Exodus vs Trust Wallet: Which is the best?

Two names that often come up in conversations about the top crypto wallets are Exodus and Trust Wallet. Both have their unique selling points, user bases, and functionalities. But how do you decide which one is right for you? This guide aims to dissect every aspect of these two wallets, from user experience to security features.

Exodus Wallet Platform

Founded in 2015, Exodus has its headquarters in San Francisco and boasts a team of over 300 people, which seems excessive given the features it offers. The wallet has over 1 million downloads on Android, with a 4.6 rating based on over 100,000 reviews. It's also available as a browser extension with 50,000 downloads and a 4.5 rating with under 100 reviews.

Trust Wallet Platform

Trust Wallet, founded in 2017 and later acquired by Binance in 2018, is another heavy hitter in the crypto wallet arena. It employs over 150 people and has 10 million monthly active users. The Trust Wallet app has been downloaded over 10 million times on Android and has a 4.8 rating based on 1.4 million reviews. Its browser extension has over 200,000 downloads with a 4.5-star rating and over 400 reviews.

Trust Wallet vs Exodus: Features and Costs

To make a reasonable comparison, let's examine both wallets' most important aspects and features, from user experience, security, costs, and supported assets to their secondary features.

User Experience

Exodus offers a clean, user-friendly interface that's available on multiple platforms—desktop (Windows, Mac, Linux), mobile (iOS and Android), and as a browser extension. The wallet focuses on simplifying the process of managing cryptocurrency, making it ideal for those who are new to the crypto world and have no need for advanced features. However, the loading times on Exodus are longer compared to Trust Wallet.

Trust Wallet provides a seamless user experience but focuses solely on iOS and Android mobile platforms. It also offers browser extensions for Chrome, Firefox, and Brave, making it versatile and accessible. Trust Wallet aims to prioritize security and privacy while maintaining ease of use, offering features like biometric authentication.

Supported Assets

Exodus:

• Supports 310 cryptocurrencies and 15 blockchains
• Includes support for 7 stablecoins
• Offers hardware wallet integration with Trezor

Trust Wallet:

• Supports more than 10,000 cryptocurrencies and 65 blockchains
• Includes support for 12 stablecoins
• Offers hardware wallet integration with Ledger

Security

Regarding Exodus, the wallet is non-custodial, meaning users are in complete control of their private keys. This adds an layer of security as you don't have to rely on a third-party service to keep your assets safe. The wallet is partly open-source, providing some level of transparency. Additionally, it undergoes regular audits by third-party organizations to ensure its security protocols are up to standard. Exodus also offers a bug bounty program to encourage the community's involvement in maintaining security, rewarding individuals with up to $100,000 for discovering vulnerabilities.

The fact that Exodus is partially open-source can be interpreted as a way to protect their commercial interests from competitors, but on the other hand, it lowers the level of trust in them as it leaves room for illicit activities that cannot be monitored. Being fully open-source is of fundamental importance for a wallet, as it involves holding assets within it, sometimes for extended periods.

Trust Wallet also offers a non-custodial setup, allowing users to manage their private keys. Unlike Exodus, Trust Wallet is fully open-source, offering complete transparency and the opportunity for community audits. Stateful has audited the wallet to ensure its security measures are robust. Trust Wallet also has a bug bounty program with a higher reward cap of $100,000, encouraging users to help identify and fix potential security issues.

Costs & Fees

Exodus offers free downloads and usage, with no charges for incoming assets. However, users must cover network fees when transferring cryptocurrencies from the wallet. Currently, only Bitcoin (BTC) and Ethereum (ETH) transactions offer the flexibility to adjust these fees. Additionally, Exodus facilitates in-app swaps, allowing users to trade cryptocurrencies. Platforms like OpenOcean, Kyber Network, and Rango support these swaps. However, it's worth noting that these in-app swaps come with a fee ranging from 2% to 11%.

Trust Wallet is free to download and doesn't require a subscription. While the wallet itself doesn't impose fees for in-app transactions or asset swaps, users are responsible for network fees, which can be adjusted. When purchasing cryptocurrencies directly through the app, Trust Wallet adds a 1% fee in addition to any charges from third-party exchanges. However, this fee can be avoided if users maintain a minimum balance of 100 native Trust Wallet (TWT) tokens. When it comes to swapping cryptocurrencies, Trust Wallet also provides this service in-app. The swaps are supported by platforms such as Thorchain, Kyber Network, and 1inch.

Staking & Earning

Exodus provides staking options for a select group of 8 cryptocurrencies, which include ATOM, XTZ, ADA, and SOL. For those looking to earn through staking, the wallet offers an attractive highest Annual Percentage Yield (APY) of 19% on Cosmos (ATOM); note that APY can vary.

Exodus Wallet Staking Service

Trust Wallet offers a more extensive range of staking options, supporting 23 cryptocurrencies, including TRX, BNB, NEAR, CRO, and many others. The staking rewards in Trust Wallet are not fixed and can vary depending on the specific cryptocurrency and the prevailing network conditions.

Trust Wallet Staking Service

NFTs & DApps

Exodus has a DApp browser, enabling users to interact seamlessly with decentralized applications. This feature enhances the wallet's utility beyond just storing and managing cryptocurrencies. Additionally, Exodus supports the storage of Non-Fungible Tokens (NFTs) across various networks and platforms. For NFT enthusiasts, the wallet offers an NFT Gallery where you can manage and showcase your collection of digital assets, making it easier to keep track of your unique tokens.

Trust Wallet goes a step further by offering a fully functional Web3 browser. This allows smooth and easy interactions with any decentralized application (DApp) on the Ethereum network and Binance Smart Chain. Trust Wallet also supports a broader range of Decentralized Finance (DeFi) protocols and NFTs compared to Exodus. The wallet lets you conveniently store and access your NFTs and other crypto collectibles on the Ethereum and Binance Smart Chain blockchains. This makes Trust Wallet a more versatile option for those deeply involved in the DeFi and NFT spaces.

Recovery Seed Phrase Options

Generally, both Exodus and Trust Wallet will generate a 12-word recovery seed phrase as a default security measure for your digital assets. However, both wallets also offer the option to select a more complex 24-word seed phrase for enhanced security. This choice allows users to opt for a higher level of protection, although the 12-word seed phrase already provides a robust safeguard for your wallet and assets.

In conclusion, Exodus and Trust Wallet offer a good user experience, with a slight edge going to Trust Wallet for its shorter loading times. Both wallets also allow integrating a hardware wallet and creating a 24-word seed phrase. The differences lie in the fact that Trust Wallet supports many more assets (10,000 compared to Exodus's 310), supports more networks and stablecoins, and offers more staking options. Additionally, Trust Wallet has lower fees and is fully open-source, allowing anyone to review the code, unlike Exodus, which is only partially open-source.