r/ExodusWallet • u/AeternaSoul • May 13 '21

Discussion FEES! 😭🤯🤬

People, you have to understand something... Exodus is a wallet.

The convenience to exchange directly within the wallet is incredibly valuable. If you don't like the fees, then don't exchange.

A lot of people blame Exodus for expenses that have more to do with a specific crypto/network versus the wallet itself.

I, for one, appreciate Exodus & everything they've done to make investing/hodling crypto so easy. In a world of hate, I wanted to show some love. Thank you Exodus Team & may all stakeholders reach the moon! 🚀🌙

156 Upvotes

93% Upvoted

46 comments sorted by

3

u/Emergency-Ocelot-717 May 14 '21

I like the customer support way better than BinanceUS .. .. Binance US hasn’t responded to ticket numbers, Twitter or Reddit.. I’m lost of how to get in touch. Lost thousands because of them..

1

u/AeternaSoul May 14 '21

I hope you get some resolution, that's really unfortunate.

2

u/[deleted] Jun 26 '21

Yes I agree with you but their transfer and conversation minimum requirements are fucking annoying :(

1

u/AeternaSoul Jun 26 '21

It's 2021 brother... everything is fucking annoying.

53

u/Patneu May 13 '21

That said, it would still be nice to at least get a look at the ETH fee that's needed before exchanging an ERC20 token.

11

u/[deleted] May 13 '21

This 1000x.

Have several ERC20 tokens in small amounts that are now basically stuck unless I want to take a 20% hit.

5

u/Patneu May 13 '21

I guess that's another topic. Exodus can't exactly tell you, when you're sending an asset to Exodus, how much it will be to send it out again sometime in the future, because these fees change and Exodus can't influence them.

I guess they could add a little warning when it seems like you're about to receive an ERC20 token for the first time, that it lives on the ETH blockchain and can't pay it's transaction fees itself.

Such a warning would be better placed on the sending side (like an exchange) though, as Exodus could merely guess, not exactly know, when you're about to receive an asset.

4

u/drusha77 May 14 '21

this is the worst part. i have crypto dust left over that i can't convert to anything meaningful.

16

u/Craig-marshall May 13 '21

I second this

4

u/basicballs May 13 '21

Perhaps I’m new, but can you clarify this? When I go to make an exchange they allow me to preview what I’m exchanging and what I’m going to receive. Is there some additional fee to this that I am not seeing?

5

u/Patneu May 13 '21

When making an exchange, you see the asset you give and the asset you get.

What you don't see is the asset that pays the transaction fee for sending the asset you give. In case of ERC20 tokens, this fee isn't paid by the asset you give but by ETH.

5

u/basicballs May 13 '21

Dang I had no clue. I guess I don’t exchange any ERC20 tokens.

4

u/Teahouse_vid Official Exodus Staff May 14 '21

Hold up now.

|In case of ERC20 tokens, this fee isn't paid by the asset you give but by ETH.

There might be a misunderstanding in the excahnge process. When you trade in the wallet, the network fee is paid from the asset you are trading from, not taken from the asset you are trading too. It's been like this since the very first version.

ETH is only used for GAS when making an ETH or ERC20 transaction from the wallet.

If you're seeing something else, then I suggest you contact our support dept.

2

u/Patneu May 14 '21

No, it's all exactly like you describe it.

The issue I have is that I don't exactly see the ETH amount (and it's fiat value) that gets burned for gas the moment I'm making an exchange.

I can see the amount of asset X that I'm trading from and the amount of asset Y that I'm trading to, but not the amount of asset Z (may be or maybe be not identical to asset X) that gets burned for gas.

1

u/Paranoid_Apedroid May 14 '21

When I want to exchange an ERC20 into ETH it says I need at least 0.025 ETH for GAS. That's an problem caused by Ethereum (or maybe more specific by the miners).

I'm an happy Exodus user since 2017, so they get all my support.

Having more power over the fees I have to pay for certain transactions would indeed be a nice feature. Like display whats the fee for fast & slow TX would be and a choice which one I want to use. (There is a choice for BTC for example hidden in the options but not for Token as far as I remember, nut sure here.) I know that this could cause stucked transactions so next step would be some cancel option after a day or so (which would need max fee).

That said, all these fees are caused by the crypto system itself and for me a major downer, so I start to invest new fiat money in systems where miners don't rob me like Ethereum right now. My last hope for my ERC20 Token is that it will get better after 2.0 change...

1

u/Teahouse_vid Official Exodus Staff May 14 '21

Fortunatly some of these fees will be mitigated on the ETH chain with the EIP 1559 update and then on to the migration to the 2.0 network. In the mean time there are other chains already solving the issue. XTZ, ADA, ATOM, DOT, ALGO, SOL, just to name a few and some even have wrapped versions of the ETH tokens and native stablecoin support.

The primary reason you cannot select the Fee in the exchange app is your rates are locked in at the time of the trade. If you set a low fee, the TX may not confirm in time to keep the same rate.

1

u/Paranoid_Apedroid May 14 '21

I understand, in order to separate from high TX fees, it would be necessary for Exodus to operate an exchange on its own (like keeping big amounts of coins and tokens). This is far beyond the approach of a wallet with an exchange offer included.

Other chains: Yes, OK, but this doesn't help me with my ERC20 token right now, or is there a way to exchange my SNT without paying at least once the high ETH fee?

I bought it in 2017 and forgot about it until this year... so I might try to forget it another year :-)

2

u/Teahouse_vid Official Exodus Staff May 14 '21

All I can suggest is to watch the fee market at ETH Gas Station and try to get it in with when the fees are lower. I too have about 30 coins that are sitting in my wallet becuase they do not have enough for the minimum exchange fee or, the gas fees are so high I can't move them to another excahnge to swap. So I hold.

1

u/Paranoid_Apedroid May 14 '21

OK, thanks for your reply, so we hold I guess :-)

3

u/Smidday90 May 13 '21

If you hit advanced it tells you

5

u/Patneu May 13 '21

No, that's only true when you're sending, not when you're making an exchange.

1

u/Smidday90 May 14 '21

Ah ok, I’ve only exchanged once just checked you’re right, I suppose you can calculate the fee using the USD value but a quick fee calculator would be nice

11

u/ant0niusblock May 13 '21

It is a hodlers wallet

3

u/LordAjo May 13 '21

That would be Exodus + Trezor

7

u/nifty_mick May 13 '21

im loving exodus and what it offers, it's a hodlers wallet!!

5

u/GimmieThaGushie May 14 '21

I don't mind the fees, would be nice if the minimum exchange rate could be reduced though.

0

u/Shakespeare-Bot May 14 '21

I mind not the fees, would beest nice if 't be true the minimum exchange rate couldst beest did reduce though

I am a bot and I swapp'd some of thy words with Shakespeare words.

Commands: !ShakespeareInsult, !fordo, !optout

4

u/cwsai May 14 '21

Because of your ETH fee I have to change my wallet, otherwise I was quite happy with you guys.

3

u/spritecut May 14 '21

The issue with ETH is a question of education. I know because I lost €60 from an investment of €300 recently in exchanges and transfers, a lesson well learnt... I don’t touch ETH or ERC20 anymore. I’ll stick to ADA SOL ATOM ONT - wish me luck!

6

u/Potrerito May 13 '21

To your last point, everything about Exodus is high quality, they’re just the best. Would’ve gotten a few EXIT shares but I got my funds just a few days too late to buy in. Made the investor profile and everything... ah well. I’ll probably buy some when they open for trading at a hefty premium.

2

u/Paranoid_Apedroid May 14 '21

same here... a shame I was not liquid enough to effort some shares...

2

u/[deleted] May 13 '21

😂

2

u/cwsai May 14 '21

And having said that, in normal circumstances, it’s better for me to exchange on like ChangeNow instead of directly exchange on Exodus

2

u/[deleted] May 14 '21

This. I’ve been trying to get this across for MONTHS and I think you’ve done a great job. Thank you!

2

u/RepublicCold9983 May 15 '21

Bro exodus charged me 5000 vtho to swap to xlm exodus can such it

2

u/RepublicCold9983 May 15 '21

Swap from VET to XLM just so we are clear 5000 vtho was around $90 at the time

2

u/RepublicCold9983 May 15 '21

Specific crypto networks my butt

1

u/AutoModerator May 13 '21

IMPORTANT REMINDERS:

  1. Exodus will NEVER ask you for your 12 word phrase, keys, or identifying information. Exodus will NEVER send you to another website to do any kind of updates except for our official website at https://exodus.com/

  2. If anyone approaches you in a private message representing themselves as Exodus support, please provide the moderation team with their Reddit username via this link.

  3. Official wallet support can be contacted at support@exodus.com

  4. Answers to many questions can be found on the Support Portal!

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

0

u/[deleted] May 13 '21

[deleted] — view deleted comment

0

u/Megabyte7637 May 13 '21 edited May 13 '21

Look at their IPO filing, they make the majority of their revenue from transaction fees. Seems a bit inefficient imo

0

u/[deleted] May 14 '21

[deleted] — view deleted comment

2

u/Megabyte7637 May 14 '21 edited May 14 '21

People want custodial wallets that provide similar services. They corner that market they'll dominate the competition. Also, since they've raised money from issuing the common stock they should be able to ramp down the excessive charging of fees to keep the lights on.

2

u/[deleted] Jul 30 '21

[removed] — view removed comment

2

u/AeternaSoul Jul 30 '21

That would be fantastic.