How to set custom fees in Exodus?

Understanding Custom Fees in Exodus Wallet

Exodus is a non-custodial cryptocurrency wallet that supports a wide range of digital assets. One of its key features is the ability to customize transaction fees, giving users control over how much they pay when sending crypto. By setting custom fees, users can influence the speed at which their transactions are confirmed on the blockchain. Higher fees generally result in faster confirmations, while lower fees may lead to delays, especially during network congestion.

Custom fee settings are particularly useful during periods of high network activity. For example, when the Bitcoin or Ethereum network experiences a surge in transactions, default fees may not be competitive enough to get timely confirmations. Adjusting fees manually allows users to respond dynamically to network conditions.

Steps to Set Custom Fees in Exodus

1. Open the Exodus wallet application on your desktop or mobile device and unlock your wallet using your password or biometric authentication.
2. Navigate to the asset you wish to send by selecting it from the main dashboard. Click on the 'Send' button located within the asset interface.
3. Enter the recipient's wallet address and the amount of cryptocurrency you want to transfer.
4. Before confirming the transaction, locate the fee settings option, usually labeled as 'Advanced Options' or represented by a slider icon.
5. Click on the fee settings to reveal the custom fee adjustment panel. Here, you can manually set the fee rate based on satoshis per byte (for Bitcoin) or gwei (for Ethereum and ERC-20 tokens).

Factors Influencing Fee Selection

1. Network congestion plays a major role in determining appropriate fee levels. When many users are sending transactions, miners or validators prioritize those with higher fees.
2. The size of the transaction in bytes affects the total fee. Transactions with multiple inputs or complex scripts require more data and thus incur higher costs at the same fee rate.
3. Wallets like Exodus often display estimated confirmation times next to fee levels. These estimates are based on real-time blockchain data and can help users decide between economy, standard, and priority fees.
4. Some assets, such as Bitcoin, allow precise fee control, while others may have limited customization due to protocol constraints.
5. Users should always verify current network conditions using external blockchain explorers before setting unusually low or high fees.

Risks and Best Practices

1. Setting a fee too low may result in the transaction remaining unconfirmed for hours or even days. In extreme cases, the network may drop the transaction entirely.
2. Overpaying fees unnecessarily reduces the net amount received by the recipient and increases costs for the sender.
3. It is advisable to test custom fees with small amounts first, especially when using Exodus for the first time with a particular asset.
4. Always double-check the total fee displayed before confirming the transaction. Exodus shows both the fee rate and the total fee in the selected cryptocurrency and its fiat equivalent.
5. If a transaction is stuck due to a low fee, some blockchains support Replace-by-Fee (RBF), allowing users to increase the fee and re-broadcast the transaction. However, this feature must be enabled at the time of sending and is not supported on all networks.

Frequently Asked Questions

Can I change the fee after sending a transaction in Exodus?No, once a transaction is broadcast to the network, the fee cannot be altered unless the transaction supports Replace-by-Fee (RBF) and was sent with RBF enabled. In such cases, you may be able to create a new transaction with a higher fee to replace the original one.

Why does my Ethereum transaction fee appear so high?Ethereum fees depend on gas price (gwei) and gas limit. During periods of high demand, gas prices can spike significantly. Exodus pulls real-time gas data to suggest appropriate fees, but users can manually lower the gas price if they are willing to wait longer for confirmation.

Does setting a custom fee work for all cryptocurrencies in Exodus?Most major cryptocurrencies supported by Exodus, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, allow custom fee settings. However, some newer or less common assets may not offer full fee customization due to technical limitations or lack of user-controlled fee mechanisms in their protocols.

How do I know if my custom fee is too low?After sending, you can check the transaction status using a blockchain explorer. If the transaction remains unconfirmed for an extended period—especially during peak network usage—it may have been submitted with an insufficient fee. Monitoring mempool activity can help assess whether your fee is competitive.