The growth of trade and exchange of cryptocurrencies creates the need for reliable cryptocurrency wallets. And today the market offers many simple or, conversely, “tricked out” cryptocurrencies, each of which has its own characteristics.
In our review of Jaxx Wallet, in addition to useful information about the security system, interface, advantages and disadvantages, there are many practical recommendations for installation, configuration and use, as well as reviews from real users.
Jaxx Wallet is a good example of a fairly new product for storing and managing decentralized assets.
- What is Jaxx
- Jaxx Wallet Security
- Install Jaxx Wallet and Add Wallets
- Setting Up and Backing Up a Wallet
- Sending, Receiving and Exchanging Coins
- Jaxx Reviews
What is Jaxx
Jaxx is a cross-platform multi-wallet for storing cryptocurrencies. The Jaxx platform has been developed since 2014 by Decentral Inc from Toronto (Canada). Its founder Anthony Di Iorio is also known as the co-founder of the Ethereum blockchain.
The first public presentation of the product took place in February 2016. And two years later — in March 2018 — the developers announced that the Jaxx wallet was downloaded more than 1.2 million times. In September of the same year, a new version of the wallet was launched - Jaxx Liberty with a completely transformed interface, even more convenient for operation.
Being a great choice for beginners of the crypto industry, the Jaxx wallet is also in demand by experienced users of the crypto market. In fact, this is one of the best repositories for Bitcoin (BTC) and Ethereum (ETH).
It is much more convenient to keep different cryptocurrencies in one wallet - than to load a separate storage for each coin.
The Jaxx platform positions itself as an active supporter of ICO projects and blockchain startups, adding new coins every month. But unlike cryptocurrency exchanges, the Jaxx wallet does not exclude coins if they are of little interest to users and there is not a high demand for them.
Users do not need to pay either for the wallet itself or for its maintenance - the service is absolutely free from the very beginning and remains so to this day.
However, no one has canceled the commission for transactions on the network. Its size is 000441 ETH or 0.0001 BTC, which is equivalent to approximately $ 17.
A similar transaction fee also applies to all supported cryptocurrencies.
The cross-platform Jaxx wallet is also convenient, which provides compatibility between various operating systems — Windows, Mac OS, Linux, Android, iOS, as well as extensions for Google Chrome and Firefox. In other words, the user, wherever he is, always has access to the crypto wallet.
Another advantage of Jaxx is the built-in API of the third-party ShapeShift crypto-exchange, which allows you to exchange one cryptocurrency for another right in your wallet. This function is indispensable when you need to make trading decisions in a split second.
In general, developers precisely follow the stated mission — to simplify the use of the blockchain platform for users. At the same time, customer engagement is taken into account, so installing Jaxx does not take more than 10 minutes.
At the same time, customer employment is taken into account therefore, installing Jaxx does not take more than 10 minutes
Jaxx Wallet Security
In addition to the advantages, Jaxx has its drawbacks. Most of them are related to the wallet security system.
Hacking Jaxx wallet occurred at the end of 2017. Then the attacker used the discovered vulnerability to steal coins. According to experts from Vx Labs, the “hacked” iPhone allowed network access to devices. As a result, the hacker received backup passwords (mnemonic phrases) to wallets, which allowed him to steal coins worth at least $ 400 thousand. Then the majority of the victims were Ethereum (ETH) holders.
The most interesting thing is that Jaxx developers were well aware of the vulnerability, but they didn’t want to make any major changes to the platform, as this “complicated” the wallet’s work. Already after the hacker attack, it was reported that the exploit was still closed. But the reputation of the company is still seriously affected. Due to an insufficiently thought out security system, experts categorically did not advise storing large amounts of cryptocurrencies in Jaxx wallets.
However, do not worry too much. If you keep secret keys in a secluded place and do not download the application to a jailbroken phone, then the funds are completely safe.
No Two-Factor Authentication and Multisig Function
To begin with, Jaxx has what is called "unlimited access." This means that to register a wallet and use it, the user does not need to enter personal data. Cool, but at the same time it compromises the security of the account, since the product interface does not provide for the collection and storage of data (DB) about customers. That is, there are no identifiers to verify the authenticity of Jaxx owners, without which two-factor authentication (2FA) is impossible. More simply, there is no database - there is no 2FA, there is no additional check when entering the system. In practice, this eliminates all security measures.
In addition, the lack of 2FA and the built-in multisignature function makes it easier for attackers to access accounts and wallet client transactions. It's a shame that none of these features are available on Jaxx.
Jaxx Security also uses four-digit PIN codes. They are needed to enter wallets and confirm transactions. If the PIN code is compromised, fraudsters will be able to easily log in to their account, since a second signature is not required.
Follow these steps to create a strong PIN: Menu → “Settings” → “Security PIN-code setup” → dial the PIN-code and confirm its entry. It remains to remember the combination of numbers or write down.
Only the Wallet Owner Controls the Keys
When downloading a Jaxx wallet, no personal information is requested, which will surely appeal to privacy lovers. At the same time, private keys are available only to the user, since they are stored only on his device.
Attention: in case of losing keys - access to coins will also be lost. And the Jaxx team will not be able to help. No third party will gain access to private keys unless they are stolen by malware or some other means. Therefore, it is important to protect your computer from viruses / malware.
Dynamic Jaxx Wallet Address
To protect customer assets, Jaxx uses the so-called hierarchical deterministic function. With it, with a new transaction, a new address is generated each time. This allows you to keep the balance private.
You can see all the addresses generated by Jaxx by going to: in “Menu” → “Tools” → “Display private keys” → View private keys.
Then you need to select a coin and click on it to view its private key (for example, BTC).
Caution: Do not share private keys with anyone, including the Jaxx User Success command. The one who gets access to them will be able to manage your crypto assets.
Install Jaxx Wallet and Add Wallets
Jaxx Liberty Wallet is completely free to download and use. On the official site Jaxx.io you can get a desktop version for a computer with one of the operating systems - Mac, Windows, Linux — or an extension for the Chrome browser. Mobile clients are available in official app stores: for Android on Google Play, for iOS — on the Apple iTunes service. Both the mobile application and the desktop platform work well. Since they are synchronized, it is convenient to use both to access your coins.
The size of the downloaded file is about 65 MB, therefore, depending on the speed of the Internet, it may take several minutes to download and run it. When the wallet download is completed, you can quickly install it and start using it.
It should be noted that the interfaces of the desktop, mobile and web versions are somewhat different. Consider the installation of Jaxx Wallet, its configuration and application on the example of the desktop version.
Before starting the download, Jaxx will provide you with a “checksum.” It confirms the authenticity of the downloaded file by comparing it with the checksum specified during installation.
Then you need to read and agree to the terms of service. After installation, the start page will open, then the Jaxx Liberty user interface.
The Jaxx wallet is easy to use and offers many features. The interface is also very simple and intuitive, which makes the wallet ideal for both beginners and experienced traders.
The home page provides quick access:
- To the total amount ($ 0,00) stored in the wallet;
- The latest crypto news on the dynamics of 3 markets — BTC, ETH and XRP in 2 time periods — in 24 hours and 7 days;
- Information about the market capitalization of cryptocurrencies, their supply and volume.
On the left, 4 BTC, ETH, XRP, LTC wallets are visible, and the bottom balance is summed up.
Creating a Seed-Phrase
The Jaxx installation completes the creation of the seed phrase. It is also called Backup Phrase, backup phrase or mnemonic. It is an important element of the Jaxx security system, as it is the main identifier for key recovery and wallet access. The structure of the seed phrase is 12 words, unrelated to each other, except for a rigid sequence.
Follow these steps to create a mnemonic phrase: go to the Menu (at the top right there is a “three horizontal stripes” sign) → Security → Back Up Wallet → check the box and click on “Start Backup” → write down 4 words → click on the “4 more words” button and so on write down 12 words → complete the creation of the phrase.
Actually, the installation of the wallet is completed.
Learn more about private keys in Jaxx below:
The simplest thing is to open additional wallets in the application. For each cryptocurrency of its own. If a wallet for a certain cryptocurrency with which it was necessary to carry out operations was not activated in Jaxx, then to connect you need to perform the following actions: click on the Menu icon (☰) → “Customization” → “Manage Wallets” → turn on the wallet of the desired coin by moving the slider to the right. That's all - the wallet is connected.
The Jaxx installation process and a detailed overview of this crypto wallet are described in detail in the video below:
Setting Up and Backing Up a Wallet
First of all, you need to activate or deactivate crypto-wallets of different coins, depending on which of them you are going to work with. To do this, go to “Menu” (☰) → “Customizetion” → “Manage Wallets”.
In the opened Manage Wallets tab, enable or disable the wallet in the interface. You can change the order of coins by applying the icon on the left of each coin. This will determine the order of assets in the wallet module. You can change all at any time. The next step is to select a coin. Click on it in the Wallets section.
In a new tab, you can send, receive, or exchange cryptocurrencies.
Now you know how to set up a Jaxx wallet.
Jaxx Wallet Backup
Another important step is backing up Jaxx, which is performed using the seed-phrase, which, as already mentioned, is a kind of password for restoring keys and accessing the wallet.
To back up your wallet, follow these steps: go to Menu → “Tools” → “Backup wallet” (Pair / Restore existing wallets) → confirm the action with a 12-word mnemonic phrase.
Sending, Receiving and Exchanging Coins
You can receive, send and even exchange coins from the Jaxx wallet tab, which controls cryptocurrencies. Transactions are performed by clicking on the corresponding buttons on the toolbar. To exchange cryptocurrencies, click on the fox icon at the top of the page.
So, you need to send coins to Jaxx. The sequence of actions is as follows: choose a coin → click on send → specify the wallet address to which you send coins and the number of coins → click on “send”.
Fill in the address field in one of 2 ways - by the usual method of copying and pasting the desired address, or through a smartphone by scanning the recipient's QR code. The inserted QR scan will automatically enter the full wallet address (public key). When you enter the amount of sent cryptocurrency, its amount equivalent to the US dollar will also be updated. And be sure to follow a simple rule - the address to which the cryptocurrency is sent must correspond to it. That is, if you want to send bitcoins, then the address must be a bitcoin address.
In case you receive funds to your Jaxx wallet, there is a convenient function that allows you to generate a QR code with the exact amount. However, if you do not want to use the QR code, just click “Receive”, copy your receive address and send it to the person who is going to send you the crypto assets.
Next, you need to enter the number of coins that you hope to receive, while the amount in US dollars will also be updated.
Subtlety — it is important that the sender knows this information. Be sure to check whether everything is correctly filled. If yes, you need to confirm the entry.
In addition, a QR code scan will be needed when withdrawing coins from the exchange to a Jaxx wallet or when paying with coins in a cafe, unless, of course, it accepts cryptocurrency as a means of payment. And the Jaxx wallet will instantly make such a transfer.
Jaxx users get the right to manage their tokens inside the wallet. This is due to the built-in ShapeShift function. With its help, you can always convert coins to any of the supported currencies. By the way, Jaxx is the only wallet with this exchange in the application. The disadvantage of such an exchange is that the wallet is sometimes buggy and starts to work too slowly.
For example, we will reproduce the sequence of actions when exchanging BTC to ETH: open your wallet → send BTC to your bitcoin-Jaxx → click on the “Send” button → enter the ShapeShift exchange form and fill in the fields, indicating BTC in the upper field, check the tariff provided and calculate the number of BTC and the number of coins for the exchange that you want to exchange, and enter this amount → confirm the operation.
A transaction may take a couple of minutes. When this finally happens, a certain amount of ETC will be placed in your ETH wallet.
Jaxx reviews are split: some are happy with the good wallet interface and the wide range of features offered, others prefer to stay away from the service, since the program is quite often buggy and from time to time annoying with its slowness, and on several devices at once. Most of the negative reviews on Jaxx come from mobile device users who say they have to wait up to 15 seconds for the wallet to load.
Most of the negative reviews on Jaxx come from mobile device users who say they have to wait up to 15 seconds for the wallet to load.
Among the most unpleasant moments of the service, users call the forced repetitions of the operations of exchanging different cryptocurrencies for each other. Among the reviews you can find cases when the wallet cannot register them.
At the same time, customers of the wallet positively evaluate its new version - Jaxx Liberty, noting a significant improvement in performance compared to the previous product.
An interesting review was conducted on Twitter by the ChangeNOW instant crypto exchange service. Followers were asked to note which wallet for storing coins of three is preferable for them — Jaxx Liberty, Abra Global or DGB Core Wallet. According to the survey, only 19% chose Jaxx Liberty.
In the same days, the Jaxx team’s Twitter account shared the growing popularity of the service on the social network: 944 thousand references per week. The Jaxx team continues to develop its platform. We are aware of the company's ambitious plans to develop a hardware wallet. In theory, it should provide maximum security for coins, since it will generate and store keys on a device that is not connected to the Internet. This makes hacking almost impossible.
In general, thanks to its simple interface and convenience, the Jaxx Liberty wallet is ideal for beginners in the crypto industry. But the Jaxx wallet is unlikely to suit professionals who manage large volumes of cryptocurrencies — there are too many errors, security problems and slow transaction processing. However, product development continues, and who knows — maybe in a few years Jaxx will become the standard for crypto wallets.