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Coinomi Wallet Reviews

Expert Review
May 21, 2020

Gradually, cryptocurrencies are becoming more and more solidified in the modern financial sector, more altcoins are appearing, and the number of users earning digital money is increasing. Special crypto wallets are required in which it is convenient to securely store virtual currency. Today, a lot of online versions have been developed, browser, hardware, mobile, desktop and paper wallets for crypto coins. It is difficult to compete in such a rich variety, but there is a specialized multicurrency crypto-store that compares favorably with most analogs - the Coinomi cryptocurrency wallet.
Let's take a closer look at the features and pros and cons of this wallet.

  1. Coinomi Overview
  2. Coinomi Features
  3. Pros/Cons
  4. Coinomi Fees
  5. How to Resister on Coinomi?
  6. How to Use Coinomi?
  7. Coinomi Desktop Wallet
  8. Customer Support
  9. Is Coinomi Safe?
  10. Coinomi vs Jaxx
  11. Coinomi vs Exodus
  12. Conclusion

Coinomi Overview

Coinomi wallet is the wallet where you can store different cryptocurrencies in one place which is very useful for those who are trading. It is being developed by Coinomi Ltd, a company registered in the BVI in 2014. It has offices in Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands. Coinomi Ltd is managed by George Kimionis, the CEO and an alumnus of the University of Manchester, and a serial entrepreneur.
The first, practically working version of the wallet was released in 2014. The first time it was available only for the Android system then for IOS and in 2019 a desktop version was created.

Coinomi Wallet

You can find a possibility to store more than 125 different Coinomi supported coins and more than 1770 tokens. Apart from ERC20, it also supports ERC223, ERC721 (NFTs/Collectibles), BEP2 tokens (BNB chain), TRC10 tokens (TRON), NEM mosaics, and Omnilayer tokens.

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Coinomi Supported Assets

Initially, the creators of the Coinomi wallet intended to make a safe and simple application in which users could store many different cryptocurrencies. At that time, such ideas were not actually realized, and there were only a few such successful, reliable projects.

Today, more than 507 digital assets are represented in the wallet, from top-end ones, for example, Bitcoin, Litecoin, Ethereum, to new or exotic cryptocurrencies - Europecoin, Musicoin, Putincoin, Atlant and others. You can see the full list here.

Coinomi Mission

Coinomi also supports the SegWit which makes transactions lighter.

You can choose your Coinomi transaction fee (dynamic or custom). This means that you can either choose the fee that gets you the best value for money at the time or you can set your own fee to be used irrespective.

Coinomi Features

A lot of specialists worked on the project, who did a good job in implementing the main ideas.

The most important distinguishing features of Coinomi crypto wallet are:

- Anonymous storage and use of crypto money. There is no support for the KYC mechanism. Client data is encrypted, and IP addresses are hidden - information is mixed and dozens of false addresses are created.

- Well-optimized typical options - internal conversion of digital coins, transactions, etc.

- Integrated cryptocurrency exchangers such as Changelly, Coinswitch, Totle, and Binance DEX services.

Coinomi is Trusted 

- Simplicity and convenience of the Coinomi crypto wallet. There are no unnecessary, inappropriate tools such as market depth, numerous settings, price charts, news feeds, fiat currency exchange, chats, etc. There is not even a multi-signature of transfers or two-factor authentication. Everything is easy and minimalistic.

- Impressive conversion speed. Simultaneous work with two exchange services dramatically speeds up the implementation of exchange operations. Maximum delays during rush periods rarely exceed a couple of minutes.

- The dynamic commission calculated by the Coinomi system at the time of the request for transfer or exchange. The queue in the mempool is taken into account here - the larger it is, the lower the percentage is fixed for the application. You can independently change the size of the system fee, approximating or moving your own position in the queue.

Important! Due to the lack of additional and often unnecessary functions, the application takes a very little space on the device, as well as it has low demands on the capabilities of RAM. This is extremely important for mobile devices.

Coinomi Features

Pros

Also, in the piggy bank of pros, you can add the following advantages of Coinomi wallet:

- Excellent security according to the assurances of the developers.

- There is no reliable evidence of cryptocurrency theft or wallet hacking yet.

- One-time backup in which one key phrase is used. This is the logic of a hierarchical deterministic wallet.

- Cross-platform. After testing the desktop version of the crypto wallet, Coinomi will become more versatile and affordable.

- All transactions and conversions are carried out in almost one click.

- The lack of serious complaints during the very long existence of the project.

- Storage and generation of passwords exclusively on the client side. Hacking the Coinomi network will be useless for scammers since it does not have access to crypto capital funds and user accounts.

- Easy installation of the application.

Cons

Of course, negative points cannot be avoided. Significant cons of the Coinomi cryptocurrency wallet today are more often ranked as follows:

- For a long time, there are no updated versions of open source.

Coinomi fees

The Wallet is totally free of charge. You just pay the network fees (that are for the miners).

How to register on Coinomi?

If you want to use the Coinomi wallet as your wallet, you have to download the Coinomi App on your device or use a Coinomi desktop version. You can download apps for Android, iOS or Coinomi for Windows, macOS or Linux.

Coinomi Wallet

The first step is to save your security phrase and then confirm it before using the wallet.

Coinomi Recovery Phrase

After that, you will have to create your own password and choose the initial currency. You will be able to add more currencies later.

Coinomi Password

The interesting thing is that when you choose the initial currency, you can see the prices of all of the supported currencies in your national currency (USD, EUR, etc.).

Then you accept the terms of use and you are on the first page of the wallet.

Terms of use

We advise you to read all the terms of use carefully before accepting it since there are some important disclaimers.

Coinomi Terms of Use

First of all, the wallet is not responsible for the issues related to the users' mistakes. So before you start managing your funds, please check how to use the wallet properly.

The second thing is that the Coinomi wallet doesn’t have any warranties about content, data, materials and/or services provided. Other terms are usual for such types of wallets.

How to use Coinomi?

On the first and main page of the Coinomi App, you can see your balance in your country's currency and the quantity of your cryptocurrency.

Coinomi Mobile

In the upper right, you can find the ellipsis. If you click on it, you can find a possibility to import the paper wallet, using the QR-key or a private key or the re-synchronization.

On the left side of the ellipsis, you can find the button to scan the QR-code.

On the upper-left, you can see the button for the main menu.

You can find the exchange and buy option by clicking on it.

Also, there is an investment option and the list of your wallets.

Coinomi Settings

On the same main menu but on the lower-left, you can see Settings, Support, About, +Coin, +Token.

You can add Coins/tokens that are already supported and some for testing purposes.

You can see the values of your native currency there too. You can also turn off the banners.

Coinomi Assets

Some security options and change the language.

By clicking on the Support button, you will be redirected to the web page for the Coinomi Wallet Support. On this page, you can read already existing questions (Knowledge base) or submit a Support Ticket for the Agent Support.

On the About Us page, you see the basic information about your App and can read the Terms of use one more time. Also, you can check the social hubs here.

Coinomi Desktop Wallet

The installation process is very fast and easy. You won’t have any difficulties.

If you have an account there already just log in with the same credentials via the desktop version. But if you are new to the Coinomi wallet, you will have to pass the verification process with the backup phrase as it was described before.

Coinomi Desktop Wallet

The Coinomi desktop interface is very easy to use even for newbies. You have three main options: overview, wallet, and exchange.

- Overview: shows the coins/tokens you have in your account.

- Wallet: represents the performed transactions and all the movements in your account.

- Exchange is the option for the build-in exchange.

It has a day/night mode that you can choose due to your preferences. 

Customer Support

Coinomi has a very detailed and thorough developed Knowledge Base where you can find the answer almost to every question. However, in case your issue/question was not described, you can contact Coinomi Customer Support via email by initiating the Ticket with the detailed information provided.

Also, if you want to be aware of updates and news, follow Coinomi on Twitter and Facebook.

Is Coinomi safe?

The Coinomi wallet has Private Key Storage. It means that all your private keys are stored on your device not in the Coinomi system. Even if you lose access to the Coinomi system, you will be able to use your private keys and get back your coins. So if you keep your passwords and access information safe, no one will be able to access your funds.

Coinomi now supports multi-seedphrase functionality across platforms, each with its own encryption settings for maximum ease of use. 

Also, pay attention that you only have to download the wallet from the official website. Don’t use unverified sources.

All these features are showing that Coinomi security is on a decent level.

Coinomi vs Jaxx

As Jaxx is one of the best cryptocurrency wallets it is good to compare it with Coinomi.

The Coinomi wallet definitely supports more coins and tokens.

Coinomi have the possibility to purchase coins inside of the wallet.

The Coinomi was created earlier and since the beginning, it was created as a user-friendly platform.

The Jaxx was created later and also achieved the idea of a user-friendly App.

Jaxx doesn’t have hard fork support and Coinomi supports some of them.

Coinomi also provides you with the possibility of the exchange from fiat money to cryptocurrency via the Changelly.

Compared to Jaxx, Coinomi offers more trading features.

Coinomi vs Exodus

The second wallet that can compete with Coinomi is Exodus.

But Coinomi is obviously winning this competition with some small but really important features.

For example, Coinomi Support is 24/7. That makes using a wallet easier than it could be with Exodus.

The Coinomi is free of charge wallet. We cannot say the same about Exodus. Coinomi has no fees but Exodus has small fees for exchanging transactions.

The Coinomi is certainly supporting more coins than Exodus and has a more user-friendly interface.

Conclusion

Coinomi multicurrency crypto wallet is a convenient application for saving and accumulating virtual funds, as well as for quick exchange operations with digital money. This store has gained its share of popularity due to an impressive assortment of cryptocurrencies, ease of use and good reliability.

Few mobile wallets have such an interesting variety of cryptographic coins despite the growing need for such a function. Coinomi wallet is safe and convenient, which is definitely worth a try for both beginners and professionals.

Our Score
Security 4 / 5
Support 4 / 5
Ease of use 5 / 5
Reputation 4 / 5
Fees 5 / 5
Our Score
4.4 / 5

pros

- Private keys stored on users’ mobile devices
- Integration with ShapeShift and Changelly exchanges for crypto trading
- Does not charge any fees
- 24/7 Support

cons

- Technical Support does not solve the issues quickly
- No updated versions of open source.

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User reviews
Suiesse 5 September, 6:50 PM
5.0

I see that many people talk about how stable the wallet is. It's true, it works perfectly without any issues.

Coloctal 29 August, 11:50 AM
5.0

Good thing I don't know why I should try to use some other platform if I don't have any problems with that guys. Really cool.

Armand 17 August, 12:02 PM
5.0

The dev team is amazing. The wallet made a big progress and I like the current design and features. Great wallet.

Pilsner 11 August, 4:11 PM
5.0

A solid traiding room, I like their job. I hope they are not going to stop.

Alpha 5 August, 4:30 PM
5.0

I deposited my first money in 2018. Since then I've been using only this wallet. The support and dev team made me a loyal client to their service.

Vicker 2 August, 11:14 AM
4.0

I agree, that the support could be faster. Probably, that is the main downslide of the exchange.

Felter 25 July, 2:41 PM
5.0

The good review for a good wallet. It takes one click to make a deposits. There aren't long confirmations or waiting. It works as fast as it could be.

Erta 9 July, 11:28 AM
5.0

Wow, they don't have thee. I thought, that maigh have some hidden comission. But they don't. It's great.

Rikhi 26 June, 5:53 PM
5.0

The oldest, but the best. The devil team is really experienced guys. The platform provides a good rate, low fee and helpful support. It's definitely one the coolest exhange today.

вася 13 June, 8:27 PM
1.0

и не думайте заводить этот кошелек! у меня забрали 12000 рипл! а когда начал писать в службу поддержки то вообще заблокировали кошелек!!!! уроды!!!!

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Onorike 5 June, 5:50 PM
5.0

I wish I see a new version. Sometimes the app doesn't work smoothly. I hope they are going to fix it.

Jadranka blaevi 9 April, 10:46 AM
5.0

The manipulation of BTC price is becoming so obvious these days. For a couple of weeks all the news articles bleat on about so called 'corrections' then boom it happens right on cue, also the handful of players that continually mess with its price to make a fast buck are a real threat to Bitcoin, not governments.That being said, the market is still all about BTC at the moment and I’ll advise current investors and newbies to take advantage of This program, for investors/newbies who lack understanding on how trading Bitcoin works, to help them recover loss from the crash and also accumulate more bitcoin, with this program i went from having 1.5btc to 6btc in just 9 weeks. You can reach Out to their market strategists Harvey Andrew’s on
+1 (208) 944-2237 (WhatsApp)

https://m.youtube.com/watch?v=ydIp4Feshsk

Williamsaxender 27 January, 2:42 PM
5.0

I am really grateful to Mr henryjacks for his help in my trading life, i really benefited greatly from his profit am getting from his trades with his strategies given to me without any fee, I was once an epitome of losing and I thought Binary & Forex Trading isn’t real and too good to be true, but now am currently earning great profits, and I was finally able to recover all the money that my brokers(s) took from me without allowing me to withdraw all through his help i really thank him for his support and I just have to share it here that all are not the same as we think they are, they are really people who are God fearing and kind to be with, you can contact him via his Email: [email protected] if you have a problem and he might want to help with his kind heart.

Athena 27 September 2019, 11:19 AM
4.0

The wallet supports over 125 blockchains and 382 tokens. Coinomi is also a user-friendly platform with a nice interface. Their support works fast and knows many languages (Chinese, Spanish, French, German, Russian and some more)
Security is the cutting edge of Coinomi Wallet. It has strong wallet encryption, good anonymity.

Leo Adams 26 September 2019, 12:14 PM
5.0

Coinomi is worth 5 stars. Can call it one of the best multi cryptocurrency wallets out there. What I like about it is that traders can control their private keys.
As for the support here, they are polite and work much faster than on some other wallets I’ve used. It has screen lock PIN, a hide screenshot/preview option and a hide balance option. Yet, it’s lacking 2FA.

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