Coinomi wallet review

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Review of Coinomi Wallet for Multiple Currencies

Table of Contents

In this article we go over one of the platforms, where you can store bitcoins using wallet services provided by Coinomi. We also provide step-by-step guide on how to use the wallet in terms of receiving and sending BTC within Coinomi platform.

Summary: How to Store BTC on Coinomi Wallet

  1. Sign up for free at Coinomi by downloading an app from Apple Store or Google Play.
  2. Proceed through the registration process and create a backup phrase.
  3. Tap “Receive” button and provide your details either to other traders or copy codes to your external wallet.
  4. Check your balance upon transfer completion.
  5. You can also send BTC elsewhere by taping “Send” and using an external address code should you wish to keep coins outside of Coinomi (optional).

Coinomi Wallet – What Does It Offer?

Coinomi is an online crypto wallet that allows users.

Is It Safe to Use?

Coinomi is safe to use, with support team backing up.

What Are Wallet’s Features?

Coinomi has several features as it is easy to use.

Can You Back It Up?

Clients are advised to create a passphrase which serves.

Does It Have Mobile App?

Coinomi works primarily as a phone wallet only and is available.

Are Bitcoin Cash and Bitcoin Gold Supported?

Both coins are supported, in addition to numerous other.

For online currency traders, some can be familiar with cryptocurrencies, such as bitcoin and altcoin. Many are now interested in bitcoin trading or are already traders and want to maintain funds in secure places that protect crypto funds from hackers. In case you wish to use stashing capacities other than exchanges and trading platforms, then the concept of a crypto wallet needs to be familiar to you.

Now we go over the main information concerning Coinomi. We will provide the details about company’s fees, available cryptocurrencies, security measures, verification demands, interface and speed of transactions.

What Is Coinomi?

One of the companies providing the online wallet services is Coinomi. Coinomi is an online company, used to be offering itself an open source, until recently, as we will explain. Coinomi wallet service secures your digital assets online. Not only it supports bitcoin, it supports other cryptocurrencies such as LTC, Dogecoin, and Ethereum. Also, they recently added Callisto, Komodo, Kobocoin, and Omnicoin.

Coinomi is quite versatile in terms of interchanging the cryptocurrency within the same wallet. You can easily switch between the different altcoins without any hassle, for example changing from bitcoins to Ethereum.

Coinomi is mainly more focused on personal use than enterprises and companies, unlike other services like Xapo that can provide more tailored solutions to those who are interested in registered their company for owning a wallet. Coinomi is initially founded as a сryptocurrency wallet, supporting multi-assets, working on Android only.

Is Coinomi an Open Source Wallet?

Amongst online wallets, Coinomi has gained quite the reputation of being open source. This comes as no surprise as it operates using with Android devices, taking advantage of the handset versatile venues. An open source wallet does offer a lot of advantages, as it prompts developers and even you, if you are interested, to further improve the interface, the software elasticity, rendering it more user-friendly by its own users by time.

Coinomi started as an open source wallet, however, this changed about a year ago from now, in response to issues considering security breaches, the response being to restrict access to the source code of the program.

Is Coinomi Safe?

Coinomi safety is based on the premises of your device. It means that all the keys controlling the security of your wallet are in your hands. Coinomi is considered as established in the market, as it was founded six years ago. However, there were claims that the Wallet’s security is compromised in terms of other sites using its code and rebranding it as a phishing site.

Even though security issues were not caused by Coinomi team, it is a substantial issue and a risk that all traders should be aware of. Malicious sites and fraudsters who claim to be a part of the Coinomi used the open source code to acquire the credentials of users, thus, breaching the security of the account.

Coinomi worked on the issue and updated their license, forbidding commercial use of the platform as to avoid this situation in the future.

Coinomi Features

Coinomi wallet provides many opportunities that we will discuss in this review, such as enhanced privacy, private keys, a wide range of cryptocurrencies to use and a user-friendly interface. Moreover, you can back up your wallet, further securing your assets, all of which shall be presented in sections to follow.

Enhanced Privacy

Privacy is a related concept whenever you consider most of the dealings related or revolving around bitcoin, the cryptocurrency fame was initialized due to it being a decentralized currency, requiring little to no regulation to use it for transactions and trades. Later on, of course, many countries and financial regulatory bodies started to acknowledge cryptocurrencies and bitcoin, in specific. Even taxing the incomes generated from its trades, legitimizing it.

Coinomi does stick to this spirit of privacy revolving and making bitcoin favorable. No personal information will be required to establish your identity whilst using the wallet. In addition to the fact that Coinomi hides your IP address as a commitment to keep your identity and privacy secured. Although Coinomi does offer the feature, it is fair to state that many other online wallets do the same.

Where Are Private Keys Stored?

Other feature that is considered as a plus to privacy in general and individuality of Coinomi specifically is that the keys to your wallet are stored with you, on your device.

Digital online wallets have keys: specific and individual codes to it, somehow similar to mobile IMEI numbers. For example, wallets provided by platforms like Xapo have a multi-key system, wherein a key is stored with the client and another is stored with the provider, Xapo in this case.

On the other hand, Coinomi stores all your keys and access to the app, thus, limiting any access to be within the confines of your own device. Provided that you tend properly to the security of your device, this is considered an ideal and easily secured environment for your cryptocurrency assets. Also, Coinomi imposes the authority of a master password as a defense line against fraudsters and hackers, in your hands.

Supported Currencies

Another comparative advantage to consider when reviewing Coinomi is the fact that they support a relatively wide range of currencies. When some wallets operate solely with bitcoin or other currencies, Coinomi supports roughly not less than different 30 different cryptocurrencies, including currencies such as Bitcoin Gold, Bitcoin Cash, Adcoin, Abncoin, Aelf, bitcoin tokens along with other different exchanges tokens, Blackcoin, and many others.

It is quite evident that the wide range of supported coins and exchange tokens is somehow a forte of Coinomi compared to other wallets. This range can facilitate dealing with different exchanges and faucets.

User-Friendly

Beside the points we mentioned, basically, Coinomi is as easy as using a mobile app. The fact that it started as an app for Android phones makes it inherently easy to use and learn. Not only the size of the app is small, efficient, and leaves no data weight on your phone, the app itself is self-explanatory. It is easy to use and manage your wallet, allowing you to maintain your options with the utmost elasticity.

You do not need to pay anything for downloading the app itself as it is downloadable for free. There are no fees for deposits or charges of any sorts. Also, as the app itself is working through a network of phones, breaching of Coinomi itself is impossible.

It has been announced lately that Coinomi is planning on supporting an iOS app, allowing iPhone owners to use Coinomi. Coinomi is constantly updating their app to make it more savvy to their users.

Backup Feature

Of course, there is the possible scenario that your phone is lost, stolen, or simply broken down. Even a complete hard reset wiping out your memory drive can lead to losing all your apps and data. Now, a very important question is at hand, what happens to my data and wallet if that occurs ? Will I lose my wallet and funds with it?

Of course, Coinomi considered such a scenario, recurring and most likely to happen. Do not worry, your wallet is not lost if that is the case. Once you create an account with Coinomi and log in, you can find a recovery phrase which can be used to retrieve your wallet in this case. It is recommended that you store it on paper and away from prying eyes as in the case it is lost, you will not be able to retrieve it.

Instant Exchange Inside

Coinomi included two exchanges as part of its instant crypto swap capabilities. You can manage to receive funds in most of the available and popular cryptocurrencies. Coinomi allows you to even pay to bitcoin addresses without any fees. Not to mention that you can exchange coins within the wallet itself. Coinomi integrates the services of ShapeShift exchange to enable the users to do so.

The only fees charges are the exchange fees of ShapeShift. This feature renders Coinomi quite flexible, taking into consideration the range of currencies available. Traders should be aware that ShapeShift does not transparently show its fee structure and the rate changes on daily basis, though our approximation stands at 5% of the swapping value.

Light and Community Driven

Even though it is not an open source app anymore, it still remains one of the common traits of open source software that is community driven and user-friendly. Coinomi still maintains its discussion board, tackling topics facing their users and addressing them with their FAQs’ responses and solutions.

Coinomi is one of the popular pillars in the bitcoin trade and exchange community, as it does provide a diverse solution set to many bitcoin traders. One of them is the integrated instant exchange, making it a powerhouse for users who deal with different exchanges or faucets.

Multilingual and HyperLocal

Although Coinomi is still not supporting a wide range of languages, besides English, covering Greek, Chinese, Japanese so far, they are inviting users and translators to provide other translations to the website and to increase their language base for their users.

That being said, Coinomi is planning on providing their services in a hyperlocal approach. Coinomi has already started as an open source software, aiming to customize themselves to be of convenience to every user using the app’s wallet services regardless of their geographical location.

Coinomi Fees

Most wallets operate with fees, it is only logical as services provided are with the concept. In Coinomi’s case, they claim that they operate without any fees. Fees only apply to the received transactions as well as to the sender rather than on the wallet holder.

These are better known as network costs, which are transferred directly to the blockchain as a reward for miners where bitcoin is concerned.

Compared to Others

It is already known that Coinomi is not the only wallet working in such a field, providing digital wallet for bitcoin and other cryptocurrencies online. There are other companies with active websites working with this purpose in mind, as well. Now, we will proceed to compare Coinomi to other wallets and services.

Coinomi vs Jaxx Wallet

Jaxx is a digital wallet, one of the names competing with Coinomi and others as digital wallets. Jaxx is well reputed as Coinomi, they provide a secure environment for bitcoin and altcoin traders to keep their funds digitally in safety. Moreover, Jaxx expands across other platforms. Although Coinomi is claimed to be expanding to support an app on iPhones in Apple’s App Store.

Jaxx, on the other hand, already supports apps on both Android and iOS phones. Also, Jaxx can be downloaded on your windows, extending its reach to the confines of your PC or laptop, working from a desktop. Lastly, Jaxx provides stronger security features than Coinomi, as private keys are generated on your desktop, which is not the case with Coinomi wallet.

Coinomi vs Mycelium

Mycelium is a bitcoin trader connects bitcoin sellers and buyers, arranging a meeting in person. Normally, trading with Mycelium makes use of BTC wallets. Additionally, Mycelium supports its own wallet.

Mycelium competes with Coinomi in terms of it being user-friendly, addressing the dilemma of managing a bitcoin fund and multiple Altcoins in a collective matter. Mycelium can be used to be an integrated solution to this dilemma.

Mycelium does provide strong privacy as well, only a cell phone number is needed and not more of personal information when you proceed to buy bitcoin. Also, Mycelium provides cold storage options. The point in favor for Coinomi is that it covers a wider population rather than Mycelium, as in geographical areas with little bitcoin traders.

Coinomi vs Coinbase

Coinbase is a broker that works with a large group of countries, more than 30 countries. Coinbase like many brokers and exchanges all around the internet provide the services of a wallet or a vault, a method to encourage people to keep bitcoin and their funds within the premises of the exchange. Coinbase allows you to purchase goods and services directly using the wallet, rendering it similar to an online debit card.

Moreover, since Coinbase already operates as a broker on more than one platform, Coinbase has intensive security measures and experience on their technology. Coinbase is considered to be less user-friendly compared to Coinomi, as Coinbase can be more appealing to veteran traders and bitcoin hoarders than the novice or the average user.

Step-by-Step Guide to Use Coinomi Wallet

As promised, we offer a step-by-step guide on how to properly setup and use Coinomi wallet. We go through password and recovery phase generation, as well as how to send and receive bitcoins using the platform.

Download Coinomi Mobile App

First, you need to access your Google Play or Apple Store on your phone by typing out Coinomi wallet and searching for the right program. You should use the link provided by the company directly, as it ensures you get the official version of the platform.

Once the app is downloaded, tap “Open” start the registration process, described in sections below this one. Simply tap “Create a New Wallet” and you are set to go.

Set a Password

Prior to the password, you will be asked to safely store your recovery passphrase. These words need to be protected from online hacking attempts, as it grants full control of your account and, therefore, balance.

Once you access the App, you can proceed by setting a password for your wallet. We recommend the password to be easy to remember and hard to predict.

If not loosely both, try to keep a copy of it, along with the retrieved phrase, in a safe place. Do not share it with anyone, not even Coinomi staff. Once you setup the password of your choosing, you can go to the next step by picking up your cryptocurrency.

Select the Cryptocurrency

Next, after confirming the retrieval phrase and selecting your password, proceed by selecting coins you will probably use . There is a wide range of coins to choose from as we noted before. They are planning on adding Monero as one of their supported currencies, besides the current currency collection.

If you, later on, will be dealing with another cryptocurrency that you did not choose in the initiation of your wallet, do not worry. You can add coins later one, edit the coins you already have with great ease by accessing the settings menu when you finish the initiation of your wallet.

How to Send Coins?

After you initialize your wallet. Everything is ready to use now. Consequently, you have to store some coins in the wallet in order to use or send them to other bitcoin addresses. Once you have some cryptocurrency balance in your wallet, you can scan the QR code to retrieve an address or enter it manually.

Also, if you want to have some familiarity with the app, you can add test coins in order to make you feel familiar with the wallet and its facilities. To do so, access the settings menu and click on Test Coins. As you will see in the picture taken, we did so in order to provide a visual example. Then specify the amount and send to the address.

Receiving BTC

The last step to cover in terms of understanding and using your Coinomi wallet is how to receive coins from different sources. You can do so by scanning a QR from the main interface or dashboard of the wallet, or you can receive coins from paper wallets: Private keys printed out on paper slips, allowing for the bitcoins value to be spent. Think of it as something as a cheque with the number of bitcoins.

Finally, you can simply link the wallet to the faucet or the exchange in concern, for example, Mycelium exchange. Now, that you receive your bitcoins in your wallet, you can manage them as you want. You can convert them to other currencies or send them in exchange for goods or services.

Does Coinomi Have App for iOS?

Coinomi was just launched in 2020, as an app to support Android phones only. This was quite the hindrance for prospective clients who would want to use the wallet but had iPhones or Windows-based phones. To address this, Coinomi launched their iPhone app as they promised to do, extending the reach of their features to iOS users alongside Android users as well.

What If I Lose My Phone?

As it was said before and should be known, your private key, hence, the main leverage of your wallet is stored on the phone the wallet is installed on. As there is no need to create an account to use Coinomi wallet, the only reference and tool for security is the password confirmed on your mobile.

As this the forte of Coinomi, allowing you a versatile and volatile tool to control your wallet, this can be recognized as a downside as well. For everything you own is on the phone. If the phone is lost, the wallet and all of the funds will be lost.

Coinomi provides their users with a recovery phrase. It is a simple process of entering 12 different, unrelated words in a pattern unique to your wallet only. This will allow you to retrieve your wallet once you reinstall the app on a replacement phone. It is strongly advised to keep the phrase written down and kept safely away from curious eyes, as it is the only way to retrieve your wallet.

How to Recover Coinomi Wallet?

Assume, you lost your phone, or it was broken with no ability to access the hard drive at all. Are all of your funds lost? Do not worry as the restoring process is simple provided you have access to use a different phone supporting the app on it.

Once you download the app again, you can choose to restore a wallet instead of creating a new wallet. You will be prompted to enter the phrase you initially received when you created the wallet.

You should enter the phrase in the order it was written, taking in consideration the spacing as well as that all the words to be in lower case. Once you do that, your wallet should be retrieved with your funds, information and used properly.

It is strongly advised to keep the phrase somewhere safe and available to you all the times. As it is strongly emphasized that it is the only way to retrieve your wallet and funds if the phone is lost or broken beyond repair.

Does Coinomi Support Bitcoin Cash and Bitcoin Gold?

One of the strong advantages of Coinomi is that the wallet supports a wide range of coins. Not only that, even some tokens from traders and exchanges as well. This trait makes Coinomi one of the flexible and light on the feet wallets to keep multi-asset funds in it.

Some of the coins supported are Bitcoin Cash and Bitcoin Gold, besides Litecoin Cash, ShadowCash, Okcash, SmartCash , Vcash, and many other cryptocurrencies. It is quite rare to find a currency not supported by Coinomi.

Conclusion

Coinomi is one of the most reputable and easy to use online digital wallets, to no surprise, as it appeals to the average and heavy users alike. The interface is simple and easy on the eye to use.

Though it is no longer an open source software, it still retains a high inherent security. Basically, all you need to do in order to keep your wallet safe and secure is to keep your password unknown to anyone besides yourself and keep a track of the retrieved phrase. The retrieve phrase can either be 12 words or 24 words if you are paranoid (the app even says it.)

Coinomi Alternatives

We should mention that there are alternatives to Coinomi, supposing that you are not keen to use it for any of a variety of reasons. Other companies provide services that are close to wallets similar to Coinomi, as well. We will briefly discuss some of them, such as Electrum, Airbitz, or Bread Wallet.

Read More About Electrum Wallet

As we can say that Coinomi reigns over mobile and handset platforms, the same could be said about Electrum in the scope of desktop devices. In 2020, Thomas Voegtlin, a computer scientist, created the wallet program. Electrum supports Windows, Linux, and Mac. This makes it a favorite to people who prefer Desktop devices to mobiles.

Besides sharing support for Desktop systems with Coinomi, a late feature added to the latter, Electrum provides the option of cold storage, a vault-like storage such as provided by Xapo, in which your coins are stored more securely, yet not easy to retrieve in terms of liquidity. Moreover, Electrum can be integrated with hardware wallet devices. You can check our detailed review of Electrum, tackling in-depth strengths and point of improvement.

Check Out Airbitz

To expand on the subject of alternatives to Coinomi, we should mention Airbitz, an online digital wallet similar to Coinomi in purpose. They also share the same type of wallets, being mobile wallets. Yet it differs in some aspects not shared with Coinomi, as Airbitz only deals with bitcoins, similar to its peer, Xapo. On the other hand, Airbitz is considered to be like Coinomi in being user-friendly.

Airbitz is still an open source application, providing fluidity to tech-savvy users who would like to optimize their wallet for maximum performance. Moreover, they provide web chat customer service tending to any query or problems facing their clients. If you are interested to know more about Airbitz, you can check our detailed review of it.

Bread Bitcoin Wallet – See Details

Bread bitcoin wallet is one of the digital wallets that started as a mobile app. Though they do not yet support a desktop wallet, accessible from PCs or laptops, they do have a website and a blog discussing security updates and topics related to cryptocurrency funding and development. Bread bitcoin wallet company enlists the help of many entrepreneurs and experts in the field of bitcoin and cryptocurrency trading.

They provide ironclad security measures to safe keep your funds with them, revising security protocols perpetually and further improving them. To know more about Bread bitcoin wallet and its features, feel free to browse through our review of them.

Should you encounter issues regarding Coinomi wallet, be sure to contact us directly at BitcoinBestBuy, especially if said issue was not covered in this guide.

Coinomi

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Coinomi – is one of the first, and most trusted, cryptocurrency multiwallets. Coinomi is a non-custodial multiwallet and your private keys are stored securely encrypted on your device at all times. The wallet is available on all platforms and the only official download sources are listed on the Coinomi website. Coinomi currently supports more than 125 blockchains and has FULL support for all Ethereum Tokens.

Contents

Very Secure [ edit ]

Your private keys never leave your device. Strong wallet encryption and cryptography guarantee that your funds will remain safe and under your ultimate control. Your multicoin wallet is encrypted with a master password making it very resistant against hackers and malicious software. With an extra layer of security via an optional pin/password/biometric app lock feature, Coinomi follows strong industry standards to keep your funds secure!

Enhanced Privacy [ edit ]

Coinomi favors privacy in a way that it doesn’t perform any kind of association between your real-world identity and your wallet. There is No KYC bureaucracy to access your funds, no IP association, no identity linking, no transaction tracking. No personal details ever go through Coinomi and spending your funds is totally anonymous as Coinomi hides your IP address from prying eyes when pushing your transactions to the blockchain.

One-time Backup [ edit ]

Hierarchical Deterministic Wallet (BIP44) logic enables you to keep everything both accessible and secure, with one strong passphrase that you’ll only have to back-up once. All you need to do is create a copy of your seed phrase written down, ON PAPER! Never lose your funds ever again!

Versatile [ edit ]

Converting from one asset to another is ridiculously easy, only a few taps away with embedded Changelly, Shapeshift and Binance DEX integrations. With multiple options such as the fixed-rate or floating rate options, you can be sure to get a great exchange rate without leaving your wallet. And the best part: Coinomi does NOT charge you anything on top of the exchanges own fees for the conversion!

With Coinomi strategically partnering with Simplex, You can use Coinomi to purchase crypto directly in the app via credit/debit card.

Coinomi Wallet Review | Features, Security, Pros and Cons in 2020

If you are searching for a good wallet to store your crypto, check out our Coinomi review to find out if its features are suitable for your storage needs.

Coinomi Review: Wallet Overview

Coinomi is a multi-currency, cryptocurrency wallet based in British Virgin Isls, first launched in the UK in 2020 by George Kimionis, a Special Forces veteran who is also an engineering graduate from the University of Manchester.

Kimionis’s other projects include Cryptean, a cryptocurrency investment platform that operates separately from Coinomi.

Coinomi was first developed to operate only on Android devices, initially supporting only popular cryptocurrencies, such as Bitcoin, Litecoin, and Ethereum. The app then increased its storage options over time, and eventually launching its iOS version with the same features as its Android counterpart.

Coinomi slowly started to grow in the cryptocurrency community due to its increased security measures and unique features. Its built-in exchange was among the first in the crypto wallet industry, being available before the big crypto market surge of 2020.

Currently, Coinomi is one of the most popular mobile wallets on the market, with more and more users signing up to use the service each day.

Supported Currencies and Available Countries

The wallet has gradually extended its coin listing to include native support for over 125 blockchain assets. It also allows the storage of 382 tokens, including those based on the ERC-20 standard.

Users from all over the world are able to use the wallet. To cater to its international user base, Coinomi supports several languages, such as English, Chinese, Spanish, French, German, Russian, and a multitude of other languages with more being added on a regular basis through the help of users.

Coinomi Wallet Compatibilities

As we mentioned at the start of our Coinomi review, the wallet was first developed for mobile devices. As such, it is compatible with Android and iOS systems. In 2020, Coinomi also released a desktop version that is compatible with macOS, Windows, and Linux operating systems.

User Interface and Experience

Their UI has been praised for being one of the most intuitive mobile-based interfaces for cryptocurrency wallets. Coinomi is suitable for both advanced and beginner users, as they can easily navigate through the wallet’s features.

How to Get Coinomi Wallet

Downloading and installing

  • Click on the “download” button (upper right part of the window).

You will be redirected to a window where you select the version of your operating system. You can select from several versions of Android, iOS, Windows, macOS, and Linux.

For this tutorial, we will be proceeding with the Windows version:

  • Click on the “download” button of your operating system;
  • Run the downloaded file;
  • Accept legal terms of the program;
  • Select the installation location;
  • Select if you want a desktop icon and complete the installation.

Creating a wallet

Now in our Coinomi review, we will be showing you how to create a wallet:

    You will be given two options when running the wallet for the first time: to create a new wallet (Create a New Wallet) and to restore a previously created wallet (Restore Wallet). We will be choosing the first option;

Source: Coinbureau

  • The recovery phrase will be featured at this point, so make sure you write it down and store it somewhere safe;
  • You will be requested to verify the recovery phrase and if it has been saved correctly;

    Source: Coinbureau

  • Confirm the phrase;
  • Select a password for the wallet. Your password must be at least ten characters long and must consist of uppercase, lowercase, numbers, and symbols;
  • Choose which cryptocurrencies you want to add to your wallet;

    Source: Coinbureau

  • Accept the legal bases of the program and continue;
  • You have now created your crypto wallet, which are ready to be used.
  • How to Use Coinomi Wallet

    Receiving coins

    • Go to the top left corner, from the drop-down menu, click on the coins you have in your wallet to see their wallet address.
    • Copy that address and send it to the person that you want to receive coins from.

    Sending coins

    • Go to the top left corner, under wallet, and click on the coin that you want to send coins from.
    • Click on the “Send” button.
    • Enter the address of the recipient and the number of coins you want to send.

    In-Exchange wallet

    Through its partnership with ShapeShift and Changelly, users are able to convert their digital assets into others without needing to leave the wallet (fees for this service will be discussed later on in our Coinomi review).

    Coinomi Wallet Fees

    Coinomi does not charge any fees for its storage services, and it has no transaction fees. Outgoing transactions may charge the network mining fee of the coin you selected.

    As the wallet is SegWit enabled, this means that users have the option of making transactions “lighter.” For these transactions, you can set dynamic (which gets you the best value for money at the time) or custom fees (that can be set according to your personal preferences).

    Transaction Times

    The transaction times depend on the network traffic of the coin you are using.

    Transaction Limits

    There are no limits on the amount you can deposit and withdraw from your wallet.

    Security Features

    Coinomi has been praised for being among the most secure mobile wallets, boasting strong encryption, and enhanced privacy measures.

    Coinomi is a “Hierarchical Deterministic,” meaning that it employs a special type of algorithm for the generation of your wallet’s seed phrase. The seed phrase adds extra protection to your account and can be used to restore access to your funds in the eventuality of losing or damaging your phone.

    HD wallets also generate a new wallet address each time you make a transaction, which enhances privacy as your transactions cannot be linked to one wallet address.

    The identity of the wallet owner is kept private, as Coinomi’s servers anonymize their IP addresses. This prevents personal data and transaction details from being exposed to tracking technology or online attackers.

    Coinomi has made some parts of its source code available to the public, meaning that developers are free to examine the underlying software and get involved by solving bugs or any glitches they might discover.

    Our Coinomi review would not be fair if we did not mention the February 2020 incident, in which a user reported losing $60,000 worth of cryptocurrencies because of a security-related issue. The problem was that Coinomi was sending imported seed phrases to a Google API address for spell checking. The user claimed that a Google employee was the one that stole his funds.

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    But this is highly unlikely, as requests sent to Google were rejected, because they didn’t feature an API key. Also, the seed phrase was not in plain text, as it had TLS encryption.

    Coinomi fixed the bug within a few hours after learning about this problem. So far, Coinomi has stated that “none of their phone-based wallets have ever been hacked or otherwise compromised.” It is true that no other claims were made regarding fund loss because of the bug.

    Customer Support

    Coinomi’s support team can be contacted by sending a ticket through their online portal. Users receive a ticket number after submitting their questions. This ticket can be used if you decide to contact the team through their other channels.

    The wallet’s official support portal also features many user guides and a “Frequently Asked Questions” section. Coinomi also has an active social media presence, being very responsive on their Twitter, Telegram, Reddit, and Facebook accounts, regularly answering the questions of their users.

    Important announcements and releases are featured in their official blog. According to users, response times vary from a few hours to a day.

    Coinomi Wallet Reputation

    Coinomi has a very active online community, where the support staff on social media channels are quick to interact with their users and solve their issues.

    This responsiveness is very appreciated by the crypto-community, with hundreds of thousands of users reporting that they view the service as trustworthy, and basically, any Coinomi review rates it as a reputable service.

    The wallet has mostly positive reviews online, scoring a 4.6 rating on both the Google Play store and the Apple iTunes App store, from more than 16,000 reviews for the Play store.

    Coinomi Review: Verdict

    Coinomi is an excellent mobile wallet that offers enhanced security features and a user-friendly interface, allowing you to easily store a multitude of cryptos. This is the best crypto wallet for mobile users.

    The Review

    Coinomi Wallet Review

    Coinomi is a cryptocurrency wallet, that has a user-friendly interface and supports a wide range of cryptos. It is one of the most secure mobile wallets, boasting strong encryption, and enhanced privacy measures. However, users have to know that there is no fiat buying options for crypto.

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