Coinomi Wallet – Full Review

What is a Coinomi Wallet?

The Coinomi wallet first entered the crypto market in 2014 and is among the first multi-currency crypto wallets. It’s a non-custodial, security-first crypto wallet that supports more than 1770 coins and tokens, plus 125 blockchain networks; the largest number for non-custodial wallets.

What’s more, the wallet allows coin transfer via Segwit, to make transactions lighter and faster. SegWit, or Segregated Witness, is a breakthrough crypto transfer format for Bitcoin. It increases block capacity and also shields against transaction malleability. The large block capacity means transactions are faster, while reduced malleability means that it’s impossible for hackers to alter transaction information and invalidate new crypto blocks.

Aside from supporting multiple networks, one of Coinomi’s biggest selling points is that it doesn’t charge for internal transactions. However, users have to pay for outgoing transactions, but the money doesn’t go to Coinomi. Instead, it goes to the miners of the coins outside the platform.

Receiving coins is also free, but the sender will pay a transaction fee.

Coinomi’s reputation suffered a huge hit after a huge security scandal in 2019. A security consultant claimed to have uncovered a vulnerability in the wallet’s recovery setup.

Like most wallets, Coinomi uses seed words for recovery, meaning users have to enter seed phrases to recover their digital assets if they lose or destroy their private keys. However, Coinomi stored these seed words on unencrypted servers that were vulnerable to hacking. This was later addressed, and the wallet now uses encrypted servers for its seed words and passphrases.

Another security vulnerability was exposed in 2017, but Coinomi acted quickly to resolve the matter.

All in all, the wallet is an excellent non-custodial wallet with solid security, save from the previous hitches. It supports more than 1770 coins and tokens, including all ERC-20 tokens. Its main competitors are Coinbase and Metamask.

Coinomi Wallet Notable Features

Coinomi boasts an array of incredible features, making it a top choice for crypto enthusiasts across the globe. Some of its notable features include:

Multi-Currency Support:

As mentioned earlier, Coinomi provides native support for more than 1,770 different cryptocurrencies and coins. It also supports NFTs and other collectibles, allowing users to diversify their digital asset portfolio. The wallet also supports ERC20, BEP2, and TRC10 tokens, plus NEM mosaics.

Easy to Set Up:

Setting up the Coinomi wallet is as simple as downloading and installing the wallet on your phone or PC. You can then create your wallet and start storing and exchanging cryptocurrency within minutes of downloading the wallet.

Solid Security:

Coinomi utilizes innovative cryptographic technology to ensure the highest level of security for its users. Public cryptography ensures robust end-to-end security, plus strong encryption ensures all digital assets are safe and secure. The private keys on the device can never be transferred to any device, enhancing the wallet’s security.

Built-in Exchanges:

Coinomi has collaborated with ShapeShift to ensure the seamless transfer of digital assets within the wallet. ShapeShift is an open source, multi-currency crypto exchange. that allows users to store, trade, and earn crypto. Not only are exchanges on the platform smooth, but the platform also ensures the anonymity of users because it doesn’t require any identification information to use.

Cross-Platform Availability:

Coinomi is available for multiple platforms including Windows, macOS, Android, iOS, and even Blackberry. Linux users will have to settle for a Coinomi alternative like Electrum that supports the platform

Anonymity:

Coimnomi wallet holders don’t have to adhere to KYC regulations because there’s no registration process when using the wallet. It’s as simple as download and use. The wallet also hides its users’ IP addresses from prying eyes. This also makes it harder to gain information on a user’s spending and trading habits.

One-time Backup:

The wallet backs up every coin at once, instead of regularly backing up every wallet for every single coin one by one. This is super convenient and also much safer than scattering your assets across multiple wallets.

Blockchain-Based ID:

Coinomi wallet boasts one of the best blockchain-based identity modules in the crypto world. This translates to enhanced security and privacy for the management and storage of digital identities. It also makes the digital identities unified, tamper-proof, and interoperable for easy transactions between different users.

Services Offered By Coinomi Wallet

Storage:

Coinomi’s main service is the storage of multiple cryptocurrencies and other digital assets like NFTs and collectibles. The wallet provides a safe storage platform for your crypto with strong encryption technology and blockchain ID modules for improved privacy. A private key allows you to access your digital assets to send, receive, and stake your crypto.

Currency Exchange:

Coinomi uses the ShapeShift platform to allow seamless transfers between users. Exchanges within the wallet’s platform are free of charge, plus it also supports SegWit for light BTC transactions. All exchanges are done within the wallet with no need to transfer it to an outside exchange to send and receive crypto.

Staking:

All coins and tokens that support staking will receive their rewards straight into their wallets. Coinomi allows staking for assets that offer automatic stake rewards. This includes ALGO, CLO (hotstaking), or smart contracts with assets based on Ethereum. For other staking options, you’ll have to import the staking asset to a wallet that supports staking the said asset using your private key.

Backup:

Coinomi provides backup for all your digital assets. In case you lose your private key, you can use the seed words to recover all your assets. However, it doesn’t provide hardware storage, but this isn’t a deal breaker for most folks.

Access DApps:

Coinomi bases its storing encryption concepts on Access DApps. These are decentralized software applications that are distributed on a peer-to-peer blockchain network, ensuring complete decentralization.

Coinomi Wallet Support

While Coinomi is easy to use and transact, it’s not without its flaws. If you experience any issues while using the wallet, you can always reach out to Coinomi’s customer support.

The best way to do so is to visit Coinomi’s customer support page at https://coinomi.freshdesk.com/support/home. There you’ll find an expansive knowledge base that covers all the crucial touch points of using the wallet.

You can also check out FAQs and Coinomi how-to articles. If that doesn’t cut it, try reaching customer support via email, or on social media platforms like Facebook and Twitter.

You can also join other Coinomi users on platforms like Reddit and openly discuss using the wallet and ask any questions you may have.

You’ll feel left out if you love calling as the company doesn’t have a direct line where you can reach them.

We however feel the channels provided are sufficient as the customer support team is always fast to respond.

We urge you to avoid social media if you have an urgent need. They are best for staying updated with the latest news, but we found out that the fastest way to get help is through the official help page found on Coinomi’s website.

Coinomi Wallet Security: Is Coinomi Wallet Safe?

Coinomi is a security-first, non-custodial wallet, meaning security takes priority in its value proposition.

The wallet is among the safest hot wallets available today. With strong encryption and breakthrough cryptography, you don’t have to worry about hackers making away with your digital wealth.

The first layer of security for Coinomi is that only Coinomi users can have access to their private keys, and no one else. These private keys are stored only on your device and nowhere else. That means even if someone manages to hack Coinomi, they won’t get access to the user’s digital assets, because they exist separate from the company and instead exist on users’ devices only.

You may be asking yourself what happens if you lose your private key? Well, you can get them back. For recovery, Coinomi provides its users with a seed phrase consisting of 12 to 24 seed words. It’s worth noting that if you lose both your seed phrase and private key, you won’t be able to access your crypto. Think of it like losing money to a fire or a drowning accident; there’s no way of getting it back.

So better protect your seed phrase with all your might, like you protect your heart. Well, do you actually keep your heart safe?

The vulnerability breach of 2019, saw Coinomi’s reputation take a massive hit in terms of security. However, this was a one-time blunder that we don’t expect to see in the future.

All in all, Coinomi is a safe wallet for all your crypto, NFTs, and other digital assets.

Coinomi Wallet Review: Pricing and Fees

Coinomi wallet is completely free to download and use. This means users don’t have to pay a dime for any incoming or outgoing transactions in the exchange. However, you’ll have to pay fees to miners outside the platform who add verified blocks to the blockchain. This money doesn’t go towards Coinomi or any associated companies.

Dynamic Fees

For transactions outside the platform, users have three options to choose from low, normal, and high priority. Your cost of the transaction will depend on the option you select.

High-priority payments are the most expensive on the Coinomi wallet. The fees are dynamic because they adjust according to the network’s state. When average fees on the network increase, so will the cost of each of the options. It’s worth noting that the algorithm only reflects the current state of the network.

In some cases, the network may be congested to the point that transactions slow down even when users choose high-priority transactions.

Certain coins don’t have dynamic options for outgoing transactions. If transacting with these coins outside the network, you’ll have to select the transaction fee manually. You can choose the transaction fee per byte.

The higher the fee, the faster the transaction will be.

How Much Does the Coinomi Wallet Cost?

As mentioned earlier, the Coinomi wallet doesn’t cost a single dime. Coinomi is free to download on both PC and mobile devices. So you don’t have to worry about setting aside a purchase budget, unlike hardware wallets. Anyone can get it, you have no excuse for being left out.

Coinomi Wallet Supported Tokens

Currently, Coinomi supports well over 1,770 top cryptocurrencies and tokens. Some of the most popular coins the wallet supports include:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Dash
• Zcom
• Litecoin
• Ripple
• USDC
• GUSD
• Zcash

Coinomi also supports ERC20, NFTs, and other types of digital collectibles.

How to Set Up a Coinomi Wallet

Coinomi boasts one of the most straightforward setup processes among crypto wallets. Here’s how you set up the Coinomi Wallet.

On Desktop

Setting up your Coinomi wallet on your PC is a breeze. All you have to do is follow these steps

Step 1: Go to www.coinomi.com.
Step 2: On the top-right corner of your screen, find “download” and click.
Step 3: Download the Coinomi wallet for your operating system (Windows or macOS).
Step 4: Open the downloaded file and open it to uninstall the application.
Step 5: After opening the app, click on “create new wallet.”
Step 6: You’ll receive a 12-24 seed phrase.
Step 7: Write down the seed words in a notepad and store them safely
Step 8: The interface will prompt you to create a password.
Step 9: After creating a password, the wallet will generate addresses for supported blockchains.
Step 10: Lastly, download the wallet backup file for recovery purpose.

On Mobile

Installing and setting up Coinomo on your smartphone is just as simple as doing so on your desktop. To set it up, follow the steps below.

Step 1: Visit the Apple Store or Play Store.
Step 2: Search for Coinomi Wallet and download the app.
Step 3: Open the wallet app.
Step 4: Tap “create a new wallet”.
Step 5: Write down the seed phrase and store it in a safe place.
Step 6: Create your wallet password.
Step 7: Download the backup file in case you lose your private key.

Coinomi Wallet Alternatives

The non-custodial wallet market is a pretty competitive space. It’s only natural for Coinomi to have considerable competition.

Some excellent Coinomi alternatives include:

Coinomi Wallet Vs. Coinbase

Coinomi is the oldest non-custodial crypto wallet and brags about millions of active users. It supports over 1700 coins and is considered safe because it has never had a hacking incident.

Although the Coinbase wallet came into existence four years about Coinomi, it has gained fast acceptance and popularity among the crypto community. Its growth is mainly attributed to the fact that it’s related to Coinbase.com, which is known to be one of the largest crypto exchanges, with over 70 million active users.

Both wallets are compatible with hardware wallets and offer PC, Android, and iOS support. In terms of customer care, none of the wallets has a live chat feature. You can only reach the customer care department via email or the help page on their website.

Coinomi has a more inclusive customer care team supporting at least 25 languages, unlike Coinbase wallet, which only offers customer assistance in about 11 global languages.

The Coinbase wallet is suitable for users with a vast portfolio of tokens as it accepts not less than 40,00 cryptos and tokens. You’ll, however, pay a fee of between 1.49 and 3.99% for all transactions with other wallet. There is an additional 0.003% commission for withdrawals. This is where Coinomi takes the day as it charges zero fees on all transactions.

Overall, both wallets have their selling point, so it’s up to you to choose based on your preferences.

Coinomi Wallet Vs. Metamask

Metamask is an open source multi–currency wallet launched back in 2016. It boasts millions of users across the world, but how does it compare to Coinomi?

While Coinomi supports slightly over 1,770 different coins and ERC20 tokens. Metamask supports a staggering 450,00 plus coins and ERC tokens. Metamask, without question, takes the day here. Metamask is also more anonymous than its counterpart and is also open source, which gives it a slight edge over Coinomi.

However, Metamask isn’t supported on PC, unlike Coinomi, which can run on Windows and macOS. Metamask is also purely online; Coinomi which can also be used as a paper wallet.

Since Metamask tilts more towards Ethereum’s blockchain, users have to pay gas fees for transacting on the platform. The wallet uses Wayre and Transak for buying Ethereum coins. These platforms charge both a network and a transaction fee. The gas fees for transacting are pretty high, compared to the insignificant fees charged by Coinomi.

Metamask only supports about 10 different languages while Coinomi supports over 25 different languages, a plus for Coinomi. In terms of app intergration, Metamask boasts 422 different integrations, while Coinomi boasts only 10. This means the former is a lot more versatile than the latter.

How Private Is Coinomi?

Coinomi strives to keep all users’ information as private as possible. First, Coinomi is fully decentralized and doesn’t use a third party for encryption. This eliminates the possibility of users’ information falling into the wrong hands.

What’s more, the platform doesn’t require users to register with the rigorous KYC registration process. It won’t ask you for your name, address, or any contact information. Lastly, the wallet hides all IP addresses, ensuring no information about how you transact with your crypto leaks. Talk about privacy!

Who Should Use Coinomi Wallet?

Coinomi is a multi-currency wallet with a keen emphasis on privacy, security, and interoperability.

As such, the wallet is perfect for

• Crypto investors looking for a safe place to store their digital assets
• Crypto investors with diverse cryptocurrency portfolios and other digital collectibles
• Crypto investors are looking to stay anonymous and keep their assets and spending private
• Crypto holders looking to stake crypto and earn rewards
• Cash-strapped Crypto owners looking to save a considerable amount in transaction fees
• Beginner crypto investors looking for a simple and easy-to-use wallet

Who Might Not Benefit From Using the Coinomi Wallet?

Although a popular wallet, Coinomi isn’t for every crypto investor.

Here are a few people that may not benefit from using the wallet.

• People looking to buy cryptocurrency with Fiat.
• Hardware wallet enthusiasts.

Is the Coinomi Wallet Worth It?

Since the Coinomi wallet is free, the question of whether it’s worth takes a different angle. We’ll have to decide whether the wallet is worth your time and security needs.

Yes, the Coinomi wallet is definitely worth your time and attention, plus it’s secure to use. With multi-currency and multi-network support, top-tier safety features, an intuitive user interface, and interoperability, you definitely can’t go wrong with Coinomi. We recommend it.

How to Use Coinomi Wallet

Coinomi’s intuitive user interface makes using the wallet a walk in the park. Here’s how you send crypto with Coinomi.

How to Send Crypto?

Step 1: Open the Coinomi wallet.

Step 2: On the main menu, tap the “+” button on the bottom-right of your screen.

Step 3: Scroll through the list of cryptos and tap the coin you want to add to your main menu.

Step 4: On the main menu, tap on the coin you want to send.

Step 5: Tap the “send” button on the next screen.

Step 6: On the next screen, enter the receiver’s address in the search box on top.

Step 7: Alternatively, you can scan the QR code on the receiver’s phone.

Step 8: To do so, hit the button on the top-right corner.

Step 9: Enter the amount you want to send and tap the “send” button.

How to Receive Crypto

Step 1: Open the Coinomi wallet.

Step 2: On the next screen, tap the “receive” button.

Step 3: On the next screen, tap the “receive” button.

Step 4: Share your receiver’s address with the sender. You can simply copy and paste the address to them.

Step 5: You will be notified once they send the money.

Step 6: Then hit the “receive” button to finalize the transaction.

Coinomi Wallet Review- Summing it Up

Coinomi is a solid, multi-currency non-custodial wallet that’s perfect for both new and experienced investors. The wallet supports most of the popular coins and 125 different blockchain networks. Anyone with a diverse crypto portfolio will benefit immensely from storing their assets in the Coinomi wallet.

Despite the previous security hitches in 2017 and 2019, the wallet is still incredibly secure since it’s not web-based and doesn’t outsource its encryption technology. The best part is that Coinomi is absolutely free to download and use. However, you’ll have to pay for exchanges outside the wallet.