Home Crypto Education Cryptocurrencies Coinomi Crypto Wallet Review: Is Coinomi The Safest Wallet?

Coinomi Crypto Wallet Review: Is Coinomi The Safest Wallet?

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Coinomi is a multicurrency, feature-rich, and security-oriented cryptocurrency wallet app. It was launched in 2014 and has, over the years, undergone significant security and operational improvements. These have seen it attract a massive global membership and an unrivaled reputation. On the Coinomi website, the wallet is referred to as the ‘Popular choice’ that’s ‘Trusted by Millions of Users.’

The site further lists three of its key selling points: Its support for the “Broadest Range of Crypto,” the “Highest Level of Trust,” and the “Most Versatile App.” These claims are also affirmed on the Coinomi Wallet subreddit, where the company states that none of their “phone-based wallets have previously been hacked or otherwise compromised.”

But how true are these bold claims? Is Coinomi truly the safest crypto wallet app?

We sought to answer these by taking an in-depth look at Coinomi. We have evaluated its operational and security features, fees, supported currencies, and comparing it with equally reputable crypto wallets. Here are our findings:

Key Features:

Multiplatform: Coinomi started out as an Android crypto wallet app. Soon after, the iOS app was developed. In 2019, the Coinomi desktop app, compatible with Windows, macOS, and Linux operating systems, was launched.

Inbuilt exchange: Coinomi wallet partners with some of the leading exchanges to provide its members with an all-round in-app exchange. Key among them are Changelly and several other DEXs that facilitate crypto-to-crypto exchanges at the most affordable rates.

Buy with a card via Simplex: In these in-app exchanges, you can buy crypto and pay directly using your credit or debit cards. The move is made possible by the integration of the wallet with the Simplex platform that facilitates fiat to crypto conversions.

DApps browser: Coinomi integrates seamlessly with some DApp browser allowing Coinomi app members to access some of the most popular decentralized apps and Web3 support without leaving the cryptocurrency wallet.

Cold staking: Coinomi wallet not only helps you store your cryptocurrencies securely for a long time, but also has a cold staking option that allows you to stake the coins in your wallet when offline and get rewarded. Investors boost your earnings on qualifying cryptocoins as one can stake their digital assets while waiting for their value to rise.

Convert coins to gift cards: In an industry first, Coinomi, in partnership with Bidali, will let you convert your digital coins into gift cards redeemable at your favorite shops.

Security features:

Password: Like any other crypto wallet app, Coinomi has the password as the first line of defense. You get to set it up during account installation, and you will need it every time you want to login to Coinomi.

Seed phrase backup: Upon creating a Coinomi wallet, you will be provided with 12 words recovery seed. This comes in handy if you ever forget your password or lose the phone or computer hosting your Coinomi wallet. Write this seed down and keep it safe.

Data encryption: The data stored in your Coinomi wallet is secured with a strong password and is also highly encrypted. Coinomi uses cryptography to encrypt this data and ensure it never leaves your wallet.

Non-custodial: Coinomi is also a non-custodial wallet and will, therefore, not store your private keys on its servers. These are under your full control and are only stored within the app with the option of writing them down on paper.

IP anonymization: To further boost user privacy, Coinomi uses IP anonymization. This randomizes your IP every time you conduct a transaction making it impossible for hackers and trackers to link different pieces of information and trace the transactions back to your wallet.

Hierarchic deterministic: The hierarchical deterministic aspect of Coinomi implies that your wallet generates a new address for each transaction. This further boosts your privacy and makes it difficult to link these transactions back to you and your wallet.

Ease of use:

The Coinomi wallet employs highly advanced and innovative technologies that allow for the creation of a sophisticated platform while keeping its dashboard neat and easy to use. The user dashboard is also customizable to some extent, with dark and light modes.

The Coinomi app is also multilingual and has been translated into more than 25 international languages, including English, French, Russian, Chinese, Italian, German, Spanish, and more.

Currencies and countries supported

Coinomi supports more cryptocurrencies, tokens, and collectibles than any other crypto wallet app and even some hardware wallets. These include 1770+ crypto coins, tokens, and stable coins, and over 125 blockchains.

Other tokens and collectibles supported on the platform include all ERC 20 components, Omni Layer, BEP-2, NEM Mosaics, and TRC 10 collectibles. Additionally, access to the DApps browser and the EOS Ecosystems allows Coinomi wallet holders to create its own tokens.

Coinomi crypto wallet cost and fees

According to the Coinomi, the website and all the transactions carried here are free. Coinomi doesn’t charge you to install and use their wallet and integrated features.

However, you will have to pay a competitive fee to the different network miners for verifying and confirming your transactions. How much you pay to buy, sell, and exchange crypto-to-crypto, therefore, depends on the networks, the transaction volume, and confirmation speeds.

This means that the transaction fees are dynamic and that you can choose to pay a higher than the standard fee to have your transaction given preference and confirmed speedily. All these fees go to the network miners and not the wallet developers.

Customer support

Coinomi maintains a comprehensive customer support department. It starts with an elaborate FAQ section on the company website. Other queries can also be pushed to the support team available 24/7 by raising a ticket or contacting them via such social media handles as Telegram, Twitter, and Reddit.

Setting up the Coinomi crypto wallet

How to install the Coinomi crypto wallet:

Step 1: Start by downloading and installing the Coinomi Wallet app from the App Store or Google Play Store.

Step 2: Click ‘Create New Wallet.’

Step 3: On the next window will appear a string of recovery sees words. Write them down in the order in which they appear and store it safely.

Step 4: The next window prompts you to set up a strong multi-character password of at least eight digits for your wallet.

Step 5: The Coinomi wallet doesn’t have default wallet addresses but prompts you to select the coins you wish to use from a dropdown list and before creating associated addresses instantaneously.

Step 6:  Read through the disclaimer and terms and conditions and agree to activate the app.

Step 7: The wallet then directs you to the user dashboard, and you are now set to start buying, selling, and swapping cryptos using Coinomi.

How to receive cryptocurrencies into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon.

Step 2: From the dropdown list, click on the cryptocurrency you wish to receive to get its wallet address and QR code.

Step 3: Copy the address or the code.

Step 4: Send it to the individual, sending you coins, and wait for the balance to reflect on your wallet.

How to send cryptos into your Coinomi wallet:

Step 1: Launch the Coinomi wallet user dashboard and tap the menu icon on the left corner.

Step 2: From the dropdown menu, select the cryptocurrency you wish to send, and click on the send icon

Step 3: On the ‘Pay To’ section, enter the recipient’s wallet address and chose to scan QR code, and on the ‘Amount’ section enter the number of coins you wish to send

Step 4: Confirm that the wallet address and the amounts to be sent are correct before hitting send.

Coinomi crypto wallet pros and cons:

Pros:

  • The crypto wallet employs highly advanced security features, including Hierarchical deterministic wallets and IP anonymization.
  • The wallet has integrated shapeshift, Changelly, and other DEXs to facilitate in-app exchanges.
  • The transaction processing fees are highly competitive and open to customization for speedy confirmation.
  • The app supports the widest range of cryptocurrencies, collectibles, and tokens.
  • The app has a solid reputation with no serious customer complaints and enjoys a stellar 4.6/5 star rating on the App Store after over 16,000+ user reviews.

Cons:

  • The biggest threat to Coinomi is the fact that it is not open-sourced.
  • The crypto wallet is also not as regulated as similar projects like Coinbase or eToro.
  • It is a pure crypto-to-crypto network, and you will, therefore, have to use third-party apps like Simplex if you wish to buy crypto using fiat currency.

Comparing Coinomi Crypto wallet with other cryptocurrency wallets:

Comparing Coinomi wallet with Coinbase and eToro

When paired against similar hot wallets like Coinbase and eToro, Coinomi carries the day. Specifically, when it comes to the use of a number of supported currencies, security features, and competitive yet customized crypto transaction fees. We nonetheless believe that eToro and Coinbase have more versatile platforms as they support fiat to crypto transactions and don’t necessarily rely on third-party exchanges.

Verdict – is the Coinomi wallet safe?

Yes. The Coinomi wallet has embraced some of the most innovative security features. These include the use of passwords and recovery seeds to prevent unauthorized access to your wallet, and the possibility of private keys recovery if you lose the phone or forget the password. Others are IP Anonymization and Hierarchical Deterministic features that mask your online activity to keep off trackers and preserve your online privacy. These added to the fact that Coinomi wallets host the widest range of coins, and its versatility makes it most suitable for the highly diversified trader looking for both a highly secure and low fee crypto wallet.

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