Coinomi Review: How to Store All Cryptos in One App for Free

by | Feb 9, 2020 | Exchange, Wallet | 10 comments

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 to grace the cryptosecurity market.

Developed by a team of blockchain technology experts with extensive experience in entrepreneurship, cryptocurrencies, and fintech, Coinomi has evolved into a battle-tested wallet trusted by hundreds of thousands of users worldwide.

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.

  1. Coinomi In a Nutshell
  2. Coinomi Features
  3. How to Download and Install Coinomi
  4. Coinomi Supported CryptoCurrencies.
  5. Payment Methods And Transaction fee
  6. Pros and Con
  7. Customer Support And Reviews.
  8. Frequently Asked Questions.
  9. Conclusion

Coinomi In a Nutshell

Coinomi is a mobile wallet that can accommodate multiple cryptocurrencies including ERC20 tokens. It’s secure application is now available across Android, iOS, and desktop platforms

Coinomi champions privacy and facilitates rapid cryptocurrency exchanges across a vast network. 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 boasts an extensive portfolio of over 1500 digital assets, with users empowered to add any ERC20 token they desire.


Coinomi Features

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;

  • Bitcoin
  • Ethereum
  • Ethereum Classic
  • Litecoin
  • Dogecoin
  • Zcash
  • Monero
  • Ripple
  • Asiacoin
  • Digibyte etc

Click here to view the full list of supported coins.

Also Read:

6 best Bitcoin  Hardware Wallets for All Cryptos


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

Pros

  • 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.

Cons

  • 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

How Secured and Private is Coinomi?

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.

What Happens if I Lose My Device?

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.


Learn How To Trade

If you want to learn how to trade cryptocurrencies profitably, sign up for free on Afibie.

You can join our Telegram channel, where we hold live sessions and give trade signals.


Conclusion

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.

Lastly, don’t forget to hit any of the social media icons to give this post a share.

10 Comments

  1. Mokus

    Le funzionalità accessibili assicurano che EO.Finance abbia molti vantaggi, offrendo un’ottima opzione per coloro che cercano un portafoglio veloce e sicuro.

    Reply
    • Jude Umeano

      Grazie. Lo esaminerò

      Reply
  2. Fotius

    Probabilmente uno dei più noti portafogli crittografici eo.finance ha anche le sue carte di credito che ti raccolgono criptovalute da acquisti o qualcos’altro.

    Reply
    • Jude Umeano

      buono a sapersi. Lo esaminerò. Grazie

      Reply
  3. crypto john

    Hi Felix,
    great review about Coinomi, I have some bitcoin there, but recently I moved most of my funds from all other wallet to Satowallet as referred by someone trusted in the space and it’s been great experience using Satowallet.

    I was wondering if you could take a look at Satowallet and give your honest review about it.
    really looking forward to it if it’s worth the fun so far.

    Reply
    • Agi

      With coinomi, one can saved ethereum especially and other coins in Nigeria and it will be secured like blockchain for btc?

      Reply
  4. Alfar

    How do you find your coinomi wallet from Nigeria

    Reply
    • Jude Umeano

      go to coinomi.com and download the app. you can also download it from playstore if you are using an Android phone.

      Reply
      • Alfar

        My question is HOW DO I FUND COINOMI WALLET. Can I find direct from my bank or debit card

        Reply

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ABOUT ME

Kyrian Chidiebere
I'm a Fish Farmer and Crypto Enthusiast, it always feels right for me to share my light.