Coinomi is a very handy and continuously evolving multi-chain wallet. Being a multi-functional crypto wallet, Coinomi is created to store, manage and exchange Bitcoin and Ethereum. With its groundbreaking almost two thousand supported coins, Coinomi is acclaimed for having an intuitive interface and high-grade security. It is definitely one of the most popular crypto wallets around.
In the beginning, cryptocurrencies seem to be hard to deal with, and every new user needs to do his own research before choosing the right wallet. In my Coinomi review, I am going to depict this crypto wallet in great detail.
Coinomi Review: a brief description of Coinomi wallet
The company is based in the British Virgin Islands. It was founded in 2014 by George Kimionis. It is the first application to maintain various digital currencies. Coinomi has both a mobile app and a desktop version. Coinomi app is a multi-chain wallet with strong encoding solutions and an in-app ability to buy and trade digital assets. With numerous supported assets, it has both mobile and desktop applications and is now available on Android, iOS, Windows, and Linux. It is available on Apple Store and Google Play Store respectively.
Here comes the list of Coinomi benefits:
- It supports a broad array of various digital assets, including ‘old school’ coins as this wallet is one of the oldest
- It is easy to set up. You can install Coinomi wallet in just a couple of clicks.
- Easy in-app trade. There is an ability to trade using the plug-in currency exchange
- Privacy and users’ data integrity are of greatest significance
- Contains an in-app translating device with lots of language pairs (there are twenty-five languages in total)
Moreover, it is absolutely free for installing. No fees are required. However, transaction fees can take place, but they are not charged by the Coinomi wallet itself. While your Coinomi crypto wallet is open, you can make and receive payments.
How to set up Coinomi desktop wallet
As soon as you have Coinomi installed, you have to do the following:
- As soon as you install the application, you will see the Coinomi logo. Press the “New wallet creation” button
- Choose the coins you want to operate. As soon as you do it, you will need to back up the wallet.
- See and memorize the seed phrase. It consists of two dozens arbitrarily chosen words you have to rewrite it by hand and keep in the inaccessible place. The seed phrase is one of the substantial features in cryptocurrency, as you have to use it to restore your Coinomi account or a lost address. If you lose it, you will not be able to restore the wallet!
- Set up a Coinomi password and adjust biometric authentication if needed. As with the rest of other devices, it is used to log in.
- Start trading
As Coinomi does not support fiat currencies, they need to be bought by a credit card or by bank account in the app.
Instruction on how to start trading
If you want to get Bitcoins, but don’t know where to start, you should follow this instruction.
The best way to start trading is to ask someone, who is already on board, to send some Bitcoins to your Coinomi wallet address. Alternatively, you can use a Bitcoin ATM in your vicinity to convert fiat currency to send it straight to your wallet address.
One more option is a popular currency exchange such as Coinbase, Robinhood, or Coinmama where Coinomi users can exchange their currency for Bitcoin and then send them back to mobile or desktop wallets.
As soon as they get cryptocurrency, the crypto users can use ShapeShift to trade coins anonymously, as no personally identifiable information is required. Coinomi has a long-term agreement with the company.
How to download Coinomi wallet
You can download the Coinomi desktop wallet right from the Coinomi website. To download the mobile wallet, go to App Store or Google Play.
As we mentioned before, Coinomi is incredibly easy to use. To make a payment, start with choosing a currency, then insert the address of the payment recipient. Click Send and the payee will get the coins right away. Additionally, Coinomi allows making cross-chain payments. You can access the addresses of other chain members directly, without making any requests.
Coinomi: Security first (strong wallet encryption, HD and private keys)
First of all, we need to mention Coinomi type – an HD or Hierarchical Deterministic Wallet. HD wallets use a special algorithm for creating seed phrases. A unique seed phrase is an ultimate master code that is used to retrieve access to the wallet profile page in critical situations such as loss or theft. You have to write it down and put it in a safe place. You can restore accounts on a new device with the help of a seed phrase, which takes them to a new level of safety. This makes Coinomi an incredibly safe wallet. No transaction details or private information can ever be hacked or otherwise compromised.
Security is Coinomi’s key strength. Just like all wallets of its type (non-custodial wallets), it allows storing private keys on the device. They aren’t sent to Coinomi’s servers. Moreover, it implements native support and true ownership for numerous blockchains.
Coinomi supports strong wallet encryption and guarantees its users’ ultimate control of their personal information and details of transactions. Now we will give more data on wallet security, as the Coinomi app has a range of features that enhance its security.
One more point about HD wallets – each operation has its unique address. A new wallet address appears with every new operation. That way, series of operations aren’t connected to one address. One more point that makes Coinomi wallet extremely safe is that IP addresses are hidden. There are no transactions tracking. The absence of IP association prevents identity linking and information tracking. The source code is shown, which makes users take interest in the wallet. The wallet encryption and cryptography guarantee the untouchability of funds. Thus, there will never be lost funds. The only way to lose access to the wallet is to lose a seed phrase.
Coinomi wallet features a Segwit (or Segregated witness). It is available for Bitcoin and Litecoin with some other altcoins. With Seg Wit enabled, coins are exchanged instantly with lower fees and fast confirmations. Coinomi maintains both dynamic and custom fees. You can set your own fee in the app.
Coinomi support team
Coinomi, which was founded in 2014 and is an “oldest multi-asset wallet with millions of active users”, need to maintain their high reputation of one of the safest crypto wallets. They have a very responsive support desk. Coinomi wallet has a high rating of 4.5 stars on average. Another way to resolve a problem is to form a support ticket on Coinomi’s official website or read the broad knowledge base.
The final words on Coinomi
With its user-friendly interface and worldwide popularity, Coinomi is reputed as a good wallet for newbies in the crypto world. It is a great idea to choose it as the first wallet. It has mobile & desktop versions, supports virtually thousands of coins, and is deservedly respected in the crypto community.
It is one of the safest cryptocurrency wallets in terms of security (it provides native support and true ownership functions as well as in-app storage of private keys). It can be instantly retrieved even in cases of loss or theft. As cross-chain payments are maintained, altcoins are sent directly to Bitcoin addresses without intermediary steps.
Although Coinomi has a huge number of supported currencies, the new ones are constantly added as soon as they appear.
Can Coinomi be hacked?
As a super-secure wallet, Coinomi is literally impossible to be hacked under any circumstances. It is a security-first wallet for mobile and desktop that provides native support. Coinomi is protected by a seed phrase Not only is it an HD wallet, but it is also available as a paper wallet. It has strong wallet encryption. What is more, private keys aren’t transferred to servers and are kept on the device. All funds will remain safe.
How do I withdraw money from Coinomi?
Coinomi doesn’t support direct transactions to your bank account. To exchange Bitcoins for fiat currencies, you have to address the currency exchange (e.g. Coinbase) Please note that you will have to pay additional fees to do this operation. There is plenty of services that help to withdraw money from crypto wallets. It is important to add that these operations can be time-consuming.
What is my Coinomi wallet address?
Coinomi wallet address represents a set of thirty-two random letters and numbers. You can see it in your Main Account menu. You can also see it in the ‘Receive’ menu. The wallet address is updated with every new transaction. You need to spread this address if you would like to receive coins.
How to add USDT to Coinomi
USDT (or Tether) is one of the most popular tokens in Bitcoin. You can find it in the Ethereum list and then add it to the wallet. Tether is of great significance, as it is one of the most popular coins at the moment. Be careful: its ticker symbol is eUSDT. Coinomi only supports the Ethereum version of USDT, but it doesn’t support the Tron one.