MyEtherWallet and Jaxx are both cryptocurrency wallets that can be used for much of the same things, however there is a lot that is different between the two which make them good for different things.
In this article I will be comparing MyEtherWallet vs Jaxx. I’ll be giving an overview of the two wallets, the features that they have, what’s nice & what isn’t so nice, security and more.
MyEtherWallet and Jaxx
MyEtherWallet and Jaxx are both cryptocurrency wallets that are pretty easy to use, have been around for a while, and are trusted by users in the space. Basically what these wallets do is give users access to the blockchain. They don’t actually store your funds which is a misconception that many people new to the space believe.
MyEtherWallet (MEW) is strictly for Ethereum and erc20 tokens whereas Jaxx can be used with a variety of different cryptocurrencies. This is probably the main difference between the two. In addition MEW is much more basic in what it provides. Some people like this because the more basic things are often means the less moving parts there are that could create potential problems. However, there are many supporters of Jaxx over MEW because they like what it brings to the table.
*Both wallets are free to use by the way.
A Look at What They Provide
As I said, MEW is very basic. This is something that I personally like but for new users the interface might be a bit hard to figure out.
When you create an account with MEW what it does is generates an address on the Ethereum blockchain which it then gives you the private key for. This private key is what unlocks your account and gives you access to all of your funds.
You can store Ethereum or erc20 tokens in this wallet as well as send/receive funds easily.
One thing that is nice about MEW is that many other wallets work with it. For example TREZOR & Ledger Nano (hardware wallets) work with MEW and basically give you an added layer of security when accessing your Ethereum wallet.
To access your MEW you can go directly to the website or they offer a Chrome extension which is nice. From what I’ve heard they have plans on releasing mobile apps which I hope to see happen.
Jaxx is a more user-friendly wallet that has many more features. It is also more accessible and is available with IOS + Android apps as well as the Chrome extension. You can access the same wallet from any of these devices.
With Jaxx you are able to control your funds not only on the Ethereum blockchain, but also for Bitcoin, Dash and others.
One really nice feature on Jaxx is what they call “shapeshift”. This feature allows you to convert one cryptocurrency to another right inside the wallet.
You can read my full review of Jaxx wallet here.
One worry that will always exist is that someone will gain access to your account and drain it of all your precious crypto’s.
If you are using MEW Chrome extension your private key information will be automatically entered in when you open it up. You will be able to set a password to login and this is what you really need to make strong. With Jaxx you will be able to set up a pin for the app that will need to be entered to do important things.
But what if someone steals your device or hacks it? Well… then hopefully you set a strong enough password/pin.
2 Factor Authentication (2FA)?
Neither wallets offer 2FA, which is like an added layer of security when it comes to logging in, withdrawing funds, etc. It can be a pain because it requires another passcode to be entered but its worth it in my opinion. Unfortunately, like I said, neither offer this safeguard.
Both MEW and Jaxx have a form of wallet recovery.
MEW is not considered a web wallet. They do not offer any sort of recovery phrase/seed like many others out there do. All you have is your private key. This is everything. When you create your wallet for the first time you will create a password. This password will then be used to encrypt your private key and you will be able to download the Keystore file which you can then keep on a USB drive or somewhere safe.
You can also just back up the un-encrypted version of your private key with MEW if you would like.
Jaxx is completely different when it comes to this and they give you a 12 word backup phrase which is generated when you create your wallet. This is an encrypted version of your private key. You will only need to use this phrase if you lose your phone that the app was on or something like this. Then you will be able to re-download the app and restore your account. Also, because of the code that Jaxx uses, you can actually restore your wallet on other wallets like TREZOR for example.
When it comes to security and safety being “open source” is a big deal. To be open source basically means that people are able to look at the code that the wallets are running on. So this means that anyone can go in and make sure the code is safe and not malicious in any way. With open source wallets there is full transparency.
MEW is open source where as Jaxx is not.
Jaxx provides a copy of their code on the website but there is no real way to ensure that they are actually running that code because you can’t get in and see it. You just have to trust that they are doing as they say they are (there are legitimate reasons for this… doesn’t mean its unsafe).
MEW on the other hand is open source. It has been around forever and anyone can go take a look at the source code its running. It has been reviewed by many and is known to be safe.
Neither MEW nor Jaxx store any of the user data or hold onto your funds. You are in control of what goes on. They do not hold onto your private keys on a server somewhere like many exchanges do and for this reason hacking isn’t really an issue. Or course your personal wallet could be hacked but the most probably way this would happen would be due to user error, such as someone’s private key being stolen because they saved it on their computer and the computer was hacked or something else like this.
*Beware of MyEtherWallet phishing scams.
There aren’t really many complaints that I or other users have for these wallets. They are both great but some of the things that I guess you could consider complaints include…
- Ethereum only (and erc20 tokens)
- Less user friendly
- No 2FA
- Can be slow to sync
- Not open source
- No 2FA
Final Thoughts… Which Is Better?
It all depends on what you are looking for. Some of the more hardcore crypto enthusiasts out there will tell you there is no better wallet than MyEtherWallet when it comes to Ethereum but those that are newer to it and are looking for more seem to like Jaxx more.
MEW is more basic but does the job. Jaxx is more user friendly and has more features. Both are safe when it comes to the standards of the industry and both are trusted. As I said, neither have 2FA but other than that they are solid.
Of course you are going to want to use Jaxx if you are looking to manage Funds other than just Ethereum and erc20 tokens, but if this is all you are looking to manage then both wallets are fair game.
As always, leave any comments or questions below and I’ll get back to you soon 🙂