Exodus and MetaMask are both cryptocurrency wallets with competing features. One focuses on web platforms and supporting developers, while the other prioritizes ease of use and versatility for the end-users.
This comparison review of both wallets will help you decide which one is the best for you. We’ll cover:
- How they work
- Their features
- The pricing
- Unique integrations
MetaMask vs Exodus: What Are They & How They Work?
MetaMask
MetaMask is a digital currency wallet that allows you to store, send, and receive cryptocurrency. It also allows you to access dApps on the Ethereum network. It’s a web browser extension available for Google Chrome, Firefox, Opera, and Brave.
It lets you run dApps right in your browser without running a full Ethereum node. With its Web3 gateway, MetaMask is a darling among developers.
The app version is available for Android and iOS.
This software wallet allows users to manage and trade Ethereum assets. It is simple and easy to use, suitable for beginners and pros alike. It only supports Ether and Ether-related tokens.
A JavaScript plugin, MetaMask includes a secure identity vault, providing a user interface to:
- Manage your identities on different sites
- Sign blockchain transactions
ConsenSys Software Inc. developed MetaMask in 2016, and it garnered 21 million active users by 2021.
Also Read: Best Browsers For Cryptocurrency
Exodus
Exodus is a software crypto wallet with an integrated DEX exchange. It is a popular option for both new and experienced crypto users alike. The wallet is known for its ease of use and clean interface. You can rely on your Exodus wallet to receive, send, and swap over 180 top cryptocurrencies.
Exodus is worth considering if you’re looking for an all-in-one solution for managing your crypto portfolio.
The software wallets are available for free download on Mac, Windows, and Linux. There is also a mobile version of Exodus available for iOS and Android devices.
The Exodus wallet integrates with ShapeShift to enable you to use your portfolio for swapping your currencies.
MetaMask vs Exodus Wallet: Features
MetaMask
Dashboard
The MetaMask plugin is available on Chrome, Firefox, or Opera browsers, and you can install it in a few clicks. You’ll have access to the MetaMask dashboard once it’s added to your browser.
The dashboard shows your wallets and the respective balances. The Accounts and Tokens tabs on the MetaMask dashboard give an overview of your accounts and the tokens you hold.
The settings button on the top-right lets you change your network, seed phrase, password, and other settings.
The MetaMask dApp also has a built-in Cryptocurrency Converter that shows real-time conversion rates of ETH to USD and other currencies.
Also Read: NiceHash vs Ethermine
Templates
Creating tokens is easy with the MetaMask Token Manager. You can select from various templates available to create your unique tokens or use a standard ERC-20 token and customize it as per your requirements.
MetaMask Swap allows users to buy and sell ERC20 tokens directly from their wallets thanks to its integrated service for swapping Ethers for other assets.
It aggregates the prices on popular Decentralized Exchanges to determine the best pricing for all the tokens. Effectively, you’ll have access to networks like:
- Avalanche
- Arbitron
- Binance Smart Chain
- Cronos
- Fantom
- Harmony ONE
- HECO
- Polygon
- xDAI
- Velas
Roles
MetaMask features for developers are more abundant than Exodus as its open source. Web3 gateway, message signing, and ERC-20 token standard support.
MetaMask has built-in ShapeShift functionality, allowing conversion between ETH and BTC without leaving the MetaMask extension. This conversion is necessary as MetaMask only supports Ethereum and ERC-20 tokens.
Security
Though it’s popular, critics have previously cited security concerns, such as a lack of 2-factor authentication and the fact that MetaMask can’t be used on private keys without exposing them.
Criticism over the 2-step authentication necessitated the MetaMask open-source community of developers to create extra layers of security. These optional parameters include multi-signature and 2FA Two-Factor Authentication.
Multi-signature requires multiple keys to authorize each transaction, minimizing the chances of hackers stealing your funds.
So overall, MetaMask’s dashboard is one of the most popular wallets for storing Ethereum assets, thanks to its simplicity and ease of use.
Explore: Best NiceHash Alternatives
Exodus
Dashboard
The dashboard is the main screen in Exodus. It’s where users have access to their account balances, history of transactions, and the ability to send and receive funds.
Unlike other popular cryptocurrency wallets like MetaMask or Trust Wallet, Exodus focuses on ease of use and accessibility. The dashboard is intuitive and user-friendly, making it easily accessible for even the most novice of cryptocurrency users.
You can track the market value of over 180 crypto assets directly from the dashboard and easily purchase new cryptocurrencies with just a few clicks.
Exodus is one of the leading crypto wallets on the market today, with an intuitive layout, advanced security features, and a wide range of supported cryptos.
Live price charts allow you to view real-time cryptocurrency prices directly in your Exodus wallet. It makes it easy to track the performance of your portfolio at a glance.
Best of all, you never have to leave the Exodus interface for any transaction supported in diverse crypto markets.
Templates
Templates are just one of the advanced features that make Exodus a standout in its field. You have to enable templates for your transactions in the settings section.
Once you do, you can choose from several pre-populated templates for sending or receiving funds.
Roles
Exodus is comprehensive with its built-in exchange features supporting DeFi connectivity and numerous ERC-20 tokens, compounded with FTX exchange connectivity.
Exodus only supports cryptocurrency deposits and withdrawals. So, you will need to use a different service to buy or sell your crypto.
The ease of use makes it wonderful, even for beginners.
Security
Noncustodial wallets like Exodus give users full control of their private keys and funds. Thus, you’re solely responsible for your security. However, Exodus does offer various cryptographic security features to help you keep your funds safe.
Moreover, Exodus goes on to explain why the 2-step authentication model isn’t viable for its case. Noncustodial wallets do not rely on a centralized infrastructure that can be compromised.
Exodus provides a solution for users who forget or lose their private keys to enhance security. You can reinstall your Exodus wallet and use 12-24 word secret phrases that are mnemonic representations of your private keys.
Yes, Exodus is Hierarchical deterministic (HD). HD wallets create a “master seed” of 12 words, which can generate an infinite number of addresses and private keys.
Private keys are always encrypted on your device and are never sent to Exodus servers.
MetaMask vs Exodus Wallet: Integrations
MetaMask
MetaMask is open-source software, and anyone can audit and edit the source code. Thus, it’s been able to adapt to the dynamic nature of the crypto world. Thus, MetaMask features:
NFTs support
NFTs, non-fungible tokens, have gathered a lot of popularity in the past few months. These are digital assets that are unique and cannot be replaced. MetaMask now allows users to view, buy, or sell their NFTs within the wallet interface.
Features for developers
Developers can build decentralized applications on the MetaMask platform. The wallet interface allows developers to prevent users from entering their private keys into dApps and thus helps to protect user funds.
Also Read: NiceHash vs BetterHash
Web3 gateway
Web3 is a decentralized application platform. MetaMask allows users to access dApps that are built on the Web3 platform.
Ethereum network
MetaMask connects to the Ethereum network. It allows users to send and receive transactions on the Ethereum network. MetaMask also allows users to buy and sell Ether, the native cryptocurrency of Ethereum.
ERC-20 token support
ERC-20 is a standard for tokens built on top of the Ethereum blockchain. MetaMask supports ERC-20 tokens and can be used to trade these tokens within the wallet interface.
Exodus
Exodus wallet integrations help you manage your cryptocurrencies with ease. By integrating with popular exchanges and wallets, Exodus makes it easy to keep track of your portfolio and make trades on the go.
Exodus integrates with ShapeShift, allowing you to trade over 180 different cryptocurrencies directly from your wallet.
NFTs support
NFTs are the rage these days. You can use Exodus to track and manage your NFTs easily alongside your crypto holdings.
DeFi connectivity
DeFi is the new buzzword in the crypto world. You can use Exodus to connect to DeFi apps and protocols to invest, trade, and earn interest in your crypto holdings.
FTX exchange connectivity
FTX exchange connectivity is one of the most unique features of the Exodus wallet. FTX is a derivatives exchange that offers up to 100x leverage and options. Compounded with DeFi connectivity, Exodus allows you to do some serious financial engineering with your crypto assets.
MetaMask vs Exodus: Pricing
MetaMask
MetaMask allows you to set a custom gas limit for each transaction, and it also offers priority transactions that can be used to send funds faster.
The MetaMask transaction fees range from 0.3% to 0.875%, and it’s easy to manage and regulate costs.
Overall, MetaMask offers a better way to manage transaction costs than Exodus.
The accepted payment methods include Wyre, Transak, bank card, Apple Pay, and cryptocurrency.
Exodus
Exodus supports in-house trades with no need for a third-party service, so it’s much cheaper. This wallet service charges every transaction, including network fees and spreads.
Exodus limits transaction fees to network fees, but the spreads are much harder to regulate.
Payment methods are only accepted in cryptocurrency.
MetaMask vs Exodus Wallet – Similarities & Differences
These two popular cryptocurrency wallets have a lot in common, but there are also some important differences to appreciate. Below, we’ll take a closer look at both wallets and compare their features side-by-side.
Similarities
- Exodus and MetaMask wallets deploy 12-word secret seed phrases to help preserve user accounts and funds.
- Both are hot crypto wallets, and it’s advisable to keep them offline whenever inactive.
- Both wallets deploy hierarchical deterministic protocols to generate new addresses and manage user funds, making it easier for users to send and receive transactions.
- Both support a wide range of cryptocurrency tokens.
- Both are easy to use and have user-friendly interfaces.
- Blockchain technology enhances security and anonymity by providing an extra layer of protection against identity theft while also providing users more control over their funds.
Differences
- MetaMask integrates with popular browsers like Google Chrome, Mozilla Firefox, and Brave, while Exodus is an app for PC and android.
- MetaMask runs on the Ethereum Blockchain and supports Ether-based tokens only, while Exodus supports over 180 cryptocurrencies and also provides in-wallet exchange services.
- MetaMask supports multi-signature accounts, while Exodus doesn’t offer this feature.
- MetaMask is a lightweight browser extension that can be installed in seconds, unlike Exodus, which requires you to download the app and set up an account before using it.
- MetaMask offers more tools for developers, clouding the UI a bit, while Exodus specializes in simplified UIs for beginners.
- MetaMask has a smaller user base and is only being used for Ethereum development, while Exodus has a larger community that’s constantly growing.
- Exodus only supports cryptocurrency payments, while MetaMask is open to Wyre, Transak, bank cards, Apple Pay, and cryptocurrency.
- Exodus offers DeFi and the FTX exchange connectivity, while MetaMask doesn’t support these features.
- Which of these two wallets offers better customer support?
- Exodus is heads and shoulders above MetaMask in how it handles customer support. The Exodus team offers 24/7 live chat support, and they are always quick to respond to any issues you may be having.
- MetaMask is open source, and it doesn’t offer the same level of customer support as Exodus.
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Exodus Wallet vs MetaMask – Pros & Cons
Exodus Pros
- User-friendly interface
- Supports multiple currencies
- FXT connectivity empowers Exodus with the ability to connect to decentralized exchanges like Binance
- Offers a built-in ShapeShift exchange
- Allows you to back up your wallet with a 12-word seed phrase
- Supports NFTs
- DeFi and lending are possible thanks to Ethereum integration
Exodus Cons
- Some users find the interface overly simple, lacking key features that more advanced users might fancy
- The built-in ShapeShift exchange can cause delays when trying to convert currency holdings into ETH or other assets
- There have been some reports of issues with connectivity and reliability, especially in the face of increased transaction volume
- Doesn’t supportWyre, Transak, bank cards, and Apple Pay, making it difficult to buy crypto directly with fiat currency
- Does not support Ethereum-based tokens, making it difficult to participate in ICOs
- Not as secure without multi-signature protocols
MetaMask Pros
- Supports Ethereum-based tokens, making it easy to participate in ICOs
- A built-in browser means that users can access decentralized applications without having to leave their chosen browser
- Offers a secure login with a 12-word seed phrase
- Allows users to store multiple accounts
- Supports Wyre and bank cards, making it easier to buy crypto directly with fiat currency
- Integrated ShapeShift exchange makes it easy to convert crypto balances into ETH or other assets
- More secure than Exodus with multi-signature and 2-step authentication
MetaMask Cons
- The interface can be confusing for first-time users
- Some users have reported difficulty connecting to the MetaMask server, especially when trying to access certain dApps
- There have been some concerns raised about the security of the MetaMask extension, particularly concerning phishing attacks
How to Use MetaMask?
As mentioned earlier, MetaMask is a browser extension for Chrome and Firefox. The first step to using this wallet is to install it on your browser. Follow these steps:
Install the MetaMask plugin from the official website:
After installing the plugin, you need to agree to the MetaMask terms and conditions. Then, you can create an account by selecting a password and entering it twice.
When you hit accept, it will then show your 12-word seed phrase and prompt you to copy it somewhere safe and secret.
Your seed phrase is crucial because it allows you to restore your MetaMask account if you lose access or get compromised by hackers. You can always copy and paste the seed phrase into another browser window.
Once this step is done, you will be given a wallet address that acts as your account number. Then, other users can send Ether or ERC20 tokens.
You need to give your wallet address to the sender to receive Ether or ERC20 tokens. They can then initiate the transaction from their MetaMask wallet or another Ethereum wallet.
Once the transaction is complete, you will see the balance in your MetaMask account. You can then use this balance to send or receive transactions.
To send transactions, all you need to do is select the Send button and enter the recipient’s wallet address. You can opt to add a message or fee, depending on your transaction requirements.
MetaMask also allows you to view the status of your pending transactions on the main interface. This way, it’s easy for you to keep track of your transactions and ensure that they are completed successfully.
How to Use Exodus Wallet?
Let’s go over a step-by-step guide on how to use Exodus:
1. Download the Exodus wallet, and install it on your computer or mobile device.
2. Open the wallet, and try it out before backing up.
3. Set your preferred password and click ‘Next.’
4. Save the auto-generated 12-word secret recovery phrase by writing it on paper and storing it safely offline.
5. Click ‘Next’ to complete the setup process, and you’re ready to start using Exodus!
Connect your Exodus wallet with your FTX account to begin trading on the FTX exchange. Connect your Exodus wallet to FTX exchange:
1. Select Settings, and click on Connections.
2. Scroll down to FTX Exchange and click on Enable Connection. You will be redirected to the FTX login page where you can enter your credentials and log in.
3. After logging in, you will be asked to grant permission to Exodus to access your account data. Click Allow, and you will be redirected back to the Exodus wallet.
4. Now you’re all set! You can start trading directly from your Exodus wallet.
Conclusion – MetaMask vs Exodus
MetaMask and Exodus are cut from the same cloth, but their differences make each unique. The ideal wallet depends on what your priorities and interests are.
MetaMask is better if you’re looking for a more comprehensive wallet that supports multiple features and payment methods. It offers more security at the expense of some anonymity.
Ethereum enthusiasts who want to experiment with dApps should go for Exodus, while MetaMask is better for developers.
Exodus is better for cryptocurrency newcomers and those interested in speculative trading. It’s more user-friendly than MetaMask, but it doesn’t offer as many features or tools.
MetaMask excels over Exodus as you can use it on browsers, empowering you to manage your wallet from anywhere and on any device. Moreover, it accepts various payment methods, including cryptocurrencies, bank transfers, credit/debit cards, and PayPal.
On the other hand, Exodus is a desktop wallet that’s only available for Windows, macOS, and Linux. Overall, I would go for Exodus unless I were a developer.
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