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Exodus vs. Coinbase | Which One Should You Choose?
Coinbase and Exodus are two crypto exchanges that allow people to trade cryptocurrencies. However, these exchanges aren’t new and have been around before people even found out what cryptocurrency is. Let’s take a deeper look into these crypto exchanges and see what sets them apart from each other.
Exodus vs. Coinbase: Features
Exodus and Coinbase both have in-built crypto wallets that allow people to store, send, and receive cryptocurrencies. However, Exodus doesn’t accept fiat currencies to buy crypto. Instead, it has a P2P feature that allows people to trade crypto, whereas Coinbase does both, accepts fiat currencies, and user can transfer their funds through their debit cards and offers P2P services.
Exodus vs. Coinbase: Security
Both the platforms are very secure even though they are different. To use Coinbase, you need to sign up and complete a verification process. It also offers insurance for 98% of the crypto in its wallet. As it’s the custodian of your wallet, Coinbase has the private keys for your wallet. People who don’t wish Coinbase to have access can choose a separate wallet for their crypto.
On the other hand, Exodus’s users have full autonomy over their crypto. The platform won’t be responsible if anyone loses their funds as their wallet is non-custodial, meaning that users have ownership of their private keys. However, Exodus has a partnership with Trezor which means that their wallet offers more security and privacy.
Exodus vs. Coinbase: Price
Exodus is a decentralized exchange that doesn't charge for transferring cryptocurrency. As a result, it does not keep any costs linked with funds transfer. However, it isn't completely free and may at times be more expensive than Coinbase. The transaction fees that Exodus charges go to the network.
Depending on how many deposits have been made previously, the transaction amount can vary. You'll also have to pay a fee worth approximately 4% on each transaction. Instead, Coinbase has a predetermined fee structure. There are flat costs and convenience fees, and fees based on the mode of payment and the transaction amount.
Jumpstart your cryptocurrency trading journey with Coinbase. Learn all about the online Cryptocurrency exchange platform in our brief guide to get started with Coinbase.
Which Is Better?
To put it another way, Exodus is both a wallet and a decentralized exchange. Peer-to-peer cryptocurrency exchanges are available between 138 different cryptocurrencies on this platform. Assets are completely under the user's control.
On the other hand, Coinbase is a centrally-controlled crypto trading platform. A total of 66 cryptocurrencies and over twenty fiat funds are supported. Coinbase customers use hot wallet software to store their assets, and Coinbase serves as the custodian of those monies. However, Coinbase customers have the option of moving their cash to a separate Coinbase wallet.
In the end, it comes down to whether or not you prefer the ease of centralized exchanges over the peer-to-peer trading that occurs on decentralized exchanges.
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Do You Want To Learn More About Such Platforms?
If you or someone you know is looking for simplified crypto and bitcoin guides, get in touch with Urban Crypto. We’re a full-service platform that provides beginners guide for Coinbase and other platforms. Our mission is to educate people about crypto to make money with cryptocurrency using our starter's guide.
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