Coinomi – Full Wallet Guide
To store digital currency or perform any crypto transaction, you need a wallet. And in this case, if you want one that can hold several coins, then Coinomi wallet can be a great option.
It is easy to use, super fast, and supports dozens of tokens.
But is this wallet as good as we are made to believe? Let’s find out from this Coinomi Wallet Review.
What is Coinomi?
Coinomi is a free to use multi-coin wallet for mobile devices that’s designed to store, send, and receive multiple cryptocurrencies. Android and iOS users can download Coinomi from PlayStore and iTunes respectively. Those on Blackberry can also install the app, provided they are running a 10.2 version of OS or newer.
Confirmed reports say that the Windows, Linux, and Mac version of Coinomi will be released soon.Coinomi Ltd is a UK-based company founded in 2014 by George Kimionis. The company developed the Coinomi wallet to allow users to store a wide range of digital assets.
The wallet holders can enjoy fast and easy exchanges even without internet connection. With its user-friendly interface and strong encryption technology, Coinomi is definitely a good option for cold storage.
Some of the perks enjoyed by the wallet users include:
Coinomi supports a wide variety of cryptocurrencies. This includes both the major digital currencies and altcoins. The wallet developers are continuously adding new altcoins.
One of the key factors that you should consider when selecting a coin wallet is security, and Coinomi has it. The wallet comes with strong cryptography and encryption to keep your funds safe.
Lost or Broke Your Phone? – Don’t worry!
The first time you sign into a Coinomi wallet, you are provided with a long strong phrase that serves as your wallet backup. This is the phrase you use to recover your account in case you lost, broke, or replaced your phone.
And even if the phone was stolen, the thief would not be able to move funds because all transactions are password protected.
You don’t need to be a crypto genius to use Coinomi wallet. The app has a beautiful interface that is easy to use and understand for everyone.
With only a few options to choose from, users with different levels of cryprocurrency knowledge can find their way in an out of the wallet easily. You don’t have to master any commands. Just click, click, and enter and you will have your coins changed in seconds!
Currently, Coinomi doesn’t allow credit/debit card or fiat currency transactions. In simple terms, they don’t operate like Changelly where you are allowed to enter the crypto space with a card or fiat.
To withdraw coins to your bank account you need to use an exchange that works with your bank to convert the cryptocurrencies to fiat. The same case applies whenyou want purchase coins with fiat. You need to convert the cash to coins before joining the Coinomi community.
Being a multi-cryprocurrency wallet, Coinomi gives you access to over 100 coins. Other than offering support for popular coins like Bitcoin, Ethereum, DASH, Litecoin, Namecoin, and Ethereum Classic, the wallet also provides a platform for exchange of smaller market cap cryptocurrencies like Blackcoin, Jumbucks, ShadowCash, SmileyCoin, Cannacoins, and many others.
And – did I mention InsaneCoin too? Well, this shows how “insanely” long the list of the coins supported by Coinomi is. I also love how I am able to view live market statistics for the coins I am transacting with. This gives me an idea of what to buy and what not to.
Coinomi wallet itself doesn’t charge a penny for transactions. However, when you send payments, there is a small transaction fee that has to be paid. According to Coinomi’s team, the extra amount charged doesn’t go to the company but to the coin miners.
The thing I love most about Coinomi Wallet is that you don’t need any verification to store or transact with your coins. Once you have downloaded the app, setting it up takes only a few minutes.
Unlike other currency exchange platforms like Changelly and CoinSpot where you need to go through a lengthy verification process to start trading, getting started with Coinomi is easy peasy.
Instant exchange via ShapeShift and Changelly
Need to change Bitcoin for Ethereum or some altcoins? This is super easy with a Coinomi wallet. Coinomi integrates ShapeShift and Changelly to allow fast and swift exchanges. Converting coins is literally as easy as tap, tap…done!
Coinomi guarantees complete anonymity of transactions. By hiding your IP address, it makes sure that your personal details are never revealed to third parties whenever you transactions go through the blockchain. Now, that’s a plus!
However, I still feel that Coinomi could have done more on privacy. For instance, every time I tap the app, it should prompt me to enter a password.
As it is now, the app is just open. Yes, I understand that one needs a password to do a transaction but if someone happens to take my phone and tap on the app, they would see all my investment information. Well, I don’t know about you but to me, this is not privacy!
Is Coinomi Safe?
The wallet has been in the crypto world for four years now and is one of the most popular digital wallets.
With good support interface and fast exchanges, Coinomi ranks among the most trusted crypto wallets. However,many users were not so happy with Coinomi’s recent changes to its source code. Initially, the wallet used to be open source. Meaning, software developers or anyone who has programming knowledge couldmake adjustments to the code to suit their needs.
Every cryprocurrency investor prefers an open source app as it is transparent and offers more protection than closed source software. Before the amendments, Coinomi’s code could be reviewed by anyone.
A peer review identifies any malicious modules and exposes exploits or any hidden lines of code. Moving Coinomi’s project to a closed source was not welcomed well by the wallet users as many of them felt as if something fishy was cooking.
However, later on, George Kimionis, the CEO of Coinomi, addressed the issue saying that the move was meant to prevent scammers from creating malicious clones of the wallet and stealing users’ investments.
As for me, I think Coinomi has delivered what it promised its users so far. Open source or not, I feel, there is nothing to be concerned about. After all, there are countless wallets out there that are closed source, (e.g. Jaxx and Exodus) andhave been working just fine.
For extra security, Coinomi stores your private keys on your mobile device. Your personal information stays with you and is never transferred to the Coinomi’s servers. This gives you ultimate control over your wallet and ensures that your assets are completely safe.
Additionally, the platform uses strong cryptography to encrypt your wallet and protect it against any malicious programs, spammers, and hackers. Transactions are kept completely anonymous. No identity linking. No revealing of IP addresses. No transactions tracing. Other Coinomi users are totally blind to you.
When you initially set up the wallet, a private key phrase, a.k.a, recovery seed is generated for you. Make sure to keep it personal and in a safe place. If the key phrase is lost, you cannever recover your account details if you happen to change your device in the future.
To restore your wallet, open the Coinomi app on a new device and key in your recovery phrase on the space provided. You will then be prompted to enter your account password. Input these two correctly and your wallet reappears!
I would be lying if I said Coinomi has a super customer support. Trust me, ever since they moved to closed source, I think they literally “closed” their help desk. Yes, the support team is available but these guys will take their sweet time before they get back to you.
I remember some time back when Coinomi was doing a DASH upgrade. The wallet took almost a week to sync and I couldn’t access my funds the whole of that week. I left them several messages at email@example.com, which were replied nine days later. Heavens know how many sleepless nights I had before I could get hold of my money again!
I understand the demand for cryprocurrency is increasing everyday and just like any other exchange, Coinomi might be having a hard time dealing with all the enquiries.
Sure, they eventually wrote back to me and explained the issue but I still feel they should speed up the process of responding to clients’ enquiries. Still, next time they are doing an update on their servers, they should post it on their blog and social mediainstead ofleaving us in the dark wondering what is happening to our money.
However, this wouldn’t make me give up on the Coinomi wallet. So far, everything else has fallen into place pretty nicely, so I got no reason to look elsewhere.
How To Use Coinomi
- Start by installing Coinomi on your phone.
- Go to PlayStore or iTunes, download the app, and wait for it to install.
- Once the installation is complete, open the app and click on “Create a New Wallet” to create your wallet.
- A recovery seed phrase will be generated. Write it down and keepit safe as you will be required to produce this if you ever need to recover your account details or install your wallet on a new device.
- Choose your account password. This is what you will use to log in to your Coinomi wallet.
…and that’s it!
- You can now start sending and receiving currencies
- Log into your wallet with the password you created.
- Add new currencies to your portfolio. These are the coins that will be displayed on your wallet.
- It’s now time to add your existing cryptocurrencies to your wallet. Make sure your currencies are supported by Coinomi.
- If you don’t have any coins yet, you may need to buy some before getting started with the Coinomi wallet.However, I mentioned earlier that Coinomi doesn’t accept fiat currencies. So, here are the easiest methods toexchange your fiat for coins.
- Get someone send them to your wallet address.
- Go to the nearest Bitcoin ATM, change the fiat to Bitcoins and transfer them to your Coinomi wallet.
- Get an online exchange, have your cash converted to Bitcoinand sent to your Coinomi address.
Once you have obtained Bitcoins, you can easily trade them for other currencies within the app. Coinomi has collaborated with popular exchanges like Changelly and ShapeShift tomake the exchange of digital currencies quick and simple.
- Your wallet is now ready to receive payments. Supported currencies can be sent directly to your Coinomi address.
- Make payments.
- From the list of currencies provided, choose the coin you would wish to transact with.
- Enter the Coinomi address of the recipient and press “Send”.
- If you want to transfer Bitcoin but the receiver is not a Coinomi user, you can send the funds directly to their Bitcoin wallet. Coinomi allows cross-chain transactions without requiring any prior steps or conversions.
In a Nutshell
Overall, Coinomi looks like a great digital wallet to me.Its user friendliness and unparalleled security makes it a great choice for many investors. With ShapeShift and Changelly simplifying the exchange process, both new and advanced users would really benefit from using the wallet.
However, I am concerned about their poor customer service and I think they should spice up things a little bit toavoid losing both potential and existing clients.
- Easy-to-use interface
- High security levels
- Fast and swift exchanges
- Cross-chain transaction support
- Huge collection of cryptocurrencies
- Password protected transactions
- Wallet recovery support
- Poor customer support
- Not open source
- No fiat currency accepted
I hope you have enjoyed this Coinomi Guide. For more reviews on digital wallets and cryptocurrencies in general, check out our website.