Coinomi vs Exodus | Why Exodus Is Safer & Much Better
Jack Moreau
May 2024
6 min to read
Fact checked
Introduction: When it comes to keeping your digital assets secure and accessible, choosing the right cryptocurrency wallet is crucial. Our comparison of Coinomi and Exodus Wallets, two of the most popular non-custodial wallets, covers a range of metrics, including supported platforms, available cryptocurrencies, and user experience so that you can make an informed decision with ease!
Exodus Wallet is a popular cryptocurrency wallet that was founded in July 2015 by JP Richardson and Daniel Castagnoli. It was created with the vision of helping users manage their assets easily and securely.
This ensures that users can manage and store their cryptocurrencies in a secure manner. With over 2 million users worldwide, Exodus has become one of the most widely used wallets in the industry.
With support for multiple digital assets, including Bitcoin (BTC) and Ethereum (ETH), users can easily manage their portfolio within the wallet.
In addition to its security features, Exodus also offers a seamless user experience. The wallet is available on multiple platforms, including desktop, mobile, and browser.
On desktop, Exodus is compatible with Windows, Mac, and Linux, while on mobile, it is available for both Android and iOS devices. This wide range of platform compatibility ensures that users can access their funds and manage their assets no matter their preferred device.
Exodus Mobile App
With over 300 employees, Exodus prides itself on releasing new products and features every two weeks. This commitment to innovation ensures that users have access to the latest tools and functionalities to enhance their cryptocurrency experience.
Coinomi Wallet is a multi-coin wallet that was founded in 2014 with the mission of making digital assets more accessible to users. The wallet supports over 1,770 cryptocurrencies, making it one of the most versatile wallets in the non-custodial industry.
Coinomi Website
Coinomi provides users with a secure and simple way to store, manage, and exchange their cryptocurrencies. As a non-custodial wallet, this also ensures that users have full control over their private keys.
Coinomi was initially developed as a mobile wallet for Android but has since expanded its offering to include iOS and desktop versions. This expansion has enabled Coinomi to cater to over 1 million users across the world.
Coinomi Wallet App
However, it should be noted that Coinomi is not available as a browser wallet, which may be a limitation for users who prefer to access their funds through their web browser.
Coinomi vs Exodus User Experience
Exodus Wallet is a popular choice for individuals looking for a versatile and efficient digital wallet. One of its standout features is the ability to seamlessly access the wallet across multiple platforms, including browsers, mobile devices, and desktops.
Exodus Platforms
This means that users can easily manage their digital assets no matter where they are. The wallet has a user-friendly interface that is easy to navigate, making it suitable for both beginners and experienced crypto enthusiasts.
Exodus Wallet offers a wide range of features to satisfy even the most demanding users. It has support for 100s cryptocurrencies including well known ones like Bitcoin, Ethereum, Solana, Cosmos, Polkadot, Cardano, BNB, USDT, USDC and many others.
Exodus cryptocurrencies
This means that users can easily store and manage their tokens of choice within the wallet. Additionally, the wallet supports swap functionality, allowing users to exchange their coins directly within the app.
Exodus Wallet Swap
This convenience makes it easier for users to manage their portfolios and take advantage of market opportunities. For users who value security, Exodus Wallet offers compatibility with Trezor hardware wallets. At the time of writing, alternative hardware wallets such as Ledger and Keystone are not supported.
Exodus Trezor Support
By integrating with hardware devices such as Trezor, users can store their funds securely offline, providing an added layer of protection for their digital assets.
While Exodus Wallet offers a comprehensive range of features, Coinomi Wallet falls short in comparison. One major drawback of Coinomi Wallet is its lack of innovation. The team behind the wallet has not introduced many new features, resulting in a stagnant user experience.
The design of the wallet and website also appears outdated, which may turn off users seeking a more modern and visually appealing interface.
Another significant limitation of Coinomi Wallet is its lack of support for popular cryptocurrencies such as Solana, Cosmos, Polkadot, and Cardano. This indicates that the wallet is not keeping up with the latest developments in the market.
Coinomi Wallet Cryptocurrencies
With newer and more modern wallets continuously emerging, Coinomi Wallet's lack of support for these widely used cryptocurrencies puts it at a considerable disadvantage.
Furthermore, Coinomi Wallet fails to offer support for NFTs, which is a major letdown for individuals interested in exploring the booming NFT market.
Coinomi vs Exodus Product Features
Exodus Wallet has established itself as a popular choice among cryptocurrency users with its built-in exchange and wide range of features. With the ability to swap between cryptocurrencies, users can easily manage their digital assets within the wallet.
Exodus supports over 1,000 cryptocurrencies and provides support for Algorand, Avalanche, Bitcoin, BNC, Cosmos, Ethereum, Fantom, Terra, Polygon, Solana and Tron.
Exodus Blockchain Support
It's important to note that when using the Exodus exchange, users must have the native token of each blockchain they wish to swap in or from. Additionally, the wallet charges a 1-3% transaction fee for its exchange services.
A key advantage of Exodus Wallet is its emphasis on privacy and convenience. Users can also buy cryptocurrencies through third-party integrations with Moonpay and Ramp.
Exodus Buy Crypto With Fiat
While Exodus Wallet offers some staking options, the selection is limited to specific cryptocurrencies such as Solana, Algorand, and Cosmos. Users can earn rewards by staking their assets or lending out their DAI via the compound finance integration.
Exodus Staking Rewards
On the NFT front, Exodus Wallet supports NFTs on leading blockchains including Ethereum, Solana, Algorand, Polygon, Binance Smart Chain, Cardano, Avalanche, and Fantom.
The wallet's NFT Gallery allows users to buy, sell, and trade NFTs directly from within the wallet.On the other hand, Coinomi Wallet offers a smaller range of products and services compared to other wallets.
Exodus NFTs
The wallet allows users to swap between their assets using its own exchange, but users should be aware that swap fees via non-custodial wallets can be higher.
Coinomi Wallet also provides access to decentralized finance (DeFi) through its integrated dApp browser and Web3 support, ensuring secure interactions with various dApps.
Coinomi Wallet Features
However, one major drawback of Coinomi Wallet is its lack of support for NFTs. This can be disappointing for users interested in the growing NFT trend. Moreover, Coinomi Wallet offers limited options for earning yield on digital assets, with support only for Algorand and SmartCash.
Coinomi Desktop Features
For users who prefer to buy cryptocurrencies within the wallet, Coinomi offers the option to purchase digital assets with a debit/credit card via its third-party payments provider, Simplex.
Coinomi Payment Providers
In summary, Exodus Wallet offers a more extensive range of features, including an in-wallet exchange, broader staking options, and support for NFTs on multiple blockchains.
Exodus is a highly secure crypto wallet that ensures that users have control over their private keys and transaction data by storing them locally on their device. This decentralized approach means that no one except the user has access to their funds and personal information.
To further enhance security, Exodus employs a secure encryption system that keeps sensitive data safe from external threats. In the event of a system crash or any unfortunate events, Exodus provides a built-in backup tool that enables easy wallet recovery.
Exodus Wallet Security
To bolster its security measures, Exodus has a team of world-class security experts, including some of the top researchers from HackerOne, a renowned platform for vulnerability disclosure.
Additionally, Exodus undergoes continuous updates to counteract emerging threats, ensuring that users' assets remain protected. The wallet follows secure design principles and has a rigorous manual audit process paired with secure tooling and automation.
By using open-source software and operating a coordinated vulnerability disclosure program, Exodus maximizes security and gathers valuable insights from the community.
On the other hand, Coinomi also prioritizes user security by storing private keys only on the user's local device. With millions of devices serving as decentralized storage for keys, Coinomi offers increased protection against hacking attempts.
However, users bear the responsibility of safeguarding their own assets by creating a strong password and securely storing the 12 or 24-word mnemonic seed phrase provided by Coinomi.
Coinomi's non-custodial nature eliminates the need for KYC bureaucracy, ensuring anonymity and privacy for its users. It does not associate IP addresses or track transactions, providing users with a heightened level of security.
Although there haven't been any well-known incidents of Coinomi getting hacked during its 8 years of operation, it's worth noting that the wallet is only partly open source. This means that the full code is not accessible for public inspection, which could potentially raise security concerns for some users.
Another downside of Coinomi is its lack of support for hardware wallets like Ledger, Trezor, and Lattice, which can offer an additional layer of security.
Coinomi vs Exodus Conclusion
Exodus Wallet is a popular choice for individuals looking for a versatile and efficient digital wallet. One of its standout features is the ability to seamlessly access the wallet across multiple platforms, including browsers, mobile devices, and desktops.
The wallet has a user-friendly interface that is easy to navigate, making it suitable for both beginners and experienced crypto enthusiasts. Exodus Wallet offers a wide range of features to satisfy even the most demanding users with support for 100s of cryptocurrencies and over 50 blockchains.
Additionally, the wallet supports plenty of features such as swap functionality, buying with fiat, NFT support, staking and much more. Exodus Wallet also offers compatibility with hardware wallets such as Trezor for those that demand extra security.
While Exodus Wallet offers a comprehensive range of features, Coinomi Wallet falls short in comparison. One major drawback of Coinomi Wallet is its lack of innovation. The team behind the wallet has not introduced many new features, resulting in a stagnant user experience.
The design of the wallet and website also appears outdated, which may turn off users seeking a more modern and visually appealing interface.
Another significant limitation of Coinomi Wallet is its lack of support for popular cryptocurrencies such as Solana, Cosmos, Polkadot, and Cardano. This indicates that the wallet is not keeping up with the latest developments in the market.
Furthermore, Coinomi fails to offer support for NFTs, which is a major letdown for individuals interested in exploring the booming NFT market. As such, Exodus Wallet is the clear winner over Coinomi in this comparison!
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
