You bought some crypto and are searching for a storage wallet that emphasizes security and anonymity. There are so many wallets to choose from, each with its own distinct advantage and weaknesses. So, which one is right for you? If this writer may suggest, why not look at one of the first crypto asset wallets that emerged in this sector, with years of development and a strong emphasis on security?
Not only that, but it has remained one of the most popular ones out there. Coinomi Wallet is that every wallet. In fact, it is considered one of the OG wallets in the crypto space.
This Coinomi Wallet review article will dive down to its history, security features, and strengths in order to find out why, despite other crypto wallets, especially hardware ones, Coinomi is still considered one of the top wallets to have.
What is Coinomi Wallet?
In a nutshell, Coinomi is a wallet where you can store different cryptocurrencies in one place, making it very useful for those who are trading. It was developed by Coinomi Ltd, a company registered in the BVI in 2014. It has offices in Craigmuir Chambers, Road Town, Tortola, VG 1110, and 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. It was initially only available for the Android system but was then extended to iOS, and in 2019, a desktop version was created.
Coinomi Wallet allows you 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.
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. To view a full list of all crypto assets, please click here.
Coinomi also supports the SegWit update for Bitcoin, making transactions lighter and cheaper.
Users also have the option to choose their 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.
The most important distinguishing features of the Coinomi crypto wallet are:
- Anonymous storage and use of crypto money. No KYC is needed in order to use it. 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. 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.
- It has 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.
- A 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.
Due to the lack of additional and often unnecessary functions, the application takes 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.
The Wallet is totally free of charge. Users just pay the network fees, which are paid to miners/validators who secure the network.
How to Set Up Your Coinomi Wallet
Coinomi gives you the option to download its app on your mobile device or as a 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.
Just a few things to note, firstly 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. Secondly, the wallet does not have any warranties about content, data, materials, and/or services provided. Other terms are usual for such types of wallets.
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.
On the upper right page, you can find an 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 a 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.
There are even security options and language changes.
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 Agent Support.
Coinomi has a very detailed and thoroughly developed Knowledge Base where you can find the answer almost to almost 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.
This is the granddaddy of all questions. 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.
So then, 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 this so important? Because even if the Coinomi network gets hacked, the funds will be in full control of the user, 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. It's like losing cash. There is no way to restore it except for earning some more.
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.
In addition, Coinomi doesn't collect much user data. It's another reason to consider it as 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.
That being said, there are two things to consider. Firstly, Coinomi’s source code is closed. Secondly, it is a hot wallet, meaning that you will need an internet connection in order to use it. Compared to a cold/hardware wallet such as the Leder Nano and Trezor, which don’t require internet in order to access your funds, this can be a bit concerning. If you accidentally download malware on your device, it can put your funds in jeopardy.
Who Is This product for?
This wallet is for anyone looking to store a wide variety of cryptocurrencies from different blockchain ecosystems, and that has been battle-tested.
Tutorial/How to Use/Install
Below are a few videos that offer a review and guide on how to use the Coinomi Wallet:
Below are a few other alternative wallets and their distinct features:
The Atomic Wallet is a non-custodial, multi-currency wallet, allowing it to support hundreds of coins and tokens. It has been renowned for being so easy to use. It also has good security features such as fingerprint security.
However, it is a hot storage wallet, meaning that you will need the internet to allow you to manage your cryptos. But, it is private, so no Know-Your-Customer (KYC) is required.
Being a multi-currency wallet, it allows you to store a wide variety of tokens, both ERC20, and non-ERC20 tokens, from other ecosystems such as Bitcoin, Litecoin, Ethereum, VeChain, Algorand, etc. However, it cannot store ERC-721 tokens (non-fungible tokens).
What is cool about this wallet is that it has its own swap exchange, allowing flexible atomic swaps between tokens. It is integrated with Changelly's price feeds, making it susceptible to any price slippages that may occur on Changelly.
Atomic Wallet has both a mobile and desktop wallet option, and it is available for both iOS and Android phones. The desktop wallet feature is compatible with Windows, macOS, Ubuntu, Debian, and Fedora.
Another cool thing is that the Atomic Wallet has its own native token, the AWC token, which allows you to stake and earn more AWC tokens. This allows users to receive other rewards/discounts. It has 24/7 customer service support, which is a big relief as you now have the assurance that you can receive almost instant help. You can either chat with a representative online or send an email.
One of the few downsides is that it does not have a multiple wallet feature.
The Trust Wallet is a non-custodial, multi-currency wallet. It can support up to 15 major cryptocurrencies and 20,000 supported tokens. This includes non-fungible tokens (NFTs). Like the other wallets mentioned above, easy to use. And just like the rest, it is a hot storage wallet, so you will need the internet to manage your cryptos.
It has its own built-in decentralized swap exchange, but it is limited as to the number of tokens you can swap for another. It is at least private, so no Know-Your-Customer (KYC) is required. It also has good security features.
Like the Atomic Wallet, the Trust Walletallows you to store multiple cryptocurrencies from multiple blockchain ecosystems such as Bitcoin, Litecoin, Tezos, Ethereum, Algorand, and VeChain.
It also has its own dApp browser, so you can access dApps through Trust Walletwithout ever leaving it. It also supports multiple wallets, allowing you to store your funds in multiple wallets within just one app! It also good wallet connect feature, allowing you to connect to many more Dapps than other wallets.
Its code is open-source, allowing anyone to check for faults and encourage constant improvement. However, it lacks live customer service support. You will need to use either telegram or discord to speak with someone if you are having issues.
Another good wallet is the Exodus one, another non-custodial, multi-currency wallet. It can support more than 125 cryptocurrency assets. It is available for both desktop and mobile. With the mobile feature, it can be supported on either iOS or Android.
Thankfully, it has 24/7 customer service support while also having a built-in crypto exchange. But you have to pay a spread of 2% – 5% fees when using it.
Another advantage is that it is easy to use. But, it is a hot storage wallet, so you will need the internet to manage your cryptos.
Coinomi Wallet Review – Conclusion
Coinomi is a top-of-the-line crypto wallet. It has strong security features, an easy interface and user-friendly, supports a ton of different types of cryptocurrencies, and has a customer support service. What’s not to like about it?
However, as previously mentioned, there are risks. It is not 100% secure since it requires an internet connection, and unless you are using a VPN, you put your funds at risk whenever you use it. In addition, it faces strong competition from other crypto wallets that have emerged since 2014. Atomic Wallet, Exodus, Trust Wallet are all popular and have just as good features as Coinomi.
But, so long as you are not storage large funds in your wallet and so long as you are careful where you access it, you should be able to mitigate these risks. Nevertheless, if you are into old OG classic items and accessories, want something simple with the right support, then Coinomi is the one for you.
Coinomi Wallet Review
- Ease of Use
- 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.
- There has been a 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.
- For a long time, there are no updated versions of open source.
- It is a cold wallet; an internet connection is needed in order to use it.