Coinomi Wallet Review 2022 - Is It Safe?
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
- Pros/Cons
- 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
- 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.
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.
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.
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.
- 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.
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.
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.).
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.
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.
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.
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?
Coinomi considers itself to be a security-first wallet. The funds' safety can't be underestimated so it is a fairly decent focus for cryptocurrency wallet developers. What Coinomi can offer to its users in terms of safety?
First off, Coinomi users have access to their private keys and no one besides them can get these keys. Coinomi staff cannot access the private keys of users, too, as the keys get encrypted. Private keys are stored on the users' devices and nowhere else. Why is it so important? It is important because even if the Coinomi network gets hacked, the funds will be in full control of the users and hackers won't be able to access money. Of course, keeping your own private keys is a benefit that comes with higher responsibility. For instance, if you lose your password and/or seed phrase, you won't be able to get access to your account again whatever you do. It's like losing cash. There is no way to restore it except for earning some more. Some people (even IT experts among them) have been losing their access to crypto wallets because of it. So if you use Coinomi make sure that the data needed for the wallet account access won't be lost. If you don't have problems with it you won't have problems with the security of funds. Especially if the wallet team is working well.
⚠️ SCAM WARNING ⚠️
— coinomi (@CoinomiWallet) November 27, 2020
We have been made aware there is a SCAM website distributing fake Coinomi desktop software. The ONLY place to download the desktop software from is https://t.co/5q7XJcOJRR, Please always verify the URL before downloading any software.
Coinomi doesn't collect much user data. It's another reason to consider it a safe wallet. Coinomi doesn't require KYC checks and identification, it doesn't associate users with their IP addresses, and doesn't track transactions. One of the reasons to get a bit concerned about Coinomi is that its source code is closed.
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. You can use it if you want to hold your cryptos for the future, or if you want to make operations with crypto exchanges such as HitBTC, Binance, etc.
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I wish I see a new version. Sometimes the app doesn't work smoothly. I hope they are going to fix it.
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