Jaxx Wallet is one of the software wallets most popular with investors. It entered the market in 2014. Is it a scam, or is it a secure wallet? In this Jaxx Wallet review, discover our opinion and the details of this wallet.
Jaxx Wallet Review
The reviews we collected on Jaxx Wallet are not entirely favorable. In terms of popularity, this wallet can certainly compete with the market’s giants. However, as we saw on Reddit, Jaxx Wallet barely manages to offer its customers an adequately secure environment. This security problem is the main reason we advise against this platform.
During our analysis, we noted a good number of negative user comments, including complaints about lost cryptocurrency and hacked accounts. It is also worth knowing that the service it offers is not regulated. In addition, this wallet does not offer two-factor authentication, which makes it far more vulnerable.
The Jaxx wallet works as a software-based wallet. In a way, it is the software counterpart of physical cryptocurrency wallets. Unlike open-source platforms, this wallet is closed source, and this aspect of the software makes it even more vulnerable. This is where it fundamentally differs from other platforms such as eToro. That said, the site has some major strengths, such as the great freedom it gives users.
Cryptos Supported by Jaxx Wallet
Jaxx Wallet currently supports more than 85 cryptocurrencies. Here are some of them:
Bitcoin
Ethereum
Augur (REP)
Litecoin
Zcash
Doge
Iconomi
Golem
Gnosis
DigixDAO
BlockchainCapital
Musiconomi
Civic
Stox, etc.
Jaxx Wallet Fees
Download and installation fees: getting the Jaxx software costs nothing. Downloading and installing it are completely free.
Transaction fees: transactions on Jaxx Liberty are subject to different fee levels. These vary depending on the speed you want for your transactions, as well as on the amount. The wallet offers three transaction speed levels: slow, medium or fast. Unfortunately, the fee details are not precise enough, so it is impossible to predict the cost in advance.
When it comes to security, reviews of Jaxx Wallet are rather mixed. Some sources openly praise the wallet, arguing that it has no history of hacking. However, a quick look at sites like Reddit contradicts this claim: testimonies of outrage over hacks are legion. So which side should you lean towards?
At first glance, Jaxx may seem fairly reliable. Its security measures are still basic, but they are developed enough to offer some protection for your crypto and other assets. The personal keys it gives users are stored directly on their devices. This limits risks, but it can also be interpreted as a way for the wallet to avoid liability in the event of an incident.
In addition, as a closed-source rather than open-source product, Jaxx Wallet is already more vulnerable. The lack of two-factor authentication is not reassuring either. On this point, the wallet disappoints many users, who prefer to turn to safer platforms such as eToro.
It is important to consider certain criteria to choose the right wallet:
Security
Wallet size
Fees
Access
Customer service
Jaxx Wallet – Is It a Reliable Wallet or Not?
As a mix of online wallet and platform, Jaxx remains among the best wallets. It is the ideal wallet if you are looking for a wallet to buy Bitcoin, Ethereum and many other cryptos. However, it is not recommended for beginners and some crypto investors, because in terms of security, online and desktop wallets are not highly recommended. At the same time, if you are looking for another flexible wallet, Guarda Wallet (see our Guarda Wallet review) supports several cryptocurrencies.
In addition, the various operations and transactions involve fees, unlike some wallets that are free. Yet these transactions should be chances to seize opportunities for maximum profit. High fees combined with a certain complexity therefore hold back this wallet’s popularity.
So using Jaxx as your wallet is not yet highly recommended, as it cannot yet compete with some wallets. If you want to use a wallet with a platform, we recommend eToro. And if you want to boost the security of your crypto, we recommend turning to hardware wallets such as the Ledger Nano X (see our Ledger Nano X review). If your budget allows, you can combine the two wallets for greater trading flexibility.
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Jaxx Wallet is one of the software wallets most popular with investors. It entered the market in 2014. Is it a scam, or is it a secure wallet? In this Jaxx Wallet review, discover our opinion and the details of this wallet.