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Coinomi Wallet Review 2022 - Is It Safe?

Contact
Country: International
Launched: 2014
Security: Personal
Anonymity: Medium
Ease of use: Easy
Features: Hierarchical Deterministic, Multi-Signature, Open Source, Biometric Authentication
Platforms: Android, iOS, Windows, Mac OS, Linux
Source code URL: https://github.com/coinomi/
ValidationType: SPV
Expert Review
Mar 11, 2021

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.

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?

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.

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.

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 and Cons
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
Андрей 13 September 2023
1.0

Воруют деньги!

Обменял порядка 34$ c BTC на DASH, в итоге BTC списали, а DASH не зачислили.

Очередной лохотрон, не ведитесь!

Mariam Moshood
15 December 2023
WOW, I made $6,500 a week from an investment of $500
I have never known a better yesterday, ever since I meant with Maria Renee, you have shown me what a genuine account manager is like, I won't get tired of thanking you for what you did for me, you take people's problem as your problem, thank you for making much money for me. If others would learn from you then this world would be a better place. Please if you want a genuine account manager who can genuinely trade for you and make lots of money for you then kindly contact Maria Renee via, Email: mariarenee820@gmail.com
Telegram: @Mariarenee820
WhatsApp: +17326309483
Harrison
30 November 2023
Am a victim to them please guys stay away from this platform. I managed to get help from Marketpeace.net they helped with my re claim Jeff was helpful you can WhatsApp him + 1 (470 ) 469-9769.
Алексей 10 February 2023
1.0

Лежало на кошельке 12000 USDT ERC-20

Пользовался месяца два, все было нормально. В один день, Coinomi отключает узлы эфира без предупреждения для тех работ. То есть ни отправить, ни принять криптовалюту нельзя. Точнее нельзя сделать это через их приложение.

Окей, всякое бывает. Отправить деньги надо было срочно. Пытаюсь восстановить кошелек на MEW и TRUST WALLET по сид фразе из COINOMI, восстанавливается совсем другой кошелек эфира с балансом 0. Я не профессионал, возможно не знаю каких-то тонкостей криптовалют.

Ладно, едем дальше. Пишу в поддержку Coinomi в онлайн чате на официальном сайте кошелька(адрес сайта проверил). В самом онлайн чате мне предлагают перейти в телеграм. Переходим в тг, сотрудник просит скрины, как я восстанавливаю кошелек. Скидываю все, кроме ввода сид фразы. Он просит закрыть 2/3 слов на скришоте ввода сид фразы и показать ему, чтобы он мог убедиться, что я правильно ввожу.

Делаю скриншот сид фразы из приложения Coinomi, замазываю 2/3 слов в пеинте, отправляю. И тут понимаю, что внизу еще был QR код, который я не замазал, в котором была зашифрована вся фраза целиком. Тут же удаляю скриншот из тг, но видимо он уже был сохранен сотрудником.

Сам восстановить кошелек я не смог на других сервисах, а вот сотрудник смог видимо. Так как уже через час все средства были выведены с кошелька. Диалог в тг был удален. а я брошен в чс.
Средства переведены несколькими траншами через разные кошельки на кошелек биржи, на один и тот же адрес. Однако установить название биржи не удалось.

Я понимаю, что сам дурак. Но со стороны сотрудника прослеживалась очевидное намерение заполучить сид фразу кошелька, завуалированное благими намерениями помощи. Очевидно, в тех поддержке криптопроекта должны быть очень честные люди, так как они напрямую работают с неопытными пользователями, которые пришли за помощью к специалисту. Это тоже самое если бы кассирами в банки набирали бывших зеков.

В общем в данной компании COINOMI процветает очевидное воровство пользовательских средств. А так же сервис показал себя ненадежным в плане стабильности работы. Не знаю, совпадение это или нет, мне кажется что сделано это специально, имею в виду тех работы.

КАТЕГОРИЧЕСКИ НЕ РЕКОМЕНДУЮ!

Eric Robert
21 July 2023
Do not trade with them. They will all go to hell I lost a lot of funds to this fake lexatrade after their fake promises. I suddenly could no longer find them on Skype or getting their mail. But am only happy today because Mr Jeff Silbert who I have heard have helped a lot. With his guidance I was able to get my funds back. God bless you Jeff.
WhatsApp him on +84 94 767 1524.
Or Email Jeffsilbert 39 @ gmail. Com
Gray
20 April 2023
thanks to LFrescue.org for helping me in recovery my lost fund which i made to some scam broker online
CraftBTC 10 February 2023
1.0

Coinomi не имеет кранов для прямого вывода средств.

Sophia
8 August 2023
I fell victim to some scam forex trading platform and I lost a lot of my funds to them but thanks to Lisa for her help in getting my funds recovered. She work with a recovery company called Lost funds rescue and you can as well reach to their webmail via support @ Lfrescue. org. I got all my funds recovered after reporting to Mrs Lisa via her mail Lisa.Eric @ proton .me or WhatsApp + 1 (470 ) 469-9769 if you need help in getting your lost funds back as well.
Роман 14 December 2022
1.0

КОИНОМИ воруют все монеты с кошельков пользователей, за несколько минут были выведены все накопления за пять лет, монеты вывели на один кошелек, а потом раскидали на адреса разных бирж, все транзакции отследили, в одно и тоже время на адрес одного кошелька поступило огромное количество монет с разных адресов, т.е. не одного меня обчистили. Написал в поддержку КОИНОМИ, мне ответили, что это я сам вывел свои монеты на сторонние кошельки, сам себя обчистил 👍. В КОИНОМИ хранить монеты не советую, особенно большые суммы, и вообще не пользуйтесь данным кошельком, так как даже вывели биткон кэш на сумму 95 руб с кошелька, позорники, не брезгуют ничем.

Derick Ashley
29 July 2023
Recover your stolen bitcoins, change your college grades, clear your student loans, boost your credit scores and a host of other services by letting Jeffsilbert39 gmail com handle it for you. He is genuine and I can attest to it. Or WhatsApp +84 94 767 1524.
Henry 7 December 2022
1.0

STAY AWAY!!?
THEY JUST FROZE ALL CUSTOMERS WITH ZEC OR XMR SO WE CANNOT GET ACCESS TO OUR OWN FUNDS. It's been months so it appears they are stealing our money. The customer service will not even answer what this issue supposedly is. The fact is, there is no issue at all. They care trying to get our private info on the or vacy coins because corporate hates privacy. By the way, corp rubs Bitcoin and Litecoin because they control the mining. It's either XMR or all cryptocurrency is worthless.

Gray
20 April 2023
thanks to LFrescue.org for helping me in recovery my lost fund which i made to some scam broker online
Country: International
Launched: 2014
Security: Personal
Anonymity: Medium
Ease of use: Easy
Features: Hierarchical Deterministic, Multi-Signature, Open Source, Biometric Authentication
Platforms: Android, iOS, Windows, Mac OS, Linux
Source code URL: https://github.com/coinomi/
ValidationType: SPV

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