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 1770 digital assets. 125 cryptocurrencies and about 380 tokens can be deposited by users. On the other hand, Jaxx supports only 80 assets, so the winner in this is Coinomi.
Both Coinomi and Jaxx are free to download, and even you can adjust to how much you're willing to pay for your bitcoin transactions. The higher the fees, the quicker the transactions recorded. Low fees will let you save the money, but with a longer wait time.
Coinomi is considered a more secure wallet as it 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.
Jaxx is a non-custodial wallet where you have the total access over your funds. Coinomi seems to have the upper hand in security features, but Jaxx developers are constantly working on improvements.
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.
Coinomi was initially started as a mobile-only wallet, which later started supporting desktop interfaces well. You can download Coinomi in any kind of operating system, be it Mac, Windows, or Linux.
Jaxx, on the other hand, also supports mobile, desktop interface, and chrome extension. It is Android and iOS friendly, as well.
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.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!