Today, I’m giving you a detailed review of the very pragmatic mobile crypto wallet Coinomi. A wallet you can use to store all crypto safely.
Securing digital assets has become a major concern in the blockchain network. Millions of dollars in crypto equivalent have disappeared with no trace, enriching cybercriminals and equipping them with more tools.
Coinomi is a non-custodian wallet that supports numerous digital currencies and seeks to provide a lasting solution to these attacks. It has since its inception lived up to expectations, having hundreds of thousands of users all over the world. This number of users must mean they are doing something right.
I will let you in on all you need to know about Coinomi, all I need is your attention.
Post Summary and Company Overview
Founded in the year 2014, Coinomi is the oldest non-custodian wallet o grace the cryptosecurity market. It was Launched by Blockchain technology experts with proven certifications in Entrepreneurship, Cryptocurrencies and Fintech. The wallet is battle-tested, having employees and more than hundreds of thousand users all over the world.
Apart from being one of the most secure hot wallets to use, the wallet is blessed with an in exchange feature. This allows you to convert your digital assets directly from your wallet without having to connect an external exchange platform. Thanks to a Corporate Partnership with ShapeShift and Changelly.
To breakdown all about Coinomi in tiny bits for you, this is what I will be uncovering today.
- Coinomi In a Nutshell
- Coinomi Features
- How to Download and Install Coinomi
- Coinomi Supported CryptoCurrencies.
- Payment Methods And Transaction fee
- Pros and Con
- Customer Support And Reviews.
- Frequently Asked Questions.
Let us get started; you may click on any one to move straight to the content.
Coinomi In a Nutshell
Coinomi is a mobile wallet that can accommodate multiple cryptocurrencies including ERC20 tokens. It has a secure application that is compatible with Android and recently a desktop and iOS versions were Launched.
Coinomi has a strong passion for privacy and creates an environment where an exchange can be made between numerous cryptocurrencies at a very impressive speed. It has a very easy setup and installation procedure with a great storage platform for cryptocurrencies.
Users of Coinomi can hold and exchange ALtcoins, Bitcoins, and tokens, without going through the KYC (Know Your Customer) regulation, since it doesn’t involve any registration process.
It also provides support for 125 digital assets and 382 ERC20 tokens. In a nutshell, Coinomi supports more than 1500 digital assets since the user is allowed to update any ERC20 token of his choice.
This wallet has some incredible features, that will most definitely match up to your hot wallet expectation.
1. In-Exchange wallet
Having partnered with ShapeShift and Changelly, you can swap one digital asset for another directly from your Coinomi wallet.
2. Hierarchical Deterministic Wallet.
As an HD wallet, Coinomi is able to create a recovery phrase for you. The Recovery Phrase is a set of random words that are orderly arranged and it’s the backup to your wallet in case your device is stolen or missing.
You have to guard this phrase, by writing it on a paper or a cryptosteel device to ensure maximum safety.
3. Multi-Crypto Wallet
Your Coinomi wallet can hold over 125 cryptocurrencies and all ERC20 tokens, making it the highest so far in the market for non-custodian wallets.
4. Closed Source
Over a year ago, Coinomi was declared a closed source system which has left many of its users feeling insecure. Knowing that in the decentralized networks, People prefer to have a public review of all activities just exactly what it should be. But also recall that several open-source systems have failed and so far Coinomi has been even better than it was after this change.
Maybe this is nothing to worry about, as other reputable wallets adopt the closed source system like Exodus. Well if you don’t feel good about this, Then you should go get a hardware wallet.
5. User-Friendly and Multi-Lingual Wallet.
The instructions on the wallet’s interface are designed in such a way that even a newbie will understand easily. The good thing about Coinomi is its diverse language options, English, German, Chinese, French, Spanish and others. Coinomi promises to update other languages soon.
6. Segwit Support
This allows your transactions to undergo faster confirmation at reduces the transaction fees too.
How to Download Coinomi
Coinomi was first available only in the android and ios version, recently the desktop version was added for Windows, macOS and Linux devices.
- Go to google play store to download for your android.
- Go to the iTunes store to download for your Ios device.
- Visit coinomi.com to download for your desktop.
Watch the video below to understand how to set up and use Coinomi.
Coinomi Supported Cryptos
Coinomi currently has wallets for 507 digital assets pre-listed on the interface (ie 125 cryptocurrencies and 382 ERC20 tokens). The good thing here is that you can add as many tokens as you want if it’s not listed.
Some of the popular coins supported are;
- Ethereum Classic
- Digibyte etc
Payment Methods and Transaction Fees
Coinomi only accepts cryptocurrency deposits from exchanges or other wallet addresses. However, you can only make fiat currency deposits via third party sites.
The transaction fees are calculated dynamically, but Coinomi allows to set or use their fees anytime. Note that, the lower the Miner’s fee, the longer time it will take for confirmation. This is because miners first input transactions with a higher fee to the blockchain.
Pros and Cons
- Battle-tested wallet
- It has a built-in exchange
- It’s multilingual
- Supports a wide range of digital assets including ERC2o tokens.
- Provides proper backup via seed phrase.
- It is free to download.
- It has android, ios,macOS, Windows and Linux versions respectively.
- It does not accept fiat currencies.
- It is closed source.
Customer Support and Reviews
I found Coinomi customer support very delightful, I contacted them just for a test. And was amazed to get a quick reply that clearly treated the situation I presented.
I won’t fail to outline the fact that many users had good compliments about the wallet on Reddit, Trustpilot, and Cryptocompare.
Frequently Asked Questions
Coinomi offers unparalleled privacy and this is one of the major reasons why it keeps growing. Everyone dealing with cryptocurrency is after privacy and security, Coinomi does not store personal information and also encrypts the IP address of its customers.
Also on security, Coinomi provides restrictions to unauthorized persons by enabling a compulsory password platform for the wallet. The recovery phrase can be used to reopen their wallet on another device.
Well if you want a more secure wallet system, I suggest you go for the hardware wallets. Wallets like Trezor, Ledger, Keepkey, and others can give you better assurance.
If your device is lost, stolen or infected by malware. Simply log in to your account on another device using the recovery phrase/password.
In a situation whereby a user’s device is stolen, there is no need to worry because there is a password to protect from unauthorized persons.
I believe that this company has done well to keep its users on the safe side. I will also encourage you as a user to be security conscious and bear these in mind
- Copy and keep your recovery phrase safe, never give out your recovery phrase to anybody.
- Always check for your recovery phrase to avoid losing it when you might need it. At least if you lose your recovery phrase and discover that on time you could get another since you still have your phone and password.
- Always update your Ccoinomi application to the latest version.
By now you must be well educated on this wallet, knowing its ups and downs.
Have you been using Coinomi?
Do you prefer an open-source system?
Let’s talk about these in the comments section below, come along with any questions you might have too.
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