I’ll tell you about their designs, features, and overall usability. I’ll also tell you which wallet is the safest and the most affordable. When you’ve finished reading, you’ll be able to judge who the winner of “Jaxx vs Exodus” is.
In many aspects, cryptocurrencies vary from fiat currency. They are not national currencies and are not accessible as paper notes or metal coins. Cryptocurrencies empower their users. There are no bank accounts, credit checks, or a central bank. There is just the blockchain, a complete and immutable record of every transaction ever made.
Users require a safe and reliable means to keep their currency in a cash economy without banks. Jaxx and Exodus are two of the most well-known wallets in the bitcoin sector. Before going into Jaxx vs Exodus, I’d like to explain what a crypto wallet is and what it accomplishes.
What is a Crypto Wallet?
People discuss keeping bitcoin in cryptocurrency wallets. This is not correct. Cryptocurrency wallets don’t store cryptocurrency. They hold cryptocurrency-related data. The cryptocurrency resides exclusively on the blockchain.
Crypto wallets hold two types of critical information. Users require both classes to transmit and receive bitcoin. They are as follows:
- Public addresses are digital addresses that allow bitcoins to be transmitted and received. They’re similar to crypto email addresses. You can freely share them. If you wish to send bitcoin to a buddy, they must provide you with a public address to send it.
- Private keys are personal codes that users must enter to access public addresses. They function similarly to the passwords for the crypto email address. You may also consider them a digital signature. Users must sign transactions with their private keys to show that the public address involved belongs to them to send and receive bitcoin. Nobody should ever have access to your private keys.
Users may lose their cryptocurrencies if they misplace their private keys. This is why it is critical to select the best cryptocurrency wallet. There are two types of crypto wallets available: software and hardware.
What is Jaxx?
Jaxx is a software wallet established in 2014 by Anthony Diiorio at Decentral, a Canadian blockchain technology business. Diiorio is also a co-founder of Ethereum, one of the most significant blockchain projects in the world.
The wallet is a desktop program from the Jaxx website and is compatible with Windows, Linux, and Apple Mac computers. It is also available for download through Google Play and iTunes for Android and iOS devices. Jaxx is also accessible as an online wallet that works with Chrome. Their Firefox add-on has been retired.
Jaxx had been downloaded 1.2 million times by March 2018. On the comparison site, CryptoCompare has a user rating of 3 out of 5 based on 164 reviews.
What is Exodus?
Exodus debuted on July 29, 2016. JP Richardson and Daniel Castagnoli created it. According to the Exodus website, they are “two people with love for blockchain assets.”
The Exodus wallet is a desktop wallet that works with Windows, Linux, and Apple Mac computers. You may download each version from the Exodus website. It presently lacks mobile and web apps. Despite being a much younger wallet than Jaxx, it already has a user score of 4.2 out of 5 from 396 reviews on CryptoCompare.
Now that you know what sorts of wallets Jaxx and Exodus are let’s take a closer look at Jaxx versus Exodus. So, which is superior? I’ll begin by comparing the bitcoin services provided by each wallet and the fees they charge. Which wallet, Jaxx or Exodus, supports the most coins? And which wallet is the most affordable? Continue reading to discover out.
Jaxx Wallets and Coin Services Fees
Jaxx supports 66 cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Augur, Qtum, and Dogecoin. It currently does not provide fiat cash storage. There is, however, an option to display your wallet balance in the fiat currency of your choice.
Jaxx is free to download; however, there are transaction fees. On the other hand, Jaxx wallet fees do not go to Jaxx but rather to the network on which the transaction takes place. If you transfer Ethereum, for example, Jaxx will charge a fee of about 0.000441 ETH, which you will need to make the transaction happen on the Ethereum blockchain. However, the transaction charge is not fixed and may vary based on network demand.
Users of Jaxx may conduct transactions at three distinct speeds: slow, medium, and quick. The lower the Jaxx wallet fees, the slower the transaction speed. This is an excellent tool for consumers who want to save money and are willing to wait a bit longer for their transactions to be completed. However, the transaction charge is not fixed and may vary based on network demand.
Users of Jaxx may conduct transactions at three distinct speeds: slow, medium, and quick. The lower the Jaxx wallet fees, the slower the transaction speed. This is an excellent tool for consumers who want to save money and are willing to wait a bit longer for their transactions to be completed.
Exodus Wallets and Coin Services Fees
Exodus accepts 89 cryptocurrencies for storage, including Bitcoin (BTC), Bitcoin Cash (BCH), Dash (DASH), Ethereum (ETH), Zcash (ZEC), 0x (ZRX), Aragon (ANT), Augur (REP), and OmiseGo (OMG). The wallet only displays user balances in US dollars and does not store fiat currencies.
Exodus is a free download. However, it only supports one transaction speed. Users will have less influence over the costs they pay as a result. Exodus wallet prices were roughly 5-10% more than Jaxx wallet fees for like-for-like transactions, according to YouTube vlogger RvMajor.
So, while Exodus provides more excellent cryptocurrency storage, Jaxx delivers a superior balance display and transaction speed. Jaxx is a somewhat less expensive service. However, Exodus wallet prices are less flexible. Let’s have a look at some of the other things that Jaxx and Exodus have to offer.
Jaxx vs Exodus: Built-In Options
ShapeShift is an in-built functionality of both wallets. ShapeShift is a cryptocurrency exchange embedded inside each wallet, allowing users to shift currencies without visiting an exchange like Poloniex or Binance. Exodus was the first wallet to provide Shapeshift exchange services, and others have since followed suit, including Jaxx.
We might claim that Jaxx has a broader set of built-in features. In addition to desktop, mobile, and online services, it offers a native camera capability that allows users to scan QR codes from paper wallets with their mobile devices.
Most cryptocurrency experts advise keeping private keys on various software and hardware wallets. Jaxx’s compatibility with both makes it appealing to many users.
However, some users have complained that the wallet’s complex capabilities cause it to be slow and sluggish. This is an issue that Exodus does not have. Any extraneous features do not hamper its basic desktop service.
Jaxx may have a broader range of capabilities for more skilled users, but Exodus is more dependable in terms of its services. Both provide ShapeShift, putting them ahead of wallets that do not. Therefore we’ll call this round of Jaxx vs Exodus a draw.
Next, I’d want to see how well the design of each wallet is. This should tell us which wallet is easier to use, Jaxx vs Exodus.
Jaxx vs Exodus: Design and User-Friendliness
One of the most common criticisms newcomers have regarding cryptocurrency wallets is that they are overly complex and difficult to use. Two areas where crypto goods must improve are design and usability. Here’s how Exodus and Jaxx stack up:
Jaxx features a basic and clean design. Its primary functions are identified and have a “helpful hint” to help users understand how they operate. Private keys are freely available to avoid misunderstanding, and transaction information is obvious.
Simple Send and Receive panels make those initial transactions as painless as possible for novices! One minor issue leveled towards the wallet by some users is that technical information, such as public addresses, is shown at a font size that can be difficult to read.
Exodus is not just one of the best-designed wallets on the market but also one of the best-designed cryptocurrency solutions. Users will find the wallet nicely designed, with a simplicity that most other wallets lack. The wallet has three sections: Wallet, Exchange, and Portfolio, and transactions are Sent, Received, and Exchange.
Exodus is a simple wallet for beginning cryptocurrency users. The wallet’s webpage reads boldly, “Crafted with love by JP and Daniel,” and it shows. This round of Jaxx vs Exodus has only one winner.
Jaxx vs Exodus: Security
When comparing the security of Exodus vs. Jaxx, you’ll see that both wallets share features yet differ in crucial ways. Let’s examine which wallet is more secure.
Is the Jaxx Wallet secure?
Private keys are stored directly on the user’s device via the Jaxx wallet. This implies that only the user has access to the private keys. The wallet is also hierarchical deterministic, meaning that every time you send/receive funds to/from your existing wallet address, it generates a new address to keep your balance hidden.
It will send the given amount to the selected address, and the remaining balance is sent to the new address, linked to the other addresses, and the mnemonic 12-word seed.
It is possible to restore access to your assets even if you lose the device by utilizing the mnemonic 12-word backup phrase. That is why it is critical to write down and save your 12-word backup phrase outside the machine. Make sure that only you have access to your 12-word backup phrase.
Jaxx has had various issues in the past that have been exploited by hackers to steal cash. Hackers took 400,000 USD in bitcoin from Jaxx wallets in early 2017. It’s unclear if the wallet or user mistake was to fault. Bugs in the Jaxx software are occasionally there, although they are typically swiftly resolved by the Jaxx team.
Jaxx does not support two-factor authentication. This system requires a user to provide two types of passwords to access their account. When a user signs in, the first is generally a regular password, and the second is a code given to the user’s mobile phone or an authentication app. Some consumers will be concerned about the disappearance of this fundamental security function.
Is the Exodus Wallet secure?
Exodus also does not provide two-factor authentication to its consumers. The reasons behind this are unknown, but most people expect to see it in the future. Exodus’ key safety feature, one-click account recovery, primarily relies on the user’s email address. When a user’s account access is lost, it will send an email with a link to the user’s email address.
This implies that people must have confidence that the gadget they are using is bug and virus free. If you lose access to your email account, you may lose access to your Exodus wallet. Exodus, on the other hand, provides hierarchical deterministic account recovery.
However, HD technology may not be able to safeguard user credentials. Using a simple computer code, the CryptoCoreMedia team acquired access to an Exodus user’s 12-word backup phrase in March 2018.
This round is a tie. No wallet is secure, but Jaxx and Exodus development teams are working hard to increase user safety. They do this through constant changes to features and services. They also provide direct help to users.
In my Exodus vs Jaxx comparison, I addressed some critical topics, such as whether the Exodus wallet is secure. How are Jaxx wallet fees determined? The one question I haven’t addressed is which wallet is superior.
The crypto community is the true winner of the Jaxx vs Exodus battle. People who have supported cryptocurrencies since their inception are finally getting high-quality services. Both Jaxx and Exodus are very professional programs that respect their clients.
Both Jaxx and Exodus are beginner-friendly but complex enough for crypto geeks to appreciate. If developers continue to create things like these, the future of cryptocurrency might be pretty exciting for all of us. The most excellent part is that you don’t have to pick between Jaxx and Exodus; you may use both.