Coinomi Wallet Review : Best Crypto Wallet, 4 Pros Cons

What is Coinomi Wallet?

The tumultuous evolutions in technology and the business and financial platforms have led to the rise in popularity of greater digitalization across the investment and finance markets.

The introduction of cryptocurrencies and mediums of third generation exchanges have necessitated the need for a digital wallet.  A digital wallet is pretty much similar in purpose and function to the usual wallet albeit it is purely an online service that allows you to make transactions electronically using digital currencies.

The first Bitcoin-QT wallet was launched in early 2009 which has paved the way for the development and introduction of many digital wallets with varied features and attributes in the subsequent years and Coinomi Wallet is one of them.

 

Who founded the Coinomi Wallet?

Coinomi wallet was founded in January 2014 by George Kimionis in Cyprus. George Kiminois graduated from the University of Manchester in the field of science and technology and was a co-founder of another betting platform named BetKernel before he founded Coinomi Wallet.

 

Who are the investors into the Coinomi Wallet?

George Kimionis is the co-founder and investor of Coinomi wallet and here’s a fun fact about the beginnings of the Coinomi wallet.

Most business ventures are funded by angel investors or venture capitalists but the Coinomi wallet is a bootstrapped company which was solely found and financed by George Kiminois himself. Coinomi Wallet still operates as a private unlisted company.

 

Coinomi Wallet Review

Coinomi wallet has grown to be quite a popular and well-renowned digital wallet that prides itself on greater security, convenience and accessibility to its users.

Most published reviews and customer views positions Coinomi wallet as an above average digital wallet. In terms of published ratings for Coinomi wallet, the lowest is 3.5 stars from the Crypt Wisser and the highest is 4.8 stars awarded by multiple sources including the Trustpilot and Cryptocompare.

 

User Interface and User experience

Coinomi has a very user-friendly interface that makes it easier for the users to navigate easily through different sections of the wallet. The main screen displays the account balance in fiat as well as cryptocurrencies in addition to the total balance.

Transaction history and making and receiving payments from your Coinomi wallet is quite a straightforward and streamlined process. The sophisticated yet simple design and interface of Coinomi wallet has made it one of the best digital wallets that offers an amazing user experience.

Ease of use

Coinomi wallet has prided itself on being the customers most preferred choice of a wallet since it’s quite accessible and easy to use. Coinomi wallet can be easily accessed on any device be it a laptop, desktop or a mobile phone.

All you need to do is simply download Coinomi wallet from the google play store or Apple App store and start making the most out of this amazing digital wallet.

 

Customer support

Coinomi Wallet is very responsive to any customer queries or concerns and has an extensive knowledge base which contains a detailed list of problems commonly faced by its users along with the solutions.

In addition to this, it also operates a ticket system where a ticket could be raised for any problems faced while using the Coinomi wallet and a representative from the dedicated customer support team at Coinomi wallet will resolve the matter.

According to many sources such as Reddit the customer support granted to its users by Coinomi wallet team has been highly commendable.

 

Coinomi Wallet fees

Coinomi Wallet is a free app in all its entirety and does not charge any fees for incoming and outgoing transactions. However, outgoing transactions are charged with a very minimal mining fee.

You can also customize the transaction fees to suit your preferences but similar to the principle uniformly followed by all digital wallets, lower fees will be given less priority and confirmation times may be longer.

 

What Coins are supported in Coinomi Wallet?

Coinomi wallets support around 175 blockchains and a total of over 1770 crypto assets. The Coinomi wallet supports many famous cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple and many more.

 

Pros and Cons of the Coinomi Wallet

Quite similar to any digital wallet out there, Coinomi wallet does have its Pros and Cons as listed out in the table below.

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Pros Cons
It can be easily downloaded and accessed via your mobile phone Being a mobile wallet, it is insecure and open to malicious attacks
It is a free digital wallet that does not charge fees Allows for trading via 3rd party exchanges that do not generally provide the best value
Incorporates HD algorithms and IP masking that makes it a highly secure digital wallet It is an unregulated digital wallet with a code that is not open sourced
It integrates with other exchanges like Changelly and Shapeshift for trading of cryptocurrencies Does not support fiat currency therefore you cannot buy cryptocurrency directly by using fiat money

 

 

What Features Make Coinomi Wallet Unique?

Coinomi Wallet is one of the best digital wallets out there due to its many features and attributes that makes it very distinct and different from other digital wallets. Interested to find out more about what makes Coinomi wallet unique? Let me tell you.

Firstly, it offers enhanced privacy like no other digital wallet. This is clearly evident in the fact that it does not allow for any IP association or identity and transaction linking.

The use of private keys and strong wallet encryption offered by Coinomi wallet ensures safety and security is at its best.

And what’s more, Coinomi wallet is a lightweight and community driven digital wallet that runs smoothly with reduced power consumption and data usage.

You can also change the settings to any language you want as Coinomi wallet supports over 25 languages. Apart from these key features, Coinomi wallet has many other attributes which makes it a unique and ideal digital wallet that serves its purpose well.

 

Coinomi Wallet Device Availability

Coinomi wallet is compatible with laptops, PCs and mobile phones too. It is now available with both android and Apple iOS smartphones too.

 

Does Coinomi Wallet Require KYC?

Coinomi wallet does not require any KYC or similar checklist to be completed when signing up for a Coinomi wallet or even at any other point.

 

Is Coinomi a Good Wallet?

Coinomi wallet makes a great choice of a wallet for your cryptocurrencies as it is capable of storing over 500 coins and is compatible with almost any device.

The use of private keys and hard to crack codes and algorithms that is inbuilt into the original design of the Coinomi wallet makes it a highly secure and safe digital wallet.

Coinomi Wallet has been a relatively great digital wallet although it did report a security issue in 2019 where a user claimed to have lost $60,000 due to a security issue of the Coinomi Wallet.

 

Is Coinomi Anonymous?

Coinomi is an inherently anonymous wallet where no user information including IPs are collected or transmitted.

 

How Can I Setup a Coinomi Wallet?

Follow these simple and easy steps to set up your very own Coinomi Wallet.

Step 1 : Download Coinomi wallet onto your device

Step 2 : Select the “Fast Wallet Creation” option

Step 3 : Select the cryptocurrencies you want to store in your Coinomi wallet. You can add extra cryptos later on

Step 4 : After that click on the plus sign at the bottom of the screen. Now your wallet will appear at Coinomi.

Step 5 : Now you need to save your wallet. Click on the pop-up message that appears requesting you to click there to save the wallet.

Step 6 : Click “Ok” on the pop-up message that appears asking for your recovery phrase to be displayed.

Step 7 : You will now receive your private key which is a series of random words and phrases. These words and phrases are your “seeds” and you will need to store this in a safe and secure location offline.

Step 8 : Once this is done, click on next and type the “seed” on the Coinomi wallet screen

Step 9 : Now you need to configure the wallet encryption. You can choose between a least secure and most secure option.

Step 10 : The most secure option is recommended, and it would involve a password authentication as well as biometrics to access your Coinomi wallet. On completion of this, your Coinomi wallet is ready to be used.

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How Do I Add Money to Coinomi?

If you already have bitcoin or any other cryptocurrencies supported by Coinomi, all you need to do is transfer your existing funds to Coinomi wallet.

However, if you do not have any cryptos yet, you cannot use fiat currencies directly to purchase cryptos since Coinomi wallet does not allow for this feature.

The best thing to do in this case would be receive any cryptocurrencies to your Coinomi wallet or via a Bitcoin ATM or online exchange convert your fiat money to cryptos and then transfer it to your Coinomi wallet.

Once you have some cryptocurrencies stored in your Coinomi wallet, crypto trading is quite an easy and simple process.

 

What Is My Coinomi Wallet Address?

Coinomi wallet address is located at the main account page of your Coinomi wallet. This wallet address gets updated from time to time with every transaction you make.

You can send and receive tokens by using this address. When receiving tokens, you can share this wallet address and when sending tokens, you can enter the receiver’s wallet address.

 

How Do I Withdraw Money from Coinomi?

Withdrawing any crypto from your Coinomi wallet to your bank account will require you to open an account with a crypto-exchange platform that works with your bank.

Then you can transfer your cryptocurrencies there. Another option is to make payments for goods and services using cryptocurrencies from merchants who accept them.

 

How Can I Restore My Coinomi Wallet?

A recovery phrase is a must have to restore your Coinomi wallet. Without a recovery phrase, you stand to lose access to your wallet including any cryptos earned in it.

If you do have your recovery phrase with you, the process is quite simple. All you need to do is click on the “Restore A Wallet” option and enter the recovery phrase and click on the arrow at the bottom to proceed with restoring your wallet.

Bear in mind when typing out the recovery phrase, you have to type it all in lowercase letters without any spaces in between.

One downside of Coinomi wallet is that if you do not set a recovery phrase and have it with you, you risk losing your balance in the wallet too.

 

How Can I Get a Coinomi Private Key?

To get your Coinomi Private key all that is required is to access the private key address using the Private key recovery address tool.

Next in the recovery settings page, go to ‘Show recovery phrase’ and click agree. Then enter a code that appears on your screen to unlock the wallet. This code which is most often a mix of words and phrases needs to be treated as your Coinomi Private Key.

 

How Do I Buy Bitcoin with Coinomi?

Bitcoins are a crypto that is supported on your Coinomi wallet. In order to buy bitcoin, you first need to connect your Coinomi account to your BTC Direct account by following the steps below;

Step 1 : Select Crypto (BTC Direct) in your Coinomi wallet menu

Step 2 : Select ‘Login’ option available at the bottom of the screen.

Step 3: Select ‘Link with BTC Direct’ on the other screen.

Step 4 : If you haven’t registered a BTC Direct account, firstly create one by entering your email address and clicking ‘Register’. If you already have an account, select ‘I already have an account’.

Step 5 : Once you have logged in, you can connect Coinomi to your BTC Direct account.

Step 6 : After this, you will return to the order form which you need to fill in to buy bitcoins

Step 7 : Select the coin you would like to buy. For Bitcoins it would be BTC, then select the amount of coins and preferred payment method.

Step 8 : Next, select the continue option after clicking the “I agree to terms and conditions” option

Step 9 : Complete the order form by making the payment and now you will have Bitcoins on your Coinomi wallet

 

Coinomi Vs Coinbase

Coinbase and Coinomi might sound similar but they are indeed two very different portals. In the table below, I have illustrated a few of the key differences between Coinomi and Coinbase

Coinomi Coinbase
A digital wallet for storing your cryptocurrencies A cryptocurrency brokerage platform that allows you to trade in cryptocurrencies
Allows you to buy and sell cryptocurrencies but does not support fiat money Allows trading in cryptocurrency in exchange for fiat currency
The private keys which represent ownership of the crypto are stored directly on your device The access to your cryptocurrencies is stored within a centralized exchange
Offers greater user anonymity and does not use KYC Coinomi does not provide anonymity to its users and in order to sign up for crypto trading on Coinbase a KYC form is required

 

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Can Coinomi Wallet Be Hacked?

As any other digital wallet, cyber security and hackers are a common worry for Coinomi users. However, Coinomi has stringent procedures in place to ensure that it is safe from any hackers.

While setting up the account you will be receiving a Private key. These keys are stored on the Coinomi data folder which is only accessible by Coinomi itself and administrator-level applications.

If your device is hacked non-system applications may be able to access Coinomi’s data folder. You can overcome this by setting up a strong password on the onset.

 

Is Coinomi Wallet Safe, Legit and Regulated?

Coinomi wallet is a legit app although it is not regulated. The use of private keys, strong encryption and cryptography ensures that your wallet is kept safe and secure at all times.

 

Coinomi Wallet Alternatives       

There are many alternatives to the Coinomi Digital wallet. A few of them are the Coinbase wallet, Trust Wallet, Coin gate, Circle gate and Exodus wallet.

 

Takeaways-Coinomi wallet Review

Here’s a few takeaways about Coinomi Wallet review

  1. Coinomi wallet was founded in January 2014 by George Kimionis in Cyprus.
  2. Coinomi Wallet is one of the safest and most secure wallets with only reported case of security mishaps to date
  3. Coinomi wallet does not support fiat currency
  4. Coinomi wallet is a legit wallet although it’s not regulated
  5. Coinomi wallet offers greater anonymity and privacy and does not have a KYC requirement to sign up
  6. Coinomi wallet can be accessed on any type of mobile phone, laptop and PC.

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