Jaxx Wallet Review: Is Jaxx Wallet Safe?

Jaxx is one of the best Bitcoin Cash Wallets in the market right now. Its a cloud wallet that’s extremely flexible to use as you can handle it on your desktop, tablet, or your phone.

Cloud or Online wallets have risen in popularity recently because of their flexibility and portability. As long as you’re connected to the internet, you can access your wallet and handle transactions anywhere at all. However, because they’re always online, they’re also known as “hot wallets” because they run the risk of being hacked.

If you’re looking for a quick storage option for coins that you actively trade with, Jaxx and other similar online wallets are great. However, if you’re looking for the most secure form of storage for a long-term period, then you should look at hardware wallets such as Ledger Nano S and TREZOR. These wallets are completely offline and secure and as such can’t be hacked.

Now that you know about the major obstacle before online wallets, let’s talk more about Jaxx.

What’s Jaxx?

Jaxx is one of the most popular online wallets used for the mining and storing of bitcoins. One of the reasons for its popularity is its efficient user interface and the fact that it can be seamlessly used across all platforms. Furthermore, as far as online wallets are concerned, you can’t get any more secure then Jaxx.

Jaxx is the best wallet for Bitcoin, Ethereum, and almost all other cryptocurrencies. You can DOWNLOAD it NOW!

Jaxx

PART 1: Is Jaxx Safe?

Like most online wallets, Jaxx has also employed multiple layers of security to ensure that their database isn’t hacked and that their users don’t suffer any loss.

Private Key

One of the great security features of Jaxx is that the user’s private key is stored within the user’s devices. As such, no third-party can access your wallet without also having access to your devices with the private key.

Seed Phrase

Furthermore, the wallet also generates a seed phrase which you’re advised to write down. As such, if your device with the wallet is stolen, or if some other technicality arises because of which you can’t access your wallet, you can use the seed phrase to restore all your data. You can simply get a new wallet and restore all your backed up data into it.

Privacy

Furthermore, you don’t have to give up any private information while creating the account, not even an email address. This ensures optimal privacy for the user.

As you can see, the security features in Jaxx are pretty efficient and straight-forward.

Troublesome History

Despite the fact that Jaxx has taken all of these precautions, they were still hacked in 2017. $400,000 was stolen and never recovered. However, the glitch that allowed the hack to happen has been taken care of. This doesn’t inspire a lot of trust, but it’s an occupational hazard when using online wallets.

PART 2: Key Features

Amazing User Interface

The prime reason for Jaxx’ popularity is its user interface. It’s clean, efficient, intuitive, and simply looks great. It brings minimalist black screens to help with clarity of vision. Furthermore, the interface is clutter-free and only the essential information is displayed.

jaxx bitcoin wallet

It’s a great option for beginners to use. You can set it up very easily and then using it is about as simple as pressing buttons such as “send” and “receive” or easily swapping currencies. If you’re terrified by the complexities of Bitcoin, this is where you should start.

In addition to simplicity, you also get all the advanced features, just a click away. You can click on the menu in the right corner to access options such as Adding/ Removing digital currencies, Exchange Rates, Wallet Backup, etc.

All Major Cryptocurrencies are Supported

In addition to Bitcoins, Jaxx also supports a wide range of other cryptocurrencies such as Ethereum, Dash, Augur, Litecoin, Zcash, and many others.

You can either add or remove a currency by going to Menu > Wallets, and then ticking off the currencies you want or don’t want.

jaxx altcoins

ShapeShift

ShapeShifting is a feature that’s unique to only a few platforms such as Jaxx and Exodus. This makes Jaxx pretty unique. It’s an extremely efficient system wherein you can convert between different cryptocurrencies with a single click. If you want to convert a certain number of a few coins to another, you can do it with this feature. In the video below, you can see exactly how this feature works:

PART 3: How it Works

Before you start using Jaxx, you need to first download it for your relevant platform. Once you’ve downloaded it, you can start using it immediately.

Setting Up

After you access the app or software, you need to set up a password. Following that, you’ll be shown a seed phrase. You should write it down somewhere because you’ll be able to use it to recover your data in case it gets lost.

Adding Currency

As mentioned earlier, go to Menu > Wallets, and choose the currencies you want to display. You can furthermore send currencies to your wallet from other sources as well. You can also hold regular fiat currencies in Jaxx.

How do you make or receive payments with Jaxx?

You need to give the sender your wallet address so they can transfer money to you. They can also scan your public key’s QR code to be able to send bitcoins to your wallet.

If you want to send bitcoins to someone else, you’ll have to click on the ‘Send’ button, enter their address and send it over to them.

Alternately, you can also request the sender to give you their QR code. You can then use your mobile phone to scan the QR code and send them the bitcoins. However, this only works for mobile phones. For desktop you’ll have to enter the address manually.

Once you’ve got the address, you need to enter the amount you want to send and the currency, and click on ‘Send.’

You can watch the following video for a step-by-step tutorial on using Jaxx:

PART 3: Comparison and Alternatives

Jaxx is an ideal wallet for beginners who want to store some bitcoins for active trading. It comes with some of the best security features in the market, however, they’ve recently been hacked and that raises some concerns. Below I’ve created a comparative table of all the best hardware wallets and online wallets in the market.

If Jaxx doesn’t work for you, try using one of the other online wallet such as Xapo which also comes with an offline storage space, thus ensuring greater security.

Alternately, for utmost security, you can use hardware wallets such as Ledger Nano S and TREZOR.

WalletReviewTypeSecurityEase of UseCheck Website
Ledger Nano SLedger Nano S ReviewHardware WalletGreatDifficultCheck
TrezorTrezor ReviewHardware WalletGreatAverageCheck
KeepKeyKeepKey ReviewHardware WalletOkayEasyCheck
blockchain.infoBlockchain.info ReviewOnline WalletOkayOkayCheck
CoinomiCoinomi ReviewOnline WalletGoodEasyCheck
XapoXapo ReviewOnline WalletGoodAverageCheck
ExodusExodus ReviewOnline WalletOkayEasyCheck
JaxxJaxx ReviewOnline WalletGoodAverageCheck

FAQs

Which currencies can I store?

As mentioned earlier, you can store all the most popular currencies – Bitcoin, Ethereum, Ethereum Classic, Dash, DAO, Litecoin, and REP.

Any common mistakes to be careful of?

First off, don’t store all of your cryptocurrencies in Jaxx. It’s a hot wallet and as such it’s possible to hack it, even if it’s not very likely. Only store as much currencies as you need to actively use. Treat it like your actual wallet, don’t store any more money than you can afford to lose.

Second, always double check the address of the recipient. You can’t reverse these transactions so you should be very careful you’re sending it to the right person.

Third, NEVER take a picture of your seed phrase. Your seed phrase is supposed to be written down in hand and stored in a safe locker somewhere, with several copies made. This will help you recover access to all your bitcoins, when necessary. If you take a picture with a phone that’s connected to the internet, a hacker can easily access it and sweep your entire wallet.

Is Jaxx Open Source?

Jaxx is not an open source wallet unfortunately. Even though their entire code is visible in the website, they don’t allow people to access it or inspect it easily.

Conclusion

Jaxx is the ideal bitcoin online wallet for beginners who need a simple user interface with which to store their cryptocurrencies. However, it’s not an open source platform and they’ve been hacked in the past. As such, you should be careful while using it and store only limited currencies in it. You should store all the rest of your coins in a hardware wallet.

If you’ve used Jaxx, feel free to comment down below and let us know about your experience with it!

9 Total Score
Great

Jaxx is the ideal online wallet for beginners and novices and it comes with great features such as ShapeShift.

Security
8
Ease of Use
10
Support
10
Trust
9
PROS
  • Great UI.
  • Great security features.
CONS
  • Has been hacked recently.
  • Not open source.
User Rating: No Ratings Yet!