Coinomi Crypto Wallet Review: Advantages and Disadvantages of the Wallet

Coinomi Crypto Wallet

Coinomi is a cryptocurrency wallet that was introduced in 2014. Being the oldest multi-chain wallet, it has a large user base. It has a perfect track record when it comes to security and supports multiple assets and languages.

What is Coinomi?

So let’s begin our Coinomi wallet review. This platform supports over 125 blockchains. No other non-custodial wallet supports this many. Apart from popular assets like Bitcoin, Etehreum, Tron, and Algorand, it also supports tokens like Compound, Dai, Aave, OKB, and Stablecoins like Tether, USDC, BUSD, etc. The app has built-in exchanges that allow easy conversions.

                                                                Coinomi Summary
Wallet nameCoinomi
Wallet’s TypeDecentralized
Supported Coins179
Supported Hardware WalletYes
Mobile AppYes
Languages English, Chinese, Spanish, French, Russian, German
ChargesIncoming transactions free, Dynamic fees as per priority for outgoing transactions

How does Coinomi work?

This wallet allows you to purchase crypto coins using fiat currency via third-party services. In order to receive funds from another individual, you must share the receive address for the particular asset. You can simply select the asset and click on receive. After that, you can copy the address. To exchange one asset for another, simply select one of the supported exchanges on the left sidebar. 

This wallet works on Windows, Linux, and macOS. It has both dark and light modes and features and an intuitive interface.

Features of Coinomi

Here are the main features of the platform:

  • Multi-seed support

Thanks to this feature, you can import and manage as many wallets as you like. Each of them has its own encryption settings.

  • Cold staking

You can stake your crypto assets and earn incentives even when you’re not online.

  • DeFi services

Through this platform, you can effortlessly interact with DeFi services.

  • Wallet connect

This allows you to safely access decentralized applications. You can even link your wallet with other applications having this feature.

What kind of wallet is Coinomi?

Coinomi is a hot wallet that must be connected to the internet. However, you can use it as a paper wallet. When it comes to the storage of crypto assets, paper wallets are considered safer.

How to send cryptocurrencies using Coinomi?

Follow these steps to send crypto coins via this wallet:

  1. Choose the asset you would like to transfer
  2. Left-click on send
  3. Paste the address or scan the QR code
  4. Enter the amount to send
  5. Press send
  6. Double-check the amount and address
  7. Select the transaction priority
  8. Finalize the transaction

What currencies does Coinomi accept?

This wallet supports a total of 179 crypt assets. You cannot directly deposit EUR or USD into the wallet, but you can purchase coins with fiat currency through third-party services.

Is Coinomi wallet safe?

With Coinomi, your private keys remain on your device. Due to cryptography and strong wallet encryption, you have full control over your funds. KYC is not necessary to access your holdings. There is no transaction tracking, identity linking, or IP association. The wallet’s server also hides your IP address from others. Also, the Android platform supports Trusted Execution Environment, where specialized systems handle the decryption of the wallets.

Does Coinomi wallet charge fees?

Coinomi is a free wallet and you don’t need a fee to receive coins. For outgoing transactions, you need to pay a fee, but this goes to the coin miners.

Customer support & reviews

User reviews for Coinomi Crypto Wallet.

This crypto wallet has an average rating of 4.8 out of 5 on Trustpilot. The overwhelming majority of the reviews are positive and customers have praised the ease of usage.

Coinomi pricing

The dynamic fees for outgoing transactions depend on the transaction priority. There are three priority levels, namely Low, Normal, and High. The fee algorithm considers the current network state, so delays may occur due to high traffic.

Coinomi vs competitors

Compared to other platforms Coinomi has advanced safety features like IP masking and HD algorithms. It is integrated with the top exchanges and allows you to conduct trading effortlessly. Nevertheless, it is an unregulated wallet that does not allow you to buy crypto coins through fiat currency.

Final thoughts

Final thoughts
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Coinomi is a feasible option for individuals who wish to store and exchange crypto coins via mobile. It has several layers of security that protect your personal information. That being said, the code is not open source and the trading is conducted via third-party systems.
Coinomi is a feasible option for individuals who wish to store and exchange crypto coins via mobile. It has several layers of security that protect your personal information. That being said, the code is not open source and the trading is conducted via third-party systems.

Pros

  • High-end security
  • Wide range of coins supported
  • Free service

Cons

  • Crypto cannot be purchased using fiat
  • Unregulated wallet
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