Jaxx Cryptocurrency Wallet Review – Is Jaxx Wallet Safe?

Is Jaxx Wallet Safe

The Jaxx cryptocurrency wallet is one of the most popular out there and for good reason… it is easy to use and has many nice features. But should you be using this wallet? Is Jaxx wallet safe for you to store your crypto funds? What all can you do with the wallet? These are all good questions to ask before dumping all your precious crypto’s into this wallet and I’ll be answering them.

In this review I’ll be giving an overview of Jaxx, giving you a tour inside the wallet, going over the safety measures it has in place, complaints about it and more.


Jaxx Wallet Review

In a nutshell, the Jaxx wallet is a free cryptocurrency wallet app that has an exchange integrated into it. So what this means is that not only can you hold your cryptocurrencies in this wallet but you can also use it as an exchange, which is very nice and convenient but does have some downsides.

The Jaxx wallet is somewhat of an all-in-one type of deal. Well not quite… but they do allow you to store many different crypto’s in it and are in the process of adding more to the list. So not only can you keep your Bitcoin here,  you can also keep your Dash, Litecoin, Ethereum, Zcash and many others in it.

You can download the wallet app for IOS and Android devices as well as for windows. They also have Chrome extension which is what I use when I’m on my laptop. You can access the same wallet from multiple devices.

Overall the wallet is very nice. It has a nice level of functionality, ease of use, as well as security.


A Look Inside Jaxx

When you first download the app or add the extension to chrome you will be prompted to create a new wallet. You will go through a series of simple steps and get to choose what cryptocurrency wallets you are looking to include. There is a long list. Below you can see some of them but there are more if I were to scroll through it…

So pretty much all you do is select what you want and that is it. Then you have your wallet and its ready to go.

Inside the wallet there are 3 main features: Receive, Exchange, and Send…

Receiving

When you click on receive it will show you your wallet address for the particular cryptocurrency that you have selected. For example. above you can see my Bitcoin wallet address and the QR code that goes along with it. It is this address that I would send Bitcoin to in order to deposit it in my wallet.

Exchanging

Jaxx is integrated with ShapeShift, which is a 3rd part cryptocurreny exchange service. The ShapeShift feature allows you to exchange one cryptocurrency for another right inside the wallet.

Its nice how convenient this is but if you are thinking about using this often then think again. You will get hammered with fees. The way it works isn’t something I’m going to get into, but basically what you need to know is that they don’t actually charge exchange fees but you will get charged mining fees, which are going to be a more than if you were to use and exchange like Binance, COSS, Bittrex, etc.

Its nice for easy conversion and can be used but its definitely not something you would want to use from a trader’s perspective if you are going to be trading often.jaxx shapeshift

Sending

Pretty straightforward here. You choose the wallet you want to send crypto from, you enter in the receivers address which is where you want to send it, and you enter in how much you want to send… which is the same as every other wallet out there.jaxx send

Everything in the Jaxx wallet is easy to do. You can easily customize your wallet to have your favorite crypto’s in it, you can easily send funds, exchange funds, and receive funds. It is a very user-friendly and well laid out wallet that no one is going to get confused with.

What is also nice is that you can have the wallet right there on your phone. But this then brings up the question of security. What if you lose your phone or it gets stolen? Will your funds be lost forever or will someone be able to steal everything?


Is Jaxx Wallet Safe?

Ok so lets say that you lose your phone and that is the only place you have the Jaxx wallet. Luckily you are provided with a 12 word backup phrase that you can use to fully restore your wallet. In the blockchain world your funds aren’t actually stored on your wallet, they are stored in cyberspace on the blockchain so losing a wallet like this isn’t the end of the world.

You should ideally backup your 12 word phrase in multiple places. Write it down and put it away where no one will ever see it. What you would do to restore your wallet would be download the wallet on a new phone or on your computer and enter in the 12 word phrase.

What if your phone gets stolen or hacked?

So lets say someone steals your phone or hacks into it remotely. Can they just send your funds to their own wallet?

The answer is yes… if you didn’t set up the 4 digit pin code.

Jaxx allows you to create a 4 digit pin that will need to be entered when you send transaction as well as display important information, such as private keys. This means the hackers or thieves cannot steal your funds, unless of course they are able to guess your PIN.

Jaxx stores your private keys in your phone or browser. So without the pin set up a hacker could just get a hold of your device and have everything they need.

What if Jaxx gets hacked?

Jaxx stores all information client-side. They don’t store anything on some centralized server somewhere so there is no way for Jaxx itself to be hacked and then for everyone to lose everything.

Basically what it mostly comes down to is how safe you keep your wallet. If you get malware on your phone or computer and don’t have the pin set up then a hacker might be able to get into your wallet pretty easily.

Even if you do have the pin set up and do everything right there is always a little risk involved and unfortunately with crypto there is no way to reverse transactions if a hacker does steal your funds, but this just comes with the territory.

Overall Jaxx is a trustworthy wallet service.


Complaints

There really aren’t many complaints about Jaxx. Its a good wallet. However, some complaints that I think are worth noting include the high exchange fees and safety concerns.

Exchange Fees

I’ve already talked about it above. If you use Jaxx to exchange from one crypto to another you will pay the price. Its convenient but not something you should use as a trading platform very often.

I guess this really isn’t a complaint because its not Jaxx’s fault. Its just that you will have to cover mining fees and there are better options out there for trading.

Safety Concerns 

Jaxx is safe to a degree but nowhere near as safe as hardware wallet like KeepKey or Trezor. This just comes with the territory again. If you want a wallet that is very simple to use and that you can make fast/easy transactions on, then you are going to have to sacrifice security to some extent.


Conclusion on Jaxx Wallet

Like I said, Jaxx is popular for a reason… because its a good wallet that is easy to use and that you can store a bunch of different cryptocurrencies on. Sure there are some downsides to using it but over all its fine wallet service that works and that you can trust.

Should you use Jaxx? That depends on what you are looking for. If you are going to store your crypto long-term and aren’t looking to make transactions very often then I would go with a hardware wallet. But if you are looking for a wallet you can use for easy transactions and a good amount of security going with it then Jaxx is a good choice.

If you have anything to add to this review you can leave your comment below. Also, leave any questions down there and I’ll get back to you soon 🙂

About the author

Mr Hodl

Hi, My name is Kyle but as the creator of this site I go by "Mr Hodl". After my first encounter with Bitcoin back in 2015 and becoming increasingly intrigued with the new emerging world of cryptocurrency, I thought it would be a good idea to create this site to provide guidance to others who are involved or looking to get into it. I hope you find my site helpful and thank you for stopping by!

3 comments
MyEtherWallet vs Jaxx – Which Is Better For You? | Hodler's Digest - March 22, 2018

[…] You can read my full review of Jaxx wallet here. […]

Reply
What Is a Recovery Phrase, Backup Phrase, Recovery Seed, etc? – Crypto Safety 101 | Hodler's Digest - March 22, 2018

[…] Jaxx wallet has a 12 word “backup phrase”, TREZOR has a 24 word “recovery seed”,  the […]

Reply
Is TREZOR Safe? – What You Should Know Before Storing Crypto Here | Hodler's Digest - March 30, 2018

[…] on them, or you could even use the currency wallets that aren’t hardware wallets, such as Jaxx and many others. The reason that you can use various wallets to recover your funds is it because […]

Reply
Click here to add a comment

Leave a comment: