It’s easy to understand how crypto works, using an example of a mailbox. Users do not need to understand all the technical details of encryption to secure their digital assets. The importance of following one simple rule: store your secret clues secret and do not disclose them to anyone.
In a normal mail exchange system, each person has a unique address, or P.O. Box number, to which other people send their messages. If a person wants to send a physical letter, they need to know the exact mailing address of the recipient.
In currencies, a similar scheme works: to send bitcoins, a crypto wallet number, called a public key, is required.
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Whoever has access to the private code can unlock the currency storage address and operate the crypto assets.
Investing in virtual coins and tokens requires certain tools. You need to create an electronic wallet for cryptocurrency on your computer or phone. These are programs that allow you to send and receive digital assets: Bitcoin, Ethereum, and others. The software can be used to host multiple tokens and coins at the same time. However, most cryptocurrency wallets only support a limited number of cryptocurrencies. Digital asset software is used to store private keys: long hexadecimal codes known only to the owner.
In this article, we will compare two popular cryptocurrency wallets – Exodus Wallet vs Trust Wallet. Both wallets support more than a hundred cryptocurrencies and can be called somewhat universal. Both Trust Wallet vs Exodus can be found on numerous lists of recommended or best wallets. On the other hand, both are criticized for some shortcomings. We’ll provide a detailed comparison of these wallets so you can see if one of them is more suitable for you, if.
Exodus vs Trust Wallet: Features
For a long time, Exodus was ahead of Trust Wallet in terms of the variety of platforms available, because Trust Wallet lacked such an important product as a mobile app. However, Trust Wallet introduced its mobile app for iOS and Android. At the moment, Trust Wallet provides more ways to access its services than Exodus, since the latter does not offer browser extensions, which is a well-known feature of Trust Wallet.
Trust Wallet vs Exodus Wallet are fairly similar in functionality. They both allow users to perform a wide range of actions. You can store coins and Non-fungible tokens (NFTs) in these wallets, you can send and receive them, can exchange tokens, or connect to exchanges and Decentralized finance (DeFi) platforms through these wallets. We can’t say whether Trust Wallet or Exodus is preferable, judging by the types of transactions.
What is Exodus Wallet?
Exodus is a convenient hierarchical deterministic (HD) multicurrency cryptocurrency wallet. The wallet is available in desktop and mobile versions. Exodus is popular because of its ease of use and strong support service. The latter is a rarity in the cryptocurrency industry. You can store over 150 different cryptocurrencies on Exodus. Exodus can be connected to exchanges, DeFi platforms, and the Trezor hardware wallet. In addition, Exodus wallet users can earn from bets. Exodus also supports token exchanges. NFTs are also supported.
The wallet can be used as a hot wallet, for small amounts of money and urgent transactions. The reason is a supposedly low level of security. Exodus does not support popular and effective crypto security measures such as pin codes and two-factor authentication. However, the wallet does not require cold storage, which means that users do not give their private keys to the platform. Another reason Exodus draws criticism is that the software is not completely open source. Moreover, the wallet does not support user Gas fees on any transactions other than Bitcoin and Ether.
Exodus: Pros & Cons
| Pros of Exodus | Cons of Exodus |
| User-friendly interface | Some users feel that the interface is too simple, lacking key features that more advanced users might enjoy |
| Multi-currency support | The built-in ShapeShift exchanger can cause delays when trying to convert the currency to ETH or other assets |
| DeFi and credit are possible thanks to Ethereum integration | There have been some reports of connectivity and reliability issues, especially with increased transaction volume |
| FXT connectivity gives Exodus the ability to connect to decentralized exchanges such as Binance | Does not support Wire, Transak, bank cards, and Apple Pay, making it difficult to buy cryptocurrency directly for fiat currency |
| Offers a built-in ShapeShift exchange | Not as secure without multi-signature protocols |
| Allows you to back up your wallet with an initial 12-word seed phrase | Doesn’t support Ethereum-based tokens, making it difficult to participate in ICOs |
| Supports NFTs |
What is a Trust Wallet?
Trust Wallet is a feature-rich software cryptocurrency wallet that supports storing, sending, receiving, and exchanging Ethereum-based tokens along with several popular cryptocurrencies based on other blockchains (like Bitcoin). On Trust Wallet, you store coins based on the following networks: Binance Smart Chain, Avalanche, Fantom, Arbitrum, xDAI, Polygon, Harmony ONE, Cronos, HECO, and Velas. Trust Wallet has some reservations in terms of security and stability, however, many professionals and enthusiasts consider Trust Wallet one of the best and most convenient cryptocurrency wallets.
Trust Wallet is a non-custodial hierarchically-determined wallet. This makes this wallet private and secure. Trust Wallet is usually described as a web3 gateway and key to the Ethereum ecosystem because it integrates easily into Ethereum. It was launched in 2016.
Trust Wallet: Pros & Cons
| Pros of Trust Wallet | Cons of Trust Wallet |
| Supports Ethereum-based tokens, making it easy to participate in ICOs | The interface can be confusing for novice users |
| Built-in Web3 browser means users can access decentralized applications without leaving the browser of their choice | Some users have reported difficulty connecting to the Trust Wallet server, especially when trying to access certain dApps |
| Offers secure login with a 12-word initial phrase | Some concerns have been raised about the security of the Trust Wallet extension, especially with regard to phishing attacks |
| Allows users to store multiple accounts | |
| Supports Wire and bank cards, making it easy to buy cryptocurrency directly for fiat currency | |
| Built-in ShapeShift exchange makes it easy to convert cryptocurrency balances into ETH or other assets | |
| More secure than Exodus thanks to multi-signature and two-step authentication |
Exodus vs Trust Wallet: Currencies
Trust Wallet is good for those who are not interested in token swapping created on Blockchain technology other than Ethereum. If you want to use other tokens, you will probably be disappointed. In that sense, Exodus provides more variety and freedom. The number of coins based on different blockchains supported by Exodus is enough for most crypto-enthusiasts.
Both wallets are non-custodial. This means that these hot wallets do not have access to users’ private keys or other data. All of this data is stored locally on users’ devices.
Both wallets are hierarchically deterministic. This means that each of your crypto transactions is processed through a new wallet address.
Exodus vs Trust Wallet: Fees
Transaction fees on Exodus are limited to the miner or network fees, which may seem great (no additional fees). However, you can’t regulate these fees for most currencies (Bitcoin and Ether are the exceptions), so you always have to pay the highest fees to make your transaction go fast.
Many users don’t like this, and the wallet gets a dose of criticism for it. Trust Wallet fees can also be high. However, Trust Wallet is more flexible. It allows users to choose a network with lower fees. Overall, both wallets can be expensive for us, but on Trust Wallet, you have more freedom in managing commissions, and therefore you lose less on commissions.
Exodus vs Trust Wallet: Customer Support
The most important disadvantage of most wallets is the lack of quality customer support. Since most of them are open-source and distributed for free, they cannot offer full-fledged support to their users.
In the case of Exodus, reviews tell a different story.
They get money from commissions and currency exchange with a built-in exchanger. This allows them to provide proper email support.
However, the Internet is full of stories of people’s experiences with it. For the most part, they are positive and Exodus Wallet seems to be an exception.
In addition to customer support, Exodus users can access more than 100 articles on their site. They fully describe the wallet’s functionality as well as provide all the information they need about commissions, problem-solving, and more. There are even videos showing how to use the wallet correctly and safely.
If you are having problems, contact Trust Wallet Support with detailed information so that we can find out the cause.
Also, the knowledge base located on the Trust Wallet page contains a huge number of articles on various topics. You can learn more about the Ethereum network at Ethereum.org. If you still need help, feel free to contact support.
Exodus vs Trust Wallet: Reputation and Trust
Both wallets don’t do much to secure your funds. It’s better to say that they pass those concerns on to you. Trust Wallet and Exodus have no access to user data or keys. You only have tools like a passphrase and password to take care of your funds. Using either of these wallets, you should be wary of phishing attacks, which happen often, and do your best to protect your password and passphrases. The fact that both wallets are HD makes the use of these wallets private and difficult to track.
Exodus vs Trust Wallet: User Experience
Cryptocurrencies for smartphones work in much the same way as the desktop versions. The main difference is that Vault is a mobile application on the phone. Such a service gives more flexibility in use. The owner can open a cryptocurrency wallet and dispose of their funds at any time, provided they have access to the Internet. Mobile wallets often come with QR codes to make it easier to buy and sell cryptocurrency.
At the same time, smartphone apps require additional security measures. Mobile cryptocurrency wallets should not be exposed to viruses. Losing your phone could also harm the safety of digital assets.
Exodus vs Trust Wallet: Mobile App
Cryptocurrencies for smartphones work in much the same way as the desktop versions. The main difference is that Vault is a mobile application on the phone. Such a service gives more flexibility in use. The owner can open a cryptocurrency wallet and dispose of their funds at any time, provided they have access to the Internet. Mobile wallets often come with QR codes to make it easier to buy and sell cryptocurrency.
At the same time, smartphone apps require additional security measures. Mobile cryptocurrency wallets should not be exposed to viruses. Losing your phone could also hurt the safety of digital assets.
Both wallets are very popular and in demand.
A mobile cryptocurrency wallet works as an application on your phone. Sequential setup steps are given when you first start the program. It is important to write down the passphrase and enable two-factor authentication. Many of these apps sync with hardware wallets.
Exodus vs Trust Wallet: Deposit and withdrawal methods
Both wallets are well suited to NFT and NFT markets. Exodus provides limited connectivity to the FTX exchange and DeFi platforms. Trust Wallet provides more options for developers. Exodus is good for end users, while Trust Wallet can be good for both users and application and infrastructure developers.
Both wallets are available for use in the same countries. We cannot favor one wallet over the other on this factor.
Conclusion
Continuing with our comparison, we can emphasize that Exodus and Trust Wallet are both good and convenient wallets that suit different audiences. In general, we can say that Trust Wallet is more versatile because it can be funded with both fiat money and multiple payment methods.
Moreover, Trust Wallet is good for developers; it can easily be built into spin-off products. In addition, Trust Wallet is available in more forms – not only the standard desktop and mobile app versions but also a browser extension. It allows users to customize transaction fees, which is also a positive thing. So, in most respects, Trust Wallet is better than Exodus.
However, Exodus has its advantages. First, unlike Trust Wallet, it supports a more diverse set of cryptocurrencies. This single point can be decisive for many users. Just imagine a situation where you are looking for a multi-currency wallet and then discover that Trust Wallet does not support most of the cryptocurrencies you want to use. This makes Exodus a better choice than Trust Wallet, despite several drawbacks.
If you are looking for an exchange connection, Exodus may be a better choice. In terms of errors and lag, Exodus also works better than Trust Wallet. Exodus’ customer service is another point on which Trust Wallet does not stand up to the competition. We believe you now have enough information to decide which wallet is the best for you.
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