There’s a range of cryptocurrency wallets out on the market. Some, like cold-storage options, are crafted for those who are interested in maximum security. On the other hand, mobile wallets still come equipped with secure features – but are optimized for people on the go, ultimately prioritizing convenience.
Many crypto users look for a balance between security and convenience, making desktop wallets a popular option.
While desktop crypto wallets are still inherently insecure due to connectivity to the Internet, they’re safer than keeping crypto in online exchanges like Coinbase or mobile wallets, since the private key is stored on your desktop.
There’s a wide range of desktop crypto wallets out on the market, but Electrum and Exodus are two of the most talked about. Both are well-regarded with a range of attractive features, but also have some drawbacks that should be pointed out to any crypto enthusiast looking to store coins on their desktop.
Safely storing crypto is vitally important to anyone who has taken the time to invest. Keep reading for a better understanding of the Electrum and Exodus wallets and suggestions on which option might be better based on what you’re looking for in a desktop wallet.
Electrum: Vintage Looking But Time Tested
Yes, Electrum’s look is….unique. In a world filled with beautiful digital design, the Electrum wallet looks straight out of the 1990s.
Electrum was created by developer Thomas Voegtlin in 2011 and has been subsequently modified by other developers. Its open-source nature is a positive for many users since it drastically reduces the chances of malicious code in the software that could cause major issues, or even lead to crypto theft from unsuspecting users.
While Electrum only supports Bitcoin storage, it’s one of the few wallets where users can replace the fee associated with a transaction that’s already been broadcast. This feature is very useful for those who are looking for a wallet where they can send transactions from in times where the Bitcoin network is crowded.
Mobile users can take advantage of Electrum on Android, but the client does have some spotty reviews out on the Google Play Store.
Users who are new to cryptocurrency wallets, and especially desktop versions, will probably find there’s a bit of a learning curve with Electrum. The interface, while archaic-looking, is not very easy to use ‘right out of the box’ compared with other options.
However, the Electrum wallet has a reputation for speed and its basic setup provides a wide variety of security and privacy features, along with integration opportunities with popular hardware wallets like Ledger and Trezor.
Exodus: A Masterpiece Of Creativity With A Wide Range Of Options
The Exodus wallet receives rave reviews for its aesthetics. Built by JP Richardson and Daniel Castagnoli in 2015, the wallet’s user-friendly nature and simple user interface is a great choice for the vast majority of crypto holders and traders.
Unlike Electrum, Exodus is not open source, which might concern those since the platform is designed to store money. Exodus users are able to store Bitcoin and dozens of altcoins, including Ethereum, Ethereum Classic, Litecoin, Golem, and Qtum.
Many users flock to Exodus to take advantage of the wallet’s range of personalization features and abundance of live portfolio charts that give insights on volume, 30-day trends, and market capitalization, along with information about your balance and top and worst-performing assets over the last 24 hours.
Exodus has gained a good reputation in the cryptocurrency community for its emphasis on continuous improvements in both its user interface and backend architecture.
The Exodus team places an emphasis on privacy and does not store any customer information or perform KYC checks. A backup link is sent via email, so an email would need to be input in order to give users a chance to reactivate or restore your wallet.
The Bottom Line: Electrum vs. Exodus, What’s The Best Choice For Me?
Both Electrum and Exodus are well-regarded cryptocurrency desktop wallets. They have a great reputation, are used by a wide range of crypto enthusiasts, and offer secure platforms for storing digital currency.
Picking between Electrum and Exodus comes down to your personal needs and reasons behind choosing to use a desktop wallet.
Both wallets are secure, but those interested in more robust features should lean with Electrum. It’s open-source, which means users have a better understanding of the code and architecture in the wallet.
However, many would recommend it’s not smart to store large amounts of cryptocurrency on desktop wallets, so an open vs. closed-source wallet might not make much of a difference to some. Electrum is written in Python, which is a popular language for developers looking to add improvements and optimizations to the wallet.
Private keys of Electrum users are not sent to a centralized server (it’s the same with Exodus), so individual users have total ownership of their keys. The Electrum wallet also offers cold storage for Bitcoin and a range of other security features that are not seen in many other desktop wallets.
Ease Of Use
Users who are looking for a desktop wallet they can quickly use should turn to Exodus. Its design and functionality are much simpler to learn than Electrum’s.
Exodus’ support team has a strong reputation and the website offers a wide range of Frequently Asked Questions and articles on various topics concerning the wallet.
These extensive resources are a great benefit for those who might not be as well-versed with cryptocurrency wallets or are even total beginners to completing crypto transactions.
Final Considerations Between The Two Wallets
Using Exodus or Electrum are good decisions. Both wallets are well-regarded and are some of the most popular desktop wallets available right now.
Cryptocurrency holders who are interested in security and functionality should opt for Electrum. The wallet is full of top-of-the-line security features and helps ensure swift transaction times. It’s also great with integration with other hardware solutions like Trezor, KeepKey, and Ledger Nano. The client-based wallet is able to run on Windows, Linux, or Mac.
Looking for an easy-to-use wallet? Exodus should be your choice. From automatic fee adjustments, powerful charting tools, and in-platform trading through the built-in ShapeShift exchange, Exodus is engineered for all types of traders, (those who hold Bitcoin or altcoins alike), and is also able to run on Windows, Linux, or Mac.