Welcome to my Jaxx vs Exodus review. In this guide, I’m going to tell everything you need to know about these superstars of crypto storage.I’ll tell you about their designs, their features and their user friendliness. I’ll also tell you which wallet is safer and which is the cheapest. When you finish reading, you’ll be able to decide who the winner of “Jaxx vs Exodus” is for yourself. Cryptocurrencies are different from fiat currencies in many ways. They aren’t the official currencies of nations and they aren’t available as paper notes or metal coins. Cryptocurrencies put their users in control. There are no bank accounts, no credit checks and no central reserve. There is only the blockchain; a complete and unchanging record of every transaction that’s ever been made. Want to know more about blockchains? Check out my Blockchain Explained guide! In a cash system without banks, users need a safe and reliable way to store information about the currency they hold. This is where cryptocurrency wallets come in. Two of the most well-known wallets on the cryptocurrency market are Jaxx and Exodus.
Table of Contents
- 1 What is a Crypto Wallet?
- 2 Software vs Hardware Wallets
- 3 What is Jaxx?
- 4 What is Exodus?
- 5 Cryptocurrency Storage and Fees
- 6 Inbuilt Features
- 7 Design and User-Friendliness
- 8 Security
- 9 Customer Support
- 10 Comparison Chart
- 11 Conclusion
What is a Crypto Wallet?People talk about storing cryptocurrency in crypto wallets. This isn’t really true. Cryptocurrency wallets don’t store cryptocurrency. They store information about cryptocurrency. The cryptocurrency itself only exists on the blockchain. Crypto wallets store two very important kinds of information. Users need both kinds to send and receive cryptocurrency. They are;
- Public addresses are digital locations where cryptocurrencies can be sent and received. They’re a bit like crypto email addresses. They can be shared openly with other users of the network. If you want to send cryptocurrency to a friend, they will need to give you a public address where you can send it.
- Private keys are the personal codes that users need to access public addresses. They’re like the passwords for the crypto email address. You can also think of them as a digital signature. To send and receive cryptocurrency, users need to sign transactions with their private keys to prove that the public address involved belongs to them. Private keys should never be shared with anyone.
Software vs Hardware WalletsSoftware wallets can be downloaded onto desktops or mobile devices. They can also be online wallets installed in your browser or hosted by a crypto exchange. Hardware wallets can be USB-style stick drives or even pieces of paper with codes written on them! Wallets that are connected to the internet are called hot storage and those that aren’t are called cold storage. So, paper wallets are cold storage and browser wallets are hot storage. Now I want to look at Jaxx vs Exodus. Which wallet is better? I’ll begin by telling you a bit about each, starting with Jaxx…
What is Jaxx?Decentral. Diiorio is also a co-founder of Ethereum, one of the world’s biggest blockchain projects. The wallet can be downloaded from the Jaxx homepage as a desktop application and works with Windows, Linux and Apple Mac systems. It can also be downloaded from Google Play and iTunes for use on Android and iOS mobile devices. Jaxx is available as an online wallet as well, and works with Chrome. Their Firefox add-on was discontinued. By March 2018, Jaxx had been downloaded 1.2 million times. It has a user score of 3 out of 5 from 164 reviews on comparison site, CryptoCompare. How about the competition?
What is Exodus?Exodus was launched on July 29 2016. Its creators are JP Richardson and Daniel Castagnoli. The Exodus homepage describes them as “two guys with a passion for blockchain assets.” The Exodus wallet is a desktop wallet designed to be used with Windows, Linux and Apple Mac systems. Each version can be downloaded directly from the Exodus homepage. It doesn’t currently have mobile or online applications. 4.2 out of 5 from 396 reviews on CryptoCompare. Now you know what kinds of wallet Jaxx and Exodus are, we can look at Jaxx vs Exodus in more detail. So, which is better? I’ll start by comparing the cryptocurrency services of each wallet and what they charge. Which wallet supports the most coins between Jaxx vs Exodus? And which wallet is the cheapest option? Read on to find out…
Cryptocurrency Storage and FeesLet’s see how Jaxx vs Exodus compare on coin storage and fees;
Jaxx Wallet Fees and Coin ServicesJaxx offers storage for over 66 cryptocurrencies including Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Augur (REP), Qtum (QTUM) and Dogecoin (DOGE). Currently, Jaxx does not offer fiat currency storage. However, there’s an option to display the balance of your wallet in the fiat currency of your choice (GBP, USD, EUR etc.). You can find a full list of supported currencies on the Jaxx Website Jaxx is free to download but does charge fees for each transaction. However, Jaxx wallet fees don’t go to Jaxx, they go to the network on which the transaction is taking place. For example, if you are sending Ethereum, Jaxx will charge a fee of around 0.000441 ETH and this amount will be used to make the transaction happen on the Ethereum blockchain. However, the transaction fee isn’t static and might change depending on the network load. Jaxx users can make transactions at three different speeds; slow, medium and fast. The slower the transaction speed, the lower the Jaxx wallet fees will be. This is a great feature for users who want to save money and don’t mind waiting a little longer for their transaction to be completed. How do the currency services and fees offered by Exodus differ?
Exodus Wallet Fees and Coin ServicesExodus offers storage for 89 cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Ethereum (ETH), Zcash (ZEC), 0x (ZRX), Aragon (ANT), Augur (REP) and OmiseGo (OMG). The wallet only shows user balances in US dollars and doesn’t offer fiat currency storage. RvMajor, found that Exodus wallet fees were about 5-10% higher than Jaxx wallet fees for like-for-like transactions. So, Exodus offers storage for more cryptocurrencies but Jaxx offers a better choice of balance display and transaction speed. Jaxx is a slightly cheaper service and Exodus wallet fees are less flexible. Next, let’s look at some of the other features Jaxx and Exodus offer…
Inbuilt FeaturesBoth wallets offer ShapeShift as an inbuilt feature. ShapeShift is a crypto exchange which is built in to each wallet so users can exchange coins without needing to visit an exchange like Poloniex or Binance. Exodus was the first wallet to offer Shapeshift exchange services and others – including Jaxx – have followed. It can be argued that Jaxx offers a wider selection of inbuilt features. As well as offering services on desktop, mobile and web it also has a native camera function which allows users to scan QR codes from paper wallets with their mobile devices. Most crypto experts recommend storing private keys on a selection of software and hardware wallets. The fact that Jaxx is compatible with both makes it appealing to a lot of users. However, some users have suggested that the wallet’s advanced features make it slow and laggy. This is a problem that Exodus doesn’t have. It’s simple desktop service isn’t slowed down by any additional extras. For more advanced users, Jaxx might have a better choice of features but Exodus is more reliable in the way it delivers the services it offers. Both offer ShapeShift, which puts them ahead of wallets that don’t, so we’ll call this round of Jaxx vs Exodus a tie. Next, I want to find out how well each wallet is designed. This should tell us which wallet is the easiest to use between Jaxx vs Exodus.
Design and User-Friendliness
Jaxx DesignJaxx has a clean and simple design. All its main features are labelled and have a “useful tip” attached to guide users on how they work. Private keys are easily accessible and transaction information is displayed very clearly to prevent confusion. Simple Send and Receive screens make those first transactions as painless for beginners as possible! One small criticism some users have of the wallet is that technical information, like public addresses, are shown in a font size that can be difficult to read. Jaxx has a professional design and newbie-friendly layout, what about Exodus?
Exodus DesignExodus is not only one of the best-designed wallets on the market, it’s probably one of the best-designed products in cryptocurrency. Users will find the wallet beautifully laid out with a simplicity you won’t find in most other wallets. The wallet has three main sections; Wallet, Exchange and Portfolio, and transactions are clearly divided into Sent, Received and Exchange. Exodus is a stress-free wallet for beginners to start using crypto with. The wallet’s homepage proudly states that it was, “Crafted with love by JP and Daniel”, and it shows! The next topic I want to talk about is security. How secure is Jaxx and is Exodus wallet safe?
SecurityWhen comparing Exodus vs Jaxx on their safety, you’ll find that both wallets share features but also differ in some important ways. Let’s see which wallet has better security…
Is Jaxx Wallet Safe?The Jaxx wallet stores private keys directly onto the user’s device. This means that no one has access to the private keys but the user. The wallet is also hierarchical deterministic (HD), which means it generates a new address every time you send/receive funds to/from your current wallet address as a way of keeping your balance private. The total amount of coins/tokens in the address(es) that the transaction is sending from gets sent. The amount specified go to the specified address and the remaining balance goes to the new address that is attached to the other addresses and of course the mnemonic 12-word seed.
Imagine you have 4 bills. 1 twenty dollar bill, 1 ten, and 2 fives. Now the each bill represents an address. Now you want to buy a nice sweater for $37 including tax. So you give the cashier the all your money and they give you back 3 dollars which you put into a new wallet.This is the way HD works. You would then have 4 inputs and 2 outputs. 4 bills for each input and 2 outputs being one is the $3 dollars back to you and the $37 to the store.
By using the mnemonic 12-word backup phrase it is possible to regain access to your funds even if you lose the device that your wallet is on. That is why it’s extremely important to write down your 12-word backup phrase outside of the device and keep to safe. Make sure that nobody has access to your 12-word backup phrase apart from yourself.This being said, Jaxx has had several bugs in the past which have been used by hackers to steal funds. In early-2017, 400,000 US dollars worth of coins were stolen from Jaxx wallets. However, it’s not known whether the wallet, or user error, was to blame. Bugs are sometimes detected in the Jaxx software but they are usually fixed quickly by the Jaxx team.
The early 2017 hack has been addressed by the Chief Technology Officer of Jaxx, Nilang Vyason. Here’s a link to his Reddit post.One feature Jaxx doesn’t have is two-factor authentication. This is a system where a user needs two kinds of password to access their account. The first is usually a standard password and the second is a code sent to the user’s mobile phone or authentication app when they sign in. The lack of this basic security feature will concern some users.
Is Exodus Wallet Safe?This means that users need to be confident that the device they’re using is free from bugs and viruses. Losing access to an email account could mean losing access to the Exodus wallet. However, Exodus does offer hierarchical deterministic account recovery as well. HD tech may not be able to protect user accounts completely though. In March 2018, the team at CryptoCoreMedia were able to gain access to an Exodus user’s 12-word backup phrase by using a simple piece of computer code. This round is a tie again. No wallet is 100% hack-proof but the development teams at Jaxx and Exodus both work hard to improve user safety. They do this with regular updates to features and services. They also offer support to users directly. But who offers the best customer support out of Jaxx vs Exodus?
Customer SupportFortunately, Jaxx and Exodus both have good relationships with their users. Neither wallet is fully open sourced but both make a big effort to show their customers how their companies operate. Both wallets publish blogs on their websites with Jaxx providing especially detailed descriptions of problems it’s having and solutions it’s using to solve them. Jaxx and Exodus post regular updates and warnings about scams and risks to their followers on Twitter. Complaints and queries can be made by email and both teams have good reputations for responding quickly. Exodus’ JP Richardson and Daniel Castagnoli also talk to their users directly on Slack. Jaxx and Exodus are helping to change the way people think about cryptocurrencies. Along with other professional crypto platforms – like Coinbase and Binance – Jaxx and Exodus are providing services that customers can trust. So, Jaxx vs Exodus? Not this time! Everyone’s a winner in this round!
|Multi-currency||Yes (60+)||Yes (80+)|