The Coinomi wallet allows you to store multiple cryptocurrencies in one location, which is very beneficial for traders.
You have the option to store more than 125 different coins supported by Coinomi as well as more than 1770 tokens. Along with ERC20, it also supports ERC223, ERC721 (NFTs/Collectibles), BEP2 tokens on the BNB chain, TRC10 tokens on the TRON network, NEM mosaics, and Omnilayer tokens.
Table of Contents
What Is Coinomi?
One of the first multichain wallets is available from Coinomi, which was established in 2014. The fact that it is free to use, supports a wide range of languages, and can store more than 1,770 different cryptocurrencies makes it the best option available. For a detailed description of its features and to determine whether it’s appropriate for you, read our Coinomi review.
Through a live chat feature on its website and in the app, Coinomi provides customer support 24/7, 365 days per year. When using cryptocurrency wallets, they can appear a bit complicated at first, so it’s nice to have support close at hand, especially if you’re a beginner.
You can exchange between tens of thousands of cryptocurrencies using Coinomi thanks to partnerships and integrations with decentralized exchanges. Additionally, thanks to a collaboration with Simplex, it supports card payments for cryptocurrency purchases. Although this is practical, fees are high, so I would suggest sticking with a reputable exchange for buying and selling cryptocurrency.
Pros & Cons Of Coinomi
Pros
- Supports a wide variety of cryptocurrencies
- Strong security
- Active community
- Staff that responds promptly
- Trustworthy
- In-built exchange
Cons
- Open-source software but not fully open
- Cryptocurrency cannot be bought with fiat
How To Start With Coinomi Wallet
The desktop version of Coinomi, Coinomi desktop, allows you to download the wallet. As an alternative, you can get the Android or iOS version from the respective App Store or Play Store.
It’s simple to add money to your wallet once Coinomi is installed on your phone. The app is available in the Google Play store if you haven’t already downloaded it. To set up your wallet, follow these steps:
1. Create New Wallet
Open the Coinomi app and choose “Create New Wallet”
2. Seed Phrase And Password
The seed phrase that is visible on the screen should be written down and stored securely. This seed phrase can be utilized to retrieve your wallet in the event of device loss or theft.
Add a password that you will use to access your account after that.
3. Settings
You can now select the currency you want to add to your cryptocurrency portfolio after creating your wallet and receiving your seed phrase. Aside from that, you can always add more coins.
How Safe Is It To Use Coinomi?
The reputation of Coinomi is excellent, and it is regarded as a safe location to store cryptocurrency. Since it began using in 2014, there has never been a hack. No user has ever experienced financial loss as a result of Coinomi.
A “Hierarchical Deterministic” algorithm is used by the Coinomi wallet to create a seed phrase. You can therefore regain access to your funds using the seed phrase even if your phone is lost or damaged.
Additionally, HD wallets create a unique wallet address for each transaction you make, which improves your privacy because it is challenging to connect all of your transactions to a single wallet address.
The private keys and seed phrase associated with your wallet are encrypted using an AES key, and they never leave your device. Your keys are locally decrypted and used to sign the transaction when you authorize a transaction with your password. The key file is instantly deleted following signing.
In February 2019, Coinomi experienced a security problem with a plugin used by its desktop wallets. Although one user accused Coinomi of stealing their money, it was quickly fixed. In reply, Coinomi disputed the user’s account of what happened and supported a report by blockchain research organization CipherBlade that took the wallet provider’s side.
However difficult it may be to recover from reputational damage, the issue was quickly resolved, and it was not established that Coinomi’s wallet was to blame for the money loss.
Cоіnоmі Supported Cоіns
Conom is intended to be a multi-currency platform. This makes the wallet the most comprehensive non-custodial wallet in the market, supporting over 125 different blockchains and 1,500 different digital assets natively. Along with a wide range of alternative currencies, Coinom is compatible with Bitcoin.
The fact that you can manually add the ERC20-token you want to hold in your wallet is quite impressive. Support is regularly added for new assets. On Coinomi’s website, you’ll discover a thorough list of all supported coins.
Coinomi Wallet Fees & Commissions
Both the incoming and outgoing transactions on Coinomi are free of charges. The outgoing transactions of Coinomi are accompanied by mining fees. These fees typically don’t add up to much and are quite small. In contrast, they might be higher when the network is busy. You can design your fee structure however you like using Coinomi. This platform allows for the use of a wide variety of assets, and each user is able to customize the transaction fees they charge for each asset. Any wallet, service, or exchange, regardless of its fee structure, will experience a delay in confirmation time. The highest paying transaction is always the first one to be included in a block that the miners always create.
The Coinomi app is available for free. The software now has a desktop version that can be used on Windows, Linux, and Mac OS-powered computers.
Conclusion
A wide range of cryptocurrencies are supported by the extremely user-friendly and secure Android wallet Coinomi. Coinomi is a fantastic desktop or mobile wallet as a result.
Trading through the Coinomi wallet greatly simplifies the process because new users frequently do not feel comfortable trading on exchanges due to numbers constantly changing from the ask to the sell-side.
Even experienced users can probably see the advantages of using the Coinomi wallet. Only the loss of Coinomi as an open-source service worries us. However, there are a lot of impressive wallets available that are neither open source nor free.