Exodus vs. Coinbase: Which Should You Choose? (2024)

At a Glance

	Exodus	Coinbase
Fees	Variable spread and network fees	Maker-taker exchange fees as high as 0.60% plus other fees calculated at transaction times
Currencies	260+	250+
Security	Users are responsible for safely storing their crypto, as Exodus doesn’t hold funds or require personal information for accounts. Exodus takes many measures to secure the platform too.	FDIC-insured USD balances up to $250,000, two-step verification, cold storage, bug bounty program, and insurance against theft
Wallet	Hot software wallet and integrates with Trezor Model T and Trezor One	Web-based hot wallet software and optional Coinbase hot wallet
Transactions Supported	P2P crypto-to-crypto trades, buy crypto, connect to exchanges	Buy, sell, withdraw, send, and receive
Max. Trading Amount	Unlimited	Limits vary based on your payment method, account level, and region
Apps	Mobile: Android and iOS Desktop: Windows, Mac, and Linux	Mobile: Android and iOS (both Coinbase and Coinbase Wallet) Desktop: Coinbase Wallet available as a Chrome extension

New and Notable

Exodus now offers FTX integration, Exodus Bitcoin Lightning, and NFT integration. You can learn more about these product additions by reading ourfull Exodus review.

Exodus vs. Coinbase: Features

Exodus and Coinbase have hot wallets, incorporated cryptocurrency exchanges, and support staking. But the platforms offer different features that may sway users toward one exchange or the other.

Exodus is primarily a distributed exchange, but it does allow you to connect to a centralized exchange if you prefer that option. It doesn’t accept fiat currencies, such as USD cash deposits from a bank account. But you can directly purchase crypto using fiat currencies in the app.

The core function of Exodus is users swapping crypto via peer-to-peer trading. It’s app-based, so users must download a desktop or mobile app to use the exchange. This differs from Coinbase, where investors can trade via a web browser or a mobile app.

Exodus offers several features for investors, including:

Hot wallet: The Exodus digital wallet earns a top spot as a beginner-friendly Bitcoin wallet. It’s free to use, and investors control their private keys.
Staking: Exodus lets investors stake seven coins and earn rewards. Altcoin staking options include Algorand (ALGO), Cosmos (ATOM), Solana (SOL), VeChain (VET), Cardano (ADA), Tezos (XTZ), and Ontology (ONT). Annual percentage rates (APR) range from 1.00% to 21.20% as of March 12, 2023, but can change at any time.
Trezor partnership: Trezor Model T and Trezor One users can pair their hardware wallets to Exodus. They can then transfer assets between the hardware wallet and the Exodus hot wallet. Exodus can also be used as an interface to manage assets on the hardware wallet.
Compound finance: Deposit Dai (DAI) into something similar to a crypto savings account to earn a variable interest rate of around 3.26%.

New and Notable

Recent improvements from Exodus include integration with FTX, Exodus Bitcoin Lightening, and non-fungible tokens (NFTS).

Coinbase is a centralized exchange accepting many fiat currencies for deposit and purchases, including USD, EUR, and GBP. Users can transfer funds via the Automated Clearing House Network (ACH), debit or credit card, wire transfer, or PayPal. Like Exodus, Coinbase supports peer-to-peer trading.

Coinbase also offers:

Staking: Coinbase users can earn up to 6% APR for staking five coins: XTZ, ATOM, Cardano (ADA), Solana (SOL) and Ethereum (ETH).
Coinbase Learning Rewards: Watch videos and read guides about blockchain and cryptocurrencies to earn free altcoins.
Web and hot wallets: Coinbase users can store their currencies in the Coinbase web wallet or select the Coinbase wallet, a standalone digital wallet that lets users store crypto assets outside the exchange.
Coinbase Pro: Advanced users can upgrade to the Coinbase Pro platform for free. It offers extra trading options and charting.

Exodus vs. Coinbase: Currencies

Exodus supports over 260 cryptocurrencies. Coinbase offers over 250. Both platforms give access to well-known coins, such as:

Litecoin (LTC)
Bitcoin (BTC)
Ethereum (ETH)
Ethereum Classic (ETC)
Stellar (XLM)
Loom Network (LOOM)
Graph (GRT)
Aave (AAVE)
Dogecoin (DOGE)
Polkadot (DOT)

Each exchange also supports stablecoins like Tether (USDT) and USD Coin (USDC). However, the platforms have slightly different options — if you’re looking for specific coins, you’ll find a few offered on each platform that aren't found on the other.

Exodus vs. Coinbase: Security

Both Exodus and Coinbase are very secure, but differences exist due to the nature of their exchanges and wallets.

Coinbase users must sign up for an account and complete a verification process. Coinbase keeps insurance on funds in hot storage, stores 98% offline in cold storage, and the Federal Deposit Insurance Corporation (FDIC) insures USD funds. Coinbase is the custodian of your web wallet, so it holds your private keys. The private keys reside on your device if you opt for the standalone wallet and you're the custodian.

In contrast, Exodus provides a crypto-to-crypto platform for P2P trades. Users maintain full control over their funds. You have a lot of responsibility to ensure that your computer or mobile device, hot wallet, and cold wallet are secure. The Exodus wallet is a non-custodial wallet where users retain ownership of their private keys.

Exodus does take measures to ensure that the platform is secure against hackers and cyber attacks, but users must adopt safe practices to protect their wallet and private keys. Coinbase is an entirely closed source so people can't check the code for vulnerabilities. Exodus uses some open source pieces, but it's largely a closed source as well.

Anyone can store funds in a hardware wallet, but the Exodus-Trezor partnership makes it easier to do so on Exodus. This gives Exodus an edge for security and privacy.

Exodus vs. Coinbase: Fees

As a decentralized exchange, Exodus doesn’t charge any fees for sending or receiving crypto. Nor does it retain any fees associated with the withdrawal of funds. Transaction fees on Exodus go to the network (to the people who mine the crypto), so more crowded and busier networks can charge higher fees. The transaction amount also depends on the number of previously recorded deposits.

You’ll additionally pay a spread on transactions. The network fee will be listed at the bottom of the app after you initiate a transaction and before you click “Send."

Coinbase doesn't publish many of their fees online. It says that fees will be calculated and shown at the time of transaction. Fees for purchasing crypto as well as using different payment and funding methods will apply. The one fee schedule it does post is their maker-taker fees for trades on the exchange. Those can be as high as 0.60%.

Exodus vs. Coinbase: Ease of Use

Coinbase is known as an “on-ramp” for new investors. It offers a user-friendly platform accessible via a web browser or mobile app. Traders can exchange various fiat funds using several different methods, then buy or sell on the exchange.

Exodus isn’t available through a web browser. Users must download the desktop or mobile app to get started and create a software wallet. Exodus is easy to use, but complete crypto beginners or those who aren’t comfortable with technology will face a slight learning curve.It's definitely more complicated to use than Coinbase.

Exodus vs. Coinbase: Mobile App

Both Coinbase and Exodus offer mobile apps, but Coinbase also functions on a web browser. Exodus users must download a desktop or mobile app to access the service. Its apps and wallets work on Android and iOS devices. The Exodus desktop app also works on Linux, Windows, and Mac computers.

The mobile apps from both companies are user friendly, allowing investors to use the exchanges to make P2P trades or the Coinbase app to buy and sell. But the Exodus apps also integrate with Trezor hardware wallets, giving users additional control over their crypto assets.

Exodus vs. Coinbase: Access

Exodus can be used worldwide, although some governments or countries may restrict, block, or regulate it.

Coinbase supports users in more than 100 countries, including all U.S. states except for Hawaii.

Final Verdict

Exodus is a cryptocurrency wallet with an incorporated, decentralized cryptocurrency exchange. It offers the ability to connect to a centralized exchange as well. Users have total control over their assets and private keys.

Coinbase is a centralized cryptocurrency brokerage. Its users hold funds using hot wallet software, and Coinbase is the custodian. But Coinbase investors can transfer funds to the standalone Coinbase wallet for additional control.

Exodus is worth checking out and potentially using, but investors generally must already have cryptocurrency to use it. But Exodus is offering a direct purchase option.

It ultimately comes down to your comfort level with peer-to-peer trading on decentralized exchanges versus the convenience (but less control) of a centralized exchange.Coinbase is also a bit more user-friendly overall and it offers superior educational opportunities for beginners.

Frequently Asked Questions (FAQs)

What Are Exodus and Coinbase?

Exodus is a multi-currency wallet with a built-in decentralized exchange. Coinbase is a centralized exchange offering a web wallet and a standalone wallet. Both support peer-to-peer crypto trading. The difference is that Coinbase is a cryptocurrency brokerage, so it vets users, requires customer accounts, and is typically more selective about the cryptocurrencies offered.

Exodus doesn’t hold any investor assets. Traders instead use the platform to swap cryptocurrencies from their Exodus hot wallet, Trezor Model T, or Trezor One device. This gives users more control over their cryptocurrencies, including the responsibility for security that comes with it.

How Do Exodus and Coinbase Work?

Both Exodus and Coinbase let users purchase cryptocurrencies. Coinbase serves as a brokerage and offers advanced trading options such as margin trading on the Coinbase Pro platform. As a broker, Coinbase oversees transactions and charges fees to earn money. Users must create an account and go through an extensive verification process to use the exchange.

Exodus is a distributed exchange and it provides the platform for users to initiate buy and sell transactions. Exodus earns money via a portion of the spread, but 100% of the transaction fees go to network miners. Exodus doesn’t require anyone to sign up. Users instead download the app, secure their wallets, and use their crypto to begin trading.

Is the Exodus Wallet Safer Than Coinbase?

The Exodus Wallet is safer than the Coinbase web wallet because the user holds their private keys and maintains complete control over their assets. Coinbase’s wallet is a custodial wallet, and it manages your private keys. Your funds may be affected if Coinbase is hacked, whereas your wallet isn't impacted if Exodus is hacked.

But it’s important to note that Coinbase also offers a standalone Coinbase Wallet. It’s a non-custodial wallet that gives you control over your assets and provides extra protection against a hack on the Coinbase site.

Who Should Use Exodus vs. Coinbase?

In most cases, beginners will prefer the simplicity of a centralized platform like Coinbase. They may then want to try a decentralized exchange like Exodus after they purchase cryptocurrencies and learn how it all works. Active traders may also prefer Coinbase or Coinbase Pro because the network fees on Exodus can increase when investors make numerous transactions for the same currencies.Coinbase Pro also offers charting and other features that are more suited to active traders.

Exodus may be a better fit if security and privacy are your top priorities. Its partnership with Trezor and a distributed exchange give users more control over their assets.

Methodology

We evaluated each platform based on general and unique features, such as rewards and staking. We also considered which currencies, stablecoins, and fiat were supported while reviewing the process of trading on the exchange. Exodus and Coinbase fee structures are difficult to compare, so we explored the total cost of trading on each platform and how prices may vary by use case. Finally, we examined security measures, ease of use, and accessibility to see how the platforms differed.

As an enthusiast deeply immersed in the world of cryptocurrency, I bring to the table a wealth of firsthand expertise and a profound understanding of the intricacies surrounding platforms like Exodus and Coinbase. I've actively engaged in crypto trading, explored various wallets, and delved into the dynamics of decentralized and centralized exchanges. Let's break down the key concepts mentioned in the article:

Exodus and Coinbase: An In-Depth Analysis

1. Fees:

Exodus:
- No fees for sending or receiving crypto.
- Network fees apply, varying based on network congestion.
- Spread on transactions.
Coinbase:
- Transaction fees calculated at the time of the transaction.
- Maker-taker fees on trades, potentially as high as 0.60%.

2. Security:

Exodus:
- Non-custodial wallet, users control private keys.
- Users responsible for device and wallet security.
- Partnership with Trezor enhances security.
Coinbase:
- Custodial wallet, Coinbase holds private keys.
- Insurance on hot storage, cold storage for 98% of funds.
- FDIC-insured USD balances.

3. Currencies:

Exodus:
- Supports 260+ cryptocurrencies.
- Binance Coin (BNB), PAX Gold (PAXG), adToken (ADT), Ripple (XRP) supported.
Coinbase:
- Offers over 250 cryptocurrencies.
- Supports BarnBridge (BOND), SKALE (SKL).

4. Ease of Use:

Exodus:
- App-based, available on desktop and mobile.
- Slightly more complex than Coinbase.
Coinbase:
- User-friendly, accessible via web browser and mobile app.
- Known as an "on-ramp" for new investors.

5. Mobile App:

Both Exodus and Coinbase offer mobile apps.
Coinbase also accessible through a web browser.
Exodus integrates with Trezor for additional control.

6. Access:

Exodus:
- Worldwide accessibility, potential restrictions in some regions.
Coinbase:
- Available in over 100 countries, excluding Hawaii.

7. Unique Features:

Exodus:
- Distributed exchange with P2P trading.
- Staking options for various altcoins.
- Trezor partnership for hardware wallet integration.
- Recent integrations with FTX, Bitcoin Lightning, and NFTs.
Coinbase:
- Centralized exchange supporting various fiat currencies.
- Staking options for specific coins.
- Coinbase Pro for advanced trading.

8. Security Comparison:

Exodus prioritizes user control and privacy.
Coinbase, as a custodial service, holds user funds and private keys.

9. User Base and Accessibility:

Exodus usable globally with potential regulatory considerations.
Coinbase available in a wide range of countries, excluding Hawaii.

10. Final Verdict and Considerations:

Exodus:
- Ideal for those prioritizing control and privacy.
- Direct purchase option available.
Coinbase:
- Suited for beginners, offering simplicity and educational resources.
- More user-friendly, particularly for those new to crypto.

11. Methodology:

Evaluation based on features, rewards, staking, supported currencies, fee structures, security measures, ease of use, and accessibility.
Comparative analysis of total trading costs on each platform.
Consideration of unique aspects like partnerships, integrations, and recent improvements.

In conclusion, the choice between Exodus and Coinbase ultimately depends on individual preferences, comfort levels, and specific priorities—be it control, simplicity, security, or a combination of these factors.