Did you know that despite countless wallets being sold literally everywhere on the internet crypto users still struggle with the safety of their coins today? Well, now you know.
And in the past, the burden was even heavier for users who owned different coins that required different wallets.
Can you imagine how chaotic this space would be if each and every coin was to be stored in a separate wallet? I don’t know about you, but I cannot even begin to imagine that.
Fast forward to today where we have wallets that store multiple currencies at a time in a single place.
Welcome to Jaxx wallet.
Jaxx, which is popular in Toronto and was founded in 2013, is a web-based wallet that can also be referred to as an e-wallet.
This wallet permits users to store and take control of their online activities, including shopping.
One of the notable benefits of cryptocurrency wallets has to do with the level of safety they provide to the holders. Additionally, they can also provide a form of identification to the holders.
Check out some of its features in this video:
In this Jaxx wallet review, I will take a dive into how the wallet works, its safety standards, the pros and cons, and more importantly, my rating of the product.
So, sit up, and let’s get started!
How to Get Started with Jaxx Wallet
For those who do not know, Jaxx is a hot wallet, which simply means that the wallet is always connected to the internet (which explains the ‘e’) from your desktop or mobile phone.
Jaxx supports a decent number of cryptocurrencies. You will also be glad to know that Jaxx grants you access to the world’s largest cryptocurrencies by market cap.
Jaxx is compatible with Google Chrome and Firefox extensions, Apple, Linux desktop versions, Android and iOS handsets, and tablets, among other mediums.
Which are Some of the Coins Supported by Jaxx Wallet?
Jaxx supports a wide variety of coins and it keeps adding more from time to time.
Here are some of the coins supported by the wallet.
- BTC – Bitcoin
- ETH – Ethereum
- ETC – Ethereum Classic
- REP – Augur
- EDG – Edgeless
- BNT – Bancor
- CVC – Civic
- GNT Golem
… and the list continues…
How Can You Add Currency to Your Jaxx Wallet?
Jaxx allows its users to conveniently manage their coins right from their wallets using the ShapeShift crypto-exchange which has been synced with the wallet.
The feature provides for conversion between Bitcoin, Ethereum, and DAO. ShapeShift will also work with any other coin that may be integrated by the Jaxx team.
Other than holding multiple cryptocurrencies, Jaxx also allows you to hold common fiat currencies.
How to Use a Jaxx Wallet to Make or Receive a Payment?
For you to make payments via Jaxx, you will need to have the cryptocurrency address of the person you are making the payment to.
If you are using a desktop, you might have to input the address manually, or make use of the ‘copy-paste’ feature if so provided. However, if you are using a mobile phone, you can conveniently scan the QR Code of the sender if you have been issued with one.
The last step would be to key in the address, then the amount of currency you wish to send, and click “send”.
Receiving a payment is also quite similar to the process of sending a payment – only that the reverse is done in this case.
You will be required to enter your cryptocurrency address or to key in your public QR code.
Once the sender has that information, they can send you the currency.
How Safe is the Jaxx Bitcoin Wallet?
Can I trust Jaxx? Being a hot wallet, you are expected to maintain a modest amount of coins in it at any given time.
Jaxx grants you “permissionless access” to your coins. This means that it does not collect your personal information during the signup process. And since Jaxx does not require any information or verification, absolute care must be taken at all time.
The Jaxx philosophy dictates that all crypto keys be created and held on your local device. This is meant to grant you full control of your wallet.
To prevent hacking, users can additionally back up their wallets through a single master seed. These are a string of random words to help secure your coins.
How Much Does Jaxx Cost and Where Exactly is It Found?
This review of Jaxx wallet would not be complete without the cost aspect of this product.
Jaxx wallet application can freely be downloaded from the website of the company to your mobile device or desktop. The mobile phone version can be downloaded from the Google Play Store and Apple App store.
Just like many other cryptocurrency wallets, this wallet charges transaction fees to its users. For instance, every standard Ethereum transaction is charged a fee of .000441 ETH. The same applies to Bitcoin and other coins, and fees are pegged in the corresponding cryptocurrencies being transacted.
The fee goes to the networks that run the currency you are trading.
So, how does Jaxx make its money? You may be wondering…
Well, they earn their due out of facilitating ShapeShift transactions.
Jaxx Wallet Rating
In this Jaxx wallet review, I based my rating on four key parameters. They include ease of use, transaction fees, customer support, and reputation.
- Ease of use – 4.5/5.0 stars
- Transaction fee – 3.75/5.0 stars
- Customer support – 3.5/5.0 stars
- Reputation – 3.75/5.0 stars
- 3.875/5.0 stars
Reason Behind the Rating
- Ease of Use – The interface of this wallet is minimalistic and easy to use compared to other platforms.
- Transaction Fee – From my personal research, Jaxx charges their transaction fees at an average level.
- Customer Support – Despite being one the best wallets, Jaxx does not have the best customer service in terms of efficiency although they always respond to any raised queries.
- Reputation – The wallet has experienced bad press lately due to security concerns.
- Compatible with numerous coins.
- Free to download.
- Grants a quick access to users.
- Has a user-friendly interface.
- Does not have a two-factor authentication.
- Has low-security levels.
In conclusion, Jaxx is generally one of the few great hot wallets with a permissionless access system. Like I mentioned earlier, this system ensures that the users stay in control of their wallets at all times.
Having said that, the platform is still quite young and we will certainly be keeping an eye on it in the years to come.
I hope this review helps you in the making of the right decision if you are considering getting a Jaxx wallet for your coins.
As usual, I’d love to hear your thoughts and experiences, if any, about the Jaxx wallet in the comments section.