Coinomi wallet review

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Coinomi Wallet Website

Founded back in 2020, Coinomi is the oldest multi-asset wallet available, with millions of active users. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date. Coinomi is a security-first, multi-asset wallet for both mobile & desktop that provides native support and true ownership for as many as 125 blockchains (the largest number in the market) & 382 tokens — a total of 507 assets. Supports virtually thousands of assets since the user can add any ERC20 token himself!. To see the full list of coins click here.

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Coinomi Review – A Beginner’s Guide

By: Ofir Beigel | Last updated: 11/14/19

Coinomi is a popular multicurrency wallet for mobile and desktop. In this review, I’ll cover the different wallet features and share my personal experience with it.

Coinomi Review Summary

Coinomi allows you to send and receive over 125 different coins through a versatile mobile and desktop application. Aside from a security issue which was exposed and fixed back in February 2020, the wallet has gained a good reputation within the cryptocurrency community.

That’s Coinomi in a nutshell. For a more detailed review keep on reading, here’s what I’ll cover:

1. Coinomi Overview

Coinomi was founded in 2020 by George Kimionis with the idea of creating secure solutions to blockchain applications. The company has under 10 employees and has not reported any outside funding to date.

2. Coinomi Wallet Review

I was acquainted with Coinomi initially when I was trying to claim Bitcoin Cash from the 2020 hard fork. Back then it was one of the only simple solutions to this matter, and the wallet was available only for Android. However, a lot has changed since.

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Today, the Coinomi app is available for iOS, Android and all major desktop platforms (Mac, Windows, and Linux). Coinomi is one of the most popular wallets around, mainly due to its vast set of features.

Security

Coinomi stores the private keys to your wallet on your device (i.e. a non-custodial wallet). Strong encryption and cryptography keep your funds safe. Also, you’ll need to set a password for sensitive actions, such as withdrawals.

On February 27th, 2020, a critical security vulnerability was supposedly exposed in the Coinomi desktop wallet. The issue occurred once you’ve imported a seed phrase into the wallet; along the import process, the seed phrase was actually sent to an external service by Google for spell check.

It goes without saying that a seed should NEVER leave the wallet. You can read all about it here. You can also read the counter argument in favor of Coinomi here.

Privacy

Coinomi guards user privacy with the following measures:

  • No KYC needed
  • No IP association
  • No identity linking
  • No transactions tracking

Built-in Exchange

Coinomi allows you to trade between cryptocurrencies within the wallet without the need to visit an exchange. This is done through the integration of services like ShapeShift and Changelly.

SegWit Support

Coinomi supports Segwit which means that if you’re sending Bitcoin or Litecoin, you’ll be able to enjoy faster confirmations and lower transaction fees.

Custom and Dynamic Fees

Coinomi allows you to set a custom fee for your transactions. Alternatively, you can use a dynamically calculated fee to get the best value for money at all times.

Coinomi Is not Open Source

Most people who are interested in cryptocurrency prefer open source software, as they should. Coinomi was part of the open source software movement, allowing anyone to review their code.

With peer review, any hidden code, malicious modules, or exploits would be easily identified. This ensures that users aren’t subject to any hidden malware that secretly benefits Coinomi or third parties.

However, it seems that about a year ago Coinomi moved their project to be closed source. This is not to say that their code isn’t good or became malicious, but it does mean that you don’t get the same amount of protection or transparency as you do with open source.

3. Supported Coins

Coinomi supports over 125 different coins and blockchains (the biggest number of assets for noncustodial wallets according to their site). The most popular coins Coinomi supports are:

For a complete list of supported assets visit this page. Additionally, you can manually add support for any asset not listed on the site.

4. Setting Up Coinomi

Here’s a short tutorial about how to set up you’re Coinomi wallet:

5. Customer Support and Reviews

Coinomi offers support via a comprehensive knowledge base and a ticket system.

According to posts on Reddit, Coinomi representatives are very responsive, claiming that they have “hundreds of thousands of happy users” and that they “have been around since 2020 and none of their phone-based wallets have been hacked or otherwise compromised.”

According to users, this appears to be the case, as there aren’t many saying anything negative about their service. Most online reviews seem to confirm this as well giving the Coinomi wallet between 4-5 stars.

6. Conclusion

The user friendliness of the Coinomi wallet, combined with great security and a huge array of supported cryptocurrencies makes Coinomi a great choice for desktop or mobile.

Additionally, since new users often aren’t comfortable trading on exchanges with numbers jumping around on both the ask and sell side, trading through the Coinomi wallet simplifies the process tremendously.

Anyone, even advanced users, would likely see the benefit of using the Coinomi wallet. The only concern about Coinomi is the fact that it is no longer open source. However, there are many excellent wallets out there that aren’t open source as well (e.g. Exodus).

Have you had any experience with Coinomi? I’d love to hear about it in the comment section below.

The blockchain wallet trusted by millions

Securely store, manage and exchange Bitcoin, Ethereum, and more than 1,770 other blockchain assets.

Why Coinomi?

Coinomi is already trusted by millions of users.
This is what makes it a popular choice:

The broadest range of crypto.

Coinomi is a security-first, multi-chain wallet for both mobile & desktop that provides native support and true ownership for more than 125 blockchains (the biggest number in the industry for non-custodial wallets) and thousands of tokens.

The highest level of trust.

Founded back in 2020, Coinomi is the oldest multi-chain wallet available, with millions of active users. Most importantly, no Coinomi wallet has ever been hacked or otherwise compromised to date.

The most versatile global app.

Coinomi is Seg-Wit enabled and offers 168 fiat currency representations, readable in 25 languages. All supported assets can be exchanged instantly via built-in support for ShapeShift & Changelly.

Features

What makes Coinomi stand out?

Multi-chain

Native support for bitcoin and most major altcoins and tokens. Continuous integration of key altcoins and tokens. Highest levels of diligence are applied to coin selection and addition.

Superb
security

Your private keys never leave your device. Strong wallet encryption and cryptography guarantee that your funds will remain safe under your ultimate control.

Solid track record

Constant operation since 2020, never hacked, no user has ever lost funds due to Coinomi.

Enhanced privacy/anonymity

No KYC bureaucracy to access your funds, no IP association, no identity linking, no transactions tracking. Our servers anonymize your requests by hiding your IP address from prying eyes.

Exchanges
built-in

Swap between hundreds of assets and thousands of pairs instantly, through our strategic partners and various DEXes. Privacy is assured, with transaction speeds better than industry norms.

Native
SegWit

Enjoy faster confirmations and lower fees for Bitcoin, Litecoin, and many other cryptocurrencies. Switch dynamically between Bech32, P2SH, and legacy modes.

One-time
backup

Hierarchical Deterministic Wallet (BIP44) logic enables you to keep everything both accessible and secure, with one strong passphrase that you’ll only have to back-up once.

Streamlined & user friendly

Advanced technology enables you to use your altcoins to pay directly to bitcoin addresses and vice versa. No extra steps, or endless sign-ins. One-click cross-chain payment process.

Custom and Dynamic miners’ fees

Transaction fees are calculated dynamically, allowing you to get the best value for money at all times. Alternatively, you can set and use your own fees, in all supported coins.

Cold staking

Let your crypto work for you. Cold stake supported assets with a single click and earn rewards even when offline

Multilingual & hyperlocal

Coinomi is internationally readable in many languages; English, Chinese, Spanish, French, German, Russian and many other languages are supported, with more translations coming soon.

Cross-platform availability

Coinomi has evolved its mobile app to fully support both iOS and Android; and now with the recent addition of its desktop version, wallet access & control is even more convenient.

24/7/365 customer support

For many, creating wallets, managing crypto and making exchanges is a totally new experience. At Coinomi, friendly support is always on hand, so raise a ticket for a swift response.

DApp Browser & Web3 support

Seamlessly access your favourite DApps with Coinomi’s integrated DApp browser and Web3 support without any compromise on security.

Wallet Connect

Easily and securely access DApps on the big-screen with the use of WalletConnect – link your Coinomi wallet with other apps which support this feature.

Full asset support

Full support for every ERC20, Omnilayer, BEP2, TRC10 tokens and NEM Mosaics. Assets from more protocols are coming soon!

Buy crypto with card

Purchase Crypto directly from Coinomi through the use of our partner Simplex. More options coming soon!

Giftcards

Quickly convert Crypto into gift cards for your favourite stores directly in the app using our partners at Bidali – more options coming soon!

Collectibles

Full support for ERC721 tokens – store, access and manage your ETH collectibles with peace of mind and security using Coinomi’s innovative interface.

UXTO Control

Dusting attacks protection and Do-Not-Spend flags. Choose like-type change addresses to reduce transaction linking. Full UXTO control coming soon!

Wallet interoperability

Register and use your FIO or Unstoppable Domain address instead of long public addresses. Send and receive any crypto from any FIO member wallet, and create blockchain-agnostic payment requests.

Trusted Node

Gain complete financial sovereignty by connecting to your own full Bitcoin node.

Crypto DNS

Put an end to vague addresses by replacing them with human-readable aliases across different services and blockchains.

Blockchain-based ID

Coinomi comes with Digi-ID out of the box so that you can forget about the old, insecure credentials and replace them with Coinomi’s top-notch blockchain-based identity modules.

Zero fees

Zero fees for sending and receiving transactions – you only pay the transaction fees directly to the miners.

Multi-seed support

Import and manage an infinite number of wallets, each with its own encryption settings.

Coinomi on desktop

Desktop client is available on Windows, MacOS and Linux.

Desktop delight

A sight for sore eyes! The same wallet you know and trust on your mobile, now on your desktop or laptop computer.

Perfectly in-sync

Perfect harmony. Restore your mobile wallet and see all your transactions on your computer as well.

Strong security

Our desktop app uses the identical system logic used so successfully on our core mobile wallet.

Mood modes

Sitting in the office, or relaxing at home? Dark and Light modes are available to match your preference.

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