Jaxx Liberty Wallet Review 2022

Type of wallet Non-custodial, software-based for desktop computers and mobile devices
Price  Free 
Fees  Fees for purchasing cryptocurrency, exchanging cryptocurrency, and sending coins between wallets 
Number of cryptocurrencies supported  Over 80 
Bitcoin and Ethereum supported?  Yes 
Earn (staking/rewards)  No 
Customer Service  In-app messaging system 
In-App Features  Buy, exchange, and transfer cryptocurrency 
Hardware Compatible  No 
SPV or Full Node  SPV 
Mobile App  Yes – available for Android and iOS devices 


Pros Explained

  • Simple interface and setup to manage many different cryptocurrencies: Setting up a wallet takes minutes, and only requires users to save their 12-word security phrase.
  • Hierarchical deterministic platform: Jaxx Liberty creates a new wallet address after receiving cryptocurrency, giving users more protection for their user identity. 
  • Secure customer service channel within the app: All customer service requests are handled through an in-app ticketing system and e-mail, reducing the chances of getting scammed. 
  • Partner integrations to purchase and exchange cryptocurrencies: Incorporating Simplex and Changelly allows users to add cryptocurrency directly into their wallet, and exchange it at anytime for another coin. 


Cons Explained

  • Limited number of cryptocurrencies supported compared to other wallets: Jaxx Liberty only supports over 80 cryptocurrencies. 
  • No staking interface: Users cannot stake cryptocurrency from the wallet to earn interest on their coins. 
  • No direct support for NFTs in the wallet: Because of the additional security features, the app provides limited support for NFTs, decentralized apps, and decentralized exchanges. 
  • Not recommended for holding large quantities of cryptocurrency: Because software-based hot wallets can be compromised through cryptojacking and social engineering attacks, Jaxx Liberty recommends users store large quantities in cold storage.


Features

While other wallets support hundreds of cryptocurrencies and non-fungible tokens across multiple blockchains, Jaxx Liberty is designed for simplicity across platforms. The wallet app is available on computers running Windows, Apple MacOS, or Linux; as a Chrome-based browser extension; and on Android and Apple smartphones. New users can create a Jaxx Liberty wallet on any device, and migrate it to any other platform running the software using their 12-word backup phrase or QR code. This allows users to manage their cryptocurrency assets at any time, no matter which device they are using. Once a wallet is created, users can buy, store, or transfer over 80 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and centralized exchange tokens MCO (Crypto.com), and BNB Coin (Binance).

Although the wallet is simple to use across multiple devices, simplicity comes with a lack of features. Users can not earn interest on their assets through staking directly through the wallet, as the company roadmap calls for extending the usability of the wallet instead. In addition, users can store their non-fungible tokens in the wallet, but can not directly manage them through Jaxx Liberty.

Top 5 supported cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Binance BSC Coin
  • Crypto.com MCO Coin


Security

Like other decentralized and non-custodial wallets, Jaxx Liberty does not store any customer information, nor do the developers have access to wallets or balance information. Instead, wallets are secured by a 12-word secret phrase generated during setup. Once a wallet is set up on a device, the only way to bring it over to another device is with the secret phrase or QR code. This feature gives users complete control over their wallet and the assets in it, along with a degree of anonymity. Because Jaxx Liberty does not require Know Your Customer (KYC) procedures or keep any customer data, wallets cannot be compromised from a central data breach.

However, decentralized wallets like Jaxx Liberty are susceptible to cryptojacking, including social engineering attacks. Connecting a wallet to a phishing website can result in wallets getting drained, while sharing secret phrases with scammers can result in a bad actor getting full control of a wallet and all the assets within. Users should never give out their 12-word secret phrase to anyone. Jaxx Liberty staff will never ask users for their secret phrase to troubleshoot an issue. 


Privacy and Anonymity

Jaxx Liberty is built upon the cornerstones of privacy and anonymity. As a non-custodial, decentralized wallet, the company does not keep or track any information about their users. Unlike a custodial wallet often found at a centralized exchange, Jaxx Liberty does not store any passwords, and does not have information about assets stored on a wallet. This makes it imperative to store both the password and 12-word secret phrase in a secure place. If you lose access to either, you could lose access to the wallet, along with all the assets inside, forever. 

To increase anonymity for users, Jaxx Liberty is built on a “hierarchical deterministic” platform. Each wallet is unique to the cryptocurrency with a unique address. After every inbound cryptocurrency transaction, a new address is generated to help protect the user’s identity. Furthermore, any individual wallet can be activated or deactivated by the user at any time. For example: If one wants to collect Bitcoin but not Ethereum, they can activate the Bitcoin wallet and deactivate the Ethereum wallet until they need it in the future. Though Jaxx Liberty does not have a “know your customer” process to get started, buying cryptocurrency through Jaxx Liberty may require users to provide personally-identifiable information to their third-party provider, Simplex.  


Setup

Setting up Jaxx Liberty is a very simple process across all platforms. First, users must download the software from the Jaxx Liberty website (for desktop computers), the Apple App Store, or the Google Play store on Android. Once installed, new users will start by reading and agreeing to the terms of service, and are given the choice of creating a new wallet or importing an existing wallet. 

To pair an existing wallet, users will select “Restore Interface,” and will be asked to either provide their secret backup phrase or scan their backup phrase QR code. To create a new wallet, users will be prompted to write down their 12-word secret backup phrase four words at a time, and then confirm it to ensure they can secure their wallet across devices. Users can also create a security password to reduce the chances of unauthorized access. 


Usability

The Jaxx Liberty wallet is available across multiple platforms, including Windows computers, Apple Mac OS computers, Linux-based computers, as a Google Chrome extension, and as an app for both iOS and Android smartphones.

Desktop

The Jaxx Liberty desktop app is available for Apple Mac OS computers running OS 10.9 or later, Windows computers running Windows 8 or later, and Linux computers running Ubuntu 12.04, Fedora 21, or Debian 8 or later. To verify the software is legitimate, users can run a command to compare the checksum with the one published on the Jaxx Liberty website. 

While users can send and receive cryptocurrency on the desktop app, using it to connect with Ethereum-based dApps to connect with play-to-earn games or join a decentralized exchange (DEX) is not recommended. Although the hierarchical deterministic interface was disabled for Ethereum, using it with a dApp may still cause the wallet to show an incorrect balance. 

Mobile App 

The mobile application is available for both Apple iOs and Android-based phones. In the Apple App Store, the app has a rating of 4.5 out of 5 stars, based on over 1,500 ratings. On the Google Play store, the app has an average rating of 3.7 out of 5 stars. On both stores, the main complaints revolve around customer service issues being very slow to resolve, and the multiple steps required to send or receive cryptocurrency which may result in error codes when not done correctly. 


Customer Service

In order to reduce the potential of users getting scammed, Jaxx Liberty has consolidated all customer service within the wallet apps. Users can press the “Help” button at the top-right of the screen to open the help bot. The bot will offer users answers to frequently asked questions, and will refer them to submit a ticket if their issue is not covered in the self-help system. All issues are resolved via the ticket system via email – there is no live chat option to get immediate help. Users can also ask questions about Jaxx Liberty on their Reddit, but staff warn that the channel is not moderated. Staff roles are protected by Jaxx Liberty on Reddit, with staff answers flagged with a blue checkmark by their username. 


Cost & Fees 

There are no fees to download or use Jaxx Liberty as a wallet. When sending cryptocurrency, users will be charged gas fees for their transaction, which will vary based on network activity. 

Jaxx Liberty wallet holders will also be charged fees when purchasing cryptocurrency using a credit card from the third-party provider, Simplex. Fees range between 3.5% and 5%, with a $10 minimum. 


Final Verdict

Overall, Jaxx Liberty wallet is a great option for users who want to store their cryptocurrency in a secure, non-custodial space with an emphasis on privacy. The hierarchical deterministic platform creates a new wallet address with every inbound transaction, allowing users to help control their identity when transacting both online and in the real world. Access to wallets through a secret recovery phase also helps users to keep their coins secure across multiple devices. 

For those more experienced in cryptocurrency, this wallet hits all the right notes for security, but not for usability. Between the low number of supported cryptocurrencies, no NFT management tools, no support for hardware wallets, and limited support for dApps, this wallet is designed more for storing, sending, and receiving coins on a regular basis, as opposed to being a full-service crypto management tool.


Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

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