Jaxx Crypto Wallet Review 2024

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In today’s digital world where traders rely on the internet for their investing needs, the risks of losing their assets increase. With hackers and potential cyber attacks, it’s no wonder why a lot of crypto investors look for other ways to store their digital assets.

When it comes to storing your cryptocurrency, you can use a crypto wallet to keep your coins safe and protected. In this article, we’ll focus on Jaxx crypto wallet, its features, and why you should or (shouldn’t) choose this solution for storing your crypto.

Our Rating: 8.5

Safety

8

Usability

9

Best for multi-asset storage

8.5

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Jaxx Crypto Wallet Profile

Name

Jaxx кошелек

Website

https://jaxx.io

Supported Crypto Assets

Bitcoin

Ethereum

Bitcoin Cash

Litecoin

Dash

Ethereum Classic

Zcash

Binance Coin

Digibyte

Cardano

Web 3 Support (dApps, NFTs)

No

Ethereum token support

Yes

Web Wallet

Yes

Mobile App

Yes

Cold Storage

Yes

Private Key Storage

User takes full control of private keys

Linked Exchanges

No, but you can use Shapeshift integration feature

Fees

Free

Customer Support Channels

In-app customer support

What is a Jaxx Wallet?

Jaxx is a wallet designed for cryptocurrency holders who value privacy and security when exchanging cryptocurrencies. In 2014, Ethereum (ETH) co-founder Anthony De lorio created Jaxx Wallet. Jaxx is owned by a company known as Decentral, which is Canada’s leading blockchain company. Jaxx wallet is one of the most well-known, reliable, and secure software wallets in the crypto space.

A software wallet, also known as a desktop wallet, is a cryptocurrency wallet you can download and run locally on your desktop PC. Because a software wallet is a desktop wallet, it may seem like you store your coins on your computer. However, this isn’t the case. Instead, a desktop wallet acts as a sort of keychain that stores the keys that give you access to your coins.

Jaxx Wallet is a software wallet that’s known for its user-friendly interface. It’s also well-known for being one of the most versatile crypto wallets on the market.

Basic Functionality

Jaxx Wallet allows cryptocurrency traders to store a wide range of crypto coins all in one place. What sets the wallet apart from others is that its features are easy-to-use and understand.

In addition, Jaxx uses a 12-word “Masterseed”, which allows you to manage the private keys of your crypto coins. The company never holds or accesses your funds. Instead, it stores your coins in their respective blockchains, giving you full control. Being in complete control of your funds also means that if you ever lose the device you use to access them, you can easily recover your wallets (as long as you back up your Masterseed).

You may also appreciate the fact that Jaxx Wallet is available on multiple platforms, including Windows, Mac, and Linux for PCs, and Android and iOS for mobile devices. You can also use Jaxx Wallet as a Google Chrome extension.

Other key features of Jaxx Wallet include:

  • Multi-currency wallet: The Jaxx wallet stores lots of different cryptocurrencies. In addition to the top coins, such as Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum (ETH), it also includes many less popular coins. This feature is key for people who have multiple cryptocurrencies. Without this benefit, they’d have to store each coin in an individual wallet.

  • Cross-platform pairing: You can download Jaxx Wallet on different devices. But with cross-platform pairing, the wallet goes beyond providing support for various platforms. It also links all wallets together. Therefore, if you download Jaxx on different platforms, you’ll be able to access your funds from multiple devices. Without this feature, you’d only be able to use a single platform for your wallet.

  • QR scanning: Jaxx Wallet also has a QR scanning feature that allows you to scan a QR code to send and withdraw coins while on the go. You can also use a QR code to pay for items inside a store that accepts crypto payments.

  • Open source: Jaxx Wallet is open source, which means its code is open for review by anyone, and is available on the Jaxx website. This provides a certain level of transparency and trust that the wallet is secure.

  • Shapeshift integration: Unlike other crypto wallets, Jaxx allows its users to exchange cryptocurrencies within the wallet. It can do this through integration with Shapeshift, a powerful exchange that supports a variety of crypto.

Supported Coins

Jaxx Wallet supports a wide range of crypto coins, and continues to add more with regular updates. Below is a list of supported coins on Jaxx Wallet.

Bitcoin

Ethereum

Bitcoin Cash

Litecoin

Dash

Ethereum Classic

Zcash

Binance Coin

Digibyte

RBTC

Augur

Status

OmiseGo

…and more

You can view the entire list here.

Pros and Cons

Like with any crypto wallet with strong features and benefits, Jaxx comes with a few disadvantages.

Below are the pros and cons of using the highly-regarded crypto software wallet:

👍 Advantages of trading with Jaxx Wallet

Multi-currency support

Cross-platform pairing

Shapeshift integration

QR scanning capabilities

Simple interface and setup

👎 Disadvantages of Jaxx Wallet

Not as secure as hardware wallets

No hardware wallet integration

Not the best for holding large quantities of crypto

Jaxx Fees - Is it a Free Wallet or Not?

Yes, Jaxx Wallet is completely free. Therefore, it doesn’t charge users any fee for its service of storing cryptocurrencies, no matter which device you want to install the wallet on.

Is Jaxx Wallet Safe?

When it comes to looking for a reliable software wallet to store your crypto funds on, you might consider each platform’s security features. If a wallet doesn’t have robust security, then it’s best to look elsewhere.

So, is Jaxx a secure wallet that will keep your crypto safe? To answer this question, let’s look at some key security features that are important for storing your crypto on software wallets.

Personal control: When you download Jaxx Wallet, you won't have to enter your personal information, so you don’t have to worry about compromising sensitive data, which is extremely important if you strongly value your privacy. Having personal control over your wallet also means only you will have access to your private keys. Not even Jaxx Wallet will be able to access your private keys because they’re held locally on your device. So, even if you were hacked, a bad actor wouldn’t be able to access your funds.

Backup seed: What if you don’t remember or lost your private keys? Or what if your device(s) is lost or stolen? Thanks to a backup seed that acts as a password, you’ll still be able to access your funds. But you must set this up since Jaxx won’t automatically set it up for you. Also, it’s important to write down or remember your backup phrase so that you can easily retrieve it when you need it.

Sign-in security: Unfortunately, Jaxx doesn’t offer much sign-in security. The wallet doesn’t offer two-factor authentication (2FA). With 2FA, you must enter a code that’s sent to your mobile device before you can take certain actions, such as sending funds or logging in. Not having this added layer of security is one of the wallet’s main weaknesses.

Private Key Storage

When you use the Jaxx Wallet, your private keys will be held on your local device(s). This means that you have full control over your wallet, and Jaxx neither holds nor has access to your funds.

Your 12-word backup phrase is also stored and encrypted locally on the device you paired the wallet to.

Does Jaxx Support Cold Storage?

The Jaxx software wallet supports cold storage for crypto investors who want to store their funds offline. It allows users to create a paper wallet from their private keys. It also offers support for importing private keys from a paper wallet. These features will allow you to keep your cryptocurrency in cold storage. This adds an extra layer of security for crypto holders who are concerned about security, as it holds coins in an offline environment, making them inaccessible to hackers.

Jaxx Wallet will soon offer deeper cold storage with its device known as Ice Cube. This solution is a hardware wallet that will generate your private keys on-device, never connecting to the internet.

Has Jaxx Had Any Security Compromises?

A customer’s Jaxx wallet was hacked in 2017, and they lost $400,000 worth of ETH. However, this security breach wasn’t the fault of Jaxx’s security system. Instead, it was the user’s behavior that caused the breach. The user had downloaded their wallet onto a jailbroken phone. This allowed users from any network to access the wallet, giving a hacker the ability to find the user’s backup password.

Many crypto holders may view this incident as a red flag, preventing them from using Jaxx. But if anything, the event should reinforce the importance of keeping your devices and keys safe. To ensure security, never give out your 12-word secret phrase to anyone.

Jaxx Features Review

Jaxx Wallet’s features reveal how valuable the wallet can be to crypto investors who value their privacy and the security of their funds.

Maintain Anonymity

Jaxx Wallet doesn’t require know your customer (KYC) procedures. Therefore, the company doesn’t keep or track any information about its users. This means that your wallet can’t be compromised from a central data breach.

Plus, Jaxx is built on a “hierarchical deterministic” platform to increase anonymity for its users. This means that each wallet is unique to the cryptocurrency with a unique address. So, any time you create an inbound cryptocurrency transaction, the platform will generate a new address to protect your identity.

Have Full Control of Your Keys and Funds

Because Jaxx is a non-custodial blockchain wallet, you, and only you, own your private keys. Jaxx never has access to or knowledge of your digital assets.

Other key features of Jaxx Wallet:

Industry-standard security protocols: Jaxx uses industrial standard wallet data generation and derivation processes. Using standard BIP39 library, it generates your 12-word backup phrase.

Improved security with a password: For an added layer of security, you can set up a password.

Use on your favorite device: Jaxx is available for Android, iOS, Mac OS X, Windows, Linux, and Google Chrome extension.

How to Download and Set Up Jaxx Wallet

Below are the steps you must take to download and set up Jaxx Wallet on different platforms/devices.

How to Download and Set Up Jaxx Wallet on Your Mobile Device

1

Open the App Store or Google Play store on your mobile device, and search “Jaxx Wallet”. Tap the download button.

2

Read the Terms of Service and tap “I Agree”. Choose your language.

3

Tap “Get Started”.

4

Choose the option to back up your wallet. You’ll be given a 12-word backup phrase. Write them down in the correct order and store them in a safe place. To ensure you have the correct phrase written down, Jaxx will ask you to confirm your backup phrase by entering it in the right order.

5

After completing these steps, your wallet is now set up. You can start adding and storing your crypto assets.

How to Download and Set Up Jaxx Wallet on Your Desktop

1

Go on the Jaxx website (https://jaxx.io). On the top-left corner, click “Download”. Scroll down to the link that says “Desktop versions’.

Jaxx Wallet

Jaxx Wallet

2

Choose the operating system your computer runs on.

How to Download Jaxx Wallet

How to Download Jaxx Wallet

3

Then, click the download button. Install the app.

4

Read and agree to the Terms of Service. Select your language.

Jaxx’s Terms of Service

Jaxx’s Terms of Service

5

Click “Get Started”.

6

Choose the option to back up your wallet. You’ll be given a 12-word backup phrase. Write them down in the correct order and store them in a safe place. To ensure you have the correct phrase written down, Jaxx will ask you to confirm your backup phrase by entering it in the right order.

Jaxx Wallet

Jaxx Wallet

7

After completing these steps, your wallet is now set up. You can start adding and storing your crypto assets.

How to Download and Set Up Jaxx Wallet on Google Chrome Extension

1

Go on the Jaxx website (https://jaxx.io). On the top-left corner, click “Download”. Scroll down to the icon that says, “Available in the Chrome Web Store”. Click the icon.

2

It will take you Jaxx extension on the Google Chrome Web Store. Click “Add to Chrome”.

Jaxx Wallet at the Chrome web store

Jaxx Wallet at the Chrome web store

3

A pop-up will appear that asks you if you want to add the Jaxx extension. After reading the text, click “Add extension”. After confirming, the extension will be added to Chrome.

4

Once the extension is added to your Google Chrome browser, you’ll see the Jaxx icon appear next to your address bar, near other browser extensions you have installed. Click this icon to open the app.

5

Click “Create New Wallet”.

6

Read the Terms of Service and click “Agree”.

7

Choose the option to back up your wallet. You’ll be given a 12-word backup phrase. Write them down in the correct order and store them in a safe place. To ensure you have the correct phrase written down, Jaxx will ask you to confirm your backup phrase by entering it in the right order.

8

After completing these steps, your wallet is now set up. You can start adding and storing your crypto assets.

How To Use Jaxx Wallet

How Do I Send Crypto Out of Jaxx?

1

Go to the dashboard within the Jaxx Wallet app. Keep in mind that if you don’t have any crypto holdings in your wallet, the send option won’t be available to you.

2

Once you add crypto to your account, navigate to the coin you wish to send. Then, click the “Send” button

How to send crypto out of Jaxx

How to send crypto out of Jaxx

3

Copy the receiving address to your clipboard. Then, paste the address into the wallet address or “send to” section.

4

Enter the amount of the crypto token you wish to send

5

Click the “Send” button.

6

Click “Confirm”.

How Do I Exchange Crypto in Jaxx?

To exchange (trade) crypto in Jaxx:

1

Navigate to the bottom of the screen and click the “Buy/Trade” button. Click “Trade”. This will allow you to trade one crypto to another.

How to exchange crypto in Jaxx

How to exchange crypto in Jaxx

2

Select the coins and amounts you wish to trade.

3

Jaxx will then direct you to a third-party provider to complete the trade. Then, they’ll send the converted assets to your wallet.

How to Buy Crypto in Jaxx Wallet

To buy crypto in Jaxx Wallet:

1

Navigate to the bottom of the screen. Click the “Buy/Trade” button. Click “Buy”.

How to buy crypto in Jaxx

How to buy crypto in Jaxx

2

Select the coins and amounts you wish to purchase.

3

Select whether you want to buy coins with your credit card, a bank transfer, or Apple Pay (if you’re using an iOS device), Jaxx will then direct you to a third-party provider (Simplex) to complete your purchase. Then, they’ll send your purchased assets to your wallet.

Jaxx Wallet Platforms

Jaxx Wallet is available in a variety of platforms.

Web

Windows

Mac OS X

Linux

Mobile

iOS

Android

Where Can I Buy Crypto?

Open an Account
Your capital is at risk.

You can buy cryptocurrencies on a crypto exchange. Crypto exchanges allow you to buy, sell, and trade crypto coins. Crypto exchanges will typically store your coins in a custodial wallet they control.

If you want complete control over your crypto, you can use a hot wallet or cold wallet. Unfortunately, not every crypto exchange provides this capability. So, if you value this feature, be sure to choose a crypto exchange that allows it. If not, use a software wallet like Jaxx that integrates with the Shapeshift exchange.

We’ve found that Binance is the best place for crypto trading. Binance is an online exchange that allows you to trade cryptocurrencies and supports the most commonly traded cryptocurrencies. It also provides a crypto wallet for traders to store their digital assets. Binance is the largest exchange in the world in terms of crypto trading volume.

FAQs

Is Jaxx Wallet safe?

Yes, Jaxx Wallet is generally safe to use, as long as you protect your keys and keep them in a safe place. You can also increase the security of your wallet by generating a backup phrase. That way, in case you lose your device or your private keys, you’ll be able to access your funds.

Will Jaxx be adding more supported coins to its platform?

Currently, Jaxx has a set list of coins/tokens on their radar for integration. However, if they see more requests from the community for a certain asset, they might consider integration if it aligns with the company’s development path.

Does Jaxx offer customer support?

Yes, Jaxx offers an in-app customer support system, so users can get support directly in the Jaxx app.

Can I withdraw my digital assets within Jaxx to my bank account?

No, Jaxx currently doesn’t have a feature where you can withdraw your digital assets from Jaxx directly to your bank account. However, you can withdraw your crypto from Jaxx onto an exchange. Then, you’ll be able to transfer your coins to your bank account.

Team that worked on the article

Andrey Mastykin
Author, Financial Expert at Traders Union

Knows about
Trading strategies, technical analysis, Forex, stock market, long-term investing

Andrey Mastykin is an experienced author, editor, and content strategist who has been with Traders Union since 2020. As an editor, he is meticulous about fact-checking and ensuring the accuracy of all information published on the Traders Union platform. Andrey focuses on educating readers about the potential rewards and risks involved in trading financial markets.

He firmly believes that passive investing is a more suitable strategy for most individuals. Andrey's conservative approach and focus on risk management resonate with many readers, making him a trusted source of financial information.

Experience
Andrey's passion for finance began in 2009, and he has since accumulated extensive experience in trading and investing across various asset classes, including stocks, Forex, and cryptocurrencies.

He has spent over 15 years managing his own capital and working with financial portals, financial institutions, and IT companies, as a financial writer and analyst, further refining his investment expertise.

He is the author of several training courses on investing and trading in financial markets. Led multiple FX/Stocks/Crypto webinar educational presentations. Authored hundreds of articles on the global economy, stock, cryptocurrency, and Forex markets, along with trading strategies. He has also penned hundreds of professional reviews of financial firms.

Throughout his journey, Andrey has been heavily influenced by the works of renowned authors and investors like Benjamin Graham, Ray Dalio, Robert Shiller, and Nassim Taleb.

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.