How to lower fees on Exodus

Understanding Exodus Fee Structure

Exodus is a popular multi-asset cryptocurrency wallet that allows users to store, send, receive, and exchange various cryptocurrencies. While it does not charge fees for sending or receiving crypto directly, users may encounter network fees and exchange fees when performing transactions or swapping assets. These fees are not set by Exodus but are determined by the blockchain network and the exchange partners Exodus works with. To lower fees on Exodus, users need to understand how these fees are calculated and what options are available to reduce them.

Optimizing Network Fees

When sending cryptocurrency from your Exodus wallet, you are required to pay a network fee, which compensates miners or validators for processing your transaction on the blockchain. These fees fluctuate based on network congestion. To lower network fees, you can adjust the transaction speed settings within Exodus:

• Select 'Economy' or 'Slow' speed when sending crypto. This tells the network you're willing to wait longer for your transaction to be confirmed, which usually results in a lower fee.
• Monitor network congestion and send transactions during off-peak hours when possible. For example, Bitcoin fees are often lower late at night or early in the morning.
• Use SegWit addresses for Bitcoin transactions. Exodus supports SegWit by default, which helps reduce transaction size and thus lowers fees.

Reducing Exchange Fees

Exodus integrates with third-party exchange services to allow users to swap one cryptocurrency for another. These exchanges charge a fee for their services, which can vary depending on the pair and market conditions. To minimize exchange fees:

• Compare exchange rates across multiple providers before confirming a swap. Exodus displays the estimated fee and the amount you'll receive before you proceed.
• Use the 'Advanced' settings to toggle between different exchange partners. Some may offer better rates or lower fees at certain times.
• Avoid small trades. Smaller swap amounts can result in a higher percentage of fees relative to the value being exchanged.

Using the Exodus Portfolio for Fee-Free Management

While Exodus does not offer fee-free transactions, it does provide a fee-free portfolio tracking feature. You can view all your assets in one place without incurring any costs. This helps users avoid unnecessary transactions that may trigger fees. Additionally:

• Consolidate small balances into fewer addresses to reduce future transaction fees.
• Track gas-efficient coins like Litecoin or Bitcoin Cash for everyday transactions where lower fees are expected.

Leveraging Exodus Support and Settings

Exodus offers tools and support options that can help users customize their fee experience:

• Enable custom fee settings in the advanced options of the send screen. This allows you to manually set a lower fee than the default, though it may result in slower confirmation times.
• Reach out to Exodus support if you believe you were charged an incorrect or unexpected fee. While Exodus doesn't control the fees, their support team can help clarify any confusion.

Frequently Asked Questions

Why do I still pay fees if Exodus says it doesn’t charge any?Exodus does not charge any fees directly. However, network fees are required by the blockchain to process transactions, and exchange fees come from the third-party services used to swap coins.

Can I cancel a transaction if I set the fee too high?Once a transaction is broadcast to the blockchain, it cannot be canceled. If you set a high fee unintentionally, the transaction will likely be confirmed faster, but the fee is non-refundable.

Does Exodus offer fee discounts or loyalty programs?Currently, Exodus does not offer fee discounts or loyalty programs. Fees are determined by the blockchain and exchange partners, not by Exodus itself.

How can I see the breakdown of fees before sending or swapping?Before confirming any transaction or swap, Exodus displays a fee summary, including the network fee or exchange fee, the amount you’ll receive, and the estimated time for confirmation.