When you're dealing with cryptocurrency, many factors are critical, including cost, ease of use, and security. With non-custodial wallets, you are largely responsible for your security; however, it is important to That's why it's important to know how best the noncustodial wallet service has poised you for optimal asset protection.
In this article, we compare two of the most popular non-custodial cryptocurrency wallets on the market today, Exodus Wallet and Trust Wallet, and look at which one comes out on top.
What Is A Crypto Wallet
A cryptocurrency wallet is a digital wallet that keeps your private and/or public keys and connects with different blockchains to allow users to transfer and receive digital currency while monitoring their balance.
Some are custodial and some are non-custodial, with various features and security levels. Handling a non-custodial wallet isn't for everyone, as you are majorly responsible for your security; however, if you are well assured of your ability to safeguard your assets, below are two of the best wallets to select from.
Exodus Wallet vs. Trust Wallet
1. Security and Privacy
Exodus has reasonable security. It is a non-custodial wallet where users retain ownership of their private keys and need a user-created password to access the wallet. Then, you'll also need to create a 12-word seed phrase, which helps recover your wallet if the device breaks down or gets stolen.
It is essential to note this phrase somewhere in offline storage instead of on your device or computer. Nevertheless, we should not overlook its drawbacks.
For instance, it lacks high-level protection against hackers and lacks two-factor authentication. It also lacks a multi-signature feature, which typically gives the wallet an extra layer of security. It does not also have Know Your Customer (KYC) procedures. Therefore, users are not obligated to sign up or provide personal information.
Although Trust Wallet, like Exodus Wallet, cannot provide the same level of security as hardware wallets, the platform strives to keep clients' assets safe by conducting frequent audits. To provide an added layer of protection, it also incorporates various security methods such as passwords, pin code scanning and fingerprint scanning. It never keeps user information on its servers, letting users keep their wallet keys on their computers rather than on the wallet servers. Users are thus solely responsible for safely storing private keys.
2. Exchange Support and Integration
The Exodus wallet currently supports over 100 crypto assets, with more being rolled out as part of the app's regular updates, making it a reliable solution for storing crypto assets.
One of the biggest benefits of Exodus is its inbuilt exchange. It allows you to trade between over 100 different digital currencies from within your wallet. There are fees involved when trading between coins that vary based on the pairing, so users need to look closely before making any trades. Exodus has built-in staking integration to help maximize your coins' profitability, making it easy to earn rewards on coins like Cardano, Cosmos, Tezos, and more.
Due to its association with Binance, Trust Wallet boasts over 160,000 different tokens and coins across more than 40 blockchains, making it unlikely you’ll find a cryptocurrency the wallet doesn’t support. It’s important to note that while Binance owns it, you don't need a Binance account to use the wallet. The wallet has a simple swap feature where you can trade between different coins and tokens. It even includes an in-depth ‘Exchange’ feature for more advanced orders and exchanges. Trust Wallet also makes it easy for users to stake coins and earn rewards for assets like Binance Coin, Algorand, and more.
Users can purchase, sell, and trade currencies using Exodus' internal exchange. Furthermore, Exodus' partnership with FTX enables users to access the exchange directly from the Exodus app, making asset transfers between the two easier.
Another new addition to the Exodus NFT Marketplace is the ability to purchase, trade, send, and receive Non-Fungible Tokens (NFT). Wallet holders can stake assets and also collect income on their investments. Consequently, customers may deposit assets on the app and stake the assets they want to earn passive income.
The adaptability of Trust Wallet across blockchains is its defining characteristic. Users can send and receive cryptocurrencies with just one app downloaded to their smartphone. The wallet has an earn interest feature, which allows the application to put your coins to work for you by staking your assets at a variable interest rate. In addition, it gives you a recognized proof-of-stake (PoS) certification, which allows you to start collecting interest on your digital assets, which means they will continue to earn you money on their own. It also has a useful dApps browser to help locate other companies and sellers who receive cryptocurrencies in exchange for goods and services.
Exodus does not charge fees for sending or receiving cryptocurrency. It also does not keep track of any costs linked with fund withdrawals. Instead, the wallet only levies transaction fees for processing payments, which is required for all crypto transactions. These fees are paid to validators on separate blockchains and vary depending on the network. Users cannot manually adjust these fees.
Exodus makes income by obtaining a percentage of the spreads from third-party APIs associated with the swapping function within the wallet. So, exodus can only make money when you carry out swaps.
Similarly, Trust Wallet does not charge any installation fees, nor do they charge deposits and withdrawal fees. The only costs charged are the gas fees, which are directly paid to the validators on individual blockchain networks. Trustwallet doesn't directly make any money from swapping coins within the app, but since it is owned by Binance, the parent company benefits from the spread fees on the swap function.
5. Ease of Use
Exodus wallet offers a user-friendly design and a built-in exchange available on PC and mobile, meeting the most pressing demands of users on a multiple range of devices. On the other hand, Trust Wallet restricts its access to mobile devices, with the aim of lessening the likelihood of hacks on multiple hot wallets.
Generally, they are pretty straightforward and quite easy to use for beginners.
Both Exodus and Trust wallets are two of the top picks as far as non-custodial wallets go. Perhaps, the Exodus wallet slightly edges Trustwallet on unique features via its direct link up with Centralized Exchange (FTX), and collaboration with Magic Eden to set up a unique NFT marketplace for the Solana network; however, Trustwallet is the better option for a wider range of crypto support.
If you still feel like non-custodial wallets demand too much from you in terms of managing your own security, or you feel they are too complex to use, you should try downloading the best custodial wallet, where all you have to do is log in with details as simple as your Twitter or Telegram username, with easier security protocols that remain airtight enough to safeguard your assets.
What's more, CCTIP charges absolutely NO FEES on ALL transactions.