Today we’ll tell you about the features, user interface, and user-friendliness of both Exodus and the Jaxx wallet. We will compare the safety of both wallets and which is the cheapest for daily use. After this article, you’ll be able to choose the winner of our “Jaxx vs Exodus” in-depth review.
Cryptocurrencies and fiat currencies differ in many ways, they are not available as physical currencies like paper notes or metal coins, neither are they issued currencies of countries. Cryptocurrencies allow their users to have full control over their money and transactions. There are no background checks, central banks, or bank accounts involved in cryptocurrencies, all cryptocurrencies are powered by a blockchain, a Tamper proof, and a complete record of every transaction that’s ever been sent or received.
In a currency system without banks or governments involved users need a reliable and safe way to store their wealth, that is exactly what cryptocurrency wallets are made for. Two of the most reputable wallets in the cryptocurrency world today are Exodus and Jaxx. Before we do Exodus vs Jaxx comparison let’s have a closer look at how a crypto wallet works and what it does.
What’s a Crypto Wallet?
The common misconception that users store their cryptocurrencies in crypto wallets isn’t true, cryptocurrency wallets do not store any currencies, they store the information necessary to access your funds, the cryptocurrency only exists on the blockchain and can be accessed by anyone who is in possession of an addresses private keys. Let’s look at those two crucial topics in detail:
Public Addresses are the digital addresses where currencies can be received and sent. Imagine them like an email address but instead of storing your emails they store your cryptocurrency and cannot be accessed by any third party without the private key that is connected to this specific public address.
Private Keys are the passwords for a public address and can be used to access and use the funds of a crypto wallet. Imagine them like a digital signature which is used to sign every transaction in order to prove that the public address belongs to the user. Never share your private keys with anyone since they are equal to having full access to your funds.
If a user loses his private keys they also lose access to their cryptocurrency, forever. Hence, it is so important to use the right crypto wallet and backup your private keys accordingly. There are two different kinds of crypto wallets at the moment, software and hardware wallets.
Software vs Hardware Wallets
Software wallets are applications that are downloaded to your desktop or mobile devices, they can also be accessed through your browser which is commonly known as an “online-wallet”.
Hardware wallets, on the other hand, can be a device that looks like a USB stick or just a plain old piece of paper with codes written on it. Wallets that are connected to the internet in any way are considered hot storage and those that don’t access the internet are cold storage. You should only use hot storage for funds you plan to send immediately or which you use for day trading, always store your funds in cold wallets if you plan to hold the said currency for an extended period of time. So Jaxx vs Exodus, which wallet is better now?
What Exactly Is Jaxx?
Anthony Diiorio created the Jaxx Wallet in 2014 while working at a Canadian blockchain company with the name Decentral. He is also a co-founder of the Ethereum Blockchain, one of the biggest blockchain projects in existence.
You can download your Jaxx wallet from the official website, it is currently available as a desktop application for Windows, Linux and Mac Os, Android and iOs versions can be installed from the Google Play Store and iTunes. They also offer an online wallet version as well which works flawlessly with Chrome.
Jaxx Wallet received a user score of 3 out of 5 based on 172 reviews on the crypto comparison site CryptoCompare.
So what about the competition?
What Exactly Is Exodus?
The creators JP Richardson and Daniel Castagnoli created the Exodus wallet on July 29, 2016, they describe themselves as “two guys with a passion for blockchain assets” on the Exodus website.
The Exodus Wallet is a desktop application available for Windows, Linux, and Mac Os, Android, and iOs versions that can be installed from the Google Play Store and iTunes.
Exodus Wallet received a user score of 4.2 out of 5 based on 439 reviews on the crypto comparison site CryptoCompare.
Now that you know the basics about Jaxx vs Exodus we can look at both wallets in more detail. Let’s start by comparing the crypto services of each project and what they charge for it. Which of the two wallets supports the most currencies and most important, which wallet is the cheapest option for daily use. Let’s find out who will be the winner.
Exodus vs Jaxx – Storage And Fees
Let’s find out how both wallets compare fees and coin storage.
Jaxx Fee Structure
Jaxx offers support for over 90 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Litecoin (LTC), at the moment Jaxx does not offer any fiat currency storage, they do offer to display your wallet balance in your preferred fiat currency (USD, EUR, GBP, etc). Visit the Jaxx website for a list of all supported currencies.
Jaxx provides a free download but every transaction includes a transaction fee, this fee does not go to the development team but instead goes towards the blockchain network on which the transaction is executed. For example, if you are sending Bitcoin, Jaxx will charge a small fee which will be used to sign the transaction on the bitcoin blockchain. The transaction fee is not fixed and varies depending on the network’s load.
Jaxx allows its users to make transactions at different speeds, slow, medium, and fast. The faster the transaction speed the higher the transaction fees will be. If you don’t mind waiting a bit longer for your transaction to get executed this is a great feature for users who want to save money.
Exodus Fee Structure
Exodus offers support for over 110 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), EOS (EOS), and Ripple (XRP), Exodus only shows wallet balances in USD, however, they don’t offer any fiat currency storage at the moment. Visit the Exodus website for a list of all supported currencies.
Learn more: MyEtherWallet Review – How Safe is This Wallet?
Exodus is free to download but compared to Jaxx only offers one transaction speed. This means that end-users have less control over the transaction fees they pay. On average exodus, fees are 5-10% higher than Jaxx wallet fees for similar transactions.
The conclusion is that Exodus supports a wider variety of cryptocurrencies but Jaxx has more choices of balance display and transaction speeds.
Directly compared, Jaxx is slightly cheaper to send transactions from and provides better flexibility in terms of their fee structure. Let’s look at some other features of Exodus vs Jaxx next.
ShapeShift is an inbuilt feature with both wallets, ShapeShift is a crypto exchange that offers automated currency conversions (e.g BTC to ETH) without having to visit a regular exchange like Binance or Bittrex. Exodus was the first wallet to integrate full ShapeShift support, other major players like Jaxx followed soon after.
Jaxx offers a wider selection of inbuilt features in direct comparison with Exodus. For example, the native camera function allows users to scan QR codes from paper wallets to avoid any clipboard hijacking malware and thus adds to the overall security of the wallet.
Crypto experts highly recommend storing your private keys on a variety of hardware and software wallets. Jaxx supports both, hardware and software wallets and makes it more appealing to a security-focused user base.
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However, some users reported the Jaxx wallet’s advanced features slow down the performance of the application and cause lags at times. Exodus does not have this problem since its a simple desktop service that won’t be slowed down by any extra features.
Advanced users will probably prefer Jaxx for the better choice of features. Exodus, on the other hand, is more reliable in delivering the core service of storing and sending cryptocurrencies. Both have fully integrated ShapeShift compatibility which puts them ahead of competitors which don’t support ShapeShift, Let’s call this round of Jaxx vs Exodus a tie.
User Interface & Experience
A recurring complaint among crypto beginners is that wallets are too complicated and difficult to use. The current user interface & experience standard needs a lot of improvement to establish cryptocurrencies in the mainstream. Both Exodus and Jaxx put a lot of effort into enabling their users to send transactions with the least steps possible, let’s compare both.
This video explains how to use the Jaxx wallet!
Jaxx has a simple and straightforward interface. All features are clearly labeled and have an explanation attached to guide users on how to use them. The private keys are easily accessible and the transaction overview is displayed prominently to prevent any confusion.
Learn more: Bitcoin.com Wallet Review – In-Depth Analysis
The intuitive send and receive sections make the first few transactions as frictionless as possible for beginners. The only criticism Jaxx received is that certain technical information like public addresses is shown in a font size that makes it difficult to read.
Conclusion: Jaxx has a sophisticated user interface and is newbie friendly with a straightforward layout.
This video explains how to use the Exodus wallet!
Exodus is easily the best-designed wallet currently on the market if not even one of the best-designed products in the cryptocurrency sector. Users are presented with an intuitive layout and a simplicity which we yet have to see in other wallet solution. The User Interface is separated into three main sections: wallet, exchange, and portfolio with hassle-free experiences for each section.
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Exodus is a beginner-friendly wallet which wants to start using crypto, the exodus team states on their homepage that it as “Crafted with love by JP and Daniel”, we can clearly tell that this statement couldn’t be truer.
Conclusion: Exodus currently has the most sophisticated user interface and experience across all wallet solutions, their beginner-friendly, and straightforward layout make it a breeze to send your first transactions…
What about the security aspect, after all this is the most important topic when it comes to storing funds. How secure are both wallets?
Jaxx vs Exodus – Security
If we directly compare Exodus vs Jaxx in regards to safety, we’ll find that both wallets share certain features but also differ in certain ways. Let’s find out which wallets have better security
How Safe Is Jaxx Wallet?
Jaxx Wallet stores your private keys directly on the device it is installed on. This means no one else has access to your private keys. Every time a new transaction gets sent/received Jaxx will generate a new public address in order to keep your balance private.
One important feature Jaxx is missing is two-factor authentication (2FA). At the moment a wide variety of products in the crypto sector support 2FA to increase their security. The lack of this basic security feature is one of the biggest downsides when it comes to the security of the Jaxx wallet.
How Safe Is Exodus Wallet?
Exodus also does not offer two-factor authentication except for hardware wallets. The reasoning behind this is unclear but it is expected to see this feature in the future due to high user demand. Exodus builds most of their account recovery functions on a user’s email, their one-click account recovery opens up doors to hacking attacks. To their defense, we have to say that up to this day no large scale attacks aimed at the exodus user base were reported.
Next to the email account recovery exodus also offers regular recovery with a 12-word backup phrase. The team at CryptoCoreMedia was able to bypass this security feature in 2018 with a simple piece of computer code.
Let’s call this round a tie, no wallet currently on the market is 100% secure but the dev teams at Exodus and Jaxx both work continuously to improve their user’s safety by adding the latest security technology to their products.
In this Jaxx vs Exodus in-depth review, we’ve answered a few important questions like, are the wallets safe? How is the fee structure for both? One question we did not answer yet is, which one of the two is better?
To be fair, the real winner in the comparison between Exodus vs Jaxx is the entire crypto community. The tens of thousands of users who supported the crypto sector since the beginning are now rewarded with top-quality products. Both Jaxx and Exodus, are highly sophisticated applications that treat their user base with the respect they deserve.
Both wallets are newbie friendly but at the same time are advanced enough for crypto enthusiasts. If crypto developers keep putting out products like these we are heading towards an exciting future. Exodus has the most sophisticated user interface at the moment but you don’t have to choose between them, just test both for a while and then select your favorite.
Is there anything you think we forgot to mention? Let us know in the comments!