If you’re looking for an easy and fast mobile wallet, which supports a variety of altcoins; Coinomi wallet is worth consideration. Coinomi allows you to store Bitcoin, Ethereum, and other digital assets.
What is Coinomi?
Coinomi is one of the strongest multi-cryptocurrency wallets in the market. Coinomi, Ltd. is a London-based company which was launched back in 2014. An intuitive user-interface and robust privacy feature make Coinomi a popular choice for Android users.
It offers a secure storage platform with a built-in exchange for quick and easy trading. The Coinomi wallet combines strong encryption technology with user-friendly design. This function makes it simple to install and navigate.
The key features of the Coinomi wallet:
- Simple setup: Download, install and create a fresh wallet with only a few clicks
- Multi-coin support: Support hundreds of distinct digital currencies and altcoins
- Easy asset trading: Trade directly via wallet using the integrated currency exchange
- Privacy: Emphasizes mainly on individual privacy and user control
- Convenient Translations: Supports many distinct languages, such as English, Chinese and Russian
To store multiple cryptocurrencies on mobile- a “Coinomi wallet” is a good option.
Coinomi Fees and Charges
Coinomi is entirely free to use.
When you perform an outgoing transaction, you might be charged a fee.
The fee goes to the miners related to that particular currency.
The platform doesn’t charge any transaction fees.
Coinomi Supported Coins
Coinomi wallet is developed as a multi-currency platform. In addition to this, Coinomi is compatible with a huge variety of altcoins.
Support for fresh coins is added on regular basis.
You can find the supported coins here.
The currencies that Coinomi supports include:
Quick Tour- Coinomi Android Multi-Cryptocurrency Wallet
Download the “Coinomi app” for Android from Google Play. You can also download the application directly from the Coinomi website.
Install Coinomi app on your phone, adding funds to your wallet is really easy. Here’s how to set up your wallet:
- Create a new wallet: Open the app and choose “Create a New Wallet”.
- Seed phrase: Write down or save the seed phrase in a safe place that’ll be given to you.
- Password: Choose a password which you’ll use to log in to the wallet regularly.
- Currency settings: After securing the seed phrase and password, choose currencies of your choice. You can adjust this accordingly, if you add any new coins to your portfolio.
Once you create the wallet, now you can send/receive payments in cryptos that Coinomi support.
Here’s the step to add funds to your wallet:
- Send currencies: If you own some, you simply sent the existing coins to your Coinomi wallet address.
- Receive currencies. Anyone can send funds to your wallet address.
If you don’t hold cryptocurrency, you might need to buy before you start using Coinomi wallet.
Coinomi doesn’t deal straightly with the fiat currencies. So, users can’t buy cryptos with credit card or a bank account via the app.
Here are some ways you can get started:
- Get paid by someone else: Simplest way to get started: Probably to have someone send few to the Coinomi wallet address.
- Bitcoin ATM: You can use it to convert fiat to bitcoin, and then send it to the Coinomi address.
- Online exchange: Some online exchanges let you exchange fiat currency for cryptos. This you can send to your Coinomi wallet and trade.
- Diversify: Once you have funds in your wallet, you can trade directly from within the Coinomi wallet.
How to Pay with Coinomi?
To accomplish payments with Coinomi:
- Choose which currency you want to pay from the list
- Enter the wallet address of the payee
- Click “Send”
Coinomi wallet also supports “cross-chain payments”. You can directly pay from your holdings to a payee’s bitcoin wallet, without any conversion or intermediate steps.
Is Coinomi Safe?
Coinomi wallet uses strong encryption with enhanced privacy techniques for high level security.
The most notable security facets provided by Coinomi wallet include:
The HD means “Hierarchical Deterministic”, which works on a special algorithm to produce a seed phrase for the account.
The seed phrase is a series of random words. It acts like a “master password”- an extra layer of security to the account.
Write down the seed phrase and save it somewhere safely.
Using seed phrase you can restore your account access if something goes wrong.
Another good feature of HD wallets- They create a new wallet address for each transaction. This makes it more secure.
Coinomi wallet keeps the identity secure by anonymising IP addresses via their servers.
This shields the transaction and personal details from potential hackers and tracing technology.
Coinomi provides all of the following features in its free wallet:
Multi-Coin: Coinomi supports 150+ altcoins. The developers are adding fresh altcoins continuously.
Security: The private keys never leave your device, due to the strong wallet encryption and cryptography.
Privacy and Anonymity: It doesn’t need any KYC bureaucracy or verification to access your funds.
There’s no identity linking, no IP association, and no transactions tracing.
Coinomi servers hide your IP address by anonymizing your requests.
Exchange Coins: Coinomi has partnered with ShapeShift. This allows conversion of altcoins instantly.
Backup: Coinomi wallet is a hierarchical deterministic (HD). It uses BIP 44 protocol to secure with 1 super passphrase.
You just need to back up the wallet once.
Available Source: Coinomi is not an “open source”. However, the source is available publicly on “Github”.
Note: On the official LinkedIn page, the company describes its wallet as “open source”; so it’s unclear.
User-Friendly Interface: Use your altcoins directly to pay or accept payments to the own address.
There’s no endless sign-ins or signups needed, just “single-click cross-chain payments”.
Downside of Coinomi wallet: It doesn’t provide two factor authentication or multi-signature support.
Coinomi Wallet Review
The user friendliness of the Coinomi wallet together with security is a strong point.
Some users find it difficult to trade on typical exchanges, however trading via ShapeShift simplifies your concern.
So, different people with different views will always be there, overall Coinomi is a good option to try!
Please share your experience with us and for more such wallets you can visit here.
Image Credit: Coinomi