Coinomi Wallet Review 2022

Wallet Type Cross-platform software portfolio including desktop (MacOS, Linux, Windows) and mobile (iOS, Android)
Price Free
Costs Network Fees, Customizable Fees, Currency Fee Withdrawal
Number of supported cryptocurrencies 1,770+
Bitcoin and Ethereum supported? Yes
Win (bet/rewards) Yes
Customer service 24/7 support via help page, live chat, ticket system
In-App Features Buy, sell, barter, exchange
Hardware Compatibility No
SPV or full node Simplified Payment Verification (SPV)
Mobile app Yes


Advantages and disadvantages explained

The benefits explained

  • Support for a wide variety of cryptocurrencies and 125 blockchains: The Coinomi wallet allows users to trade and use over 1,770 crypto assets operating on over 125 blockchains.
  • Built-in exchange: With an integrated exchange, users convert or exchange one digital currency for another.
  • Zero fees: Coinomi wallet users do not spend any fees on incoming and outgoing transactions. Transaction fees are only paid to crypto miners who successfully add verified blocks to the blockchain.
  • User-friendly interface: Coinomi Wallet is easy to use as it does not require any additional steps and offers a one-click cross-chain payment process.
  • Multilingual with enhanced security: Coinomi is represented in more than 25 languages ​​including English, French, Spanish and many more. It is also one of the oldest software wallets with some of the strictest security measures in the industry.

Disadvantages Explained

  • Not fully open source: Although Coinomi is an open source software wallet, it is only open to auditing by well-known entities.
  • Does not support 2-factor authentication (2-FA): 2-factor authentication, which is a security measure usually implemented to provide an extra layer of protection, is missing from the Coinomi wallet.


Characteristics

The Coinomi wallet is a great option for crypto investors to securely manage their wallets on one platform. Available on both mobile and desktop, this software wallet presents new and experienced crypto investors with an easy-to-navigate interface.

Along with live customer service agents, the wallet offers an array of features such as staking that generates passive income and an in-app exchange needed to convert a cryptocurrency into another crypto-based asset.

The Coinomi Wallet supports over 1,770 crypto assets, including:

  • Bitcoin
  • Ethereum
  • gimbal
  • avalanche
  • Binance Coin


Security

The Coinomi Wallet is one of the oldest wallets with strong security features. Aside from a security issue that was exposed and patched in February 2019, the wallet has earned a good reputation within the cryptocurrency community.

Coinomi is a non-custodial wallet that offers encryption and wallet cryptography, while giving users full control over their private keys. Even if the wallet’s servers were compromised, the attackers would not have access to the funds in the user’s wallets. To enhance its security, Coinomi also has a blockchain-based Digi-ID that can be used in place of old, insecure credentials.


Confidentiality and anonymity

Coinomi offers quality privacy and anonymity. Users do not have to go through the rigorous KYC verification or identity linking process to access their funds.


To install

Setting up the Coinomi wallet is quite simple, but the procedures vary between desktop and mobile platforms.

The general setup is tied to three principles: download the wallet, back it up with a 12-24 seed phrase, and use a password to secure the wallet.

Office

To set up the Coinomi desktop wallet, visit www.coinomi.com and click on “Download” in the upper right corner of the website where you will have the option to download Coinomi Wallet for Windows, MacOS or Linux. Download the software compatible with the above devices.

After downloading the wallet software, open the file to install the application, then open the application and click “Create a new wallet”. Then you are given a seed phrase of 12-24 words which the platform requires you to tag in the next stage. as an additional layer of security. Users are then prompted to create a secure password. As a general rule, it is recommended that all wallet users do not share your password with anyone.

Then Coinomi will generate a new address for all supported blockchains. You will also have the option to download a wallet backup file. You should keep it safe because you will need it to restore your wallet if your device is damaged or lost.

Mobile

To set up the Coinomi wallet for mobile, visit the Apple App Store for iOS or Google Play Store for Android and search for the Coinomi wallet. Open the wallet once it has been downloaded.

Set up the wallet on your smartphone by following the setup procedures for the desktop version of the wallet. Remember to keep your password safe, away from third parties.

If you want to use the same Coinomi wallet on your desktop or mobile interface, you should sync your wallet across these platforms for seamless access to your crypto assets. Your seed phrase will come in handy during this process.

For example, if you have the Coinomi wallet on your mobile phone and want it on your desktop device as well, just download the Coinomi desktop wallet software. Then, instead of selecting “create a new wallet”, select “recover wallet” and continue with your seed phrase and password.


Usability

Office

The Coinomi wallet allows users to access their crypto assets on their computers through the desktop version. Although this wallet is not hardware compatible, it has a user-friendly interface that can process cross-chain payments in minutes.

Mobile

Coinomi users can access their crypto wallets on their smartphones by allowing users to download the Coinomi wallet for mobile on Android and iOS platforms. On the Google Play Store for Android, Coinomi has a 4.3/5.0 star rating, with the majority of reviews attesting to the security and user-friendly interface of this multi-chain wallet. However, others have raised complaints such as battery drain and increased conversion time since February 2022.

Customer service

Coinomi offers 24/7 customer support and users can contact the wallet’s support team through the website’s help page, live chat, and ticket support system.


Cost and Fees

Coinomi is a completely free wallet. Receiving parts is free because the sender pays the costs. However, when users send cryptocurrency, they will have to pay network fees. This is an industry standard fee that does not go to Coinomi but to coin miners.

It is important to note that the network fees depend on the coins in question. For example, the fees paid for Ether (ETH) and other ERC-20 tokens are directly proportional to the Ethereum gas fees measured at Gwei.

The Coinomi wallet allows users to customize transaction fees. Usually, the wallet offers three dynamic options – Low, Normal and High – which automatically find the best deals related to transaction fees. Users can also set their fees for all supported coins.

Trading crypto using the exchange is also free, however, standard fees apply when using third-party ShapeShift or Changelly integrations to convert crypto to fiat.


final verdict

Coinomi holds up well against the competition as a multi-chain software wallet, allowing users to buy, sell, and trade over 1,770 existing digital assets across more than 125 blockchains in one place.

Coinomi is suitable for new and experienced crypto investors who value privacy and want to manage their various crypto portfolios in one place. The wallet has also become popular due to its long list of features including wallet interoperability, user-friendly interface, strong security features, and no fees.


Methodology

One of the most important things to consider before trading and storing cryptocurrencies is that you have a proper crypto wallet. To help you decide which wallet is best for you, we conducted a comprehensive review process of the best cryptocurrency software wallets.

Our review process is built around a quantitative rating model that rates key factors such as security, cost, privacy, usability, customer support, and features based on their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of editors, experts in this field, then tested each wallet to provide their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as support for a large number of crypto assets, the ability for users to sync with hardware wallets, and the ability to customize fees, also rank highly.


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