Wallet

Review: our experiences with JAXX wallet

Test report and review of the allrounder-wallet JAXX for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Zcash and other crypto currencies


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Review: our experiences with JAXX wallet (c): Jaxx Wallet

13.12.2017

According to own statements the JAXX wallet is “The Best Wallet for Managing and Trading Your Digital Assets”. JAXX belongs to the category of software wallets and besides Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash and Zcash it supports a lot of other crypto-currencies. We have had a closer look to JAXX wallet and present it to you.





What is JAXX wallet?

JAXX wallet is an allrounder wallet, which is freely available and which supports a large number of crypto-currencies. JAXX’s software wallet is offered for most commonly used operating systems and platforms. JAXX is one of the best known wallets, which is being praised for its user-friendly surface.


Download and installation

JAXX is locally installed on a desktop computer or a mobile device. The latest version of JAXX wallet is available for download on this website:

https://jaxx.io/downloads.html.

Transaction fees that are displayed on JAXX, are charged by the network and are not transferred to JAXX. Thus JAXX is entirely free.

Presently JAXX if provided for the following eight different platforms

  • Android
  • iPhone
  • Tablet
  • iPad
  • Windows
  • MacLinux
  • Google Chrome browser extension

After downloading and installing the wallet is immediately ready for use.

Function and usage

After the installation of JAXX you have to accept the licence and privacy policies. After that you can immediately start.

In the beginning you are being asked whether JAXX shall set up a new wallet, whether pairing shall be performed with another device for an already existing wallet or whether you like to start a backup. Pairing means, that the wallet is available on two devices. These are then paired via scanning a pairing code in order to use the wallet on both devices.

Jaxx Wallet review © "Jaxx Wallet"

Setting up JAXX wallet

If you decide on creating a new wallet you can either choose express set up or custom setup. For a faster setup you can select express setup, whereas for custom setup some pre-settings are already selected. These settings can be altered again afterwards if you prefer express setup.

Jaxx Wallet review © "Jaxx Wallet"

 It does not make any difference which way you choose since the following settings are selected either in the very beginning or for express setup in the menu afterwards:

1. Selecting the wallets

Selecting the crypto-currencies for which a wallet will be activated. This can be adjusted in the menu “wallet” with just one click.

2. Selecting FIAT currency for displaying

FIAT currency which shows the equivalent value, i.e. euro or US dollar; this can be adjusted later onwards in the menu under “currency”.

3. Setting up a backup of the wallet

Since this step is very important, JAXX has described the procedure in a detailed manner and programmed an opt-in-check confirming that you have totally understood the backup process, you cannot continue the procedure without this confirmation. The next step generates the important backup-phrase. With the help of this key-phrase consisting of 12 randomly generated words you can recover your wallet. This is the reason why every user should write this phrase down and keep it in a secure place. Knowing this phrase everyone could recover the wallet and access your deposit.    

After your phrase is shown, you have to confirm it once again as a last step. For this you write the words into a text box separating them from each other with spaces. Copy and paste is not possible – so that everyone understands that the phrase has to be written again. If you have done everything correctly, a note saying “success” pops up and back up is completed (in case of mistyping you can go back with the “back” button).

4. Choosing a security PIN

The PIN serves preventing the wallet from the access of non-authorized accesses. You need the PIN when you send currencies, process the pairing feature or you access the backup-phrase. Due to security reasons you should create a PIN in your JAXX wallet. The PIN consists of four numbers which can be set up with the next screen (custom setup) respectively under “menu” > “settings” > “setup security PIN”.

Using JAXX wallet

Core functions of JAXX, i.e.

  • managing the deposits in the corresponding wallets
  • sending
  • receiving
  • exchanging

currencies is very easy. Afterwards every single process is registered in the “transaction history” of JAXX.

 

Sending crypto currencies

In order to send a certain amount from a wallet in JAXX, you just click on the “send”-button and fill the receiver’s address into the first field. Alternatively you select the QR code to scan it. In the second field you can type in the amount of Bitcoins that will be sent. You can also fill in the amount of a FIAT currency. Clicking “send” starts the transaction.

Jaxx Wallet review © "Jaxx Wallet"

The transaction has to be confirmed afterwards and you must type in the security PIN.

Jaxx Wallet review © "Jaxx Wallet"

 

Receiving crypto currencies

JAXX offers two methods to receive credits: either you just copy the address/scan the QR-code of the sender and type it in the receiving field or you generate an address/a QR-code in case you would like to receive a certain balance. The latter can be executed by filling in the desired credit and clicking on “generate”.

Jaxx Wallet review © "Jaxx Wallet"

Jaxx Wallet review © "Jaxx Wallet"

Before your balance is displayed, the wallet shows the status “unconfirmed”, which is altered into “confirmed” after a short period of time and approval of the network.

Jaxx Wallet review © "Jaxx Wallet"

Exchanging crypto-currencies in JAXX

For exchanging currencies JAXX uses the leading Blockchain Asset Exchange “ShapeShift”. The interface is directly integrated into JAXX and the exchange can be started by clicking on the blue fox (Shapeshift’s logo) of the corresponding wallet. Therefore you just have to enter the corresponding initial amount –also possible as FIAT currency – and the target currency can be selected via a drop down menu.

Jaxx Wallet review © "Jaxx Wallet"

Exchanging is processed in two steps. First the amount is sent to Shapeshift and then the exchanged balance is transferred to your address. You should keep in mind that an exchange can take up to 10-20 minutes before the deposit is displayed in the target wallet. The details concerning the transaction are displayed in JAXX and are consequently transparent.

The feature of sending or exchanging the whole amount of a wallet, just by clicking “max”, is very functional. Consequently your whole amount less fees is entered.

Supported crypto-currencies

In JAXX you can manage a lot of crypto-currencies. As stated in December 2017 you could activate the following wallets in JAXX:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Dash
  • Zcas

and moreover also a long list of other blockchain assets and crypto-currencies like (as stated in December 2017):

  • REP - Augur
  • RSK - RSK Testnet
  • DGE - Doge
  • ICN - Iconomi
  • GNT Golem
  • GNO - Gnosis
  • DGD - DigixDAO
  • BCAP - BlockchainCapita
  • CVC - Civic
  • STX - Stox
  • POE - Poet
  • MCI - Musiconomi
  • QTUM - Quantum
  • CFI - Cofoindit
  • ART - Maecenas
  • PAY - TenX
  • BAT - Basic Attention Token
  • RLC - iExec
  • EDG - Edgeless
  • Wings
  • SAN - Santiment
  • SNT -Status
  • ANT - Aragon
  • EOS
  • SLT - Salt
  • DPP - DAPowerPlay
  • MCO - Monaco
  • TKN - TokenCard
  • GUP - Matchpool
  • ENJ - EnjinEthereum
  • MLN - Melon
  • CRB - Creditbit
  • BCP - Blockmason
  • FUL - Fuel
  • DRT - DomRaider
  • WRC - Worldcore
  • BNT - Bancor
  • AON - Aion
  • UKG - Unicorn Gold
  • STM - Storm
  • SWM – Swarm

Whoever had Bitcoins in the JAXX wallet before the hard fork on the 1st August 2017, can exchange these into Bitcoin Cash via JAXX. The process is described on the following support-website: http://support.exodus.io/article/167-claim-bch-from-jaxx-btc-wallet.

How secure is JAXX wallet?

Using JAXX wallet you have total control of your deposit saving all your keys on your local computer. No personal data is sent via JAXX nor expected for registration. Local access can be secured through a four number PIN. You have to keep in mind, though, that the wallet’s security depends on the protection of the device where it is installed. This is not a specific problem of JAXX, but concerns all locally installed software wallets.

A two-factor-authentication is not offered at the moment.

What dies hierarchal deterministic mean?

JAXX is a so-called “hierarchal deterministic” wallet (HD wallet). Simply put, for each receive-transaction a new and continuous address of the wallet is generated on the basis of a master-private-key which is generated from a randomly created 12-word-phrase. Due to the newly generated keys for every transaction you can be sure that the receiver of a transaction cannot retrace your deposit and creating a profile. Actually it is a must, but not implemented in every wallet – JAXX offers this (exception: all Ethereum ERC-20 token).

Additional features of JAXX

Adjusting the BTC-mining-fee

In JAXX you can adjust the speed of Bitcoin-transaction via setting up mining fees according to three levels: “fast”, “average” and “slow”. The setting can be found under “settings” > “BTC mining fee”.

Exporting your private key

You can check and export the private keys of your wallet in JAXX under “tools” > “display private keys”. This is necessary when it comes to the Bitcoin claim-process.

Paper wallet

Furthermore it will be possible to import your balance from paper wallets or private keys to JAXX.

The design

JAXX’s design is pleasant and minimalistic. The wallet is displayed in black screens and decent font colors. You cannot change the look. In our test we were absolutely convinced of the design, this is also because of the fact that the functions shown in the foreground can be intuitively recognized and usage is easy for starters.

Who are the inventors of the JAXX wallet?

JAXX was developed by Decentral Inc., a leading blockchain enterprise situated in Toronto, Canada. The founder of Decentral is no one else than Anthony Di Iorio, co-founder of Ethereum and proven expert in the scene.

Comparing the alternative wallet Exodus

Recently we have tested the software wallet Exodus. This is the comparison of both wallets.

  Jaxx Exodus
Software-Wallet    

Multi-Wallet / number of supported currencies

   
Mobile Version    
Hierarchical Deterministic Wallet    

Conclusion of our review: our experiences and evaluation of JAXX wallet

We think that JAXX is a convincing and easily usable software wallet. As for other software wallets it should only be used for smaller amounts. Larger amounts should be managed in a hardware wallet. Compared to Exodus, which we have recently tested, JAXX performs better as far as data protection and security is concerned since a new key is generated for each receive-transaction. Additionally JAXX is also available on mobile devices and allows parallel usage via device-pairing. We also liked that for every single step a message was displayed with further information. This helps quickly finding your way.

 

Pros Cons

intuitive controls

hierarchical deterministic wallet

mobile version available

device-pairing possible

appealing design

Multi-Wallet for everyone
various crypto-currencies

for free

no protection through second factor

can only be recommended for smaller credits

 



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