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.
- Coinomi Overview
- Coinomi Features
- Coinomi Fees
- How to Resister on Coinomi?
- How to Use Coinomi?
- Coinomi Desktop Wallet
- Customer Support
- Is Coinomi Safe?
- Coinomi vs Jaxx
- Coinomi vs Exodus
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 UK in 2014. It has offices in London, Athens, Valletta, and Nicosia. Coinomi Ltd is managed by George Kimionis and John Dzhegutanis.
The first, practically working version of the wallet was released in 2015. The first time it was available only for the Android system then for IOS and in 2019 a desktop version was created.
You can find a possibility to store more than 125 different Coinomi supported coins and more than 382 tokens. It perfectly supports ERC20 tokens.
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 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.
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 ShapeShift and Changelly services.
- 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.
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.
Of course, negative points cannot be avoided. Significant cons of the Coinomi cryptocurrency wallet today are more often ranked as follows:
- The work of technical support. Even the most important problems are not always resolved quickly.
- For a long time, there are no updated versions of open source.
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.
The first step is to save your security phrase and then confirm it before using the wallet.
After that, you will have to create your own password and choose the initial currency. You will be able to add more currencies later.
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.).
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.
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.
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.
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.
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.
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.
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.
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.
One more good security option is the encryption feature. This means that access to funds is available only for those who have access to the specific password phrase.
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.
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.
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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.
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.
The wallet is doing fine. Coinomi is simple in use; I think it’s the main thing for the crypto wallets. It would be great if they support some other popular coins like cardano or tron.
The wallet is ok. The interface is functional and understandable. In addition, the wide range of available coins. But there was a hack recently, that wasn’t great at all. Maybe, there wasn’t wallet fault, but the security protections didn’t work.