When it comes to cryptocurrencies, it is important to keep your funds secure. As a result, you need a secure crypto wallet. And when it comes to crypto wallets, there are way too many options available on the internet. However, among all the wallets, exodus and electrum are two of the top names that we often get to hear.
So which one is best among these two? Well, if you are wondering the same, then in this article, I am going to draw a comparison between exodus vs electrum. So let’s get into the topic right away:
Exodus is one of the best cryptocurrency wallets available out there. With this one, you can easily send, receive and exchange Bitcoin and 160+ other crypto tokens seamlessly. The wallet is available for your Desktop, Mobile and has a hardware wallet too.
With Exodus, you will enjoy a secure way to manage and exchange your cryptocurrency from a single platform.
It supports all the top cryptocurrencies like Bitcoin, Ethereum, Tether USD, XRP, USD coin, and others. In addition to that, you can also easily buy and sell one cryptocurrency for another one within your wallet only. Or you can exchange between any assets effortlessly.
The best part is that Exodus does not charge any fees for sending. Plus, there are no transaction fees. However, you will still need to pay for network or miner fees which are applicable to all the blockchains.
Electrum is a Bitcoin wallet that is free and decentralized. It uses the MIT license, unlike most other crypto wallets out there.
The wallet supports hardware wallets like Ledger, Trezor, and many others. The best part of the wallet is that it keeps your private keys encrypted, and it never leaves your computer. You can also recover your funds using a secret phrase.
Plus, the wallet is extremely fast as it uses servers that index the Bitcoin blockchain. Plus, the wallet doesn’t have any lock-in. As a result, you can export your private keys and use them with other Bitcoin clients.
While everything about Electrum is pretty great. It doesn’t have modern day features that one might want. For instance, you cannot exchange your tokens for another one. Buy or sell crypto directly from your wallet. Also, it is only meant for Bitcoin, and it does not support any other cryptocurrencies.
Exodus vs Electrum: Which Wallet Should You Use?
When it comes to the availability of cryptocurrencies, Exodus definitely has the upper hand. As it supports more than 160 cryptocurrencies. On the other hand, Electrum only supports one cryptocurrency, which is Bitcoin.
However, you can increase the availability of coins in your Electrum wallet by downloading support for altcoins. But that would be too much to deal with. Plus, it might not be the safest thing to do.
Overall, in this case, Exodus definitely is the winner. The wallet is in active development, and newer coin support is being added to the wallet from time to time.
Hardware Wallet Support
The good part is that both Exodus and Electrum offer you hardware wallet support. This means you can store your funds in a hardware wallet and keep them in isolation. This way, your funds will not get stolen.
When it comes to hardware wallet support, Exodus only supports the Trezor hardware wallet, which is their own hardware wallet.
However, Electrum allows you to use hardware wallets like Trezor, Ledger and Keepkey for the job.
You should also check if a wallet is open source or not. This way, you can check their source code and see if it is safe to use or not. The good part is that Electrum is a fully open source wallet, and the source code is available on Github.
However, Exodus is not fully open source. Some of its parts are open source, and it is available for you to see on Github.
So, in this case, there is a tie between these two. You can check both of their source code and verify them by yourself. However, electrum has a history of hacks.
Both the wallets are extremely easy to use, and they do come with useful features. So even if you are an absolute beginner, you would not find any issues onboarding.
If you are a beginner who plans to hold Bitcoin for a really long time, then Electrum would be a great option any day. But there are so many other coins that are also available in the crypto space. As a result, you might want to invest in other coins, and managing two wallets doesn’t really make sense. In such a case, Exodus would be a perfect choice.
But as long as you wish to store Bitcoin only, you are getting a lot of useful features like multi-signature addresses, the ability to recover your funds, and so on.
However, Exodus offers you a better experience. You can store all your crypto assets under a single dashboard, you can easily view your portfolio, exchange your assets, buy and sell crypto, and more. Plus, Exodus supports 160+ cryptocurrencies and it is super easy to make crypto payments.
Trust & Security
Without any doubt, trust and security are two of the important factors when it comes to choosing a crypto wallet. After all, you obviously don’t want to lose your funds.
On one side, we have Exodus, which has some of its code closed source. On the other hand, Electrum is a completely open source program. As a result, you can check their codebase and see if there is any malicious code.
But we cannot also deny the fact that Electrum did face security issues in the past. But the wallet is in active development, and such incidents are rare.
On top of that, Electrum supports two factor authentication and multi signature addresses. These are extremely helpful from security prospects and help you to store and secure your funds.
But when it comes to Exodus, it also offers you security features. It offers you advanced security features and ensures that your funds are always safe.
Overall, both of these wallets are absolutely safe and rarely face security issues. However, if you are extra concerned about security, going for an open source wallet makes much more sense.
Stand Out Features
Both the wallets come with some stand out features. The Electrum wallet is kind of made for advanced users. It is a suitable option for people who want to take advantage of the latest features when they are added to the Bitcoin network.
On the other hand, Exodus works as one stop solution for all your needs. You can store multiple tokens, trade or swap crypto, and easily make cryptocurrency payments. Plus, it comes with a less complicated setup process compared to Electrum.
So that was a quick comparison between Exodus and Electrum. Both of the wallets are made for two different types of users. If you want to store multiple currencies under a single wallet, Exodus is one you should choose. But if you are only interested in Bitcoin and keep it as securely as possible, then you should give Electrum a try.