Coinomi has a strong track record and offers everything investors need in a digital wallet. Coinomi is a well-known and well-liked cryptocurrency wallet that can hold over 500 coins and is compatible with a variety of gadgets.
A well-liked desktop and mobile multi-currency wallet is Coinomi. I’ll discuss the various wallet features in this review and offer my own first-hand observations.
Coinomi Wallet Overview
George Kimionis founded Coinomi in 2014 with the goal of developing secure solutions for blockchain applications. The business has fewer than 20 employees, and it hasn’t yet disclosed any outside funding.
Coinomi Wallet Features
On the project, many experts collaborated, and they did a good job of putting the key concepts into practice.
The most important distinguishing features of Coinomi crypto wallet are:
- Anonymous storage and use of crypto money. The KYC mechanism receives no support. IP addresses are concealed, client data is encrypted, and dozens of fictitious addresses are generated.
- Well-optimized standard options, such as internal conversion of digital coins and transactions.
- Changelly, Coinswitch, Totle, and Binance DEX services are examples of integrated cryptocurrency exchangers.
- The Coinomi cryptocurrency wallet’s simplicity and convenience. Tools like market depth, numerous settings, price charts, news feeds, fiat currency exchange, chats, etc. are not unnecessary or inappropriate. Even two-factor authentication and multiple signatures for transfers are absent. Everything is simple and uncomplicated.
- Impressive conversion rate. Implementing exchange operations is significantly sped up when two exchange services are used simultaneously. Maximum delays during rush hours hardly ever last longer than a few 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 adjust the system fee, moving or approximating where you are in the line.
Pros & Cons of Coinomi Wallet
Pros:
- The developers claim that there is excellent security.
- There is currently no credible proof of cryptocurrency theft or wallet hacking.
- One-time backup that only uses one key phrase. This is the reasoning behind a hierarchical deterministic wallet.
- Cross-platform. After testing the desktop version of the crypto wallet, Coinomi will become more versatile and affordable.
Cons:
- There haven’t been updated versions of open source for a while.
How to Setup Coinomi Wallet?
To set up the Coinomi Wallet on your phone, you only need to set a password. A phone number or email address are not required. You must decide which cryptocurrencies you want to use with your wallet after choosing a strong password with up to 10 characters. Users can add all 63 coins on their screen or choose just the ones they are familiar with.
If you wish to add more coins later, you can always return to this section and click on “Start Scanning,” which adds all other coins not already in your wallet. This, however, only applies to the first account you set up. If you create other accounts, you will have to manually add more coins. Your Coinomi Wallet is now fully configured and ready for use after you’ve finished this step.
Previously, you needed an Android emulator like Bluestacks to use Coinomi Wallet on your PC, but not anymore. You must first download this wallet to your computer before you can use it on your desktop. Only users of Windows, Mac OS, and Linux can access it. The same procedures as in the mobile app should be followed after installation.
How to Use Coinomi?
You can view your balance in local currency and the total amount of your cryptocurrency on the Coinomi App’s home screen.
There is an ellipsis in the upper right corner. The option to import the paper wallet using a private key, a QR code, or re-synchronization is available if you click on it.
On the left side of the ellipsis, you can find the button to scan the QR-code.
The button for the main menu is located in the upper-left.
Clicking on it will bring up the option to sell and exchange.
A list of your wallets is also available, along with an investment option.
You can find Settings, Support, About, +Coin, and +Token on the same main menu, but in the lower-left corner.
You can add supported coins and tokens as well as some for testing.
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.
You can access the support page for the Coinomi Wallet by clicking the Support button. On this page, you can read already existing questions (Knowledge base) or submit a Support Ticket for the Agent Support.
You can view the essential details about your App and read the Terms of Use once more on the About Us page.
Cost & Fees of Coinomi Wallet
Users do not have to pay to download or use the Coinomi wallet. The only fees associated with sending, receiving, and exchanging cryptocurrency are the network fees that are required for all other types of transactions. Coinomi Wallet users can also choose how much they want to pay for transactions.
For example, if you are willing to wait more to send a coin, you could choose the”‘Low” option. Other users that are not so patient could go with the “High” option to make their transaction process faster, or the “Dynamic” option if they prefer to be more flexible.
Is Coinomi Safe?
Coinomi considers itself to be a security-first wallet. The importance of the funds’ safety cannot be overstated, so cryptocurrency wallet developers have a good amount of attention paid to it. What security features does Coinomi have to offer its users?
The first thing to note is that only other Coinomi users have access to their private keys. Users’ private keys cannot be accessed by Coinomi staff because the keys are encrypted. Users’ devices alone contain all of the private key storage. 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 example, you will be unable to access your account again no matter what you do if you lose your password and/or seed phrase. Like losing money, that is. Other than by earning more money, there is no way to restore it. Because of it, some people have been losing access to their crypto wallets, including some IT experts. Therefore, if you use Coinomi, be sure that the information required for access to your wallet account won’t be lost. You won’t have issues with the security of your money if you don’t have issues with it. especially if the wallet team is performing well.
User data is not widely gathered by Coinomi. It’s another reason to consider it a safe wallet. Coinomi doesn’t demand KYC checks and identification, it doesn’t link users’ IP addresses to their accounts, and it doesn’t keep track of transactions. Because Coinomi’s source code is closed, this is among the factors that should cause some concern.
Coinomi Vs Jaxx
It is wise to compare Jaxx and Coinomi because Jaxx is one of the best cryptocurrency wallets.
The Coinomi wallet definitely supports more coins and tokens.
The wallet of Coinomi offers the option of coin purchases.
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.
While some hard forks are supported by Coinomi, Jaxx does not.
You also have the option to exchange fiat currency for cryptocurrencies using Changelly through Coinomi.
Coinomi provides more trading features than Jaxx.
Coinomi Vs Exodus
The second wallet that can compete with Coinomi is Exodus.
But it’s clear from the competition that Coinomi is winning thanks to a few minor but crucial features.
For instance, Coinomi Support is available around-the-clock. That makes using a wallet easier than it could be with Exodus.
The Coinomi wallet is free to use. With regard to Exodus, we cannot make the same statement. Exodus charges a small fee for exchanging transactions while Coinomi has no fees.
The Coinomi is certainly supporting more coins than Exodus and has a more user-friendly interface.
Conclusion
The Coinomi multicurrency crypto wallet is a practical tool for quickly exchanging virtual currency as well as for storing and accumulating virtual funds. Due to its impressive selection of cryptocurrencies, user-friendliness, and high level of dependability, this store has grown in popularity.
Few mobile wallets have such an interesting variety of cryptographic coins despite the growing need for such a function. Both beginners and experts should try the safe and practical Coinomi wallet. If you want to keep your cryptos for the long term, you can use it.
