A cryptocurrency wallet is a software that aids in transactions and reliable storage of cryptocurrencies. There are many such wallets available in the market and can be chosen based on the coins they support and the software compatibility with the device on which it is installed. Though most of the wallets support Bitcoin, over the past few years, many new cryptos have been launched. So a multi-currency wallet is gaining more popularity as it helps to store various cryptocurrencies. Among the popular multi-currency wallets are Coinomi and Jaxx. Know their differences to decide on which is best:
When it comes to supporting various currencies, Coinomi users can have a total of 500 digital assets. 125 cryptocurrencies and about 380 tokens can be deposited by users. On the other hand, Jaxx supports only 70 assets, so the winner in this is Coinomi. Also, when it comes to adding tokens manually, Jaxx does not allow, whereas, Coinomi apart from supporting 382 native tokens, allows users to create their own wallets for ERC20 based tokens.
One of the biggest advantages Jaxx has over Coinomi is that it provides great cross-platform support for its users. It has desktop apps that are compatible with Windows, Linux, and macOS and also decentralized mobile apps for iOS and Android. Jaxx also has browser extensions for Chromebooks, Chrome browser, and also Firefox. So the user can access and use the crypto wallet whenever and wherever needed.
The Coinomi, on the other hand, is more of a mobile app for iOS and Android and extends its service to support desktop versions for Linux, Windows, and iOS.
The Jaxx can be downloaded and used for free. There is no service or maintenance fees and no fee for the wallet itself. But a transaction fee is applied whenever a transaction is made on the network.
The Coinomi download is free, but the small fee has to be paid for the transfer of funds. This is dynamically calculated, depending on the Coinomi pool. The larger the queue in the pool, the lesser the transaction fee is fixed. There is also an option to reduce this amount by changing the position in the pool.
Coinomi is considered a more secure wallet as, until now, no one has managed to hack it. That essentially means that the wallet is highly secure and uses robust encryption and cryptographic techniques. Additionally, the wallet has an HT protocol that can mask the IP address of the user and hide the transactions. Moreover, the private data of the users like passphrases, private keys, etc. are not stored in the database, which makes it less vulnerable to attacks from hackers. Private key generation is as per BIP44 standards, and the recovery of the password is also hassle-free. The major drawback is that there are no multi-signatures and 2FA.
The major advantage of Jaxx is that it does not ask for personal information when downloading the wallet. It uses a seed phrase to transact on stored cryptos and also PIN codes to enter and confirm transactions made on the wallet. The problem with this is, since there is no second-level security, if the PIN falls into the wrong hands, you can easily lose money. Jaxx wallet has witnessed hacking, and hence users have to be cautious. But having said that, as long as your secret keys are secured, the funds are safe. Coinomi seems to have the upper hand in security features, but Jaxx developers are constantly working on improvements.
Coinomi integrates with Changelly, which is an exchange service and uses its fiat feature on its wallet. It uses the credit card service of Changelly to make purchases on the wallet. After a verification process by third-party card processing service, the fiat currency gets deposited into the wallet.
Jaxx does not support fiat currencies, which can be considered as a major inconvenience to active usage.
Jaxx does not offer multi-language support and hence does not have translations of the wallet interface. Coinomi is a multilingual application and hence popular worldwide.
If you are looking for a clean desktop interface, Jaxx is the best option as a desktop wallet. It has a simple and easy UI that lets you send and receive tokens. It has various other features and options. The apps experience on your smartphone will be the same as the desktop experience, whereas Coinomi is a mobile-first wallet and has an intuitive interface that has been refined over the years and has found great appreciation by users.
The decision on whether to use Jaxx or Coinomi should be based on whether you want to predominantly use a desktop wallet or not. Coinomi is for users who prefer to carry-around their wallets. It also offers support for more coins and tokens and also more flexibility due to integration with exchanges, whereas Jaxx is for users who prefer to use a desktop wallet to store their coins and occasionally access it on their mobile.
Yes, Coinomi is known for its security approach.
Both of them have their uniqueness, with various pros and cons. It varies from user to user, based on their choice and feasibility.
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