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Coinbase vs Exodus (2021): Which Crypto Wallet Is For You?

Along with the rise of technology is the rise of digital wallets. Crypto wallets can be simple to understand by tech-savvy people, but it can get a little overwhelming to manage your online assets if you are a beginner. Having a simple to use yet secure online wallet makes a big difference in ushering you to the crypto world.

With a wide selection of online wallets, which one is for you? In this article, we picked two of the most popular crypto walletsโ€“Coinbase and Exodusโ€“and compared their features to help you choose.

Coinbase vs Exodus Comparison Chart

ModelCoinbaseExodus
 Coinbase logo
FeesCheck Fees at Coinbase.comCheck Fees at Exodus.io
Founded20122015
Cryptocurrencies50125
Transaction TypeFiat-to-crypto, crypto-to-cryptoCrypto-to-crypto
Private KeysYesYes
SecurityThird-party encryptedPersonal
Two-factor AuthenticationYesYes
Supported Hardware WalletsTREZOR, Ledger and moreTREZOR
SupportEmail, phoneEmail, Facebook, Twitter

Security

Coinbase provides more customer fund security as 98% of the assets are in a cold storage.

Coinbase requires a two-step verification to access your account.

When it comes to securing customer funds, Coinbase has been providing excellent security features. Coinbase implements the best practices for the payment industry where its “website traffic runs entirely over encrypted SSL,” and the “wallets (and private keys) are stored using A26 encryption,” as Coinbase claims. Coinbase employees also undergo strict criminal background checks and security protocols, as 98% of customer funds are stored offline. It is also worth mentioning that Coinbase’s online hot storage is insured. If Coinbase loses your money as a result of an online security breach, then the insurance policy would cover the losses. However, because of strict security measures, Coinbase could freeze your wallet if they detect a suspicious activity on your account. This limits the users in taking full control of their funds.

Exodus, on the other hand, just recently added a non-traditional two-factor authentication feature. Still, the main security feature of Exodus is the private keys. The user is solely responsible for securing their private keys, but the positive thing here is that having full control of your private keys also means you have full control over your funds. Should you lose access to your account, Exodus offers a 12-word keyword phrase feature to restore your access, or you could restore access by email.

Though both platforms provide excellent security, there is no such thing as a hundred percent secure. The customer should still do their part to practice security measures to prevent their accounts from being stolen or hacked. Should your account be compromised, both platforms offer technical support services.

Managing Assets

Exodus offers more cryptocurrency options and has a more user-friendly interface.

Here’s a look at the beginner-friendly interface of Exodus.

It is inarguable that Exodus has a great interface. It has that clean, simple yet futuristic look. Exodus stays true to its claim that “this wallet is great for beginners just getting into the crypto space.” If you are new to the crypto world, then Exodus is the perfect platform to help you manage your assets easily. Even though Exodus was built having the beginning crypto users in mind, it can still be ideal for more experienced users.

It is also worth noting that even though Coinbase has been established a few years before Exodus, Exodus has more cryptocurrency options than Coinbase. However, Exodus is limited to crypto-to-crypto transactions. Coinbase gains an advantage here as you can buy and sell cryptocurrencies with fiat or crypto. As of this writing, Exodus has been catching up to its features as it now allows you to buy Bitcoins with USD using an iOS device.

Fees and Support

Exodus offers a 24/7 support service for its users.

Exodus has a highly responsive and professional technical support team.

Exodus does not charge sending or receiving fees. However, most blockchain transactions do collect miner fees. The transaction fees are dynamic as they depend on the network charge. As for the Coinbase fees, they vary depending on the user’s location, payment method, and other circumstances. Coinbase charges a spread of more or less 0.50% for crypto purchases and sales, but these may still vary depending on market fluctuations. There is also an additional fee on top of the spread, which is a flat fee or a variable percentage fee.

As for the support service, Exodus provides a 24/7 support, which makes it better than Coinbase. Exodus users have reported that their concerns are often quickly resolved. The developers of Exodus also listen to customer feedback, as can be observed in their newly added two-factor authentication feature. Their FAQ section is also commendable as users, especially beginners, can easily find what they are looking for. However, their support is still limited to English and unavailable in other languages.

Coinbase has an FAQ section as well. However, if you still can’t find what you’re looking for in the FAQs, you can opt to chat with its Ada Bot or send their support team an email. The technical support of Coinbase is doing fairly well, but it just doesn’t match up to what Exodus provides.

Verdict

Coinbase is the better choice in storing and trading larger amount of money, but Exodus is the better option for beginners in the crypto world.

Coinbase

Better for heavy crypto traders

Coinbase logo

Exodus

Better for beginners

If you are a beginner in the cryptocurrency world, then Exodus is the best choice for you. It can help you manage your assets more easily, as its interface is simple and understandable. It also allows you to have full control over your assets, because it gives you full access to your private keys. Exodus is relatively secure, but Coinbase has a more outstanding security feature.

Given the excellent security that Coinbase offers, it is the better choice for heavy traders who store huge amounts of money. It is also the better choice for you if you buy and sell cryptocurrencies with fiat, as Exodus still lags behind that area.

FAQs

๐Ÿ“Œ Does Coinbase charge fees?

Yes, just like other cryptocurrency exchanges. Coinbase charges flat and variable fees.

๐Ÿ“Œ Does Exodus have fees to send or receive?

No, Exodus doesn’t charge fees for sending or receiving transactions. However, almost all blockchains collect miner fees.

๐Ÿ“Œ Is Coinbase trustworthy?

Yes, Coinbase has outstanding security measures. There are no reports yet of it being hacked in the past.

๐Ÿ“Œ Is Exodus wallet safer than Coinbase?

Coinbase is relatively safer than Exodus. Exodus leaves the private keys custody solely to the personal user, while Coinbase uses third party encryption to store the private keys. Also, Coinbase is insured and 98% of consumer funds are in a cold storage.

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Regine Escala