The wallet was launched in 2014. It can store and transfer multiple cryptocurrencies including the world’s most popular ones.
At present, it is available to download for free on Android and iOS platforms. But trusted sources reveal that the wallet will be available on Windows, Linux and Mac versions in the near future.
The wallet was built for people who wanted to store a wide range of digital assets on a single platform. Even if you don’t use the internet, you can make fast and convenient transfers of crypto funds.
What we really value in any wallet is a good security infrastructure and Coinomi does a good job at that. It comes with strong encryption features that protect your private keys in the best possible manner.
Are Your Funds Safe With Coinomi?
Many software and mobile wallets don’t offer high levels of security. But this is not the case with Coinomi. Your private keys are saved on your mobile device and not on any online servers. Your confidential information is always with you and never on their servers. This kind of control over your keys and funds is important to protect your assets.
Coinomi uses strong cryptographic encryption to protect your wallet from any outside attacks. The transactions are anonymous and identity isn’t linked to the transaction, so nobody can track down your personal info. Your IP address remains private and transactions aren’t traced. What one Coinomi user stores, buys or sells isn’t known to any other Coinomi member.
Coinomi also has the recovery seed feature like other top wallets. A recovery seed is a string of words that is generated for you. You need to remember it, write it down and store it in a safe place so that if you were to lose your wallet, you would be able to use the recovery seed to recover your wallet. If you lose the recovery seed and lose the wallet, you can’t ever recover your wallet and funds again.
HD Wallet: What makes Coinomi more secure than most wallets is that it is a Hierarchical Deterministic (HD) wallet. What it means is that there is a special algorithm generated to create a seed phrase for your account in the blockchain.
A hierarchical deterministic wallet is capable of generating all your private keys from the master seed key, which is a string of random words. So it is important to keep your recovery seed safe so that your private keys can be generated using this ‘master’ seed key.
If you lose your smartphone or tablet, you won’t have to worry about losing your funds because your account is password protected. Without knowing the person, a stranger can’t use your wallet. And you can always restore your wallet by using the seed phrase on another mobile device.
One great benefit of HD wallets is that they create a new wallet address for every transaction to maintain anonymity of your private information. Any hacker trying to track down your details using your recent transactions won’t be able to do so because of this anonymity.
Coinomi used to be an open source service, meaning that anyone could see what was ‘coded’ behind the scenes and feel safe that everything was right. But in 2017, they discovered that some fraudsters used their code to scam people and other apps were using their code for their own benefits.
Responding to this, George Kimionis, explained that Coinomi could no longer be open source because scammers can create malicious clones of the wallet and steal user data. Personally, I think security trumps transparency when it comes to using any digital wallet. So Coinomi has made the right move.
Coinomi has a plethora of cryptocurrencies available including the most in-demand cryptocurrencies such as Ethereum, Bitcoin, Dash and Litecoin.
Here is a full list of cryptocurrencies available on Coinomi:
Bitcoin, Abncoin, Asiacoin, Auroracoin, Bata, Belacoin, Bitcoin Plus, Blackcoin, Britcoin Canada eCoin Cannacoin Clams ClubCoin Compcoin Dash Defcoin Denarius Digibyte Digitalcoin Dogecoin E-coin EDRcoin EGulden Einsteinium Ethereum Ethereum Classic Expanse Feathercoin Flashcoin Game Credits GCRcoin Gridcoin Gulden Hempcoin Insane Internet of People IXCoin Landcoin LBRY Credits Linx Litecoin Monacoin Myriadcoin Namecoin Navcoin Neoscion Neuro Novacoin NuBits NuShares OKCash ParkByte Peercoin Pesobit Pinkcoin PIVX POSW Potcoin Putincoin Reddcoin Richcoin Rubycoin Shadowcash Smileycoin Solarcoin Stratis Syscoin Ultimate Secure Cash Unobtainium Verge Vertcoin Vpncoin Zcash ZCoin
Like other mobile wallets, you need to pay a fee for every transaction on Coinomi. But the fees doesn’t go to Coinomi but to the cryptocurrency trading networks.
You can do instant exchange of cryptocurrency on Coinomi because they have integrated ShapeShift and Changelly to let you make fast exchanges. Imagine how good it will feel to have your cryptocurrency exchanged with just two clicks.
The mark of a great software product is an active development team. Fortunately, Coinomi’s team is working hard to improve the user experience. They regular add support for new cryptocurrency with time. Perhaps the most important thing Coinomi is working on is making it compatible with desktop computers including Windows, Linux and macOS. Although this announcement was made in October 2016, the company is still working on this development and it isn’t clear when they will release the desktop versions. However, you can download Coinomi on ChromeOS straight from the Google Playstore and use it on your laptop.
One of the most important aspects of any company is its customer support. Coinomi has a good customer support. Although you will find some criticism online, but many customer reviews indicate that they have a great customer support as compared to many cryptocurrency wallets.
You can send your queries to firstname.lastname@example.org and get helpful information delivered fast in your inbox. It is true that when it comes to dealing in cryptocurrency, there is a lot of responsibility and pressure.
But then to actually have and retain customers, Coinomi has set high standards for their service and meets its responsibilities well. They also update their servers to ensure proper functioning of the wallet.
- Good security and privacy infrastructure unlike other mobile wallets
- You can exchange cryptocurrency fast with their ShapeShift and Changelly integration
- You retain control of your private keys as they are stored on your mobile
- Even when your mobile is lost or stolen, nobody can access your account without your password
- After loss of wallet or mobile device, you can use the recovery seed phrase (that you need to remember and keep safe) to recover your wallet on a new device
- You can send altcoin currency to bitcoin addresses. Cross chain transactions are possible
- Good customer support
- As mentioned on their homepage: no Coinomi wallet has ever been hacked
- Hierarchical Deterministic wallet can recover all your private keys with just one master seed key
- You can’t purchase cryptocurrency using fiat currency with the Coinomi app
- It is not open source (although they have an earlier version of the source code available), but this is done for security reasons which is a reasonable tradeoff.
Should You Choose Coinomi Mobile Wallet?
If you are looking for a secure mobile wallet, Coinomi is the best option for you.
When you are dealing in digital currency, security is paramount and Coinomi understands this fact. There is hardly anything bad you’d notice about Coinomi. They have good level of security, complete privacy in transactions, good customer support, support for multiple leading cryptocurrencies, integrated exchange availability.
In addition to this, Coinomi releases security updates from time to time to ensure that your cryptocurrency is always secure.