Launched as Coinomi by a team of blockchain technology experts in 2014, Coinomi Wallet can be used by both new and experienced investors because of its user-friendly interface and strong security measures. Coinomi wallet also supports a broad range of crypto assets across 125 blockchains, making it one of the most versatile global applications that offers 168 fiat currency representations in 25 languages.
Features
Coinomi wallet is an excellent option for crypto investors to securely manage their portfolios in one platform. Available on both mobile and desktop, this software wallet presents new and experienced crypto investors with an easy-to-navigate interface.
Besides live customer service agents, the wallet offers an array of features such as staking, which generates passive income, and a built-in exchange necessary for converting one cryptocurrency for another crypto-based asset.
The Coinomi wallet supports over 1,770 crypto assets, including:
Security
Coinomi wallet is one of the oldest wallets with robust security features. Aside from a security issue exposed and fixed in February 2019, the wallet has gained a good reputation within the cryptocurrency community.
Coinomi is a non-custodial wallet that offers wallet encryption, as well as gives users complete control over their private keys. Even if the wallet’s servers become compromised, the attackers would not have access to funds in the user’s wallets. Coinomi also has a blockchain-based Digi-ID that can be used in place of old, insecure credentials to strengthen its security.
Privacy and Anonymity
Coinomi provides quality privacy and anonymity. Users do not have to go through the rigorous KYC verification or identity linking process to access their funds.
Setup
Setting up the Coinomi Wallet is quite easy, but procedures vary between the desktop and mobile platforms. The general setup is tied to three principles : downloading the wallet, backing it up with a 12–24 seed phrase, and using a password to secure the wallet.
Desktop
To set up Coinomi wallet for desktop, visit www.coinomi.com and click on “Download” at the top-right corner of the website, where you can download Coinomi Wallet for Windows, MacOS, or Linux. Download the software that is compatible with the aforementioned devices.
After downloading the wallet software, open the file to install the application, then open the application and click “Create a new wallet.” Next, you are given a 12–24 word seed phrase that the platform forces you to mark as an extra layer of security during the next step. Users are then directed to create a secure password. As a general rule, it is recommended that all wallet users do not share their password with anyone.
Next, Coinomi will generate a new address for all supported blockchains. You will also be given an opportunity to download a wallet backup file. You must keep it safe as you will need it to restore your wallet should your device get damaged or lost.
Mobile
To set up the Coinomi wallet for mobile, visit the Apple App Store for iOS or Google Play store for Android and search for Coinomi wallet. Open the wallet after it has been downloaded.
Set up the wallet on your smartphone by following the procedures for setting up the desktop version of the wallet. Remember to keep your password safe, away from any third party.
If you want to use the same Coinomi wallet on your desktop or mobile interface, you must sync your wallet across these platforms for seamless access to your crypto assets. Your seed phrase will come in handy during this process.
For instance, if you have the Coinomi wallet on your mobile phone and also want it on your desktop device, simply download the Coinomi wallet software for desktop. Next, instead of selecting “create new wallet,” select “recover wallet,” and proceed with your seed phrase and password.
Usability
Desktop
Coinomi wallet allows users to access their crypto assets on their computers through the desktop version. Though this wallet is not hardware-compatible, it has a user-friendly interface capable of processing cross-chain payments within minutes.
Mobile
Coinomi users can access their crypto portfolios on their smartphones by allowing users to download Coinomi wallet for mobile on Android and iOS platforms. On the Google Play Store for Android, Coinomi has a 4.4/5.0 star rating, with the majority of reviews testifying to the security and friendly interface of this multi-chain wallet.1
Customer Service
Coinomi offers 24/7 customer service and users can approach the wallet’s support team via the website help page, live chat, and ticket support system.
Cost and Fees
Coinomi is a completely free wallet. Receiving coins is free because the sender pays the fees. When users send cryptocurrency, however, they will be required to pay a network fee. This is a standard industry fee that does not go to Coinomi but to the coin miners.
It is important to note that the network fees depend on the coins in question. For instance, fees paid for Ether (ETH) and other ERC-20 tokens are directly proportional to Ethereum gas fees measured in Gwei.
Coinomi wallet allows users to customize transaction fees. Usually, the wallet offers three dynamic options — Low, Normal, and High — which automatically finds the best deals related transaction fees. Users can, alternatively, set their fees for all supported coins.
Pros and Cons Explained
Pros Explained
- Support for a wide variety of cryptocurrencies and 125 blockchains: Coinomi wallet enables users to trade and use over 1,770 crypto assets operating across more than 125 blockchains.
- Built-in exchange: With a built-in exchange, users convert or swap one digital currency for another.
- Zero fees: Coinomi wallet users spend no fees on incoming and outgoing transactions. Transaction fees are only paid to crypto miners who successfully add verified blocks to the blockchain.
- User-friendly interface: Coinomi Wallet is easy to use as it requires no extra steps and offers a one-click cross-chain payment process.
- Multilingual with enhanced security: Coinomi is represented in over 25 languages, including English, French, Spanish, and many others.
Cons Explained
- Closed source: Coinomi was initially open-source but moved to closed source due to “malicious clones,” the company says. Some people dislike closed source platforms because it doesn’t have the same transparency as open source.
- Does not support 2-Factor Authentication (2-FA): The 2-Factor Authentication, a security measure usually implemented to provide an extra layer of protection, is absent in the Coinomi Wallet.
Final Verdict
Coinomi stands up well to the competition as a multi-chain software wallet, allowing users to buy, sell, and swap over 1,770 digital assets existing on over 125 blockchains in one place.
Coinomi is suitable for new and experienced crypto investors who value privacy and want to manage their diverse crypto portfolios in one place. The wallet has also become popular because of its long list of features including wallet interoperability, a user-friendly interface, strict security features, and zero fees.
