Coinomi wallet is one of the more popular digital cryptocurrency wallets. Below you will see a detailed review of the wallet, its characteristics and features, and how to use i
Overview and background information
Coinomi is a digital wallet, first created back in 2014 by a small group of cryptocurrency enthusiasts, including founder George Kimionis.
Since its founding days, Coinomi has grown as a popular choice, even though the company behind the wallet is still very small – just around ten employees.
Not only that, but the company appears to be extremely self-sufficient, as it has not launched any fundraising campaigns to this date.
Coinomi extended review
Pros: Easy to set up and manage
Cons: Not open source
Ever since its creation in 2014, Coinomi has attracted users with its simplicity and focus on user experience. Even some of the more serious investors are still sticking with Coinomi, exactly because of the simplistic and functional design of the wallet.
Currently, the Coinomi wallet is available for all mobile and desktop operating systems, which makes it a versatile product, available across multiple platforms.
Security and personal data
In terms of security, Coinomi has ensured that your wallet access key is securely encrypted on your device. This means that the Coinomi wallet is non-custodial and relies on cryptography to protect your assets.
In order to provide an additional layer of security for the user, Coinomi has introduced the additional password feature for sensitive actions like withdrawals and transfers.
When it comes to personal data, Coinomi has decided to safeguard your identity and details by never asking for KYC, IP association, identity verification, or performing transaction tracking.
The only major concern in terms of security and the Coinomi wallet was reported in a Reddit thread several years ago but was never confirmed by the company. According to a user, the Coinomi app was distributing wallet seed phrases to outside services (Google) for spell checking.
Of course, this is a major concern, as the seed phrase to a wallet should never leave the wallet application.
Despite the seriousness of these accusations, Coinomi has reportedly fixed the issue, and this information is no longer being leaked out of the application.
Thanks to third-party providers like Shapeshift and Changelly, Coinomi offers an in-app exchange, which is considered one of the wallets’ most used features.
According to user reviews, the in-app exchange was one of the main things that attracted them towards choosing Coinomi as their wallet service.
What’s even better is that this function makes Coinomi a perfect starter wallet for cryptocurrency enthusiasts who are just getting familiar with the way crypto works. The in-app exchange saves users a lot of time and hassle, as they don’t have to go to third-party exchanges.
Faster Bitcoin and Litecoin transactions
Coinomi supports faster and cheaper Bitcoin and Litecoin transactions thanks to the implementation of SegWit.
SegWit allows users to benefit from a faster approval process of transactions in these two cryptocurrencies.
Custom or dynamic fee system
Another of the much-praised features of the Coinomi wallet is the fee system, which allows users to either set a custom fee for each pair they would like to trade.
The other option customers have is to benefit from the dynamic fee calculator, which takes the lowest possible fee to give customers the option with the best value.
One disadvantage – not open source
Probably the only disadvantage of the Coinomi wallet is the lack of access to its code. For several years after its creation, Coinomi was an open-source wallet, which meant that developers globally could look at its’ code and spot potential malware and hacked code strings.
Unfortunately, near the end of 2018, developers noticed that Coinomi was no longer an open-source software, which was a reason for many users to express their concerns.
Closing off the application code was a mistake on Coinomi’s part as it was a blow to transparency and honesty between customers and service providers.
Even so, Coinomi remains one of the trusted and preferred, user-friendly mobile wallets on the market.
One of the main pros of Coinomi is that it supports more than one hundred and twenty-five (125) of the most popular cryptocurrency tokens currently available.
Of course, the leaders, according to Coinomi’s internal data, are favorites like Bitcoin, Ethereum and Litecoin, however, Coinomi also supports very underground coins like Zcash and GUSD.
You can find the full list of Coinomi supported tokens here. What’s even more impressive is that Coinomi allows users to manually add support files for any token that is currently unavailable in the application.
How to start using Coinomi
In the detailed guide, you will see how to set up and start using Coinomi in no time.
- Visit the Coinomi website, and find the Download button at the top right corner
2.Find the appropriate installation file, based on the operating system you use, and initiate the download process.
3. Go through the installation wizard, and save the program files at a desired location
4. When the application first launches, you will be asked to either create a new wallet or restore an already existing one
5. When creating a new wallet, the next step is extremely important. It gives you a twelve-word recovery phrase, which is your only backup option to entre your wallet. Make sure to note it down somewhere!
6. Coinomi will then prompt you to prove that you’ve written down your recovery phrase somewhere.
7. You will then be asked to create a password for easy access to your wallet
8. The next screen will allow you to select some currencies you would like to store in the Coinomi wallet. Of course, you can always add more token wallets later.
9. After selecting the coins you want, you will be redirected to the Coinomi homepage, where you can see all your wallets and balance in them.
This is the gist of the installation process. It takes about ten minutes to fully set up your Coinomi wallet.
- The general consensus in the Internet space is that Coinomi has an impeccable support team, which answers queries in less than twenty-four hours.
- The application has a ticket system, which allows users to submit queries, and offers a very detailed knowledge database, which usually answers simpler questions.
- Reddit reviews of the wallet are generally positive, and Coinomi claims that it has thousands of satisfied customers, with no compromised wallet accounts to this date.
Updates/Developments – 21 Nov 2019
- Be in the lookout for Coinomi giveaways too. The last giveaway ended on October 2, and there’s more where that came from.
- As an additional perk, the platform occasionally offers giveaways of different tokens and coins. The volume of the gifts is not much, but it’s worth the wait and participation.
- Coinomi also recently confirmed that they would be officially supporting the upcoming conference on blockchain and digital currencies – Decentralized, November 12-13, 2020.
While Coinomi is one of the simpler options out there, it has a proven track record of satisfied customers.
Not only that, but the wallet has a huge collection of altcoins supported, and gives users the ability to add more tokens if they are not part of the ones already featured.
The only concerning characteristic of the Coinomi wallet is that its code is not available to developers, which poses some transparency issues.
Other than that, Coinomi is a well-rounded wallet application, with a ton of positive reviews on the Internet, and proven user-friendliness.