Crypto Wallets

Coinbase vs Exodus: Which is a Better Crypto Wallet?

Web-based wallets allow you to store, send, and receive cryptocurrency without the need for a physical device. It is effective and reasonably trustworthy, but its security issues. Some cryptocurrency exchanges have their wallets, such as Coinbase.

In general, if you wish to keep a significant amount of money in digital currency, you should have total and exclusive control over your wallet’s private keys. In the case of online wallets, private keys are stored on the servers of a third-party provider. You are also not protected against unlawful access to your assets.

Many people who trade cryptocurrencies on exchanges are advised to withdraw their funds as often as possible to private wallets. Therefore, a good crypto wallet is crucial for those wanting to buy and/or sell cryptocurrencies.

Exodus and Coinbase are two major cryptocurrency platforms that provide cryptocurrency buyers, sellers, holders, and enthusiasts with cryptocurrency exchanges, wallets, and other tools.

Coinbase is a large, regulated exchange that works similarly to a brokerage in that it allows users to purchase and sell supported cryptocurrencies. Exodus is a decentralized exchange that connects buyers and sellers across crypto networks to communicate directly. Both methods have benefits and drawbacks.

Please continue reading to learn more about Exodus vs. Coinbase, including how easy they are to use, how much they cost, and better for your cryptocurrency goals.

What is Exodus Wallet?

Exodus is a cryptocurrency wallet that originally appeared in 2016 and immediately garnered traction in the crypto community. Many people have been drawn to it because of its user-friendly, practical, and futuristic design. Exodus is a multi-crypto wallet for storing and transacting with virtual currency. Desktop software may be installed on Windows, macOS, or Linux-based computers. In 2019, a mobile app (Android, iOS) was released.

Source: Google Play

Unlike other similar solutions, the wallet’s user interface is so straightforward that even crypto beginners can use it.

Exodus Features

You may export and preserve private keys created locally using the Exodus application. The wallet’s user interface is intuitive and straightforward, making it suitable for beginners. In addition to typical input and output operations, Exodus provides a cryptocurrency exchange for changing currencies. The founders and project managers are Daniel Castagnoli and JP Richardson.

You can keep the most common and liquid currencies in the crypto wallet. BTC, ETH, Bitcoin Cash, LTC, Tron, Dash, Binance Coin, Ethereum Classic, EOS, Zcash, and more cryptocurrencies and coins are available on Exodus as early as 2020.

Source: Investopedia

Advantages

The following characteristics separate Exodus wallet from other wallets:

  • There is no need to register. All you have to do now is download the program’s installation file from Exodus’s official website and start the installation.
  • There is no way to verify your identity.
  • It is possible to unload private keys.
  • Exodus is a “light” wallet that synchronizes with web servers rather than downloading the entire network on disk.
  • The support service is accessible seven days a week, 24 hours a day.
  • The top 100 most promising coins. The app accepts cryptocurrency as a payment method.
  • It’s intuitively basic and uncomplicated to use.
  • It has the ability to backup using seed phrases.
  • A dynamic charge that is determined automatically and paid to miners in return for the transaction being included in the following block. It can’t be changed. Exodus does not charge a fee for deposits or withdrawals.

Private keys and other sensitive data are encrypted and stored locally on your computer for safekeeping. They aren’t available to anybody else, even Exodus employees, and they aren’t kept on their systems.

Disadvantages

Exodus wallet has certain drawbacks:

  • A source that is no longer open for contributions.
  • A solely English-language alternative
  • You need to load your wallet to save the feed.
  • You can’t manually establish a charge.

Despite its flaws, the Exodus cryptocurrency wallet is well-liked and receives almost no negative feedback on performance.

What is Coinbase?

Known for its huge volume and good capitalization, Coinbase is a well-respected trading platform enabling the buy or sell of virtual currencies, such as Bitcoins and Ethereum, for traditional bitcoin and other digital currencies such as fiat currency or fiat currency associated with a particular virtual currency. Coinbase’s online wallet is open to everyone, so you may keep your coins without fear of losing them as long as you follow the service’s terms and conditions.

Coinbase Wallet users may now purchase cryptocurrency directly from here. You can go from 0 to 1 with only one simple app install for Dapp and DeFi users.

Source: Coinbase

Coinbase Features

Coinbase is both a cryptocurrency exchange and a digital wallet. Coinbase Pro Exchange (previously GDAX) is the ideal platform for those who want to trade on a more sophisticated level. Coinbase is a cryptocurrency mobile wallet. Custody Coinbase is a service for major buyers and sellers of digital currency (the minimum amount is 10 million U.S. dollars).

Bitcoin (BTC), Basic Attention Token (BAT), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), USDC, etc., are some of the crypto assets supported by Coinbase, depending on the trading platform and area. These currencies are all listed here.

Advantages

  • Throughout its operation, no hackers have been successful.
  • Fast transactions: Cryptocurrency wallets are praised by users for their lightning-fast transfer speeds.
  • Supervisory authorities have legally registered compulsory deposit insurance: The reserve money will cover all of the coins stolen from the exchange. Customer force majeure scenarios, such as the loss of keys or passwords that led to the theft of all personal crypto assets, are not covered instances. There will be no refunds.
  • You may sell bitcoins using PayPal, which is convenient.
  • Almost the majority of the world’s cryptocurrencies are held in cold wallets that are self-sufficient and safe.
  • The Vault Wallet crypto wallet is now available. Individual or group clearance to leave may be required for security concerns. The first option sends two passwords to two distinct user email addresses to verify operations.
  • All of the cryptocurrencies that Coinbase traders and speculators may deal with are very volatile and in high demand. A well-executed trading strategy is all that is needed to make money in day trading.
  • The secure payment channel for online shop settlements.
  • Fiat may be used by consumers in certain countries, such as Americans with debit cards or bank accounts and Europeans using SEPA transfer and 3-D Secure debit cards.

There are a lot of great features and advantages to the Coinbase exchange. On the other hand, don’t forget to weigh the pros and disadvantages of each option.

Disadvantages

Even with its many benefits, the platform has many flaws. Because of these flaws, Coinbase has not qualified as the top exchange.

  1. Restriction on deposits and withdrawals is an absolute need.
  2. The technical support side often shows a lack of concern for difficult circumstances. Complaints and allegations cited instances of ignoring. By submitting your issue to a Reddit project channel, you have the highest chance of “shaking” the Coinbase exchange’s advisors and management team.
  3. Insecure storage of private keys diminishes the network’s degree of anonymity.
  4. According to users, the capacity to trace transactions, account banning and freezing payments, and cooperation with law enforcement is equivalent to that of traditional financial institutions.

Coinbase vs Exodus: Features

Exodus and Coinbase provide hot wallets, bitcoin exchanges, and staking features. Consequently, each platform has its unique combination of benefits and drawbacks.

Exodus is also a decentralized exchange that does not accept deposits in fiat currencies like U.S. dollars. Instead, peer-to-peer trading is employed. To use the exchange, customers must also download an app. Unlike Coinbase, where investors may trade using a web browser or a mobile app, this is not the case here.

Users may choose from several choices, including:

  1. Hot wallet: The Exodus Bitcoin wallet was named the best wallet for newbies. Investors have control of their private keys and do not have to pay a fee to use them.
  2. Staking: Exodus lets investors deposit  coins into a staking pool and get rewards. Some of the alternative cryptocurrencies that may be staked are Algorand (ALGO), Cosmos (ATOM), Neo (NEO), VeChain (VET), Cardano (ADA), Tezos (XTZ), and Ontology (ONT). Each year, rates range from 1.24 to 13.88 percent.
  3. Collaboration with Trezor hardware wallets: The Exodus exchange has teamed with Trezor to let Trezor Model T and Trezor One hardware wallet. Customers seamlessly transfer funds between their Trezor wallets and the Exodus exchange.
  4. Finance: If you deposit Dai (DAI), you will get an interest rate of around 3.74 percent.

Coinbase is a centralized exchange that takes more than 20 fiat currencies and USD, EUR, and GBP. Payments may be made through the Automated Clearing House Network (ACH), a debit or credit card, a wire transfer, or PayPal. Coinbase, like Exodus, facilitates peer-to-peer trading.

Among the other services are:

  1. Staking: Coinbase clients may earn up to 5% APR by staking the following coins: ALGO, XTZ, ATOM, and Ethereum (ETH).
  2. Coinbase Earn: Watch videos and read tutorials to learn about blockchain and cryptocurrencies.
  3. Earn Interest: By entering the queue, you may sign up for an interest-bearing account and earn up to 4% interest on USD Coin (USDC).
  4. Hot and Web-based wallets: Customers of Coinbase have two options: the Coinbase online wallet or the Coinbase hot wallet, which is a separate digital wallet that enables users to store their crypto assets outside of the exchange.
  5. Coinbase Pro: Coinbase Pro is a complimentary service for sophisticated customers. Trading options have been increased, and the fee structure has been made more flexible.

Coinbase vs Exodus: Customer satisfaction

Exodus

Exodus provides excellent client service. Individual user complaints are generally resolved within a day or two, depending on their complexity. Problems with a single user are very infrequent. They are nearly always traced back to a lack of current software updates or, in rare situations, a mismatch between the needs of a program and those of the operating system or computer hardware.

For example, developers respond quickly to requests to include some cryptocurrencies, but they have no plans to expand the functionality. Taking user choices into account, but only selectively.

There is a good FAQ for newcomers, and the support crew answers swiftly. There is one difficulty with this: all of the information is only accessible in English, and any contact with specialists must also be in English.

Coinbase

CoinBase is always striving to enhance the quality of its technical support services. The site’s FAQ section answers a variety of customer questions.

If you can’t find what you’re looking for on the Coinbase website, you may submit a question using the customer feedback form or contact the Ada bot, which has access to the Coinbase database and can answer your inquiry.

If customers have any concerns or queries, they may contact Coinbase by email. Depending on the severity of the problem, response times might vary from a few hours to one or more days. Another prevalent criticism was that technical support was sluggish to reply and, in some instances, completely disregarded the situation.

User Feedback and Reputation

Exodus

Exodus is a bitcoin wallet that is organized hierarchically. It’s perfect for a variety of coin-related jobs. The most crucial thing is to keep the seed phrase safe.

Exodus has garnered just a few negative reviews. Those new to blockchain technology, crypto, and security may have some concerns.

Exodus’ customer service and capacity to store several currencies are often praised by reviewers. Exodus’ work has received extra praise on Trustpilot.

Coinbase

It’s reasonable to say that Coinbase is a fantastic platform. However, it focuses mainly on the United States and Europe. Cryptocurrencies may be traded on their exchange. People like to have all of their requirements fulfilled in one location. It is envisaged that the support service will improve with time and that countries in Eastern Europe will utilize the Coinbase wallet in its entirety in the future. There are more evaluations of the Coinbase service on Trustpilot.

Supported cryptocurrencies

Exodus now accepts more coins, while Coinbase only accepts a few. Well-known coins are accessible on both platforms, including:

Source: Cryptogeek

Coins available in both

  1. Bitcoin
  2. Litecoin
  3. Ether
  4. Ethereum
  5. Stellar Lumen
  6. The Loom
  7. The Graph
  8. Aave
  9. Dogecoin
  10. Polka-dot

Each exchange accepts stable coins such as Tether (USDT) and USD Coin (USDC). Exodus also supports the Gemini dollar (GUSB), True USD, and Paxos (PAX). Some currencies can only be found on one platform, while others can only be found on the other.

Exodus, for example, supports Chainlink (LINK), as well as PAX Gold (PAXG), AdToken (ADT), and Ripple (XRP). Coinbase now supports Ampleforth Governance Token (FORTH), Ankr, Balancer, BarnBridge, and SKALE (SKL). Exodus does not support over 20 different currencies, but Coinbase does.

Coinbase vs Exodus: Security

These two transactions are completely secure. However, there are differences in their exchanges and wallets. Users must first register an account and undergo a verification process before using Coinbase. Coinbase, as a broker, guarantees money in hot storage, keeps 98 percent offline in cold storage, and the FDIC insures USD assets. Consequently, Coinbase serves as the custodian of your online wallet, giving them access to your private keys. If you wish to utilize a solo wallet, your smartphone’s private keys are saved.

Source: Business Insider

On the other hand, Exodus provides a platform for peer-to-peer cryptocurrency trading. The money is solely the property of the users. You are completely responsible for safeguarding your computer, mobile device, and wallet. Exodus is a non-custodial wallet that enables users to retain control of their private keys. In contrast, the code for both the Exodus and Coinbase wallets is a closed source and secure wallet, which means that no one may analyze it for faults.

The Exodus-Trezor partnership makes it easier to keep money in a hardware wallet on the Exodus exchange, giving Exodus a security and privacy edge.

Price differences

An exchange that is decentralized Exodus does not charge any fees for sending or receiving cryptocurrencies. Furthermore, the organization does not maintain any charges associated with money withdrawals. Coinbase has some of the highest fees in the industry, and as a result, it isn’t always the most affordable alternative.

Source: Business Yield

Transactions on Exodus are free of charge (to the people who mine the crypto). As a result, higher-volume networks charge more. The transaction’s value is also determined by the number of deposits previously made. Each transaction will incur an extra cost of between 3 and 4%. Before you click “Send,” the network fee will be shown at the bottom of the app.

Coinbase, on the other hand, has a set fee schedule. There are flat fees, convenience fees, and fees dependent on payment method and amount. When buying $100 worth of Bitcoin with a credit card, there is a 3.99 percent transaction fee. If you use money from your Coinbase account, you will be charged a convenience fee of $2.99. Both techniques incur expenses as a consequence of the 0.50 percent spread. Coinbase charges 1.49 percent for withdrawals from your Coinbase USD wallet or bank account. They propose utilizing Coinbase instead to get your money out of Exodus.

Usability

New investors utilize Coinbase because of its user-friendly platform, which can be accessed through a browser or mobile app. Coinbase is recognized as an “on-ramp” for new investors. To purchase or sell on the exchange, traders may use various strategies to swap various fiat currencies.

There’s no way to access Exodus using a browser. Download the desktop program and open a software wallet to get started. To use the platform, investors must hold cryptocurrency. Before using Exodus to execute transactions, many people use Coinbase, Kraken, or Gemini to purchase crypto. Beginners and others who are apprehensive about using technology may have difficulty adapting to Exodus.

Mobile wallet

You may download a mobile app for each of these services. On the other hand, Exodus users must download a desktop or mobile app to utilize the service. It is possible to use their applications and wallets on Android and iOS smartphones. You can also run it on Linux, Windows, or Mac PCs via Exodus’ desktop software.

Both exchanges and Coinbase’s mobile applications are easy-to-use cryptocurrency wallet(s), enabling investors to perform P2P transactions or buy and sell via the Coinbase app. The Exodus application (software wallet), on the other hand, works with the Trezor hardware wallet, allowing users more control over their digital assets and cryptocurrency storage.

Source: Coinbase Twitter

Which is more accessible?

In most places, Exodus may be accessed. However, the company’s website warns that users from Iran, China, and the U.S. states of Alabama, Hawaii, Louisiana, New York, Oregon, and Washington may see a “Temporarily Unavailable” warning while attempting to trade on the platform. Those jurisdictions do not allow for trading.

While Coinbase does not accept investors in Hawaii, it does support investors in more than 100 nations, including the majority of the United States.

Deposit and withdrawal methods

Exodus

The “Wallet” menu option is used to receive and distribute currencies represented in the  Crypto “Portfolio” (Wallet).

When you’re ready to transfer money, choose your desired cryptocurrency from the drop-down menu and click the “Send” button. The recipient’s wallet address and the number of coins transferred are shown in the window that appears.

Source: Exodus Support

BTC, ETH, XRP, and other cryptocurrencies that function on their blockchains (such as XRP) need sufficient cash to cover the transaction cost. To transmit ERC20 tokens, the account must have sufficient Ethereum. Commission estimates are shown in both circumstances at the bottom of a window that allows you to begin transmitting payments.

Source: Exodus

It is necessary to copy the wallet’s address from the window that displays when you click the “Receive” button and transfer it to the sender in Exodus.

Source: Exodus

Coinbase

Go to the “Accounts” area to examine the contents of your wallets for all of the available digital currencies. When you’ve picked the crypto you want, you’ll see a “Receive” button on the right. The produced code will be shown to the user in both alphanumeric and quick response (Q.R.) formats.

The wallet number may vary after each transaction. Users may also establish and rename additional cryptocurrency wallets and swiftly move their cryptos from one account to another if required.

Source: Coinbase

There are many steps involved in sending a coin to another user:

1. Select “Send” from the drop-down menu

2. Make sure to fill out each area with the recipient’s name, email address, and code.

3. Indicate the number of funds to be sent;

4. Select the wallet you want to transfer money to from the drop-down list

5.”Send Funds” is the last option.

Source: Coinbase

Conclusion

Value for money is a vital feature to evaluate, as it tells you whether the crypto wallet is of the highest quality and price ratio or if it falls short in one of these areas. We can see that Coinbase has a better Value for Money score than Exodus when comparing the two.

If you want to know how secure your crypto assets will be in a certain wallet, the Security Level is an essential factor to consider. Comparing Exodus vs. Coinbase, it’s clear that Exodus offers more robust security than Coinbase. The Number of Supported Crypto section shows how many and which cryptocurrencies are supported in a single cryptocurrency wallet. Comparing Coinbase and Exodus, it’s evident that Exodus supports more cryptocurrencies than Coinbase.

To utilize Exodus, investors must already have cryptocurrencies on their devices. Coinbase is a popular place for people to begin their crypto-to-crypto trading and later transfer part of their assets to the Exodus hot wallet. Peer-to-peer trading on decentralized exchanges or the convenience but less control of a central exchange is ultimately a personal choice.

FAQs

Are Exodus and Coinbase the same thing?

Exodus and Coinbase are both cryptocurrency exchange and wallet providers. Coins like Bitcoin and hundreds of others may be traded and stored on these exchanges.

What is the relationship between Exodus and Coinbase?

Both Exodus and Coinbase allow you to manage your cryptocurrency portfolio as an investment brokerage account does. Unlike Coinbase, Exodus cannot accept deposits from bank accounts in the United States.

How safe is the Exodus Wallet compared to the Coinbase Wallet?

It is safe to use both Coinbase and Exodus. Because Exodus allows you the opportunity to separate your bitcoin from the internet and prospective attackers, some crypto users believe it is safer. Hackers can access Coinbase accounts that are not adequately protected since the service is constantly accessible. If you use strong passwords and two-factor authentication, Coinbase’s security should not be an issue for most users.

Between Exodus and Coinbase, which should you use?

Coinbase is a superior option for the average Bitcoin user and investor. Coinbase provides a simple, fast, and intuitive bitcoin experience. Exodus may be a better option for folks who are more knowledgeable about cryptocurrency and computers in general. Coinbase Pro from Coinbase, on the other hand, maybe your best bet, depending on costs.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

This post was last modified on December 6, 2021 8:20 am

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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