets, compared to the 200 or so Exodus offers.

Trust Wallet

The Exodus Wallet and Trust Wallet both offer a similar product suite. The Trust Wallet, however, allows the staking of 12 cryptocurrencies, compared to seven with the Exodus Wallet.

How To Apply

Applying is a simple matter of downloading the Exodus Wallet app on desktop or mobile and filling out some basic details. Users will receive a random 12-word seed phrase for account recovery, which they should physically write down for safekeeping. After that, users can start using the Exodus Wallet.

Who the Exodus Wallet Is Best For

The Exodus Wallet caters to all audiences. Whether a user is a seasoned crypto investor or brand new to the space, the Exodus Wallet provides a one-stop-shop for most people’s needs.

Final Take

The Exodus Wallet is among the top picks for crypto investors to manage their assets from start to finish. With its frequent product updates, app extensions to exchange and stake crypto and access to NFT marketplaces, the Exodus Wallet is a solid choice for beginners and experienced crypto investors alike.

FAQ

Here are some questions people ask about the Exodus Wallet.
  • Is Exodus still a good wallet?
    • Exodus is one of the top-rated crypto wallets and has done continuous software updates every two weeks since its inception in 2015.
  • Is Exodus a real wallet?
    • The Exodus Wallet is a wallet for buying, selling, exchanging, receiving and sending crypto-related assets.
  • Is Exodus Wallet safe?
    • Safety is one of the core pillars of the Exodus Wallet. Exodus does not access users’ wallet information, so users are in complete control of their assets.

Information is accurate as of June 27, 2022.

Editorial Note: This content is not provided by Exodus. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Exodus.

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About the Author

David is a qualified financial advisor in the Republic of Ireland. He has a bachelor's degree in business and entrepreneurship, as well as over five years of investing experience.

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