Online wallets or digital wallets are software programs used to store cryptocurrencies. Technically, cryptocurrencies don’t get stored anywhere. For each individual having a balance in crypto wallets, a private key corresponds to the crypto address of the Wallet. Cryptocurrency wallets enable the sending and getting of cryptos and offer their ownership to the users. To accommodate those people looking to invest in Bitcoin safely, let us review two of the most popular crypto wallets out there: Coinbase and Exodus.
What Is Coinbase?
Coinbase, a cryptocurrency exchange platform, is the simplest way to purchase, hold, and sell cryptocurrencies. This online crypto wallet provider/digital exchange is excellent for those new to the crypto world. It stores a wide variety of digital assets in its cold storage securely. The platform supports over 100 countries. The ease of use and security features of the Coinbase wallet makes it stand out. It is a mobile wallet used to store cryptocurrencies, available both for Android and iOS devices. Its distinguishing features include a simple username to send and receive cryptos and its excellent support for decentralized applications via an incorporated app browser. Visit https://www.cryptonewsz.com/cryptocurrency-exchange/coinbase-review/ to know more about Coinbase with this complete review by CryptoNewsZ.
What Is Exodus?
Exodus wallet is a pretty new software wallet. This multi-currency wallet supports more than a hundred cryptocurrencies. This crypto wallet was initially available on desktop only but is now available for Android and iOS mobile platforms. Exodus is different from other wallets because its design focuses on individuals who have not dabbled with cryptos. The crypto wallet has a simple-to-use interface and a polished UI that makes it intuitive. One of the best features of Exodus is support for many altcoins and Bitcoin. You can also exchange one crypto for another using this crypto wallet without any registration.
With its simplicity, Exodus is excellent for beginners getting into the cryptocurrency space. It comes with great support, which is quite helpful for beginners getting into this confusing market.
Difference: Coinbase Vs Exodus
The following features of Exodus distinguish it from other wallets:
- No requirement for verification.
- No requirement for registration. Just download and install the program file from its official website.
- Ability to unload private key.
- Since Exodus is a light wallet, it does not download the entire blockchain network to the disk. However, it syncs with the servers online.
- Lists over 100 top cryptocurrencies and customer support available 24/7.
- Private keys and all other sensitive information are encrypted securely. A dynamic fee is set automatically on Exodus and is given to the miners.
- Exodus does not charge anything for deposits and withdrawals.
- Easy to use platform.
- Backup occurs using seed phrases.
- Coinbase has an excellent reputation.
- Compulsory deposit insurance registered with a supervisory authority. Hence, loss on any coins because of hacking will be reimbursed by their reserve funds.
- It executes transactions quickly.
- Decent Fees.
- Top-notch security.
- It lets you sell Bitcoins through PayPal.
- 98% of cryptos are stored in offline wallets securely and autonomously.
- All the cryptos that speculators and traders can work with at Coinbase are always in demand and highly volatile.
- It has a safe payment gateway with online stores for settlements.
Exodus: Deposit and Withdrawal Method
Sending and receiving coins available in the Portfolio is performed through Wallet. To receive cryptos using Exodus, you will have to copy the specified wallet address that appears on the window when you click “Receive” and then transfer to the sender. To send some funds, you have to choose the crypto asset and click “Send.” The opened window will display the wallet address of the receiver and the coins sent.
Coinbase: Deposit and Withdrawal Method
Go to Accounts to check your wallet contents. You can then select the desired crypto and click “Receive.” The system will then generate the code in QR or alphanumeric form. After every operation, the number of your Wallet may change. The users can also create new crypto wallets, give other names to them, and, if needed, transfer all the cryptocurrencies to a different account.
If you want to send coins to another user using Coinbase, you have to:
Select the currency and choose “Send.”
Enter the address and email address of the recipient along with the code.
Enter the transferred currency amount.
Choose the desired Wallet
Click “Send Funds.”
This Wallet has an automatically set commission that goes directly to the miners to include transactions in the nearest blocks. However, the fees depend on the currency and are quite high. It is generally between 5% and 10% of the exchanged amount. The Wallet does not charge a commission for deposits and withdrawals.
Coinbase charges a 1.49% commission for every sale or purchase of cryptocurrency. If you made a transaction using a credit card, then the commission rises to 3.99%. However, with Coinbase, there are low commissions in general, and no commission is there between two Coinbase users. The exchange of crypto for fiat is almost instant only for US citizens.
Customer Service by Exodus
Exodus has responsive and professional customer support. Based on complexity, the issues faced by individuals are generally resolved in a day or two. However, issues occur rarely and are often linked with users not updating the program or program’s incompatibility with the computer’s technical parameter or operating system. Beginners are helped quickly, and Exodus has a great FAQ section too.
Customer Service by Coinbase
Coinbase has good technical support. It has a FAQ section that answers many questions of customers. They also have another section for the most common questions and answers with many articles. Still, if you do not find what you want, you can write them via their customer feedback section or chat with them.
If you have complaints or are stuck somewhere, you can contact Coinbase via their email form. You can expect to get a response in a day or two usually. It may even take you several days at times to get your answers.
Security Benefits of Exodus
When it comes to security, Exodus offers a secure way to store cryptos for daily use. However, because of being an online wallet, Exodus will be inferior in security as compared to offline wallets. It also lacks some features that its competitors offer with regards to security. If your device on which this Wallet is installed gets stolen, broken, or lost, you can access your cryptos still in the following ways:
- Restore your access via email. When you make your account, you get an email to restore it with a link. Clicking the link will let you restore the account.
- Using standard 12 words keyword phrases. You will get this when you create your account. Ensure to write it and keep it safe.
Though this recovery function may look convenient, it does not offer sufficient security against malware and hackers. Exodus also doesn’t offer 2-factor authentication. It makes it easy for hackers while using keyloggers.
Another feature that makes Exodus stand out is the protection of your address with multi-signatures. This function is similar to 2-factor authentication and adds an added security layer.
Security Benefits of Coinbase
Coinbase is known to be one of the most secure online wallets. Coinbase stores nearly 98% of assets in offline storage that cannot be accessed, eliminating the risks of hacking. Even the 2% assets stored in the online system of the platform are insured against unpleasant situations. Hence, if your assets get stolen, you can rest assured to get back your money.
Though Coinbase is a safe platform, it comes with certain issues. Coinbase needs to report its users and their information to its governing bodies. So, your crypto assets get in official records. You may need to meet tax requirements due to this. For some people, this negates the purpose of cryptos.
Another issue with Coinbase is that they keep track of how you spend your coins. They have the power to freeze a wallet if they suspect any suspicious activities or transactions like getting or paying money for an illegal service, selling illegal things, gambling, and more.
Exodus is great for those new to the world of crypto and don’t store large amounts. However, for those looking to store large amounts and are highly concerned about security, Coinbase is the best Wallet. It has all that you need in a good crypto wallet.