|Wallet type||Multi-currency, Mobile-Based, Web-Based wallet|
|Platforms supported||Linux, Windows, macOS, and Android|
|Cryptocurrencies supported||Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Stellar (XLM), Litecoin (LTC), and more|
Coinomi is a well-known and popular cryptocurrency wallet that is supported on a variety of devices and can store a large number of coins.
The wallet has maintained an emphasis on the user’s privacy and remains one of the market’s most secure wallets. It also allows you to swap your coins from inside the wallet, making installation and setup fast and simple.
In this article, we will give you a detailed guide to the Coinomi Wallet and its overall aspects. Let us look into this Coinomi Wallet review in detail now.
What Is Coinomi Wallet?
Coinomi wallet was launched іn the year 2014 bу a team of Blockchain experts with years of experience and success in the Fintech industry. The founder and CEO of the company is George Kimionis. The company is based in the British Virgin Islands.
Coinomi provides a secure storage platform with support for a wide variety of digital assets and a built-in exchange for fast and easy trading. The Coinomi wallet combines strong encryption technology with a user-friendly design that is easy to install and navigate.
Coinomi Wallet Features
- Multiplatform: Coinomi began as an Android crypto wallet app. The iOS software was created shortly after. The Coinomi desktop software, compatible with the operating systems Windows, macOS, and Linux, was released in 2019.
- Inbuilt exchange: In order to provide its members with an all-round in-app exchange, Coinomi wallet partners with some of the leading exchanges. Main among them are Changelly and many other DEXs that promote the most affordable rates of crypto-to-crypto exchanges.
- Buy with a card via Simplex: You can purchase crypto in these in-app transactions and pay directly with your credit or debit card. The change is made possible by the integration of the wallet with the Simplex platform which facilitates conversions of fiat to crypto.
- DApps browser: Coinomi easily integrates with any DApp browser allowing Coinomi app members to access some of the most popular decentralized apps and Web3 support without leaving the cryptocurrency wallet.
- Cold staking: Coinomi wallet not only lets you safely store your cryptocurrencies for a long time but also has a cold staking option allowing you to stack the coins in your wallet while offline and get rewarded. Investors are raising your earnings on eligible crypto coins as you can stake your digital assets while waiting for their value to increase.
Coinomi Wallet Fees and Limits
Coinomi has zero fees for either incoming or outgoing transactions. Outgoing transactions on Coinomi attract mining fees. The mining fees are typically quite small. However, the fees may be higher at busy network periods.
Transaction fees are completely customizable in Coinomi. Users are free to set their own transaction fees for all the assets that are supported.
Coinomi Wallet Supported Currencies
Cоіnоmі is designed as a multі-сurrеnсу platform. This means that the wallet provides native support for over 125 different coins and 1,500 digital assets, making it the biggest in the industry for non-custodial wallets. Cоіnоmі is not оnlу compatible wіth Bitcoin, but аlѕо with a wіdе variety оf аltсоіnѕ. Some of the major ones include:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- Monero (XMR)
- Qtum (QTUM)
- Ripple (XRP)
- Zcash (ZEC)
Is Coinomi Wallet safe?
Coinomi stores your wallet’s private keys on your device. Strong encryption and cryptography safeguard your funds. For sensitive acts, such as withdrawals, you will also need to set a password and it is also part of the encryption of the recovery expression.
Coinomi is a very safe wallet because it gives you full control of your own private keys and offers outstanding overall encryption. You can also set up a seed passphrase, which not only gives you an additional layer of protection but also helps you to quickly restore your wallet to another device. The wallet is also open-source, which means the core code is open to the public and it has already been tested by countless users.
How to register on Coinomi Wallet?
Step 1: Start by downloading and installing the Coinomi Wallet app from the App Store or Google Play Store.
Step 2: Click ‘Create New Wallet.’
Step 3: On the next window will appear a string of recovery seed words. Write them down in the order in which they appear and store it safely.
Step 4: The next window prompts you to set up a strong multi-character password of at least eight digits for your wallet.
Step 5: The Coinomi wallet does not have default wallet addresses but prompts you to select the coins you wish to use from a dropdown list and before creating associated addresses instantaneously.
Step 6: Read through the disclaimer and terms and conditions and agree to activate the app.
How to recover the Coinomi wallet?
In cases of the wallet recovery, you can just reinstall the wallet and choose the “Restore a Wallet” option and use your recovery passphrase. Just make sure that you write it all in lower-case and leave a single space between each word. For every word, you will get a hint to auto-complete after the first 4 letters to avoid misspellings.
How to send crypto assets using Coinomi Wallet?
Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon on the left corner.
Step 2: From the dropdown menu, select the cryptocurrency you wish to send, and click on the ‘send’ icon
Step 3: On the ‘Pay To’ section, enter the recipient’s wallet address and chose to scan QR code, and on the ‘Amount’ section enter the number of coins you wish to send
Step 4: Confirm that the wallet address and the amounts to be sent are correct before hitting send.
How to receive crypto assets using Coinomi Wallet?
Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon.
Step 2: From the dropdown list, click on the cryptocurrency you wish to receive to get its wallet address and QR code.
Step 3: Copy the address or the code.
Step 4: Send it to the individual sending you coins, and wait for the balance to reflect on your wallet.
Coinomi Wallet Pros and Cons
- High levels of privacy and security.
- Fast and easy process to trade currencies
- The transaction processing fees are highly competitive
- It supports the widest range of cryptocurrencies
- The wallet has integrated shapeshift, Changelly, and other DEXs to facilitate in-app exchanges.
- It is not open-sourced.
- The crypto wallet is not regulated
- Lack of Two-Factor Authentication
- No Support for fiat currencies
Coinomi is one of the oldest cryptocurrency wallets. By taking into account the number of downloads and the reviews it is also one of the most popular. It has been able to expand even further by adding support for iOS and a laptop version.
Combined with great security and a large array of supported cryptocurrencies, the user-friendliness of the Coinomi wallet makes Coinomi a great option for desktop or mobile.
- On Sep 07, 2020, $NEC is another asset being natively added to the Coinomi wallet
- On Sep 06, 2020, The KAVA token can be safely stored in your Coinomi wallet.
- On Sep 06, 2020, $MLN is the next token to be natively supported in the Coinomi wallet
- On Sep 06, 2020, Coinomi users can now store $WBTC in their wallets.