Exodus is a cryptocurrency wallet that was designed with the intention of providing a platform for securing, managing, and exchanging digital assets on a variety of devices, including desktops, mobiles, and even hardware wallets. Founded in 2015 by JP Richardson and Daniel Castagnoli, Exodus aims to reduce the technical complexity normally associated with cryptocurrencies by providing a user-friendly environment with an emphasis on design and ease of use. Exodus supports multiple cryptocurrencies and is compatible with a variety of Web3 Dapps across networks like Ethereum, Solana, and Binance Smart Chain.
Both Exodus and ZenGo have established themselves as reputable crypto wallets, each with its own unique features. Exodus is recognized for its compatibility across multiple platforms (including desktop, browser extensions, hardware wallets, and mobile devices), its user-friendly interface, its support for a wide range of cryptocurrencies, and its integrated exchange feature. In contrast, ZenGo, which is exclusively a non-custodial mobile crypto wallet app, in addition to its great user interface, places an even greater emphasis on security with a comprehensive security system that employs biometric Facial ID, state-of-the-art MPC technology and a Web3 firewall, thereby enhancing security. On top of that, when it comes to regaining access to an account after losing or misplacing your mobile device, ZenGo provides a simple and straightforward account recovery process.
Exodus does not charge a fee for sending or receiving transactions. Still, just like in any other crypto transaction, a network fee must be paid to the blockchain to facilitate the transaction. Exodus automatically calculates these network fees to provide swift and reliable transactions. Keep in mind network fees can vary due to blockchain congestion. In Exodus, for certain cryptocurrencies like Bitcoin and Ethereum, users have the option to set custom fees. In addition to that, it is important to point out that when using Exodus for buying, selling, or swapping cryptocurrencies via third-party APIs, transactions may include a spread or fee in addition to network fees.
Exodus does not impose any limits on the amount of cryptocurrency you can send or receive through your Exodus wallet. However, there may be limits set by the blockchain network itself based on network congestion, transaction size, or other factors. In addition, if Exodus services are provided through third-party services, for example, when buying crypto using fiat, limits may apply.
The withdrawal time from Exodus depends mostly on the cryptocurrency network and not on Exodus itself. Most transactions should process in a few minutes. However, it could take longer if the network is congested. For example, Bitcoin (BTC) transactions typically process within an average time of 10 minutes (in some cases even faster), but it can take up to 60 minutes during periods of high network congestion. Ethereum (ETH) transactions, on the other hand, usually have faster confirmation times, typically within a few minutes or less. However, network congestion can still affect transaction processing times.
Several potential pitfalls should be considered when attempting to withdraw funds from Exodus. One concern is the possibility of transaction errors, such as sending funds to the wrong address or choosing the wrong network, which can result in transaction failures or funds being lost. In addition, users may encounter restrictions based on their location or specific blockchain network rules when using the blockchain network. Furthermore, network congestion can affect transaction processing times. Therefore, exercise caution to ensure a smooth withdrawal process, double-check all transaction details, and verify recipient addresses.Additionally, it is also important to point out that given the fact that Exodus does not directly support withdrawals to bank accounts, users may need to use third-party services. For this reason, extensive market research for off-ramp service providers is vital to prevent future complications and problems associated with reliability.
As of writing this post (May 2023), Exodus doesn’t directly support crypto withdrawal to fiat currencies. If you wish to withdraw your assets to fiat, you must use a wallet or exchange that will enable you to cash out to your bank account. You can achieve this with ZenGo.
ZenGo is a non-custodial and multi-chain secure crypto and NFT wallet that can keep your digital assets safe while also allowing you to use its off-ramp “Sell” option to cash out. In some cases, it may be necessary for you to swap your tokens for a more common token before selling them for fiat, but the process is quick and easy. Zengo gives you the option to transfer your funds and cash out to a bank account linked to your account anytime, knowing that your crypto portfolio is safe and 100% in your custody.
