Jaxx vs. Exodus: Which is Better? An Honest Review

Jaxx vs. Exodus: Which is Better? An Honest Review

Jaxx vs. Exodus: Which is Better? An Honest Review

When it comes to cryptocurrency wallets there are lots of choices. Everything from bare-bones Bitcoin wallets like Electrum to multi-currency wallets with more features like Exodus.

In this review, we’ll compare Jaxx vs. Exodus. Jaxx was first released in 2016 and is the brainchild of Anthony Di lorio, one of the co-founders of Ethereum. Exodus was created in 2015 by Daniel Castagnoli and JP Richardson, early crypto entrepreneurs who continue to lead Exodus today.

When comparing cryptocurrency wallets, nothing is more important than security so we’ll begin this review by looking at how safe both the Exodus and Jaxx wallets are for your crypto.

In this article

    Jaxx vs. Exodus Security

    Both Jaxx and Exodus are self-custodial wallets. What this means is that you have complete control over the cryptocurrencies that you store in your wallet. Nobody, not the CIA, Exodus, Jaxx, or your Uncle Jackie can take your crypto. That being said, we must stress one point…

    The security of a wallet depends upon the security of the secret recovery phrase. When you first create a Jaxx or Exodus wallet, you’ll be given a phrase to take note of.

    • Never, never, never store this phrase as a digital file on your computer or with any cloud storage service. If a hacker ever gained access to that file, he or she could steal all of your crypto.
    • Always write out the phrase by hand and keep copies in different locations. A fire, flood, tornado, or unexpected Godzilla attack shouldn’t destroy all the copies of your phrase.
    • Don’t take a picture of your phrase with your phone. Remember, digital photos are not secure.

    Secret recovery phrase security is so important because you can have the most secure cryptocurrency wallet in the world but if a hacker gains access to your phrase, your crypto will be stolen.

    To protect your crypto, both Jaxx and Exodus have the option to secure your wallet with a password. Unfortunately, neither wallet has a built-in 2FA (two-factor authentication) option, i.e. a secondary password via email, text, or app like Google Authenticator. That option may be added in the future though.  

    Arguably the largest advantage that Exodus has over Jaxx is that Exodus supports the Trezor hardware wallet. A hardware wallet is by far the best way to secure your cryptocurrency.

    jaxx vs exodus - you can use exodus to exchange from a trezor hardware wallet
    Using Exodus, you can even exchange cryptos from the security of your Trezor hardware wallet!

    Hardware wallets are great because they make it impossible to send any cryptocurrency without pressing a physical button on the device (this acts as a physical form of 2FA). So even if your computer becomes infected with malware, the hacker cannot steal anything from your wallet.

    A full list of Trezor supported cryptocurrencies in the Exodus wallet is available here.

    Unfortunately, Jaxx doesn’t offer any native support for cryptocurrency hardware wallets. The Jaxx team has stated that they’d like to roll out hardware wallet support in the future, but that day has not come yet.  

    Another aspect of security is privacy. Only Exodus supports the popular privacy coin Monero, which is great for Exodus users.

    Zcash is another popular privacy coin that both Exodus and Jaxx support. But neither wallet supports shielded Zcash transactions. That is, you can’t use either Exodus or Jaxx to send Zcash with total privacy.

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    Jaxx vs. Exodus Supported Assets

    Exodus supports unlimited crypto assets.

    So depending on which cryptocurrencies you’ll using, you can figure out if Exodus vs. Jaxx is a better fit for your needs based on which cryptos each wallet supports.  

    Don’t like the coins you have now? Both the Exodus wallet and Jaxx let you swap directly in the wallet. You can quickly change between coins without having to send them to a centralized exchange like Coinbase or Binance, the latter of which was hacked in 2019.

    Swapping cryptos without having to go through a centralized service is not only safer but also more convenient. Pictured is exchanging Binance Coin (BNB) for Bitcoin (BTC) in Exodus Mobile with just a few taps!

    Jaxx vs. Exodus Fees

    Both Jaxx and Exodus are free to download and use. That includes the mobile wallets as well. The wallets are free to use because they charge a small commission on all coin exchanges. According to Exodus,

    “Exodus generates revenue from a small portion of the spread on asset exchanges. Although spreads can vary greatly based on market conditions, typical spreads range between 2% - 5%. The exact amount and rate you’re getting will be listed on the exchange section of the wallet.”

    Unfortunately, Jaxx does not publicly list their cryptocurrency exchange fee but presumably, the fees are similar to those of Exodus.

    It’s important to point out that neither wallet charges fees for sending or receiving cryptocurrencies. Any fees that are charged are transaction fees that get paid to the blockchain network, not the wallet.

    However, Jaxx does have the advantage of letting users choose between slow, medium, and fast transaction speeds. The slower the transaction speed, the lower the transaction fee.

    Setting transaction fees in Jaxx. More information here. Image credit: Jaxx

    Exodus doesn't let users set transaction fees, which means that users can pay expensive transaction fees if the network, such as that of Bitcoin, is under heavy load.

    Jaxx vs. Exodus Additional Features

    Along with the other aspects of Jaxx and Exodus that we've mentioned, both wallets have specific features that you might find useful.

    Exodus supports SegWit transactions for Bitcoin, which means lower transaction fees!

    In addition, Exodus offers support for some of the hottest staking coins like Tezos (XTZ) and more, meaning that you can earn easy passive income with your crypto. Exodus also offers easy access to popular decentralized applications (Dapps), such as Compound Finance.

    Compound offers another way to earn easy passive income - this time in Dai stablecoins, which mirror the value of the US dollar.

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    Lastly, with Exodus, you can also sync your desktop and mobile wallets, which is useful if you are using your Exodus wallet on multiple devices.

    On the other hand, Jaxx offers some features that Exodus doesn't, like built-in crypto news and a block explorer to get more detailed information on transactions and more.

    It's also worth noting that both wallets offer 24/7 custom support in case you ever need help.

    Jaxx vs. Exodus Conclusion: So Which is Better?

    Both Exodus and Jaxx are popular for good reason. As such, comparing Jaxx vs. Exodus to decide which wallet is “better” probably depends on your personal situation.

    If you want lots of supported cryptos for your wallet, built-in support for the Trezor hardware wallet, passive income opportunities, SegWit support, and device syncing, Exodus is for you.

    On the other hand, if you want crypto news, a block explorer, and different transaction speeds, Jaxx is the right choice.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.