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Exodus Wallet Review UK 2021 – Fees and Pros & Cons Revealed

If you are planning on buying and selling cryptocurrencies, the first thing you need to do is finding a digital wallet where you can safely store your coins. Exodus wallet is one of the most popular crypto digital wallets that supports a range of coins and provides users an extremely innovative and intuitive wallet desktop and mobile app.

In this Exodus wallet app review UK, we are going to analyze this wallet and help you find out if it’s the right wallet for you. We cover the wallet fees, security features, supported coins, user experience, pros and cons, and more.

What is Exodus Wallet?

Exodus logo

Exodus is a multi-asset crypto wallet that supports a wide range of over 130 digital currencies. The wallet – which is available on desktop, mobile, and external hardware devices – enables users to store, send and receive crypto funds at no cost. Additionally, you can use the wallet to exchange crypto for crypto without having to register and verify your identity.

The company itself was founded in 2015 by JP Richardson and Daniel Castagnoli and is currently headquartered in Nebraska, the United States. On April 8th, the company began offering Class A common shares in the Exodus wallet and already raised $60 million in a regulated crypto offering

Exodus Wallet Pros & Cons

Below, you can find a breakdown of the pros and cons of Exodus wallet.

Pros

  • Great user interface
  • Supports over 130 cryptocurrencies
  • Available on desktop wallet, mobile wallet app (both iOS and Android devices), and hardware wallet via Trezor hardware wallet
  • Easy to use
  • Offers to exchange over 70 crypto coins directly from the wallet
  • The app is free to download
  • Does not charge any fees for sending and receiving crypto funds
  • Supports staking
  • 24/7 human support

Cons

  • Only supports crypto purchases with a fiat currency on mobile devices
  • Exodus does not enable users to withdraw funds directly to a bank account or exchanging crypto for cash.
  • High transaction fees at times of crowded network, complex pricing structure
  • Does not enable users to store fiat currencies
  • Exodus only offers custom fees for Bitcoin (BTC) and Ethereum (ETH)

Supported Coins

One of the main attractions of the Exodus wallet is the range of supported cryptocurrencies. Overall, the Exodus Bitcoin wallet supports more than 130 cryptocurrencies including the most popular coins in the market like Bitcoin, Ethereum, Bitcoin Cash, Cardano ADA, Dash, Litecoin LTC, Monero, Ripple, Ethereum Classic, Bitcoin Gold, and many more. In addition, it also supports a huge list of exotic altcoins. The Exodus wallet Ripple is also one of the most used wallets in the market that allows users send, receive, and exchange Ripple XRP.

Exodus Supported Coins

Exodus Wallet Fees

During this Exodus wallet app review we were a bit disappointed about the lack of information regarding the fees you need to pay when using the wallet. Exodus does make an effort to offer transparent service to customers, however, the Exodus wallet system works in a way that Exodus cannot guarantee for fixed fees and charges.

As such, perhaps the biggest problem of Exodus wallet, in our view,  is that you cannot know the fees you pay before you sign up for an account and make transactions. Presently, Exodus only offers fixed fees for Bitcoin and Ethereum transactions but for all other altcoins, you’ll have to pay a fee that is automatically generated by the blockchain network. This could be a major problem when the network is crowded as you would have to pay extremely high fees. Evidently, you’ll find lots of reviews online of users’ claims of very high and unreasonable fees charged by the network that is connected to the Exodus wallet.

Still, Exodus has created a tool that enables users to set a range of custom fees for Bitcoin and Ethereum. This can be done from your mobile device or via the desktop app. However, you should take into account that when setting up the system to have lower fees, it may take longer for the transaction to get confirmed.

Exodus fees

Exodus Wallet Safety & Security

In terms of security and the safety of funds, the Exodus wallet is a software wallet which means your private keys and funds are stored on your computer and mobile device and not on Exodus servers. Consequently, even in the case Exodus is hacked, your funds cannot be stolen. Yet, it is not as secure as a hardware wallet due to the fact that your electronic devices are always at risk of hacking and cyber threats.

Taking the above into consideration, there are pros and cons in the approach Exodus has taken to secure clients’ funds. On the one hand, Exodus takes pride in giving its clients full control over funds – the company does not store any sensitive data (like 12-word recovery phrases, private keys, and public addresses) and cannot view, access, or control your funds simply because all of your wallet’s data and information is stored on your computer or mobile device. However, while this type of wallet service is very unique and appealing for some people, it means you have to do all the hard work in order to secure you crypto funds as Exodus lacks essential security features like the Two Factor authentication.

As a recommendation, Exodus suggest you follow these protection measures:

  • Protect your secret 12-word recovery phrase
  • Do not copy your Private Keys
  • Create a unique, strong password for Exodus
  • Keep your your apps up to date, especially Exodus
  • Don’t visit suspicious sites

Another way to solve this problem is to store your coins on Exodus hardware crypto wallet. Exodus partners with Trezor – which is an advanced cryptocurrency hardware wallet that allows you to store a wide range of crypto assets. Presently, Exodus supports the Trezor Model One and the Trezor Model T though you’ll have to purchase these hardware wallets at the cost of $59 and $179 respectively.

Exodus Wallet User Experience

There’s no doubt that Exodus has created desktop and mobile apps with beautiful design and seamless user experience. Everything is clean and smooth on the Exodus app, which makes it a perfect platform for managing your crypto funds. As for how the wallet is organized, you can easily navigate to all the tools and features that are available on Exodus from the main screen – viewing your portfolio, wallet, and exchange.

Further, the great thing with Exodus is that it is not only a wallet but it is also a platform where you can view live prices and charts of all the supported crypto coins.

Exodus bitcoin chart

Additionally, you also get access to coins’ stats like live prices, 24-hour change, market cap, 24 hours volume, and a basic 30 days chart. Another effective tool on this page is the APY rewards tab that shows you all the coins on the Exodus network that pay a fixed interest rate for staking your coins.

Exodus apy

It also comes as no surprise that the Exodus Bitcoin wallet mobile application is one of the most popular among all bitcoin and crypto wallets available in the market. Once again, the user interface is intuitive and you get the same functionality and tools that are available on the desktop wallet version. Evidently, the Exodus wallet android has a high rating on Google Play (4.5 from 50,677 votes) and and the Exodus wallet iPhone also has a high score on Apple Store (10,450 reviews).

Exodus mobile app

Transferring Funds

The process of transferring funds to Exodus is also very simple. If this is the first time you are using the wallet, then you’ll see on your home page a ‘Make Your First Deposit’ button. Otherwise, you can navigate to the wallet tab where you’ll be able to choose the coin in which you want to receive the funds.

Exodus transfer funds

From this page, you can send and receive funds. However, as this is the first deposit you are about to make into Exodus wallet, you need to click on the receive funds button. Then, you simply need to scan the wallet address from the sender in order to receive the fund to your Exodus wallet.

Exodus Wallet Features 

The Exodus wallet comes with lots of interesting and unique features. These include:

Exodus Approved Apps

The main purpose of using the Exodus wallet is to store, send, and receive funds – however, you also get access to built-in apps that can be installed on the desktop and mobile apps. As such, you can navigate to the + button and install the following apps:

  • Exodus Shares – Allowing you to participate in Exodus Initial Public Offering
  • Rewards – This app gives users access to staking coins and enables them to get fixed interest for locking their coins.
  • Compound Finance – This is a protocol built on the Ethereum blockchain that enables users to lend Ethereum assets to a pool of assets. At the time of writing, Exodus only offers to lend the DAI coin.

Exodus app

Staking

Staking cryptos is becoming one of the most essential features of any crypto exchange and digital wallet provider. In simple terms, staking crypto coins is a process that is very similar to traditional fixed income assets like bonds, Glits, etc. You essentially lock your crypto funds for a fixed duration of time in order to receive an annual return and thus, you can make passive income.

In terms of the selection of coins, Exodus offers you to stake any of the following coins directly on its wallet platform: Solana, Cosmos, Tezos, DAI, Cardano, NEO, VeChain, and Binance Coin.

Exodus Staking

Exchange Cryptos Directly from the Wallet

Another great feature that is available on Exodus is the ability to exchange more than 70 cryptos directly on the wallet. This makes Ripple Exodus wallet sort of a digital asset exchange in addition to being a wallet service provider.

Exodus Wallet Contact and Customer Service

The Exodus wallet app comes with a customer portal feature that makes things very easy and convenient. On this built-in section, Exodus provides a range of helpful videos on a variety of topics and an FAQ section in and out of the app.

Exodus videos

In terms of communication channels, Exodus does not offer customer support via phone, which is pretty much common in the crypto industry. Currently, the Exodus wallet app comes with two methods to contact their support team which are via email and live chat support. Additionally, the team maintains a very active social media presence on Twitter, Facebook, and Reddit.

Exodus Wallet Download Process

As mentioned above, the Exodus Bitcoin wallet is free of charge and can be downloaded from Exodus’s website or from Google and Apple Stores. The process is fairly simple but if you need help to download the Exodus wallet and start using it, simply follow the steps below.

Step 1: Visit Exodus Website and Download the App

To get started, you need to visit Exodus’s website and download the application to your desktop and/or to your mobile device.

Exodus Download

Then, when you download the app to your computer (Windows or Mac) or mobile device, you can access the app as an external application that works online and offline on your desktop and mobile phone.

Exodus desktop app

Step 2: Backup Your Wallet

The next thing you need to do is to backup your wallet in order to keep it safe. To do that, you simply need to navigate the Settings on the top right corner of the app and choose backup. Then, Exodus asks you to create a password.

Exodus backup

Step 3: Make A Deposit

At this point, you can make a deposit to your wallet. Exodus allows you to make a deposit with more than 130 digital currencies. In case you do not own a cryptocurrency, you’ll have to buy cryptocurrency first on a crypto exchange and then transfer your coins to Exodus. The transaction will appear in your account after a maximum of one minute.

Step 4: Exchange Cryptos

One of the features that makes Exodus so popular is the ability to exchange crypto coins directly from your wallet. Presently, Exodus enables a selection of over 70 crypto coins on its platform, though you have to take into account the high fees for exchanging cryptos directly on the Exodus app.

Nonetheless, if you wish to do that, you need to navigate to the Exchange tab on the top menu bar.

Exodus Exchange

Exodus Wallet vs eToro Wallet

This Exodus wallet app review UK found that Exodus is a great wallet – it has a design that is user focused and everything works smoothly and quickly. Clearly, if you are not planning to make a large number of transactions and want to use Exodus to store your crypto funds and once in a while receive or send funds, then Exodus is a good choice. Additionally, the Exodus wallet supports ripple and a huge range of over 130 digital assets.

But not all is perfect with Exodus. The biggest cons of Exodus are the high fees it charges and the fact that you cannot buy cryptos with fiat currencies nor store fiat currencies on the wallet. As such, it is best for you to check another alternative wallet like eToro, especially if you are planning to make a large number of crypto transactions.

Originally, eToro was not a digital wallet service provider. It is a CFD platform founded in 2006 that has grown to become the largest social trading platform in the world with more than 17 million members. Then in 2018 the FCA-regulated firm has released a multi-asset cryptocurrency wallet that supports more than 120 digital coins.

eToro digital wallet

Even though eToro is less known as a wallet service provider, there are reasons why it might be a better choice for some investors. First, eToro is regulated by the FCA in the UK and its wallet is regulated by the Gibraltar Financial Services Commission (GFSC). Then, another crucial factor is that Exodus is a good wallet to store your funds, however, when you want to withdraw funds, you need to transfer the funds to another exchange as Exodus does not allow users to withdraw funds directly to a bank account or exchanging cryptocurrencies for fiat currencies. With the eToro wallet, on the other hand, you can exchange your cryptos to fiat currencies and withdraw your funds directly to your bank account.

Then, there’s the fee issue. From our Exodus wallet app review, we found that Exodus does not disclose the fees it charges when using the wallet. For example, Exodus offers users in the United Kingdom to buy Bitcoin with USD. This is available with Apple Pay and can be done with customers that have the Exodus wallet iPhone or iPad. But, you need to go through the full process of buying Bitcoin on the mobile app in order to be able to see the breakdown of the cost and fees involved.

Also, you might encounter the same problem when you want to exchange coins on Exodus built-in exchange. Even though Exodus has no part of the transaction fees, some people might find it problematic that you cannot set custom fees for all of the coins (Exodus only offers custom fees for Bitcoin and Ethereum).

With eToro, you clearly know what you are paying before you sign up and make crypto transactions.

eToro crypto fees

To help you get a better picture of what’s involved, below you can find a fee comparison between Exodus and eToro.

eToro Exodus
Cost to download Free Free
Credit and Debit Card Bitcoin deposit 0.50% Around %1-%2
Sending and receiving cryptos Free Free
Exchange crypto funds A conversion fee of 0.1% N/A – very expensive fees when the network is crowded

Another reason to choose eToro over Exodus is that you can buy a range of digital assets with credit and debit card and you will have pay only 0.5%. Further, eToro also will help you to recover your private key in case you lost it, which is a service that is not available on Exodus wallet.

Finally, if you decide to buy cryptocurrencies via eToro, you can do that by buying the underlying asset or by buying CFDs. When you choose the second option, you do not pay any trading fees.

The Verdict – eToro – Best Crypto Wallet App in the UK

All things considered, Exodus is an effective wallet, mostly due to the design and the intuitive interface it provides. As such, if you are looking to store your crypto coins on an innovative wallet, then Exodus is a legitimate choice. After all, Exodus is one of the best bitcoin wallets in the market along with eToro, Jaxx, ledger, Trezor, Binance, and Mycelium. The app is easy to use and you get access to staking, a built-in crypto exchange, and to a hardware crypto wallet.

That said, if you are planning to often get your crypto money in and out of your wallet, then Exodus might be a bit pricey for some people. Also, the process of withdrawing funds is somewhat complicated as you need to transfer the funds to another crypto exchange like Coinbase, Bitstamp, or Bitfinex, and then to exchange the funds to fiat currencies and only then to be able to withdraw the funds to your bank account. Also, the fact that Exodus is not fully open-source software is something you must take into account.

But, most importantly, if you do not have to knowledge on how to secure your computer, it might be better for you to allow a company like eToro to take the responsibility of safely storing your funds. After all, eToro is a regulated firm and offers built in high-level security features within the wallet.

67% of retail investor accounts lose money when trading CFDs with this provider.

FAQs

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About Tom Chen PRO INVESTOR

Tom is an experienced financial analyst and a former grains derivatives day trader specializing in futures, commodities, forex, and cryptocurrency. He has over 10 years of experience in the Finance industry spanning across a day trader position at Futures First, and a web content editor and writer at FXEmpire. Tom is an expert in the areas of day trading and technical analysis as it applies to futures, cryptocurrencies, forex, and stocks. Tom’s primary interests include economics, trading, social-economic systems, technology, and politics. He has a B.A. in Economics and Management, a Journalism Feature Writing certificate from the London School of Journalism. Tom has written for various websites, such as FX Empire, The Motley Fool, InsideBitcoins, Yahoo Finance, and Learnbonds.

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