Exodus wallet review – great interface, very high BTC fees – exchange, good support

This isn’t going to be a long review, because the key benefits and disadvantages of Exodus wallet can be explained in a few sentences :).

The good

Exodus wallet focuses on ease of use and simplicity – they have a very simple and easy to use interface. The installation and updating process is very fast and streamlined. All the actions you can do are clear, big buttons to send or receive, exchange cryptocurrencies and easily see the worth of your portfolio, broken down into currencies.

A nice touch is a different colour for each cryptocurrency – their identity colour (like orange for bitcoin).

It also supports quite a few of them – 20 at the time of writing: Aragon, Augur, BAT, Bitcoin, Bitcoin Cash, Civic, Dash, Decred, District0x, EOS, Ethereum, ETH Classic, FunFair, Gnosis, Golem, Litecoin, OmiseGo, Qtum (ERC20) and SALT.

Still, some important ones in my opinion are missing, like Ripple, NEO, IOTA.

Another good feature is a very simple way to exchange cryptocurrencies – within seconds you can exchange your BTC to ETH or any other combination of available coins.

Their support deserves a mention too – I contacted them and got a response within minutes, issue resolved. That’s the level of support you want :).

The not so good

Inability to choose a lower transaction fee can get you stuck with paying more for the transaction than the transacted amount…

Simplicity comes at a cost – for bitcoin transactions, you can’t choose how fast you want the transaction to go and therefore the fee amount – they do it for you to keep it simple. So for a simple 5 USD transaction, you might be paying 12 USD! (If BTC transactions pile up and fees go high as of november 2017). This is not Exodus fault. But what is their fault is not allowing you to choose a lower fee and accepting that your transaction might take longer to process. If you’re like me, you are probably happy to wait 1 day for the transaction to go through if the fee goes down to 1 USD from 12 USD.

Some other wallets, like Blockchain.info wallet (BTC and ETH only), Electrum wallet (BTC only + more technical) allow you to specify your own transaction fee (= slower process time).

UPDATE 3rd december 2017 – the transaction fee is now a bit lower – $3.68 on transactions up to $900 (even on small ones below $3.68). This means it’s better if you send a bigger amount, but it’s still no good for microtransactions.

 

From their website:

“If being able to manually set a low fee is important to you, Exodus is not a good software choice and we encourage you to use other bitcoin wallets. The good news is there are a lot of highly technical BTC wallets much better than Exodus in this regard. Electrum is awesome for highly technical details like this. With the current market reach of Exodus, and the nature of our community’s user-base, this will not be a focus for our wallet anytime soon.”

 

 

Verdict

Exodus is a very easy to use and good looking wallet. It’s good for many altcoins and their support is very good from my experience. But for bitcoin, it’s close to unusable – especially for smaller transactions. (If the transaction fees for BTC remain high that is). So if you are using altcoins other than BTC, it’s perfect. But currently, for BTC I wouldn’t recommend it. For other altcoins like ETH, LTC, DASH, BCH and many more, I would definitely recommend Exodus wallet.

If you want a beautiful interface, this is probably the best one out there. But if you are happy to have a more basic or less usere friendly interface in exchange for lower fees on BTC, then Exodus wallet isn’t for you.

You can check the BTC transaction fee here or a quick and dirty version here.

 

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