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Exodus and Coinbase are two major cryptocurrency companies that offer cryptocurrency exchanges, cryptocurrency wallets, and other features useful to crypto buyers, sellers, holders, and enthusiasts.
Coinbase is a large centralized exchange that acts similarly to a stockbroker facilitating the purchase and sale of supported cryptocurrencies. Exodus operates a decentralized exchange that connects buyers and sellers to transact directly across the cryptocurrency networks. There are pros and cons to both approaches.
Keep reading to learn more about Exodus vs. Coinbase, ease of use, fees, and which may make the most sense for your cryptocurrency goals.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile. Consult with a qualified professional before making any financial decisions. This article is not a recommendation by The Balance or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed.
New and Notable
Exodus now offers FTX integration, Exodus Bitcoin Lightning, and NFT integration.
Exodus vs. Coinbase: At a Glance
|Type of Wallet||Hot (software) and Cold (hardware)||Hot (software)|
|Purchase Cost||Variable spread pricing||$0.99 to $2.99 + 0.50% Spread|
|Apps Available||Desktop: Windows, Mac, Linux
Mobile: Android, iOS
Mobile: Android, iOS
Exodus vs. Coinbase: Ease of Use
Coinbase makes the process of building a cryptocurrency portfolio very easy. You can fund a purchase with a card or linked bank account, among other options, for near-instant access to the cryptocurrency marketplace. You can use Coinbase through the Coinbase website or mobile app after a quick signup and verification process.
Exodus takes a little more work and knowledge to start. For desktop users, that includes downloading a desktop application and creating your software wallets. It’s fairly intuitive for anyone tech-savvy but may be tougher for those less comfortable with computers and the web in general.
Once you’re up and running, Coinbase is still the easier exchange to use thanks to a very simple buying and selling process integrated into its website and mobile app. It also makes funding your account much easier for new investors. Exodus requires a little more knowledge about how crypto markets work to manage your holdings and avoid high network fees.
Exodus vs. Coinbase: Security
Both Coinbase and Exodus are very secure. However, both work very differently regarding security processes and what’s done to keep your crypto assets safe.
At Coinbase, your assets are stored in a web-connected software wallet that’s created on your behalf. While these are generally considered safe as long as you maintain good password and digital security habits, there’s always a slight chance of getting hacked and losing your assets.
With Exodus, you have a software wallet by default but can easily plug in a supported Trezor hardware wallet and take your holdings offline for added security. When your crypto is in cold storage with a device like Trezor, your holdings are effectively unhackable. However, if you lose your password and recovery details, you could lose access to your crypto. For tech-savvy users who are extremely concerned with security, Exodus has the stronger offering.
Exodus vs. Coinbase: Features
Exodus and Coinbase are both feature-filled exchanges. Here’s a look at several top features:
- Desktop crypto portfolio management: Exodus is a desktop-first experience. If you work or game on a desktop or laptop computer, the Exodus app for desktop quickly gives you access to manage your crypto with a beautiful user interface.
- Distributed exchange: Unlike Coinbase and competitors that run their own centralized crypto exchange, Exodus uses a distributed exchange that connects you directly with peers for added privacy and control over transactions. Exodus doesn’t charge any network fees. However, it does charge a spread fee for crypto exchanges.
- Support for a huge list of cryptocurrencies: Trade more than 100 cryptocurrencies, including currencies that may be limited at centralized exchanges.
- Integrated cryptocurrency exchange: Exodus includes a built-in cryptocurrency exchange where you can convert between digital coins. While your final transaction is very transparent, prices are hidden within the spread between buying and selling prices.
- Rewards and staking: The Compound Finance and Rewards apps within Exodus give you access to staking, which is interest on your crypto holdings. Compound Finance pays interest on DAI holdings while Rewards covers seven coins, including Algorand, Cardano, Cosmos, and Tezos.
- Hardware wallet integration: Through a partnership with the popular Trezor hardware wallet, you can plugin and use your Trezor One or Trezor Model T directly with Exodus. For security-minded crypto enthusiasts, this is a huge benefit for additional security.
New and Notable
Recent improvements from Exodus include integration with FTX, Exodus Bitcoin Lightening, and non-fungible tokens (NFTS).
- Simple crypto buying and selling: Coinbase is among the easiest places to buy Bitcoin and other cryptocurrencies. You can buy directly using a bank account, debit card, or even PayPal and get instant purchasing power, though you may not be able to withdraw right away. Additional fees may apply depending on how you fund your account or purchase.
- Relatively clear pricing: Coinbase charges between $0.99 and $2.99 for buying and selling transactions, plus a built-in spread of about 0.50%. While it isn’t always the cheapest, it is very predictable.
- Coinbase Pro: The “pro” version of the platform, formerly known as GDAX, features lower costs and more advanced trade types than the core Coinbase platform. Transactions under $10,000 cost 0.50% with no additional fees.
- Free crypto and crypto rewards: Coinbase Earn gives you opportunities to earn free cryptocurrencies. You can also earn staking rewards for a list of coins, including USD Coin, DAI, Tezos, Algorand, Cosmos, and Ethereum 2.
Exodus vs. Coinbase: Currencies
Exodus supports about twice as many cryptocurrencies as Coinbase. That makes Exodus a far stronger offering when it comes to what’s available. However, Coinbase supports most popular currencies that most investors and traders would want, including Bitcoin, Ethereum, and Dogecoin.
Exodus has a longer list of supported currencies, but you may not want to own some of them. Also, note that some are limited for exchange, including XRP as of June 2021. Serious crypto enthusiasts would likely prefer having the additional options regardless.
Exodus vs. Coinbase: Price
Coinbaes and Exodus use different pricing models that make it hard to give them a direct head-to-head comparison.
Coinbase charges a fixed fee of $0.99 to $2.99 plus a spread, which amounts to about 0.50%. The spread is the difference between buying and selling prices, and Coinbase keeps the difference as part of its service cost.
Exodus only charges spreads, but those vary depending on the currency and other market factors. High-volume currencies like Bitcoin or Ethereum will cost you less to trade than lower-volume currencies. You know your exact exchange rate when converting, but you won’t necessarily see the spread you’re paying behind the scenes.
Exodus vs. Coinbase: Mobile App
Both Coinbase and Exodus offer mobile apps. Being web-based, Coinbase makes it easier to buy and transact. Its mobile app is very similar to the website experience but optimized to fit in the palm of your hand on your Android or iOS device. Coinbase also offers a separate mobile wallet app that acts as a standalone software wallet.
The Exodus app for iOS and Android is also similar to its desktop version. However, that means it can do a lot more, making it better for those who have experience with crypto and feel confident with smartphone apps in general already. It includes a desktop sync feature, support for the Trezor wallet, and other privacy-focused features.
Coinbase is a stronger choice for those who are newer to cryptocurrency or don’t feel as comfortable navigating technology. It’s as easy to use as any stockbroker, if not easier, and gives you access to buy cryptocurrency from your preferred bank account, debit card, or PayPal account almost instantly.
Exodus doesn’t have a way to fund your account from a U.S. bank account. You’ll need existing crypto to fund your account and get started. From there, it’s still a bit more complex than the experience at Coinbase. But serious crypto fans will enjoy the additional features and beautiful views to display your crypto portfolio.
If you are going to pick one and know little about crypto, Coinbase is the better choice. Exodus provides a more powerful and secure alternative for those with a little more knowledge of the crypto landscape.
Frequently Asked Questions
What Are Exodus and Coinbase?
Exodus and Coinbase are cryptocurrency exchange and wallet providers. They allow you to buy, sell, convert, and store various cryptocurrencies like Bitcoin, Ethereum, and dozens more.
How Do Exodus and Coinbase Work?
Exodus and Coinbase are digital platforms that enable you to run your own cryptocurrency account, similar to an investment brokerage account for managing your stock portfolio. Coinbase supports connections to bank accounts in the United States while Exodus must be funded through existing cryptocurrency.
Is the Exodus Wallet Safer Than Coinbase?
Coinbase and Exodus are both very safe. Some crypto users would say that Exodus is safer, as it gives you the ability to disconnect your cryptocurrency from the web and potential cybercriminals. Coinbase is always online, which means hackers may be able to access poorly secured accounts. With strong passwords and tools like two-factor authentication, however, most people shouldn’t be too concerned with security at Coinbase.
Who Should Use Exodus vs. Coinbase?
Coinbase is better for the typical investor and new cryptocurrency user. If you want a simple, quick, and straightforward crypto experience, Coinbase delivers. For those who want more intricate control and have a deeper understanding of cryptocurrencies and computers in general, Exodus could be a better choice. However, based on fees, Coinbase Pro from Coinbase may be your best bet.
To evaluate Exodus and Coinbase, we reviewed the features, costs, security, ease of use, supported cryptocurrencies, support, and other important factors. Ultimately, based on these and other examined factors, Exodus and Coinbase may suit different types of users.