There are many online wallet platforms out there on the market, offering stashing services for your cryptocurrencies. Using, trading and transferring digital coins are not possible without an address. You would need to choose a platform that offers several wallet services, such Jaxx does.
In this review, we will investigate the Jaxx’s properties, wallet functions, platforms, fees and available security tools. We conclude with general reputation of the platform within the cryptocurrency communities and brief company’s history, leading towards pros and cons section, which can be benchmarked against other wallet platforms.
Jaxx’s General Information
Jaxx is a cold storage, desktop wallet platform, created in 2014 by a company called Decentral Inc. that is based in Canada. The company’s owner is a blockchain organization that is currently located in Toronto. The founder of the company is Anthony Di Iorio, famous for being an Ethereum co-founder in 2014.
The services are not limited to Canadian traders only. Investors all over the world can sue the services as long as they have coins in their position (or plan to have in any case). It is free to use and maintain, with the registration of an account lasting under 5 minutes.
Wallet’s Properties & Functions
Jaxx is a desktop wallet, meaning it is downloadable on multiple platforms, keeping bitcoins safe using software installation. The cold storage function is vital security feature since the wallet can be used in both online and offline environments.
Using address codes generated by the Jaxx, you can maintain crypto money balance, send and receive coins and swap them around using company’s exchange rates. The swap is possible through a partnership with ShapeShift exchange, a platform that is known for a large number of cryptocurrencies but also large trade spreads, as shown below.
Jaxx supports a large number of cryptocurrencies, 54 of them to be exact. The platform positions itself as a keen supporter of ICO and new blockchain projects, adding new coins on the monthly basis. Unlike exchanges, the wallet does not delist the coins if the usage is low.
Compared with other storages, BitPanda and CoinCorner, the wallet offers a larger number of cryptocurrencies. Exodus is much closer to Jaxx than others are, as the platform offers a number of coins and ShapeShift services as well.
Platforms and Features
The crypto storage offer four main types of platforms that you can download for free. The wallet is available on mobile devices with both iOS and Android phones supported. The mobile platform is meant for those that are looking for comfort and speed of service.
You can also use Windows or Linux OS for the desktop wallet if you are looking for higher security and private keys.
Lastly, you can download a Chrome extension, which does not take space on your computer and is used when speed is of high importance.
The only costs that you will have while using the wallet are miner fees when you are sending and receiving coins. Each cryptocurrency has its own blockchain costs and these are not controlled by Jaxx.
Bitcoin, for example, has a fee of 0.0001 BTC, equivalent to approximately $17. Other wallets, BitPanda, Exodus, and CoinCorner do not charge anything related o their wallet services apart from miner fees.
Using the Jaxx wallet, apart from Desktop version, you really do not have any security function that you can use. Chrome extension depends on your browser, meaning that it is accessible only when you are online and using Chrome. There are no username or password keys to be used on that platform.
The mobile phones have the same issue, while the desktop platform is the only one that would allow you to use services in online and offline environments. You do have 12—word recovery code but that is about it.
The support page offers extensive FAQ section, where questions concerning ShapeShift and wallet services are answered. If the issue you face cannot be answered by the FAQ, you also have the ability to use a ticket system. The ticket can be posted at the Decentral, a platform organized by the Jaxx’s support department, as you can see in the picture below.
Most of the ratings can be considered average, with the largest issue with wallet services being lack of security of funds. This was deepened by a hacking incident in June 2017. According to the Vx Labs report (link https://vxlabs.com/2017/06/10/extracting-the-jaxx-12-word-wallet-backup-phrase/), over $400.000 worth of coins has been stolen since the Jaxx wallets are not encrypted.
This event really puts the dent in the company’s reputation, especially since many users are pointing out the lack of Jaxx’s response.
After the foundation was set in 2014, the company added several coins to its platforms over the years. The crucial point to make here is that nothing apart from that has been one. Security remained lackluster and no new functions or exchange services added apart from ShapeShift. At Reddit, owner of the platform announced that no new developments are planned in near future.
Pros and Cons
Comparing Jaxx with other wallet providers, we would not recommend the platform for traders holding large volumes of digital money. It is suitable for beginners or for investors looking for speed. The security is non-existent, hacking incident serving as a proof.
The company does not plan to add any other functions, apart from new ICO tokens. There are many choices out there in the market, offering similar services that you should check out instead.