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Coinomi Wallet Review 2024: Security, Pros & Cons
Luis Clark
- URL: https://www.coinomi.com
- Hardware Compatible: N/A
- Price: Free
- Staking Rewards: Yes
- Platform App: Desktop/Mobile
- NFTs Storage: N/A
- No. of Assets Supported: 1770+ (on 125 blockchains)
- Type of Wallet: Non-custodial hot wallet
Coinomi Wallet Review: Our Opinion
As one of the oldest self-custody crypto wallets in the world, the Coinomi wallet stands out for its reputation and security over the years. The hot wallet has never been hacked or compromised.
It also has a broad range of assets supported as it interfaces with 125 blockchains and offers more than 1,770 cryptocurrencies.
Coinomi has its app available in over 24 languages including Portuguese and French and it intends to translate the wallet into more languages to reach more users. Its primary cons are no NFT support and hardware compatibility.
An Overview of Coinomi Wallet
The Coinomi wallet was founded in 2014 by a group of blockchain experts with experience in the Fintech industry and cryptocurrency. They were united around the concept of building secure solutions for blockchain apps.
Currently, Coinomi wallet hosts millions of crypto investors from around the world and is one of the oldest multi-chain noncustodial wallets available, and has never been hacked since its inception.
Coinomi’s primary product is its crypto mobile wallet (on iOS and Android) and its desktop version (available on Linux, Windows, and Mac).
The Coinomi application provides features akin to those found in other non-custodial wallet solutions, including functions like staking, in-app cryptocurrency exchanges, single-instance backups, and more.
Pros
- Never been hacked
- Large selection of cryptocurrencies
- Highly reputable
- No transaction fees
Cons
- No NFT support
- Not hardware compatible
Coinomi Wallet: What is it?
Coinomi is an interface that allows users to interact with over 120 blockchains without needing to give up their private keys, which are the passcodes to your digital assets.
Unlike the traditional crypto exchange, the wallet isn’t a bank and you do not open an account with them as Coinomi cannot manage or access your crypto assets nor can it collect and transmit personal data.
Coinomi also has an aggregated exchange service that uses several exchanges to offer the best rates but the multi-chain wallet isn’t an exchange.
Coinomi Wallet: How Does it Work?
Coinomi works like most noncustodial wallets. It allows users to interact with the blockchain without exposing their private keys.
Coinomi achieves this by generating a BIP39 recovery phrase with 12 to 24 words that represents your keys. All crypto addresses and keys generated from the recovery phrase are permanently tied to it. So if you lose the recovery phase you’ll lose all supported assets.
Also, Coinomi cannot access or manage your wallet in any way nor recover your funds if you lose your recovery phrase.
In general, you are always in complete control of all supported assets in your Coinomi wallet.
How to Set Up Coinomi Wallet
To set up your wallet, go to the Apple App Store or Google Play Store and download the app.
You can also download the Coinomi wallet from their official website.
Next, launch the app and select Create Wallet.
Use the slider to view the various encryption types and pick your own encryption settings.
Choose the coins you want to use. You’ll be able to add more. All selected coins will show in the overview of the app.
To backup your wallet go to Settings and then Manage Wallets. Choose the wallet you want to back up and select Recovery Phrase.
All entries on the Manage Wallets page have their phrase. You’ll need to back them all up if you have more than one wallet open.
Write down all 24 words shown on the screen in the exact order they are displayed.
Once you’re done, Coinomi will request that you confirm the recovery phrase. So you’ll need to select each word in the same order as was shown to you.
That’s it! You’ve set up and backed up your Coinomi self-custody wallet.
How to Send and Receive Coins
To receive cryptocurrencies from a service or friend you’ll need to launch the app and then select the cryptocurrency you intend to get by tapping on it.
Next, swipe up to the right or click receive.
Hit the copy button to see your crypto wallet address.
To send from Coinomi, select the asset you want to transfer.
Next, swipe left or click Send.
On the new screen, paste the address you want to send to or choose to Scan QR then hit Send.
Go over the transaction details and hit Confirm.
For a quick confirmation time, you can see High in the dynamic fee option. This means you’ll pay higher network fees for a quicker transaction.
Unique Features
Built-in Exchanges
Coinomi allows you to trade and swap thousands of crypto assets without leaving the wallet for an exchange. This is done through partnerships and decentralized exchange integrations.
With the built-in exchange, you can buy, sell, and swap your favorite digital assets without compromising security. Your privacy is also not compromised as Coinomi hides your IP address. Transaction speeds on the in-built exchange are also up to par with what is available on most exchanges.
Coinomi supports crypto purchases with credit cards through its partnership with Simplex. You can also convert cryptocurrencies into gift cards from your preferred store from within the app.
Cryptocurrencies Supported
Coinomi Wallet supports over 1770 crypto assets across over 125 blockchains this includes all BEP2 and TRC10 tokens.
Supported coins include Bitcoin, Ethereum, Aave, Abyss, Algorand, ANKR, Aragon, Aurora, Axie Infinity, Balancer, Avalanche, Bitcoin Cash, Basic Attention Token, Bitcoin Gold, Bitcoin Plus, Callisto, Binance Coin, BNB, Chainlink, Compound, Dash, Dai, Curve DAO Token, Enjin Coin, Dogecoin, Decentraland, Fantom, Ethereum Classic, FIO, Hedera Hashgraph, Gala, Huobi Token, Kava, Monero, Litecoin, Loopring, Shiba Inu, SushiSwap, etc.
Does it Support NFTs?
No, Coinomi does currently not support NFTs.
Fees Explained
Coinomi does not charge any transaction fees. However, when sending assets from the platform you’ll need to pay network or blockchain fees, which go straight to the miner or validator, not Coinomi.
Also, if you intend to use the in-built exchanges, the third-party services will charge you custom fees for buying and selling your assets on their platform.
Security
Coinomi a non-custodial wallet. It is one of the oldest multi-chain wallets.
Your private keys are encrypted by an AES key derived from your password. The keys and seed phrases are kept encrypted and they never leave your devices.
When you input your password, your keys are locally decrypted and used to sign transactions after which the plain text keys are immediately destroyed.
Coinomi has a PIN bruteforce protection feature. Once enabled, if your PIN is entered wrong a certain consecutive number of times, your wallets will be permanently deleted from your device. You can regain access to the wallets with your recovery phrase.
It does not log users’ activities in its folder, no user information is collected or transmitted and all wallets are anonymous. This means that transactions on the platform cannot be linked to any specific user.
Since Coinomi is a decentralized service that does not hold the keys to your funds, you will have access to your funds even when Coinomi goes out of business. If a hacker gains access to Coinomi servers, they will not be able to access your funds because the keys to your funds are on your device.
That said, there have been vulnerability concerns about the wallet in the past but the wallet has come out to deny such claims.
Opening an Account
Coinomi isn’t a centralized exchange or regulated financial institution so it does not need to collect personal data like email address, first and last name, etc. before allowing you to use the service.
You can simply download the app, launch it and start using it.
Coinomi Mobile Wallet App
The Coinomi app allows you to securely store, manage, and exchange over 1770 cryptocurrencies and NFTs across all supported blockchains. The app supports every asset on Ominlayer, BNB (BEP2), Ethereum (ERC20/223/723), Tron (TRC10), and NEM (Mosaics).
Coinomi’s innovative interface gives you access to all the wallet features available on the desktop app.
By default, the app displays SegWit addresses. While this is an optional upgrade, it allows you to enjoy faster confirmations and cheaper transactions/lower fees from Bitcoin and several other cryptocurrencies. You can easily switch between P2SH, Bech32, and legacy modes within the app.
The mobile app offers Multi-seed support, which means you can store and manage multiple accounts in the same wallet app. Each of the accounts has its encryption settings.
The app supports Web3, DApp Browser, and Wallet Connect. The integrated dApp browser and Web3 support allow you to access different dApps without compromising your security.
You can also connect to your own full Bitcoin node for full financial sovereignty.
It also features a Crypto Domain Name System (DNS) that allows you to replace vague addresses with human-readable aliases and domain names across different blockchains.
Coinomi offers cold staking via its app. You can stake supported assets and earn rewards with just a few clicks within the mobile app.
Fees are calculated dynamically. This allows you to set your own fees and get the best value at all times. The Wallet also allows you to set and use your fees in any of the supported crypto coins.
The mobile app is user-friendly and runs smoothly on various devices including older low-spec devices. Data usage and power consumption are also reduced.
The app also features strong security measures that ensure that your assets are secure at all times. Strong wallet and cryptography guarantee that the security of your funds under your control is not compromised. Your keys never leave the device.
It also features Do-Not-Spend flags and dusting attack protection. You can choose like-type change addresses to reduce transaction linking. It also uses a Hierarchical Deterministic approach (BIP44) which enables you to access and secure your assets with just one super-passphrase which only needs to be backed up once.
It also offers enhanced privacy and anonymity. Your IP address is hidden and all requests are anonymous.
It features no IP association, no KYC bureaucracy, no transaction tracking, and no identity linking.
Customer Satisfaction
Coinomi offers 24/7 multilingual customer support via LiveChat and email at support@coinomi.com. You can also contact Support by opening a customer support ticket.
The platform also has a Help Center with several articles about different aspects of the platform. Users are encouraged to check the Customer Support page before contacting the customer support team.
Customer reviews on third-party review platforms show that the platform offers good customer service.
Some customers have however complained of funds not reflecting In their wallets after a transfer has been approved.
Who Should Use a Conomi Wallet?
The Coinomi wallet is best for crypto investors who want to own the private keys of their coins and need a large selection of assets supported.
Why Use a Coinomi Wallet?
A Coinomi wallet gives you full ownership of your coins. This is unlike centralized exchanges, which during events like hacks or bankruptcy claim ownership of your assets.
Alternatives to Coinomi Wallet
Popular alternatives to Coinomi Wallet include the Exodus Wallet, MetaMask, TrustWallet, and Coinbase Wallet.
Final Thoughts
Coinomi outshines a lot of its competitors in reputation as it is one of the oldest non-custodial wallets without any incidents of wallet compromise or hacking.
It also supports a large number of blockchains and assets.
However, Coinomi does not offer hardware compatibility or NFTs, which restricts its use case to more advanced users.
FAQ
Most frequent questions and answers
Yes, Coinomi is a legit wallet that’s been in operation since 2014 without security incidents.
To fund your Coinomi wallet send cryptocurrency to your wallet address or use the in-built third-party payment processors to buy assets with fiat.
Coinomi supports more blockchains and has been in operation much longer than Trust Wallet.
George Kiminois alongside other co-founders launched the platform in 2014.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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