Cryptocurrencies are becoming more popular by the day as the crypto community finds more uses for their assets and new investors come into the fold.
Crypto wallets such as Trezor and Exodus are becoming more popular as a result.
If you transact regularly with crypto, chances are that you use a software wallet such as Exodus which offers you the convenience to buy, sell, send and receive crypto fast.
Despite their convenience of use, software wallets are less secure as compared to their hardware counterparts.
That is where wallets such as Trezor can come in handy. In this guide, we will show you how to transfer your crypto from Exodus to Trezor.
You may find it necessary to do this if you require a more secure option for your savings or if you transact with larger sums of money.
What is Exodus?
Exodus is a software wallet available as both a desktop and mobile application.
Its founders, JP Richardson and Daniel Castagnoli have made an emphasis on the user experience of their applications making Exodus one of the best software wallets to use for beginners and experts alike.
Whatever the app lacks in terms of security and costs, it more than makes up for with ease of use and intuitiveness. It is one of the most popular wallets currently in the market.
Also see Transfer from Exodus to Trust Wallet.
Some of the features the wallet offers include sending, receiving, exchanging, and storing cryptocurrencies. So far, as many as 145 coins and tokens are supported on the platform.
You can stake coins including Tezos, Cosmos, and Algorand and earn staking rewards as high as 15% for your stakes.
On the other hand, you can lend your coins for an interest reward of upto 6.9% for DAI deposits.
Given that the software wallets are inherently less secure than paper and hardware wallets, Exodus has partnered with the Trezor wallet manufacturer SatoshiLabs to integrate their products.
This way Trezor and Exodus users can benefit from the best of both worlds – an intuitive interface to manage their assets kept on one of the safest wallets.
What is Trezor?
Trezor is one of the oldest cryptocurrency hardware wallets in the market. First launched in 2014 by SatoshiLabs, a company based in the Czech Republic.
This was around the time when major hacks were reported on a regular basis including the hack on the Bitcoin exchange MtGox.
People would purchase their crypto and most opted to store them with the exchange. It proved to be a fatal mistake to a lot of investors which necessitated the launch of a more secure offline storage option.
In terms of physical dimensions, Trezor wallets can easily fit within the palm of your hand. They are small and easily portable devices that ship with a USB cable for connecting to a computer.
Trezor wallets offer several features including support for more than 1700 coins and tokens, an inbuilt cryptocurrency exchange service, and web-based and desktop interfaces for users to interact with their assets.
These may be convenience features but Trezor is more suited for long-term investments and that is why it makes more sense to use it in combination with Exodus.
Why transfer crypto to Trezor?
If you have your assets on the Exodus wallet, there are several reasons you may have to want to move them over to Trezor.
The rationality of the decision is ultimately up to you but below are some of the most common reasons for most users who transfer their assets from Exodus to Trezor.
This is perhaps the biggest reason for transferring your assets to a hardware wallet. Software wallets such as Exodus tend to be less secure than their physical counterparts and this is because they are considered hot wallets.
Hot wallets are connected to the internet and can be accessed remotely by a hacker.
On the other hand, paper, steel and hardware wallets are considered cold wallets because they are used to store private keys offline.
By moving funds from Exodus to Trezor, you are essentially moving them to a more secure location.
More coin support
Compared to Exodus which only supports about 145 coins and tokens, Trezor can be used to exchange and store more than 1,700 crypto assets.
By tapping into the Trezor ecosystem, Exodus users can easily gain access to an extra 1,500+ more coins and tokens.
Additionally, the process of transferring these assets between the two interfaces is seamless and very convenient.
Ability to configure network fees
For a long time, Exodus users have been forced to deal with high transaction costs of sending coins from one wallet to the other because they were denied the ability to configure these fees.
Most wallets provide the capability to change the fees you want to pay in order for your transaction to be included in the blockchain.
However, to the contrary, Exodus took the liberty to assign the most appropriate transaction fee that would guarantee fast transaction speeds. This cost can be extremely high during network congestion.
Trezor wallet supports the ability to change network fees whilst setting up the transaction and this brings back control and reduces costs of transaction for the users.
Is there a fee to transfer from Exodus to trezor?
Yes, transfers between Exodus and Trezor are subject to network fees because essentially you are transferring funds from one wallet to another.
There are no other fees on top of network costs or miner fees that either wallet charges. It also means that time it takes to transfer the assets will be determined by the network’s speed.
How to transfer from Exodus to Trezor?
The process involved in sending your assets from Exodus to Trezor is simple and straightforward and thanks to the simplicity and intuitiveness of the Exodus interface, even beginners can find their way easily.
This section will offer a short guide to the whole process.
In this guide, we are assuming that you own a Trezor wallet, fully configured and usable.
If not, you may want to purchase your wallet first, download and install Trezor Bridge, and connect your device to your computer.
The Trezor Bridge is the piece of software that will allow the computer to communicate with your device similar to a software driver is used to aid communication with a new piece of hardware.
Additionally, make sure you have some coins or tokens on your Exodus account wallet.
Login to your Exodus account and navigate to the ‘Settings’ page via the ‘Settings” button on the bottom left of the home screen page.
Along the top of the Settings page is a navigation bar. Locate the ‘Hardware Wallets’ button and click on it.
On the Hardware Wallet Settings page, you will be presented with two options. If you have not installed the Trezor Bridge application, you will have the chance to do so here.
Go ahead and click on the first button to install the bridge.
You will be taken to the Trezor website where you will download the application and install it.
Once you have completed the installation, navigate back to this screen and click the toggle button to the on position.
This will allow Exodus to detect your Trezor hardware automatically as soon as you connect it.
You can proceed to plug in your hardware wallet to the computer using a USB cable. Exodus will detect it automatically and prompt you to pair the device.
Click on the ‘Connect’ button.
At this stage, Exodus will begin pairing your two wallets together by accessing the account information on the Trezor wallet to display on its interface.
This stage will typically take a couple of minutes but it could take longer if necessary. Be patient and do not unplug your Trezor wallet from the computer.
Once it’s done, it will display the success message below. You can then begin interacting with your Trezor wallet through the Exodus interface.
To proceed, click on the ‘Continue to Portfolio’ button at the bottom of the screen.
Now that you have successfully connected your Trezor wallet, you will notice a new tab at the top representing it. You can opt to assign a label to it through the Settings page.
To send funds from Exodus to your Trezor wallet, click on the Trezor wallet tab as shown above. On the left of this screen is a list of all the assets supported on Trezor.
Scroll down to locate the account of the asset you are interested in and click on it. In our case, we chose Litecoin. Then click on the ‘Receive’ button to the right.
The following box pop-up will appear with the wallet address in alphanumeric characters and as a QR code to scan. Copy the alphanumeric characters.
Close down the pop-up box and select the Exodus tab at the top of the navigation bar where you will now be interacting with the Exodus wallet.
On the left side of the screen is the list of all assets supported by Exodus. Scroll down to locate the asset whose wallet address you compiled from the previous step.
As we intend to transfer some Litecoin, we scroll and locate the LTC account, click on it and again click on the ‘Send’ button to the right.
A new dialog box will pop up prompting you to fill in the cryptocurrency address of the wallet that will be receiving the coins or tokens, and the number of coins to send.
Paste in the address you copied previously and then fill in the amount then click on the ‘Send’ button.
Exodus will process the command and initiate the transaction. Depending on the coin’s network, this process can be instant or slow.
Once the coins/tokens are successfully transferred, you will see the Success notification shown below.
You have successfully transferred your crypto from Exodus to Trezor.
The process of connecting your Exodus and Trezor wallets is easy and so is that one to transfer crypto between them.
After going through this guide, we hope you have learned a bit about how to better safeguard your assets using a cold storage option, and why it matters.