On February 27th, 2019, a security issue within the Coinomi wallet was exposed via Twitter with a reported loss of $60,000 in cryptocurrencies. Via Coinomi’s Support Helpdesk, the user stated that their seed phrase was sent to Google because of a spell-check feature in the desktop wallet. Despite this news, Coinomi remains one of the top wallet choices for cryptocurrency users today.
There are plenty of crypto wallets in the space to choose from. Key features set this wallet apart from the rest. In our Coinomi review, we will break down the popular wallet to see if it is a secure place to store your crypto.
Read on…
History
Founded in 2014 by George Kimionis and blockchain experts, Coinomi launched. Their vision was to create simple yet privacy-driven decentralized apps (DApps). As an early wallet to the game, Coinomi certainly has history on its side.
Supported Coins
Coinomi supports over 125 blockchains, making it one of the highest numbers available in the space for non-custodial wallets. The list for supported coins is continually growing and currently at 1770+. You can even add and hold ERC20-tokens manually.
Availability
The Coinomi wallet is available on Android, iOS, and desktop (Windows, Mac, and Linux). Whatever you fancy, the Coinomi wallet has got you covered.
Security
Coinomi isn’t a bank. They aren’t going to come and save you if something were to go wrong. With that said, according to their site, “…no user has ever lost funds due to Coinomi.”
It is better to think of Coinomi as a blockchain interface. Coinomi makes it possible to interact with cryptocurrency and its respective blockchains.
You do not have an account as you would with a bank. Instead, you have 12-24 words as a recovery phrase. This recovery phrase creates your private key and is of utmost importance!
Coinomi is a non-custodial HD (Hierarchical Deterministic) wallet. This means that every transaction you make on Coinomi generates a new address. Your privacy, anonymity, and security increase due to this.
Crypto comes with great responsibility—see this as a blessing, not a curse.
Users are provided their private keys and stored on their devices. This means that your private keys never leave your device.
If you ever lose your device and need to restore your wallet, you can easily do so with your seed phrase. Even if Coinomi were to shut down you would still be able to retrieve your crypto with your seed phrase!
The mantra, not your keys, not your crypto rings true with Coinomi. It is always well-advised to follow best practices of safely securing your crypto funds. Rest assured, Coinomi has a high level of encryption and cryptography to safely secure your digital assets.
A password is also put in place as a second layer of protection. You will use this password when wanting to send, sweep, and exchange crypto from the wallet.
Privacy
One of the main reasons people turn to cryptocurrency is privacy. Coinomi does not take this lightly. They know the crypto space well and want their users to feel safe and secure.
Key features of Coinomi’s privacy include:
- No KYC
- No IP associate
- No identity tracking
- Hidden IP address
Ease of Use
The ease of use of the Coinomi wallet makes it super attractive for the everyday user. Simplicity is a big selling point with apps—even more so in the cryptocurrency space. If you can make your app or DApp easy to use for the newbie, you have set yourself up for success.
Coinomi shines in this department. From set-up to its key features, users will see how streamlined everything is. This goes for both their desktop and mobile apps.
Creating a new wallet takes no time at all. The first time you open the app, you will be in your wallet in a snap. The app will prompt you to set up a private key and password and then you are good to go.
Once inside, you will feel very comfortable. With big buttons and bright colors, the interface draws you in and makes you want to stick around.
Customer Support
Coinomi has excellent customer support. Help is available in a few different places with Coinomi.
They have a bountiful support page with a bevy of FAQs to sift through. You can contact them through their support tickets as well. Twitter is yet another option to contact the Coinomi team.
Right within the app and on their site—you can chat with customer support. This is a great feature to have and eases your concerns almost instantly. The support agents are very quick to respond and readily available for all of your blockchain needs.
Buying
In the U.S., buying crypto with fiat operates through a third-party platform—Simplex. European users can buy their crypto with BTC Direct. We also have the option of buying gift cards with Bidali.
Domains and Addresses
Cryptocurrency addresses are super long and complicated. This makes the user experience tricky and confusing, especially for the new user.
Unstoppable Domains is a crypto DNS (Domain Name Service) within Coinomi’s app that allows your long string of text to be an easily readable domain. Instead of your address being something that looks like 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2, you could make it into YourName.crypto.
Similar to how dot com domains became popular, we can do the same with our crypto addresses. This makes it way easier for your friends and family to send you crypto.
DApp Browser
Coinomi has a built-in DApp browser, making your Web3 experience seamless. Connecting with DApps has never been easier with your connected crypto wallet.
Exchange
The ability to exchange crypto is right within the Coinomi app. This makes things super convenient as you won’t have to leave the app to fill your buy or sell orders. Changelly, Coinswitch, and Totle Swap are the available exchanges to choose from.
Crypto Continued After Our Coinomi Review
We hope you gained some new insights with our Coinomi review. The cryptocurrency space is a lot to sift through. Make your life easier and read our crypto guides today! We look forward to seeing you.
