Jaxx Wallet Review For 2021: Is It Safe?
If you want to invest in cryptocurrencies, it is important that you store your investment in a cryptocurrency wallet. A crypto wallet safeguards your investment and allows you to trade worry-free. There are several types of cryptocurrency wallets, namely hardware wallets, mobile wallets, desktop wallets, paper wallets and online wallets.
While hardware wallets are the safest of the five, there are quite a few mobile and desktop versions of crypto wallets that are worth exploring. We will discuss all you need to know about Jaxx Wallet in this guide.
Jaxx Wallet is available in the form of a mobile wallet and a desktop wallet (you can create a paper wallet as well).
The cross-platform blockchain wallet allows you to safely manage dozens of crypto tokens, including Bitcoin (BTC) and Ethereum (ETH).
The crypto wallet was launched by Decentral, a Canadian blockchain company, in 2014.
The new and improved version of Jaxx Wallet, Jaxx Liberty, was released in July 2018. Jaxx Liberty is widely regarded as the 2.0 version of crypto wallets.
The multi-currency wallet offers several fascinating features, one of which is ShapeShift integration.
Pros And Cons Of Jaxx Wallet
We have compiled a list of the pros and cons of Jaxx Wallet:
- The multi-currency wallet supports over 90 cryptocurrencies.
- The wallet offers cross-platform pairing. This means that you can install both the mobile and desktop versions of the wallet and use them as a single entity – your funds will be available on both versions of the crypto wallet.
- With links to third-party apps like Simplex and Changelly, you can buy and sell crypto tokens like Bitcoin, Ethereum and Litecoin (LTC) through these service providers.
- The crypto wallet comes with an intuitive user interface (UI). You can access your total crypto holdings and track the prices of the top 100 crypto tokens.
- The wallet’s news module allows you to follow the latest blockchain news from a range of trusted sources.
- ShapeShift integration allows you to exchange one crypto token for another within the app.
- Jaxx Wallet does not provide two-factor authentication (2FA) or multi-signature support. This is a huge security letdown. As such, the wallet experienced a major security breach in late 2017, when over $400,000 worth of Ethereum was stolen from a user.
Here are the key features of Jaxx Wallet:
The crypto wallet is available in the form of a mobile app and a desktop wallet. If you are an Android user, you can download the wallet on Google Play Store.
Similarly, if you are an iOS user, you can download Jaxx Wallet on Apple App Store.
The desktop version of the wallet is available for Windows, Linux, Mac OS X and Google Chrome extension.
The wallet’s availability as a Google Chrome extension makes it easy to access wherever you are. You can download the desktop and mobile versions of the wallet by visiting Jaxx.io.
The wallet also allows you to view and copy your private keys. This means that you can create a paper wallet if you like. The wallet also provides a provision to import private keys from a paper wallet.
One advantage of creating a paper wallet is that you can keep your crypto tokens in cold storage.
The crypto wallet supports over 90 cryptocurrencies at the time of writing.
These include Bitcoin, Ethereum, Bitcoin Cash (BCH), Litecoin, Ethereum Classic (ETC), Dash (DASH), Zcash (ZEC), Augur (REP) and Bancor (BNT).
The fact that the wallet offers support for a variety of popular and less-popular crypto tokens makes it an attractive option.
The wallet is free of cost – you do not have to pay any money to download or use the wallet.
The crypto wallet does not charge any fee when you send crypto tokens from Jaxx Wallet to another wallet address.
That said, you will be charged a network fee for the same – Jaxx does not profit from this.
The network fee that you will be charged varies and depends on the crypto coin that you are sending and how busy the network is.
You will be charged a transaction fee when you exchange crypto tokens within the app through the ShapeShift API – Jaxx does profit from this.
Here are the principal security features of Jaxx Wallet:
- The crypto wallet is a non-custodial blockchain wallet. In essence, this means that you have complete control over your private keys.
- The wallet will never store or ask you to enter personal information of any kind.
- Private keys are held locally on your device. This adds an extra level of security.
- The HD wallet offers a 12-word backup seed phrase. If your mobile device or computer stops working, you can use the backup seed phrase to recover your private keys. Write down your backup phrase on a piece of paper and store it safely.
Ease of use
Jaxx Wallet is very easy to use. As has been mentioned before, the crypto wallet offers an intuitive UI.
You can easily check out your digital asset balance, track individual crypto tokens and follow individual price changes over the last hour, day, week and month. You can follow the top 100 crypto tokens, compare price changes and follow the latest trends.
How Do I Set Up My Jaxx Wallet?
As has been mentioned already, Jaxx Wallet is compatible with most device types. You can download the wallet by visiting Jaxx Liberty’s official website, Jaxx.io.
The process of installing the wallet is similar across all device types.
Here is how you can download the desktop version of Jaxx Liberty:
- Visit the official website and click on the Download icon at the top of your screen. You will be redirected to a new page. Click on the Desktop version option and download the correct file type in accordance with your device.
- The wallet will provide you with a checksum at this stage. You can match the checksum with the checksum provided when you install the wallet to verify the genuineness of the file you are downloading.
- Click on the .EXE file once the download is complete. All necessary files will be extracted to your device at this stage and installation will commence.
- Once the wallet is installed, it will automatically open in the form of your Bitcoin wallet.
- You can then go on to set up individual crypto wallets by clicking on the menu icon at the top right-hand side of your screen.
How Does The ShapeShift Feature Actually Work?
Let’s say you want to exchange Bitcoin for Ethereum. Click on the ShapeShift icon to proceed.
Choose the crypto token you want to exchange BTC for, which is ETH, in this case, enter the amount of BTC you want to exchange, look at the Instant Rate on offer and click on the Shift button to proceed.
Click on the Confirm button to complete the exchange. Your transaction will be processed within a few minutes.
ShapeShift integration allows you to exchange cryptocurrencies within the wallet without having to visit a crypto exchange.
Jaxx Wallet is one of the best crypto wallets around.
The wallet is available as a mobile app, a desktop wallet and a paper wallet.
While the wallet does have some security concerns, it offers several worthwhile features, including an in-app exchange and the provision to buy and sell cryptocurrencies.
If you do not want to use the wallet as a hot wallet, you can always create a paper wallet.
The fact that Jaxx Liberty supports over 90 cryptocurrencies adds to its appeal. Overall, the crypto wallet is among the best in the business.
That said, the Jaxx team should work on the wallet’s limitations and offer 2FA and multi-signature support in the future.