How to Minimize Exchange Fees in Exodus Wallet
As one of the most popular cryptocurrency wallets in current use, Exodus stands heads and shoulders over most of the competition in many areas.
One of these areas is built-in exchange functionality, since Exodus’ built-in exchange tool is one of just a handful on the market that supports completely private exchanges with no maximum trade size.
However, although Exodus’ built-in exchange tool is extremely convenient, it can have some rather high fees — particularly when trading less common trading pairs. This is because Exodus actually uses several partner exchanges to fulfill its fees, if these exchanges don’t have great liquidity for the trading pair you are looking to trade, then Exodus will charge a higher fee.
This exchange fee can sometimes be higher than 10%, which is extremely high as far as cryptocurrency exchanges go. Fortunately, there is one clever way we can be used to reduce these fees to just a fraction of the original price, potentially allowing you to cut your trading fees from more than 10% to just a few percent if performed correctly.
Intrigued? Read ahead to find out the simple trick to minimizing fees!
How to Minimize Exchange Fees using Exodus
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To successfully minimize fees while trading on Exodus you will need to first have your cryptocurrency balance in a wallet on an external exchange platform. This is the money you intend to trade on Exodus.
- To start, open Exodus Wallet and navigate to the exchange interface. Here, you will find a large range of cryptocurrencies that are available to trade.
- On the left, select the cryptocurrency you wish to trade and on the right select the cryptocurrency you wish to receive. For our example, we want to trade 10,000 USD worth of Maker and Exodus offers to provide 8,562 USD worth of AppCoins in return.
- However, you will notice that if you scroll through the list of cryptocurrencies on the left, and enter the same 10,000 amount, other cryptocurrencies can be exchanged for AppCoins at a better rate. For example, 10,000 USD worth of Tether can buy 9,106 USD worth of AppCoins. Clearly, this is a far better rate than when converting Maker directly to AppCoins.
- Because of this, simply exchanging 10,000 USD worth of MKR to Tether on an external exchange, and then depositing this Tether on Exodus will allow you to indirectly purchase AppCoins with Maker by using Tether as an intermediary. Since most external exchanges charge far less than 1% on a standard exchange, this results in a significant saving over the standard Exodus exchange fee!
Get More Out of Exodus
How to Install, Use and Backup Exodus Wallet
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How to Add More Coins to Your Exodus Wallet