Jaxx Wallet Review (UPDATED 2018): Is Jaxx Wallet Safe? | VKOOL

855 Review(s)
AVG Rating: 8.1/10

As cryptocurrency slowly gains in popularity, some of the main issues to be confronted are accessibility and flexibility. Lots of people perceive cryptocurrency to be riddled with obstacles and restrictions that prevent it from being useful, keeping them from getting involved and hurting the industry as a whole. Part of the answer? Crypto wallets. And one of the most exciting new wallets we've seen is Jaxx Wallet.

This wallet offers a lot of flexibility. Not only does it accept 22 different kinds of currencies, with more added every month, but it can pair different platforms' coins together in unique ways and has solid built-in security for users. With its multi-currency capability, design, and other user-friendly features, it's shaping up to be a serious contender in 2018.

Using our guide below, you'll get acquainted with what Jaxx Wallet is and how it works. And if you're looking for great altcoins to fill your wallet with, don't forget to read our new list of the best altcoins of 2018.

What People Think of Jaxx

We wanted to check out what people thought of Jaxx, since user testimony is always going to be a good start when it comes to investigating a product. At CryptoCompare, there are about 150 reviews from users, and while there are many positive ones, there are people who have had bad experiences with it.

First, the positive side. Many users report that the wallet is very easy to use, and others have especially pointed out the multi-currency feature as one of its best. They claim that part of the wallet's ease-of-use is the fact that you don't need to set up a new wallet for each currency, saving time. They like the fact that people have their own private keys, allowing them uniquely to access their currency. Transactions are apparently easy to do, and while the fees are sometimes high (especially for Bitcoins) that it's not Jaxx's fault – it's the fault of whatever currency you're doing a transaction in. They also like the fact that Jaxx never “holds” your funds. Instead, they're under your control and on the blockchain they're on.

Now for the bad side. Many people have reported that the wallet has bugs, sometimes catastrophic bugs that can accidentally erase transaction histories. Worse, other people have seen their balances outright disappear. This is a huge problem, and one that would rightly be cause for alarm. Some have had bad customer service as well, with reps not getting in touch with people when they're in need of help.

The GUI

Jaxx was designed to have a clean, simply user interface, and it definitely delivers on that front. In act it's so simple, it's a little bit confusing, since other wallets people are used to are more complex by comparison.

In the GUI you can switch from currency to currency with ease, send currency, receive currency, and scan QR codes. Some users have experienced lag, and others have had a problem with the fees involved, but again, fees largely have to do with the currencies and their network charges. Hopefully the team will continue to clean up bugs and issues as they pop up, because when you're dealing with people's money, you need to make sure they can be 100% confident that their funds are safe and their balances are accurate.

This wallet supports 22 coins and counting, but does it support the best ones? Check out our list of the best altcoins of 2018 to see which ones made our list.

Safety

Wallets require security, and Jaxx has put its best foot forward here.

Part of the security of the wallet comes from the aforementioned private keys which aren't kept on some server somewhere, but rather on the user's actual device. This means that, unless a hacker had access to your smartphone or computer, they could never ever access your funds remotely. A backup is also available which the user can write down with pen and paper.

In the interest of transparency, it should be noted that Jaxx had a security breach in 2017. $400,000 was stolen, according to reports. However, that was a previous version, and the current version contains improved bug fixes that will likely not allow the same sort of attack to happen again. It's also not clear whether the hack was due to a user error, since not much information about the hack is available.

Ease-of-Use

Jaxx was developed specifically with ease-of-use in mind, so it's no surprise that we found the wallet to have just that. After you log in to the wallet, you can pick the currency of your choice for sending or receive a payment. Easy enough! The wallet is available on iOS and Android, as well as Windows, Mac, and Linux. It's also available as a Chrome extension, so you can access it through your browser.

The service also has a dedicated customer support team that is available by email, Twitter, and chat, and bugs can be easily reported.

We've heard that Jaxx is planning on unveiling a hardware wallet soon, something that would make the wallet even more secure and safe from intruders and network problems. Keep an eye out, as the Jaxx team makes announcements via their Twitter and the blog on their website. If secure coin storage is your thing, check out these other great coins that make use of hardware storage on our list of the best altcoins of 2018.

Jaxx Wallet vs Exodus

Both of these wallets allow you to access different crypto assets from the same place. Both have a focus on simplicity and ease-of-use. Also, both leave private keys with the user, with no storing of the key on external servers. Both have dedicated technical support teams, but while Exodus claims there is there to answer questions 24/7, it's not clear if Jaxx's is always available or not. Exodus has added features that make sure you don't overpay for Bitcoin fees due to network load, but we could find out if Jaxx has implemented anything similar. Jaxx Wallet works with 22 different cryptocurrencies, while Exodus can handle 29, putting it slightly ahead in that regard.

Jaxx Wallet vs Coinbase

These aren't very similar, despite some things in common. Both offer wallets that can store more than one kind of currency, and both have mobile apps and browser functionality. Jaxx Wallet is a straight-up wallet, though, mainly used for sending and receiving crypto. Coinbase, on the other hand, is an exchange whose primary purpose is to provide a place for users to buy and trade cryptocurrency, even allowing people to “schedule” their investment buys according to a pre-planned schedule. Both have security measures to prevent intrusions. Coinbase stores assets in their own storage, while Jaxx doesn't keep anything with them.

Jaxx Wallet vs Electrum

These wallets are quite different. Jaxx Wallet is a multi-currency wallet that can store 22+ kinds of cryptocurrencies. Electrum, on the other hand, only works with Bitcoin. Since Bitcoin is the most popular cryptocurrency, however, this hasn't always been seen as a problem, necessarily. Both allow you to send and receive cryptocurrency, and offer security measures and backup features. Electrum allows for multi-signature permissions, while Jaxx Wallet doesn't have their capability at the time of this article. Electrum offers “cold storage” while Jaxx does not.

Frequently Asked Questions

  1. What are the fees for using Jaxx Wallet?
    They depend on the currency you're using. The wallet itself only charges fees on behalf of the blockchains that are processing your transaction request, and doesn't do fees itself.
  2. Do you know how to use Jaxx Wallet?
    Simple: sign up, sign in, and start sending and receiving crypto.
  3. Is there a Jaxx Wallet Reddit?
    There's a community of people on Reddit talking about it, yes.
  4. Is Jaxx Wallet safe?
    Aside from one major breach in 2017, there haven't been any notable incidents that lead us to say the wallet is unsafe.
  5. Can the Jaxx Wallet be hacked?
    It was hacked once (in 2017) but that bug has since been addressed.
  6. Do you know how to open a Jaxx Wallet?
    You can sign up with some basic user information after downloading it.
  7. What happens if I can't find my Civic tokens in my Jaxx Wallet?
    If your Civic (CVC) tokens aren't showing up, don't worry: they're still there. You just need to make sure Jaxx Wallet is looking at the right address for them.
  8. Do you know how to update Jaxx Wallet?
    Download a newer version.
  9. Is there a Jaxx Wallet mining fee?
    The fees for mining seem to be adjusted according to standard miner fees for whatever coin is in question.
  10. Where can I read a Jaxx Wallet review?
    You're reading one! You can find others on Medium, Reddit, and crypto blogs.
  11. What's the Jaxx withdrawal fee?
    They don't charge their own withdrawal fee. All fees are based on the coin's blockchain's withdrawal fees.
  12. Do you know how to buy Bitcoin on Jaxx?
    You can trade/exchange it for other cryptocurrencies. You can't buy it directly with fiat.
  13. Does Jaxx have customer service?
    Yes.
  14. Jaxx is not showing currency. What do I do?
    This sometimes happens, but your money isn't gone. You should contact customer service immediately.
  15. Jaxx is not showing my balance. What do I do?
    Same as above. This is a bug, but your funds are likely still safe. Check with customer service.

Conclusion

If blockchain technology is going to survive, people are going to need a convenient way to interact with it. Thanks to wallets like Jaxx Wallet, people have the opportunity to have all their cryptocurrencies accessible from one place, with a simple interface that ensures that you won't be lost or confused. The fact that your key isn't stored anywhere but with you is also good, making sure that even if someone hacked Jaxx's main servers, they wouldn't be able to get your money.

Jaxx Wallet can hold dozens of currencies, but what if you don't know which currencies to invest in? You're in luck. We just released our new list of recommended altcoins to invest in in 2018.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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