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Investing in cryptocurrencies maybe, to a certain extent, an easy task, but taking care of your digital assets is definitely a difficult one. Cryptocurrency wallets are an essential factor in owning and investing in cryptocurrencies of any sort. Most digital currencies have their own official wallet, but third-party wallets gain momentum as they allow you to manage multiple coins at once. However, such wallets will only support a limited number of cryptocurrencies. This article reviews Coinomi, which we believe is one of the most trustworthy and experienced companions in our Crypto Adventure.
Undoubtedly, the most popular mobile wallet, Coinomi, is one of the oldest multi-platform, multi-asset cryptocurrency wallets available. With over 1.5 Million active users, the platform is enjoying a strong reputation and, up until this point, has been free of any reported hacks.
Coinomi’s inception began in 2014. A team of blockchain enthusiasts drew on their development and security experience to create a wallet with easy functionality, allowing quick transactions and top-notch security, embedded in a beautiful graphical user interface.
The team was motivated by the security breaches and reliability issues experienced by many crypto-related services and wanted to provide a much more reliable service. Therefore, Coinomi sees itself as a next-generation cryptocurrency storage platform and aims to deliver the most secure wallet service available.
Coinomi is a decentralized cryptocurrency wallet allowing you to safely store, receive, send, and swap multiple digital assets directly from your mobile or desktop application. It offers native support for over 125 blockchains (the largest number in the market) & up to 1770 tokens. Interestingly, you can add any ERC20, generic ETH contract, or any token of the supported blockchains (NEM, ETC, TRX, OMNILAYER, other ETH-based chains like PIRL, POA, etc.).
How Does Coinomi Stand Out
In just 6 years, Coinomi has managed to implement several features and practices, which help it get ahead of its competitors. These include:
Top-notch security– First and foremost, security is the number one cause of failure for most crypto-related services. The team behind Coinomi pride itself on providing one of the most secure cryptocurrency storage platforms and employ the most reliable security technologies available. They implemented high-end cryptographic encryption on your private keys, which will never leave your device, and it also features the HD (“Hierarchical Deterministic“) algorithm that allows you to interact with your funds without giving up control of your recovery phrase or private keys. Just make sure you do not expose your seed or private keys by mistake.
Furthermore, security is enhanced even further, as Coinomi allows you to use a password, pin, fingerprint, or pattern for privacy and an extra BIP39 password for protecting your phrase. Each seed phrase in the multi-seed environment can have its own encryption settings, according to its use case – a seed that is used daily and holds only small amounts of funds can require a fingerprint to send. In contrast, a seed that holds big amounts can combine a long password plus fingerprint. However, it is not recommended to use this option unless you really know what you are doing. Coinomi remains one of the safest wallets currently available for all supported digital currencies.
Built-in privacy and anonymity – You do not need to register to use Coinomi. You have to download the app and create your wallet; they will never request your personal data. Even more encouragingly, it embeds other privacy features such as masking its users’ IP addresses that prevent prying eyes from finding out what you are doing or how you spend your coins.
Multi-Platform & Multi-currency support – Coinomi can be downloaded on your PC or mobile device, Android, or iOS. As we have already mentioned, the wallet supports 1770 assets, all at once, and you can manually add any ERC20, generic ETH contract, or any token of the supported blockchains (NEM, ETC, TRX, OMNILAYER other ETH based chains like PIRL, POA, etc.).
Built-in Swapping Services – Coinomi has integrated instant exchanges like Changelly, Coinswitch, Title, Binance Dex, allowing its users to swap their digital currencies from one to another in a straightforward way. Moreover, Coinomi also offers fiat services like Simplex or gift cards like Bidali.
Custom Transaction Fees – While sending a payment, the Coinomi app will suggest the best transaction fees, but they also allow you to customize them, should you wish to do so. Make sure you’re not selecting the minimum fee when sending Bitcoin as you might have to wait a bit more for the transaction to settle.
Coinomi Fees – Coinomi does not charge its users with any fee. However, when you send a payment, you will have to pay the transaction fee, which goes to the miners.
Superb UI & User-Friendly – Coinomi features one of the most intuitive UI, and it is suitable for first-timers and advanced users. You can easily navigate through the interface; you can add new coins or tokens, swap them by using their built-in exchange services, send, or receive payments with just a few taps or clicks.
Backup Facility – A new “fast install” option is available in more recent releases, which swooshes into the wallet immediately without the need to set a password and passphrase. However, as the recovery passphrase is the only thing that can restore your crypto if your device is broken or stolen, it is imperative that users return to this process at their own convenience later on and back up their phrase offline, away from prying eyes.
Multi-Language Support – Coinomi supports many widely spoken languages such as English, Spanish, Russian, Chinese, German, and more.
SegWit Support – Coinomi was one of the first wallets to offer native segwit for BTC and 14 more blockchains. Users can switch between native segwit, compatibility, or legacy address formats with the click of a button.
Customer Support – Coinomi provides an excellent Customer Support service ready to quickly and professionally address your concerns or queries. Their support staff can be reached either via their dedicated support page, where you can raise a support ticket, or browse through their fairly comprehensive Knowledge Base or via Twitter and even Telegram. You can join their Telegram channel just for fun; their fast-growing community has more than 38.000 members.
Coinomi’s development is progressing steadily as they recently implemented many great features, and many more are in the pipeline.
Some recent additions are:
– Multiseed support with separate encryption settings for each
– XMR, XRP, TRX, and NEM support
– Tax report export (both native and in Blocksentry format)
Some future developments are:
– Multisig, multi outputs
– More fiat purchasing options
– Mixing Services (Crypto Tumblers) and more!
– Additionally, Coinomi can resolve ENS (.eth), Unstoppable Domains (.zil, .crypto), and soon more domain types!
How To Use Coinomi
Setting up your Coinomi crypto wallet is as easy and intuitive as one can imagine.
Coinomi Wallet Creation
– Once the installation is complete, open the application and tap/click “Create New Wallet” to create your wallet
– A recovery passphrase will be generated. Please write it down on a piece of paper and make sure you are safely keeping it as this is the only method to recover your funds if you need to install Coinomi on a new device (it is advisable to avoid taking screenshots with your phone or PC).
– After saving the password recovery phrase, you will be prompted to confirm it, therefore confirm it
– You will be prompted for a password. You can skip this step, but you must immediately set a password as the password encrypts your seed. As with any password, make sure to use a strong one that should not be easy to hack.
– Select the cryptocurrencies you would like displayed in your wallet.
– Read and Agree to Coinomi’s terms and conditions, and that’s about it! Your Coinomi wallet has been created, and it is ready to use.
Sending and Receiving Cryptocurrencies with Coinomi
– Open your Coinomi wallet
– Add new cryptocurrencies to your wallet if you have not added them with the wallet creation.
– Choose the coin you wish to transact by selecting either receive or send.
– If you want to receive a coin, click on the Receive tab, copy your address and share it with the sender. You can also choose an amount to receive, and Coinomi will create a custom QR that will include the amount. Moreover, you can use the share button to share it with the sender via e-mail, Twitter, Facebook, etc.
– If you want to send a coin. Just paste the receiver’s address in the “Pay To” field or scan the QR Code, enter the amount you wish to send or send all funds at once by clicking on the “Use all Funds button,” click on the send button type in your password. You can also use the “Advanced Settings” to set up the transaction fee yourself. Still, it is not recommended as a small transaction fee usually results in a transaction settlement delay.
– Transactions can be monitored in the “Balance” tab on your mobile wallet and the “Transactions” tab on the PC version.
Exchanging Coins with Coinomi
– Open your Coinomi wallet
– Choose either of the Swap Services provided and follow the steps to exchange your coins smoothly.
– After you Confirm the Swap on the transaction details page, wait for the transaction to settle; you can also check the transaction on the dedicated screen.
Note: Usually, transactions settle within 30 minutes, but it also depends on the coins you are swapping and the confirmation number the exchanges require; Should you experience any issue, consult their relevant FAQ page and contact the exchanges directly. Make sure you have given enough time for the transaction to settle.
Over the past six years, Coinomi has seen one of the most impressive growth in the cryptocurrency wallets realm. It is likely to stay ahead of its competitors’ thanks to its stunning security features, high accessibility, strong reputation, and increased sophistication. Moreover, the enhanced privacy features offered by Coinomi are yet another reason for which its user base is continuously expanding. Remember, digital currency wallets are the difference between a wonderful crypto adventure and a bad one, making sure you choose wisely your companion throughout your journey.
The article was updated on April 29, 2020.