Coinomi cryptocurrency wallet. Instructions and recommendations.
In 2022, users can not only hold cryptocurrency, but also invest it in various projects for additional income. But, still, most people acquire and store digital coins in order to sell them when they rise in price. Investing in cryptocurrencies is easy, but storing them is quite difficult. To diversify risks, you need to distribute capital among several promising blockchain projects. And, therefore, it is very important to choose a reliable and convenient multi-currency wallet.
Of course, hardware safes are attractive and reliable, but they are quite expensive. And, if the physical wallet fails or gets lost, you will need to buy a new one, which is not always convenient and increases the cost of storage. That is why in this review we decided to present you a free Coinomi wallet. Let’s see what its developers can offer crypto investors.
What is Coinomi
Official site:
Coinomi is a well-known and popular crypto wallet that can store dozens of coins and tokens. It is also possible to change the size of the commission when transferring funds. However, you do not pay wallet developers, but miners or validators who verify your transaction.
Coinomi works with 3 types of bitcoin addresses: Legacy (starts with “1”), Compatibility (starts with “3”) and Default (starts with “bc1”). If necessary, you can import the bitcoin wallet created in Coinomi into Electrum. Detailed instructions are here. Every time you spend with Coinomi, no matter which wallet you had coins in, the change will be sent to the default address (BIP84).
The keys generated when creating a new wallet are stored on the device and are never sent to the Coinomi servers. Only you have access to your assets. Coinomi wallet does not collect any personal information, and even hides users’ IP addresses so that no one can spy on wallet usage patterns or transactions.
The Coinomi wallet is locked with a password, and you can still set a pin code to enter. Even if an intruder steals your phone, he will not be able to open this application. Account recovery occurs using a mnemonic phrase of 24 randomly selected words. The interface is simple and intuitive even for beginners, there is a Russian language in the mobile application. It is possible to exchange crypto coins without entering the exchange, as well as purchase for fiat using a bank card. Supports DApps browser, storage of non-removable tokens, gift cards and option .
Even though the application is free, the developers offer support to their users. The Coinomi official website is available, the button for contacting support in the wallet interface and the FAQ section.
The project has active pages on the social platforms Twitter, Telegram and Facebook for regular interaction with its community. The most important announcements are published on the official blog.
However, not everything is so perfect. A Coinomi review would be incomplete without mentioning the downsides. For a long time, the application was open source, but in 2018, the developers switched to closed source. It should be noted that the lack of community oversight may have led to a decrease in the security of this crypto storage and complaints about the loss. In August 2021, the CEO of the project announced on his twitter: “Our source code is open to the best $DGB contributors who want to review it and create binaries that match the exact checksums that can be found at http://coinomi.com/ downloads. That way they can confirm that no backdoor exists.”
History of creation
To the question: “Whose coinomi wallet?” difficult to answer unambiguously. The project was launched in 2014 by a team of blockchain experts with years of experience and success in the Fintech industry. The founder and CEO of the company is a native of Nicosia (Republic of Cyprus) George Kimionis. The company is based in the British Virgin Islands. The team includes citizens of the USA, Great Britain, Switzerland, Russia and other countries.
You can install Coinomi wallet on Android or iOS platform. Find it in the app store, download it to your mobile gadget, and create an account. You can also download the mobile application as an apk file from the official website of the project https://www.coinomi.com/en/downloads. There are also buttons to go to GooglePlay and AppStore resources. All supported options are available in the mobile app. Download and install coinomi wallet on your mobile and start creating an account. Coinomi is compatible with Android Marshmallow 6.0 and above and iOS 12.0 and above mobile platforms.
Desktop client for PC
You can download the Coinomi desktop app for Windows, macOS and Linux. Download the wallet only from the official site , otherwise you can install malware.
How to create a cryptocurrency wallet with Coinomi?
The installation process is very simple and takes less than a minute. Just run the exe file and follow the instructions on the screen. There are no additional steps or registration procedures. Once installed, users can either create a new wallet or restore an old one using the recover seed phrase.
Installing the Coinomi app
If you don’t have an initial phrase, then you need to click Create Wallet, save the mnemonic, and then enter it in the correct sequence and come up with a password. You can specify which coins should be added to the menu when creating a wallet. If you are using the mobile app, we recommend that you also set up a PIN code to block your login.
But when sending outgoing transactions, you will have to specify a password, so it’s better not to lose it. However, the wallet can always be restored using a seed phrase, but if you lose 24 words, you can say goodbye to your assets.
Wallet interface and available tools
The application has a user-friendly interface with easy navigation. The overview section displays a list of coins and tokens that you have added to your wallet. The balance of each coin is available in the wallet menu. When you go to the page of a specific asset, you will see the transaction history and balance in detail, as well as the address and sending transaction tabs. You can add the necessary coins and tokens. To do this, in the mobile application you need to click the cross, and in the desktop Add Asset.
What cryptocurrencies can be stored in the wallet
The wallet supports 125 cryptocurrencies, as well as tokens created on the basis of:
- Ethereum;
- Binance Chain (BEP2);
- Tron (TRC 10);
- Nem;
- Hedera;
- OmniLayeer.
Support for BEP 20 and TRC 20 will be added in the future to store your assets in the Coinomi wallet. We will now tell you how to withdraw money from your wallet or transfer it to fiat.
Purchase Cryptocurrency
At the time of writing, the download of the latest version of the desktop application was not available, and the older ones do not have the Buy / Sell option, so we conduct all transactions in the mobile wallet.
Buying cryptocurrency for regular money is available in two tabs: Crypto (Worldwide) and Crypto (Europe). In the first one, you can buy bitcoin and other digital coins with a credit card through the Simlex exchanger. 99 national currencies are supported. To complete a transaction, go to Crypto (Worldwide), place an order and make a payment following the prompts.
In the Crypto (Europe) tab, you can buy and sell digital assets, but only for the euro currency.
Reputation and reviews
Summing up, we can say that Coinomi wallet cannot be called an outright scam, but judging by the reviews and personal experience of the author of the article, it is not suitable for storing large amounts in cryptocurrency. In the event of a failure, and on this wallet they often happen when the cryptocurrency goes up, the ether can be transferred through MEW.
But this adds unnecessary hassle and reduces the level of security. Not all the code is posted on Github, but only some additional tools, and the desktop application works very badly. Coinomi can be used to store small amounts, and if you have saved at least 0.5 ETH, then be sure to buy yourself a hardware safe (Ledger or Safepal).
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