Coinomi multi-coin crypto wallet review
To store multiple cryptocurrencies on mobile, a Coinomi wallet is one option.
If you’re looking for a mobile wallet that’s fast, easy to use, and supports a wide variety of altcoins, the Coinomi wallet is worth consideration. With Coinomi, you can start storing bitcoin, ether and other digital assets on your Android phone with just a few clicks.
What is Coinomi?
Coinomi is a mobile wallet designed for storing multiple cryptocurrencies, including bitcoin and Ethereum. Robust privacy features and an intuitive user-interface make the Coinomi app a popular choice for Android users. Coinomi provides a secure storage platform with support for a wide variety of digital assets and a built-in exchange for fast and easy trading. The Coinomi wallet combines strong encryption technology with a user-friendly design that is easy to install and navigate.
Some of the main features of the Coinomi wallet include:
- Multi-coin support. Support for hundreds of different digital currencies, including most major cryptocurrencies and many altcoins
- Simple setup. Download, install and create a new wallet with just a few clicks
- Easy asset trading. Trade directly through your wallet using an integrated currency exchange
- Privacy first. Emphasis on individual privacy and user control
- Translations available. Supports many different languages, including English, Russian and Chinese
Fees and charges
Coinomi is completely free to use.
When you make an outgoing transaction, you may be charged a fee that goes to the miners associated with that particular currency. Coinomi, itself, does not charge transaction fees.
Which cryptocurrencies can I store?
Coinomi is designed as a multi-currency platform. In addition to offering support for bitcoin, Coinomi is also compatible with a wide variety of altcoins. Support for new coins is added regularly. At the moment, some of the currencies that Coinomi supports include:
- Bitcoin Plus
- Canada eCoin
- Ethereum Classic
- Game Credits
- Internet of People
- LBRY Credits
- Ultimate Secure Cash
How do I add currency to Coinomi?
Once you have Coinomi installed on your phone, adding funds to your wallet is easy. If you haven’t downloaded the app, you can find it at the Google Play store. Here’s how to set up your wallet:
- Create a new wallet. When you open the app for the first time, choose “Create a New Wallet”.
- Seed phrase. You will be given a unique seed phrase that you’ll want to write down and put in a safe place. If you ever lose your phone, you can use your seed phrase to restore your wallet on another device.
- Password. Choose a password for your account. You’ll use this to log in to your wallet.
- Currency settings. Once you’ve got your seed phrase and password secured, you can choose which currencies you’d like to see displayed in your wallet. You can adjust this at any time if you add new coins to your portfolio.
When you have your wallet open, you are ready to send and receive payments in any of the cryptocurrencies that Coinomi supports. Here’s how you can add funds to your wallet:
- Send supported currencies. If you already have a cryptocurrency that is supported by Coinomi, you can simply send your existing funds to your Coinomi wallet address.
- Receive supported currencies. Anyone can send payments to your wallet address.
If you don’t have bitcoin or any other cryptocurrency, you may need to purchase some before you can begin to use your Coinomi wallet. Coinomi does not deal directly with fiat currencies, meaning that users cannot buy cryptocurrencies with a bank account or credit card directly through the app. Here are a few ways you can get started:
- Get paid by someone else. The easiest way to get started with cryptocurrencies is probably to have someone send some to your Coinomi wallet address.
- Bitcoin ATM. If there is a bitcoin ATM in your area, you can use it to convert fiat currency to bitcoin and send it to your Coinomi address.
- Online exchange. Some online cryptocurrency exchanges, like Coinbase, let users exchange fiat currency for bitcoin, which can then be sent to your Coinomi wallet and easily traded for other digital currencies.
- Diversify. Once you have one cryptocurrency in your wallet, it’s easy to trade directly from within the Coinomi wallet. Coinomi has an ongoing partnership with the popular ShapeShift exchange, which allows wallet users to trade supported currencies quickly and easily directly from inside the app, without needing to disclose any personal information.
How do I make payments with Coinomi?
To make payments with Coinomi, simply choose which currency you would like to pay in from the list of options, enter the wallet address of the payee, and click “Send”.
Coinomi also supports cross-chain payments, a feature that allows you to make a payment directly from your holdings in any of the supported currencies to a payee’s bitcoin wallet, without requiring any conversion or intermediate steps.
How secure is Coinomi?
Coinomi uses strong encryption and enhanced privacy techniques to ensure a high level of wallet security. Some of the most notable security features offered by Coinomi include:
- Coinomi is an HD wallet. The HD stands for “Hierarchical Deterministic” which means that it uses a special type of algorithm to create a seed phrase for your account. The seed phrase is displayed as a series of seemingly random words, and it acts like a “master password” to provide an extra layer of security to your account. You will want to write down your seed phrase and store it somewhere secure, ideally offline.
- The seed phrase allows you to restore access to your account if something goes wrong, such as your phone getting lost or stolen. Even if someone steals your phone, as long as your Coinomi account is password-protected and you have your seed phrase, the thief will not be able to access your funds and you can restore your account to a new device using the seed phrase.
- Another feature of HD wallets, including Coinomi, is that they generate a new wallet address for each transaction. This creates a greater level of privacy by making it harder to link a series of transactions to a single address.
- Coinomi also keeps your identity secure by anonymizing IP addresses through their servers. This shields your personal information and transaction details from potential bad actors and tracking technology.
Some source code available
- Making important parts of the source code available allows anyone to examine the underlying software behind Coinomi and increases community involvement with the project.
Where can I get the Coinomi wallet?
You can download the Coinomi app for Android from Google Play. If you don’t have access to the Play Store, it’s also possible to download the application directly to your device from the Coinomi website.
Pros and cons
- High levels of privacy and security.
- Fast and easy process to trade currencies through built-in integration with the ShapeShift exchange.
- The private keys associated with all of your Coinomi wallets are stored on your personal device only.
- Even if your phone is stolen nobody will be able to access your accounts without your password.
- Wallet can be fully restored or migrated to a new device using your seed phrase.
- Cross-chain payments are supported, making it possible for you to send altcoins directly to bitcoin addresses without any extra steps.
- You can’t buy cryptocurrencies directly with fiat through the Coinomi app.
- At the beginning of 2018, Coinomi was only available for Android phones.
- Some of Coinomi’s code is accessible to the public as open source, but parts of it are kept private.
What’s next for Coinomi?
- Altcoin support. As Coinomi develops, support for new coins is regularly added.
- Compatibility.The makers of Coinomi have announced that iOS and desktop versions of the wallet are in the works and should be available during 2018 or later.
- Ongoing updates. Regular software updates are released to keep security features current.