Exodus Crypto Wallet Review 2023: Pros, Cons and How It Compares

Exodus may be attractive to users who are leaving major exchanges but still want relatively easy access to their assets.
Andy Rosen
By Andy Rosen 
Edited by Chris Davis

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Our Take

4.5

The bottom line: Exodus offers a variety of options for crypto owners who want to store, spend and trade crypto across multiple devices. Though Exodus doesn’t store as many types of cryptocurrency as some competitors, it serves users of the most popular digital assets with a full-featured experience.

Pros & Cons

Pros: Works on desktop, mobile and browser apps; simple interface for trading, staking and tracking investments.

Cons: Lacks security options offered by competitors; some other wallets support more cryptocurrencies.

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Full Review

Where Exodus shines

Availability: You can access your crypto via desktop, mobile or browser extension without keeping assets in the custody of a centralized exchange. 

Accessibility: Exodus has a simple interface that makes moving money into a crypto wallet accessible to relative novices.

Where Exodus falls short

Security upgrades: Unlike some other wallets, Exodus does not have open-source software that would allow third parties to check it for shortcomings. It doesn’t support multisignature transaction approvals, and it doesn’t offer two-factor authentication.

Selection: Though Exodus supports a decent number of cryptocurrencies, there are competitors that store more.

What Exodus is best for

• Crypto owners seeking easy access across a variety of platforms.

Exodus at a glance

Security

Exodus does not have multisignature support, open-source software or two-factor authentication.

Selection

Exodus supports more than 260 cryptocurrencies.

Integration

Exodus has features including purchase, swaps and staking. It also offers non-fungible token, or NFT, storage.

Storage

Exodus is a hot wallet that can connect to dedicated offline storage devices made by Trezor.

Functionality

Exodus has desktop, mobile and browser-based applications.

Tools

Exodus has helpful educational content along with features to help you review the performance of your crypto portfolio.

Full details about Exodus' ratings

Security: 1 out of 5 stars

Self-custody crypto wallets such as Exodus have some advantages over leaving your cryptocurrency in a centralized exchange. The technology is designed to work in such a way that the developers of the wallet software don’t have access to your crypto, and so they can’t lose your money if their business collapses or they suffer a data breach. 

However, you should consider the potential downsides of self-custody wallets: If you lose your password or recovery information, it could be difficult or impossible to recover your crypto. And because Exodus is a hot wallet that works on internet-connected devices, there’s a chance you could be subject to an individual hack that could affect your assets. 

Among hot wallets, Exodus lacks a few advanced security features that some competitors have. 

  • The software is not open source.

  • It does not support multisignature approvals, which require more than one wallet to sign off on a transaction — potentially adding another layer of security.

  • Exodus doesn’t have two-factor authentication, though it’s not the only wallet maker to eschew this offering in the name of giving users greater control over their login credentials.

Selection: 4 out of 5 stars

Exodus supports more than 260 cryptocurrencies.

Integration: 5 out of 5 stars

You can use Exodus to carry out most types of crypto transactions, including purchases and swaps. It offers staking on a handful of cryptocurrencies and has Web3 connectivity to decentralized applications through its browser extension. You can also store NFTs using Exodus.

Storage: 5 out of 5 stars

Exodus is a hot wallet that keeps the keys to your cryptocurrencies within your control on an internet-connected device. You can get an extra level of protection against data breaches by using a cold wallet, which is a device that keeps your crypto offline. 

If you’re interested in using Exodus in concert with a cold wallet, Exodus connects easily with devices made by Trezor.

Functionality: 5 out of 5 stars

Exodus allows users to access their wallets through desktop, mobile and browser-based applications. As with other crypto wallets, you’ll need to enter your security/recovery phrase each time you set up your wallet on a new device.

Tools: 5 out of 5 stars

If you’re a newcomer to storing your own crypto, Exodus has a solid library of educational content about crypto security and digital assets in general. If you’re a more advanced user looking to track your investments, Exodus’ desktop and mobile apps have tools for tracking your portfolio.

Other details you should know about Exodus

Pricing: Exodus is free to use, though you’ll pay to carry out some types of transactions using its software. Cryptocurrency networks tend to charge transaction fees, for starters, regardless of which wallet you’re using.

And there are additional costs if you use Exodus to exchange crypto. The wallet’s partners charge a spread on these types of transactions, and the wallet maker makes money by taking a cut of the proceeds. Such spreads and fees are common on centralized crypto exchanges as well, though Exodus’ rates vary depending on market conditions, so you’ll want to check the costs at the time to make sure you’re getting a good deal. 

Is Exodus right for you?

Exodus may be an attractive choice for users who are migrating crypto portfolios off major exchanges but still want relatively easy access to their assets.

How we review crypto wallets

NerdWallet's comprehensive review process evaluates and ranks products that allow U.S. customers to store, send and receive cryptocurrency. We aim to provide our independent assessment of providers to help arm you with information to make sound, informed judgments on which will best meet your needs. We adhere to strict guidelines for editorial integrity.

We conduct firsthand testing and observation, and the results fuel our proprietary assessment process that scores each provider's performance across more than 15 factors. The final output produces star ratings from poor (1 star) to excellent (5 stars).

For more details about the categories considered when rating wallets and our process, read our full methodology.

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