Coinomi is a free to use multi-coin crypto mobile And Desktop wallet for mobile devices that is designed to store, send, and receive multiple cryptocurrencies. Android and iOS users can download Coinomi from PlayStore and iTunes respectively. Those on Blackberry can also install the app, provided they are running a 10.2 version of OS or newer.
Confirmed reports say that the Windows, Linux, and Mac version of Coinomi will be released soon. Coinomi Ltd is a UK-based company founded in 2014 by George Kimionis. The company developed the Coinomi wallet to allow users to store a wide range of digital assets. The wallet holders can enjoy fast and easy exchanges even without internet connection. With its user-friendly interface and strong encryption technology, Coinomi is definitely a good option for cold storage.
Coinomi Available Cryptocurrencies
Being a multi-cryptocurrency wallet, Coinomi gives you access to over 100 coins. Other than offering support for popular coins like Bitcoin, Ethereum, DASH, Litecoin, Namecoin, and Ethereum Classic, the wallet also provides a platform for the exchange of smaller market cap cryptocurrencies like Blackcoin, Jumbucks, Shadowcat, SmileyCoin, Cannacoins, and many others.
And – did I mention InsaneCoin too? Well, this shows how “insanely” long the list of the coins supported by Coinomi is. I also love how I am able to view live market statistics for the coins I am transacting with. This gives me an idea of what to buy and what not to.
Coinomi wallet itself doesn’t charge a penny for transactions. However, when you send payments, there is a small transaction fee that has to be paid. According to Coinomi’s team, the extra amount charged doesn’t go to the company but to the coin network.
The thing I love most about Coinomi Wallet is that you don’t need any verification to store or transact with your coins. Once you have downloaded the app, setting it up takes only a few minutes. Unlike other currency exchange platforms like Changelly and CoinSpot where you need to go through a lengthy verification process to start trading, getting started with Coinomi is easy peasy.
Instant exchange via ShapeShift and Changelly
Need to change Bitcoin for Ethereum or some altcoins? This is super easy with a Coinomi wallet. Coinomi integrates ShapeShift and Changelly to allow fast and swift exchanges. Converting coins is literally as easy as tap, tap… done!
Coinomi guarantees the complete anonymity of transactions. By hiding your IP address, it makes sure that your personal details are never revealed to third parties whenever your transactions go through the blockchain. Now, that’s a plus! However, I still feel that Coinomi could have done more on privacy. For instance, every time I tap the app, it should prompt me to enter a password.
As it is now, the app is just open. Yes, I understand that one needs a password to do a transaction but if someone happens to take my phone and tap on the app, they would see all my investment information.
Is Coinomi Safe?
The wallet has been in the crypto world for four years now and is one of the most popular digital wallets.
For extra security, Coinomi stores your private keys on your mobile device. Your personal information stays with you and is never transferred to the Coinomi’s servers. This gives you ultimate control over your wallet and ensures that your assets are completely safe.
Additionally, the platform uses strong cryptography to encrypt your wallet and protect it against any malicious programs, spammers, and hackers. Transactions are kept completely anonymous. No identity linking. No revealing of IP addresses. No transactions tracing. Other Coinomi users are totally blind to you.
When you initially set up the wallet, a private key phrase, a.k.a, recovery seed is generated for you. Make sure to keep it personal and in a safe place. If the key phrase is lost, you can never recover your account details if you happen to change your device in the future. To restore your wallet, open the Coinomi app on a new device and key in your recovery phrase on the space provided. You will then be prompted to enter your account password. Input these two correctly and your wallet reappears!
According to posts on Reddit, Coinomi representatives are very responsive, claiming that they have “hundreds of thousands of happy users” and that they “have been around since 2014 and none of their phone-based wallets have been hacked or otherwise compromised.” According to users, this appears to be the case, as there aren’t many saying anything negative about their service.
They have a complete and comprehensive support page at http://support.coinomi.com with 24/7 staff to help with any issues
How To Use Coinomi
Step 1: Start by installing Coinomi on your phone.
- Go to PlayStore or iTunes, download the app, and wait for it to install.
- Once the installation is complete, open the app and click on “Create a New Wallet” to create your wallet.
- A recovery seed phrase will be generated. Write it down and keep it safe as you will be required to produce this if you ever need to recover your account details or install your wallet on a new device.
- Choose your account password. This is what you will use to log in to your Coinomi wallet.
…and that’s it!
Step 2: sending and receiving currencies
- Log into your wallet with the password you created.
- Add new currencies to your portfolio. These are the coins that will be displayed on your wallet.
- It’s now time to add your existing cryptocurrencies to your wallet. Make sure your currencies are supported by Coinomi.
- If you have Bitcoins, you can easily trade them for other currencies within the app. Coinomi has collaborated with popular exchanges like Changelly and ShapeShift to make the exchange of digital currencies quick and simple.
Your wallet is now ready to receive payments. Supported currencies can be sent directly to your Coinomi address.
- From the list of currencies provided, choose the coin you would wish to transact with.
- Enter the Coinomi address of the recipient and press “Send”.
- If you want to transfer Bitcoin but the receiver is not a Coinomi user, you can send the funds directly to their Bitcoin wallet. Coinomi allows cross-chain transactions without requiring any prior steps or conversions.
- Easy-to-use interface.
- High-security levels.
- Fast and swift exchanges.
- Cross-chain transaction support.
- Huge collection of cryptocurrencies.
- Password protected transactions.
- Wallet recovery support.
- Poor customer support.
- Not open source.
- No fiat currency accepted.
Since new users often aren’t comfortable trading on typical exchanges with numbers jumping around on both the ask and sell side, trading through Shapeshift simplifies the process tremendously. Anyone, even advanced users, would likely see the benefit of using the Coinomi wallet.