The Jaxx Liberty wallet caters to cryptocurrency users who prioritize privacy and security in their transactions. However, individuals seeking additional features such as NFT management may need to explore other wallet options.
Pros Explained
- 1. The wallet offers a simple interface and easy setup for managing various cryptocurrencies. Users can set up their wallet within minutes by saving a 12-word security phrase.
- 2. Jaxx Liberty utilizes a hierarchical deterministic platform, creating a new wallet address for each cryptocurrency transaction to enhance user identity protection.
- 3. The app includes a secure customer service channel through an in-app ticketing system and email, reducing the risk of scams.
- 4. Partner integrations with Simplex and Changelly enable users to purchase and exchange cryptocurrencies directly within the wallet.
Cons Explained
- 1. Jaxx Wallet supports a limited number of cryptocurrencies, with only 82 available compared to other wallets.
- 2. The wallet lacks a staking interface, preventing users from staking cryptocurrency to earn interest.
- 3. There is no direct support for NFTs within the wallet due to its focus on security features, limiting functionality for NFTs, decentralized apps, and exchanges.
- 4. Storing large amounts of cryptocurrency in the wallet is not recommended due to potential security risks, as even the most secure software-based hot wallets can be vulnerable to attacks like cryptojacking and social engineering. It is advisable to store significant amounts in cold storage.
Jaxx Wallet is a wallet designed for simplicity across various platforms, unlike other wallets that support numerous cryptocurrencies and non-fungible tokens on different blockchains. The wallet app is compatible with Windows, Apple MacOS, and Linux computers, as well as Chrome-based browser extensions, and Android and Apple smartphones.
New users can easily create a Jaxx Wallet wallet on any device and transfer it to another platform using their 12-word backup phrase or QR code. This flexibility allows users to manage their cryptocurrency assets seamlessly across different devices. With the wallet, users can buy, store, or transfer over 80 cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, MCO (Crypto.com), and BNB Coin (Binance).
Despite its user-friendly interface on multiple devices, Jaxx Wallet lacks certain features. Users cannot earn interest on their assets through staking directly on the wallet, and the company currently has no plans to incorporate this feature. Additionally, while users can store non-fungible tokens in the wallet, they cannot manage them directly through Jaxx Wallet.
Top 5 Supported Cryptocurrencies:
- 1. Bitcoin
- 2. Ethereum
- 3. Litecoin
- 4. Binance BSC Coin
- 5. XRP
Jaxx Wallet, similar to other decentralized, non-custodial wallets, ensures the security of customer information by not storing any data and not allowing developers access to wallets or balance information. The 12-word secret phrase generated during setup is the key to securing wallets.
Transferring a wallet to another device can only be done using the secret phrase or QR code, providing users with complete control over their assets and a level of anonymity. Since Jaxx Wallet does not require KYC procedures or retain customer data, wallets remain safe from central data breaches.
Despite the robust security measures in place, decentralized wallets like Jaxx Wallet are still vulnerable to cryptojacking and social engineering attacks. Connecting a wallet to a phishing website or sharing secret phrases with scammers can lead to unauthorized access and asset loss. It is crucial for users to never disclose their 12-word secret phrase to anyone, as Jaxx Wallet staff will never request this information for troubleshooting purposes.
Jaxx Liberty prioritizes privacy and anonymity as its core principles. Being a non-custodial and decentralized wallet, the company refrains from storing or monitoring any user information. In contrast to custodial wallets commonly seen in centralized exchanges, Jaxx Liberty does not retain passwords or details regarding assets stored in a wallet. It is crucial to securely store both the password and the 12-word secret phrase, as losing access to either could result in permanent loss of the wallet and its contents.
To enhance user anonymity, Jaxx Liberty operates on a hierarchical deterministic platform. Each wallet is specific to a particular cryptocurrency and has a unique address. Following each inbound cryptocurrency transaction, a new address is generated to safeguard the user's identity. Additionally, users have the flexibility to activate or deactivate individual wallets at their discretion.
For instance, if a user wishes to transact in Bitcoin but not Ethereum, they can activate the Bitcoin wallet and deactivate the Ethereum wallet until needed in the future. While Jaxx Liberty does not implement a know your client process for wallet usage, purchasing cryptocurrency through Jaxx Liberty may necessitate users to disclose personally identifiable information to their third-party provider, Simplex.
The setup process for Jaxx Liberty is straightforward on all platforms. To begin, users need to download the software from the Jaxx Liberty website (for desktop computers), the Apple App Store, or the Google Play store (for Android). After installation, new users will need to read and agree to the terms of service. They can then choose to either create a new wallet or import an existing one.
To pair an existing wallet, users can select the "Restore Interface" option and provide their secret backup phrase or scan the backup phrase QR code. For creating a new wallet, users will be prompted to write down their 12-word secret backup phrase in four-word increments and confirm it to ensure the security of their wallet across devices. Additionally, users have the option to create a security password for added protection against unauthorized access.
The Jaxx Liberty wallet is user-friendly and available on various platforms, including downloadable software for Windows, Mac OS (with Apple silicon chip), and Linux-based computers, a Google Chrome extension, and mobile apps for both iOS and Android smartphones.
Desktop
The Jaxx Liberty desktop application is compatible with Windows computers running Windows 8 or later, as well as Linux computers running Ubuntu 12.04, Fedora 21, or Debian 8 or later. However, there is no specific version of the app for MacOS. It is worth noting that newer Mac desktops and laptops with Apple silicon chips can run the iOS version of the app. On the other hand, older Macs using Intel chips cannot run iOS versions of apps. To ensure the authenticity of the software, users can compare the checksum with the one published on the Jaxx Liberty website by running a command.
Mobile App
The mobile app is available for both Apple iOS and Android-based phones, and it generally receives positive customer reviews. However, some users have expressed concerns about the slow resolution of customer service issues and the complexity involved in sending or receiving cryptocurrency, which may lead to error codes if not done correctly.
To enhance user security and prevent scams, Jaxx Liberty has centralized its customer service within the wallet apps. Users can access the help bot by clicking the "Help" button located at the top-right corner of the screen. The bot provides answers to frequently asked questions and directs users to submit a ticket if their issue is not addressed in the self-help system.
All issues are resolved through the ticket system via email, as there is no live chat option for immediate assistance. Additionally, users can seek assistance or ask questions about Jaxx Liberty on Reddit. However, it is important to note that the Reddit channel is not moderated. Jaxx Liberty staff members on Reddit have their roles protected, and their answers are identified by a blue checkmark next to their username.
There are no charges for downloading or utilizing Jaxx Liberty as a wallet. However, users will incur network charges when sending cryptocurrency, which will depend on network activity.
Jaxx Liberty wallet users will also face charges when buying cryptocurrency via a credit card from the third-party provider, Simplex. These charges typically range from 3.5% to 5%, with a minimum of $10.
Final Decision
In conclusion, Jaxx Liberty wallet is an excellent choice for individuals looking to securely store their cryptocurrency in a non-custodial environment that prioritizes privacy. The hierarchical deterministic platform generates a new wallet address for each incoming transaction, giving users more control over their identity when conducting transactions online and offline. Additionally, access to wallets through a secret recovery phrase enhances security across multiple devices.
For more experienced cryptocurrency users, this wallet excels in security but falls short in terms of usability. With a limited selection of supported cryptocurrencies, lack of NFT management tools, absence of hardware wallet support, and minimal dApp support, this wallet is better suited for basic storage, sending, and receiving of coins rather than comprehensive crypto management.
Prior to engaging in cryptocurrency transactions and storage, it is crucial to have a suitable crypto wallet. To assist in selecting the most suitable wallet, we carried out a thorough evaluation of the leading cryptocurrency software wallets.
Our evaluation process is based on a quantitative ratings system that considers important factors like security, costs, privacy, usability, customer support, and features based on their significance. Our team of researchers collected more than 40 data points and conducted in-depth research on each of the 19 companies under review. Subsequently, our team of expert writers tested each wallet to provide their qualitative insights.
Our model prioritized companies with robust security measures and strong reputations. Companies offering extensive features, such as supporting a wide range of crypto assets, enabling users to synchronize with hardware wallets, and allowing for fee customization, were also highly ranked.