It’s important not to confuse “Hot Wallet” and “Cold Wallet” as fundamental differences distinguish them.
Trust Wallet and Exodus are great places to store your crypto. You can stake, trade, HODL, buy NFTs and access dApps. However, we still recommend getting a hardware wallet, where you will keep at least 70% of your portfolio.By bitbit21
Summary: This or That?
Exodus Wallet: it can be considered an excellent choice for crypto newbies. With the simple and attractive design and intuitive features, it can be used to manage and exchange cryptocurrencies in small amounts. However, it does not allow you to purchase coins directly. It only facilitates in sending, receiving, and exchange of assets. Furthermore, it cannot set custom gas fees for blockchain networks other than Bitcoin. Although it supports cold storage by supporting limited models of hardware wallets, the software application does not support 2-factor authentication and relies on pin code, fingerprint scanner, etc.
Trust Wallet: Other than the extensive range of crypto coin/asset support, Trust wallet also has a solid reputation in the crypto industry. It is also the official wallet for Binance Network. The interface is easy to use and pretty straightforward. Other than the security measures like pin code, fingerprint scanner, etc., it also facilitates its users to use Google Authentication, Two-Factor Authentication, and even SMS or email verifications. One of the significant setbacks of Trust wallet is that it is entirely mobile-based and not available for web or desktop use.
The increase in popularity of cryptocurrencies and decentralized applications has also increased the usage and need of crypto-wallets to store funds securely. Even though decentralized exchanges (DEXs) for cryptocurrencies have heavily secured their protocols to protect their clients, keeping your crypto-funds in crypto wallets is always recommended.
In the case of cryptocurrencies, private keys are like passwords. They are used to provide ownership and allow you to make transactions. Private keys should be kept secret and safe and should not be shared with anyone. If the private keys are lost, the digital money accessible with those is also lost.
Crypto wallets are designed to hold private keys in a secure and easy to access way. They provide the users with ease of sending and receiving cryptocurrencies. Ordinary wallets are made to hold actual cash. On the contrary to this, cryptocurrencies are stored on their native network’s blockchains, but crypto wallets store the private keys used to access those funds.
Crypto wallets come in different types ranging from simple-to-use applications to complex security solutions. Some of the most popular types of crypto-wallets are as follows:
Internet connectivity defines whether a wallet is considered hot or cold. Hot wallets are connected to the Internet and hence are more vulnerable and less secure; however, they are more user-friendly. Hot wallets are usually easy to set up, easily accessible, and are used for quick transactions. On the other hand, cold wallets are not connected to the Internet and store private keys offline. These are considered more secure and less risky. These are less risky and hack-resistant.
Podcast Episode #001: Trust Wallet vs Exodus
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Paper Wallets: these were popular in the early days of cryptocurrencies. These are the private keys and QR codes in the printed form.
Hardware Wallets: These kinds of wallets are used for offline storage of crypto funds. These are hardware devices used for storing public and private keys. They work like USBs and can be connected to PCs and accessed by their native applications. These are more user-friendly than paper wallets.
Desktop Wallets: These are a type of hot wallets as these are connected to the Internet. Desktop wallets are computer programs installed on your desktop/laptop. These stores and manage your private keys on your hard drive. However, they require anti-virus software and regular backups of your computer to ensure the system’s security is not compromised.
Mobile Wallets: similar to desktop wallets with the difference that they are made for smartphones. These are more convenient to use and practical for daily use. However, they are vulnerable to malware and viruses hence require encryption.
Web/Online Wallets: these wallets are accessible through internet browsers. They are more prone to DDOS attacks and are the smallest specific wallets. They are ideal for small investments and quick transactions.
Every crypto wallet fulfils different needs and provides an additional level of security; subsequently, one should always be careful about their choice of wallet. Different companies offer different types of wallets with varying guarantees and other features.
In this article, we will be providing a comparison of Exodus Wallet and Trust Wallet. We intend to help our readers choose the wallet that meets their needs and offers good security and supporting features with this comparison.
Both Exodus and Trust wallets are crypto wallets that offer features like staking, sending/receiving/exchange/management of cryptocurrencies and assets. Below is an overview of both products.
Exodus Wallet: Exodus is primarily a multi-currency software wallet available as desktop and mobile applications. However, it also provides hardware wallets. It is built with an emphasis on user interface design and experience. The primary aim is to be appealing, easy, and be most convenient to use, especially by beginners. This is achieved by keeping the design simple and providing excellent online user support.
It is a decentralized wallet with a built-in linked exchange. Primarily designed for Bitcoin, it also supports up to 100+ other cryptocurrencies. It does not have any native token. Even though Exodus charges zero fees for sending/receiving cryptocurrencies, it does, however, charge the network fee. Furthermore, Exodus is not an open-source project. It has a 24/7 customer support system.
Key TakeawayExodus wallet is great for crypto newbies and it’s well-known for its stunning user-interface. It can be integrated with a hardware (cold) wallet, namely, Trezor, and it doesn’t charge you for crypto transactions. Exodus supports Bitcoin and 100 alternative coins. They have an amazing support team and the project is closed-source.
Trust Wallet: Trust Wallet is a community-driven, open-source, multi-coin software crypto wallet. It is a decentralized mobile crypto wallet, i.e., it can also be used on smartphones. It is designed and kept open-source to enable other blockchain developers to build innovative dApps (decentralized applications) and wallets natively without worrying about the low-level implementation details. Trust wallet has extensive coverage of cryptocurrencies and blockchain networks. It was built originally to support ERC20 and ERC223 tokens.
However, it now has its native token and supports 160+ assets and blockchains with time. However, it does not have a native built-in linked exchange like Exodus, and neither does it provide hardware wallets. Trust wallet does not charge its users. However, blockchain network transaction fees are incurred. Unlike Exodus 24/7 customer support, Trust Wallet provides its users with self-help guides and articles support.
Key TakeawayTrust Wallet is an exclusively smartphone-supported hot wallet. It is open-source, decentralized and has its own native token. Trust Wallet is Binance Network’s official wallet, it also has its own (TWT) coin and supports 160+ crypto assets on various blockchains. NOTE: you can exchange/trade bitcoin only on the BSC chain.
Feature Comparison: Trust Wallet vs Exodus
Below we provide a comparison of the major features offered by both products.
Open-Source / Closed-Source: Exodus is not an open-source project. Trust wallet is a community-driven, open-source, multi-coin software crypto wallet.
Registration to Use: Exodus does not require customers to sign up to use it. You can directly download the application and start using its exchange. Users can now use it for buying/receiving/swapping crypto tokens and assets. On the other hand, trust wallets do require their users to sign up and create a wallet to buy/send/buy/swap crypto tokens and assets.
Profile Verification (KYC): KYC, short for “Know-Your-Customer”, is a procedure for verification of the identity of the user using different official documents, payment methods, and personal information. Exodus does not require proof for sending/receiving/swapping assets. However, it does require profile verification of investors. Trust wallet, on the other hand, does not require identity verification. It uses a 12-word recovery phrase and industry-standard encryption for account security.
Hardware Wallet Support: Trust wallet does not support hardware wallets. On the other hand, Exodus supports Trezor’s Model T and Model One hardware wallets. They are allowing customers to access 115+ crypto-assets supported by Trezor as well. It will enable the seamless exchange of assets between Exodus and Trezor.
Fee Structure: Both Exodus and Trust wallets are free-to-use applications. They do not charge their users anything other than the gas fees for processing the transactions and ensure that they are distributed amongst the validator and miners.
Custodial or Non-custodial: Wallets that hold their user’s crypto funds and private keys in their servers or use trusted third-party custodians are called custodial wallets. Whereas non-custodial users are in complete control of their cryptos and keys, the wallet providers do not hold/control anything on their end. Both Exodus and Trust wallets allow their users to send, receive, and stake crypto-assets. Both are non-custodial wallets, i.e., both do not hold/control any of the user’s funds in their servers. Instead, the users are in complete control of their funds.
Key TakeawayOnly Trust Wallet is open-source and only Trust Wallet requires user registration. Non require KYC (apart from investor profile verification) to send/receive cryptocurrencies. Only Exodus supports hardware wallet integration. There are no hidden fees, Trust Wallet and Exodus are free-to-use
Built-In Browsers and Linked Exchanges:
Trust wallet has a built-in Web3 browser that allows users to purchase cryptocurrencies through the native DEX (decentralized exchange), which operates on the Kyber Network. The dApp browser can access several dApps built on the Ethereum platform directly from the Trust wallet.
Exodus provides an additional facility of built-in FTX exchange. However, to use FTX, the user will have to provide KYC. This KYC information is only accessible by FTX, and the Exodus wallet will never be linked to it. Nevertheless, any exchanges you initiate through the FTX Exchange app in Exodus will be linked to your KYC.
How Does the Trust Wallet Work?
- Trust wallet acts as a bridge for connecting individual blockchains via their nodes. Every blockchain has its own set of public addresses. These addresses are where the Crypto is encrypted and stored.
- Trust wallet provides its users with functionality to manage their addresses that can be used for sending, receiving, trading, and staking cryptocurrencies.
- It has 3 components – wallet, dApp browser and discover tab to view all the supported crypto assets.
- Wallet: used for sending, receiving, buying, and exchanging cryptocurrencies from different blockchains.
- Dapp Browser: it is a fully functioning Web3 browser that can be used to interact with any dApp on Binance Smart Chain and Ethereum blockchains.
- Discover: this functionality can be used to browse through all of the supported coins and assets.
How Does Exodus Work?
Exodus platform is designed to simplify the access, management, and use of crypto coins. The wallet has three essential components:
- Wallet: it is used for managing and linking supported crypto coins. However, instead of storing your funds, Exodus wallet stores sets of primary keys, seed phrases, and public addresses. Primary keys are used for accessing cryptocurrencies and assets stored on the blockchains. Public keys are used as the address of the wallet. Furthermore, the seed phrase is used as a recovery phrase code. Seed phrases help in the regeneration of private keys if they are lost.
- Portfolio: the portfolio page display all of the information relevant to the crypto coins, including the breakdown of the crypto coin owned and their updated values against fiat currencies.
- Integrated Exchanges: Exodus wallet comes with integrated exchanges like FTX and ShapeShift. Because of this Exodus users can trade on these exchanges directly through their wallets with extra speed and privacy.
Privacy and Security:
- Privacy offered in terms of Private Key storage: Both Exodus and Trust wallets do not store any user-related information and their private keys on their servers. In the case of Exodus, all the transaction data and private keys are stored on the user’s device. The same is the case with Trust wallet. Due to this, the users are solely responsible for securely storing their private keys. This means that your funds are only as secure as your device.
- Audits: to ensure that their mobile application is robust against vulnerabilities due to weaknesses in the application software, Trust wallet performs regular audits of their application with the help of the leading security firm Stateful.
- Security Measures: both of the wallets use measures like pin code or fingerprint scanning to provide an extra layer of security. Nevertheless, these features can be manually enabled and disabled from the app settings. Both the applications do not provide 2FA (2-factor authentication).
- Backup and Restore Wallet: the ability to backup and restore your wallets is helpful in case of your device running the wallet breaks down or is lost. Both the Exodus and Trust wallets provide a 12-words Recovery Passphrase for the regeneration of private keys in case you lose them. This phrase is provided to the users when they first create their accounts. However, it is the responsibility of the user to keep the seed/recovery phrase securely. In case this phrase is lost, the associated private keys and funds can never be recovered. Other than this, Exodus also provides a special restore feature of “Email Restoration”, the wallet can be restored through an email sent by the officials to your linked email account.
Key TakeawayNeither Exodus nor Trust Wallet store your private keys and data on their servers. Your funds are as safe as your device. In case you lose your 12-words recovery phrase, Exodus and Trust Wallet may be helpful in recovering your account. Both companies conduct security audits.
The key players in the blockchain industry are now shifting from Proof-of-Work (PoW) algorithms and are opting for Proof-of-Stake (PoS) algorithms and their variants for use as their consensus mechanism. In the PoS algorithms, users are allowed to stake their crypto funds and, in return for this, receive rewards from the blockchain network.
Both Trust wallet and Exodus wallet allow their users to stake crypto coins of different blockchain platforms directly from their wallets. This feature enables the user to earn money passively.
Trust Wallet intends to add Ethereum (ETH), and Cardano (ADA) will also be added to the list soon. Because of the acquisition of Trust wallet by Binance, Trust wallet has more extensive coverage and supports more crypto coins and blockchain platforms.
Security Breaches: no security breaches have been reported for either of the products.
Exodus vs Trust Wallet: A Quick Comparison
Both Trust wallet and Exodus wallet have gained good reputations amongst the crypto traders. Both are software wallets with similar qualities with slight differences. Where Trust wallet is entirely mobile-based, Exodus is a hybrid wallet, provides both hot and cold storage, and is available for both mobile and desktop use.
On the other hand, trust wallet has extensive coverage of cryptocurrencies, play-to-earn games, and NFTs (non-fungible tokens). It also provides its users with the capability to incorporate Google Authentication and Google 2-Factor authentication, unlike the Exodus wallet. In conclusion, every wallet product has its pros and cons; it is just a matter of your requirements and what product best suits you.
The primary concern that should be kept in mind while choosing a wallet is how accurately it meets your needs like functionality, security, privacy, supported currencies, etc.