Blockchain wallet trusted by millions. Coinomi provides secure storage of over 1500 different cryptocurrencies, internal exchange and DApp browser. The website provides a table of almost 30 features offered to customers in this free application.
What made the Coinomi wallet popular:
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Wide range of supported cryptocurrencies (true ownership and access from mobile phone and desktop to more than 125 blockchains and thousands of tokens, which Coinomi claims is the largest figure in the industry for non-custodial wallets) – Highest level of trust (for the entire life of the wallet, not a single hack or compromise of data occurred) – Globalization (support for 168 fiat currencies, translation into 25 languages, the ability to instantly exchange assets through built-in exchanges)
Company founder and history of Coinomi
George Kimionis
The Coinomi cryptocurrency wallet was created back in 2014 by George Kimionis (Linkedin and Twitter). The company is officially registered in London. Prior to developing his project, George completed a Bachelor of Engineering degree at the University of Manchester. He also managed to found the startup Cryptean, a platform for cryptocurrency investments. Little is known about the rest of the Coinomi team.
Initially, the developers of the crypto wallet wanted to create a simple but secure application that would allow storing cryptocurrency. At that time, there were already quite a few similar projects, but they were all of very low quality. That is why the creators of Coinomi decided to take a thorough approach to the development of their cryptocurrency wallet.
The idea turned out to be very interesting and promising, but the company’s budget was small and Coinomi’s marketing costs had to be reduced to a minimum. For a long time, the wallet had little demand among users. Relatively speaking, the project promoted itself.
The main popularity of Coinomi came after the introduction of the multi-currency mobile storage function. After the application was developed, 23 cryptocurrencies were immediately added to its functionality. Further, this list only expanded, and users became more and more interested in this project. As a result, Coinomi was able to become one of the most popular cryptocurrency mobile wallets and is now used by many investors around the world.
What is Coinomi? Features of a cryptocurrency wallet
So, Coinomi is a lightweight multi-currency mobile wallet with support for storing a huge variety of cryptocurrencies and tokens (including ERC-20), as well as a built-in ability to exchange coins among themselves (integrated with ShapeShift and Changelly exchangers, which allows you to make currency exchange as profitable as possible) . There is also a function for regulating the commission rate and supporting the Russian language in the interface.
The official website of the company is https://www.coinomi.com.
Previously, the Coinomi wallet only worked on Android, but recently the developers released an application for iOS. At the moment, it is planned to create desktop versions of the wallet for Windows, MacOS, Linux (according to the plan, it should be implemented by the end of the 3rd quarter of 2018).
The app's rating in the Google Play Market is above average (4 stars).
This multi-currency wallet is famous for the fact that not a single hacker has yet been able to hack it. All this, of course, is encouraging, as it directly shows the high security of the crypto wallet. According to the developers, Coinomi uses “powerful encryption and cryptography” to ensure privacy. Indeed, if you study Coinomi in more detail, you will find out that the security of the wallet is quite good (for a mobile wallet). The wallet’s advanced functionality includes support for the HT protocol , which allows you to mask the user’s IP and make him completely anonymous; however, there is still no KYC verification. Thus, identification of users when performing a particular financial transaction is simply impossible!
It is also worth noting that user data (private keys, secret phrases, passwords, etc.) is not stored in the Coinomi database. This, in turn, makes this cryptocurrency wallet quite reliable and protected from hacker attacks, because only users have their personal account information.
Private keys in the application of this cryptocurrency wallet are created using a “super password” according to the BIP44 standard , consisting of 18 words (in the old version of the application there were only 12). Moreover, if you need to recover your password, you can do this without any problems. Coinomi does not have two-factor authentication or multi-signatures , which is a little disappointing.
The wallet interface is also quite nice and simple. There are no unnecessary functions here like price charts, cryptocurrency price order books, news feeds, chats, etc. Such functions are simply not needed by the majority of mobile wallet users, so the developers did not add them to their application.
At this time, Coinomi allows you to store a huge variety of digital assets (over 500), which, of course, includes all known coins.
Main list of Coinomi currencies
The most popular cryptocurrencies: - Bitcoin, Ethereum, Ripple, Litecoin, Dash, Zcash, etc. Less known : Aeron, Dent, LocalCoinSwap, Dogecoin and others. Almost all known Bitcoin forks: Bitcoin Gold, Bitcoin Plus, Bitcoin Token, BitcoinZ Almost no one uses coins: Bata, Adcoin, Skraps, PutinCoin
A complete list of all cryptocurrencies that Coinomi supports can be found on their official website in a special section. This list is constantly updated.
Another incomparable advantage of Coinomi is the ability to add your own tokens. Once you add them to your crypto portfolio, they will also appear on your account, albeit without a corresponding icon.
Coinomi's currency exchange process occurs at a very high level. Transactions are completed almost instantly, the maximum delay of operations even during system load does not exceed 2-4 minutes.
Separately, I would like to touch upon the commission rate of Coinomi, as this is a very important point for every user. Here it is determined dynamically and generated by the cryptocurrency wallet system during a request to transfer funds. The main criterion for the volume of the commission is the queue in the Coinomi pool; the larger it is, the lower the interest rate in the operation is fixed. If you wish, you can independently change the transaction fee or change your position in the queue to reduce the total amount. This innovation is very pleasing.
Where to download Coinomi
Initially, there was only an application for smartphones based on Android, but now there are programs for iOS, as well as desktop systems:
- Windows;
- macOS;
- Linux.
To download, you need to go to the official website of the Coinomi wallet and click “Download” there:
Here you will need to select for which device and operating system you need the program, after which download links will appear.
Key benefits of Coinomi
In general, this cryptocurrency wallet has the following advantages:
- Decent security.
- One-time data backup , which creates only one passphrase.
- Versatility (new versions of the wallet will be released soon, which will make Coinomi more accessible).
- All financial transactions can be completed in just a few clicks.
- No hacks or serious problems with the wallet system over a long period of existence.
- The storage and generation of passwords is carried out exclusively by the user himself , which makes hacking the Coinomi service completely useless for hackers.
- Availability of multilingual application, where Russian is present (translation is done correctly)
- Easy installation of the application and registration of an account on this service.
What cryptocurrencies can be stored in the Coinomi wallet?
The official Coinomi website has an “Assets” page that shows all available blockchains and coins in alphabetical order.
The impressive list of over 1000 items is filtered by category (coins, tokens, stablecoins, DeFi, forks, private, masternodes, SegWit, test and exclusive) and families (Bitcoin, Ethereum, Binance, Tron, Cryptonote, Omni Layer, NEM, Zerocash, Zerocoin).
Disadvantages of Coinomi
Like all cryptocurrency wallets, the Coinomi application also has its drawbacks:
- Very poor and irresponsible technical support of the service. All the most important problems are resolved here for a very long time, and consultations about them are almost always useless.
- Loss of cryptocurrency from users. There are a number of Coinomi members on the Internet who complain about the disappearance of their cryptocurrency from their personal account. This is primarily due to the Changelly exchanger, which under no circumstances should be used to store digital coins, but many people forget about this.
- Relatively little security functionality . Although the developers position their cryptocurrency wallet as very reliable, extra security never hurts. For example, there is no two-factor authentication, which would increase the security of Coinomi. In general, it is better not to connect to public networks and go to unverified sites. You can easily catch a virus and lose your cryptocurrency savings.
- Lack of current versions of open source code on the Internet. Although Coinomi positions itself as an open system, the developers still refuse to make the open source code of their wallet available to the public on the Internet, explaining this by strengthening the security of their service.
Cons of the service
One cannot ignore a number of features, taking into account which the choice of Coinomi will no longer be so obvious:
#1 Customer Service
Most likely, due to the small staff of the service staff, it is impossible to wait for a response from the support service, as many users note. This is especially unpleasant when the issue concerns financial assets.
#2 Cryptocurrency losses
It cannot be said that the disappearance of funds from user wallets is widespread, but such cases do exist. There are complaints from users that when working with the Changelly option they lost their assets.
#3 Closed wallet code
Initially, the project worked on open source, which was available for study on GitHub. However, over time, the developers stopped publishing codes for updated versions of the application, without responding in any way to the corresponding requests and requests from users. The only answer is that publication of the code was stopped for security reasons.
Installing Coinomi and first steps
So, let's figure out how to register a Coinomi wallet.
First you need to download the application to your phone. At this time, there are two versions of the wallet – for Android and for iOS. You can download applications directly through the Apple Store (https://itunes.apple.com/app/coinomi-wallet/id1333588809) and Google Play (https://play.google.com/store/apps/details?id=com) .coinomi.wallet). You can also download the application from the official Coinomi website (https://www.coinomi.com/downloads/).
Download Coinomi wallet
This article will discuss installing a wallet for the Android version, since it is more common among users than for iOS. The Android application itself weighs only 7 MB , downloading and installing it takes a minimum of time. After the Coinomi wallet is installed, click the “Open” button.
Installing Coinomi wallet for Android
As soon as you open the application, you will be prompted to register a new wallet or restore an old one using a secret phrase. Click the “Create a new wallet” . The registration process begins here.
Registering a new Coinomi wallet
First of all, you will be asked to create a recovery phrase, consisting of a random list of words that will need to be used if the private key to your account is lost. Without these words, it will be impossible to restore, so take this responsibly, since all your financial savings in the form of cryptocurrency may be lost forever.
The words will need to be written down manually, since it is impossible to take a screenshot (there is a special protection against taking screenshots, which we can then remove). In general, we write down the recovery phrase somewhere in a notebook and move on. After you have written down everything, click the “Next” button.
The wallet will want to check how well you saved the secret phrase; here, if you wish, you can check yourself and enter the recovery phrase in the sequence in which it was given. You can skip this step, but it's better not to. Take 5 minutes and make sure the information you recorded earlier is correct.
After verification, we begin to directly create a password for the account. Come up with a very complex code consisting of various lowercase and uppercase Latin letters, symbols, and numbers. A strong password must be at least 12 characters long. Write the password in the same place where you previously wrote down the secret phrase. So, you will not lose key private information from your account, because it will be recorded in one place. Enter the password 2 times and click “Next” .
Wallet recovery phrase and password
The next step is that the application will prompt you to select those cryptocurrencies from its list that you will use most often. You can mark a few and move on. After completing registration and setting up Coinomi, you can change/add this list of coins. For example, select Bitcoin and click “Next” .
Before you start using the application, you will be introduced to the list of “Terms of use of the service”, which will describe the points: what problems there may be with the wallet, what technical errors, trading risks, and a little explanation about legislation and taxes. Also, the developers openly state that they are not responsible for your actions, it lies only with you. If you agree with the use of Coinomi, then click the “Agree” .
That's all! The registration process is complete, you can now start using the application.
Registration: how to create a cryptocurrency wallet in Coinomi?
Download the application in the mobile market, or for your computer by visiting the official Coinomi website.
After launch, click “Create a New Wallet” to create a new wallet.
The Recovery Phrase will be displayed.
You need to rewrite it on paper and store it in a place inaccessible to anyone except you, since this set of words gives direct access to all the cryptocurrency available in the Coinomi wallet.
Having saved it, confirm the action by checking “I have safely stored my recovery phrase offline”.
Now we need to confirm that we saved it. We click on the tiles with words one by one in the same order that was presented before when we wrote down the phrase.
A successful result will highlight all the words in green, and you can move on.
The final stage of registering Coinomi Wallet is setting a password. It will be requested when changing settings, adding new cryptocurrencies, or transferring them to another address. It must be between 10 and 128 characters long.
We select which cryptocurrencies we need in the wallet so that the application generates addresses for them.
Read the rules for using the application and agree to the rules if they suit you.
Koinomi wallet has been successfully registered!
Adding new currencies and tokens to the Coinomi wallet
So, now your workplace has opened in front of you with a list of those cryptocurrencies with a zero balance that you selected during registration.
Coinomi wallet. Balance
Now our task is to learn how to add new cryptocurrency wallets (coins) to our list. To do this, click on the three bars in the upper left corner of the screen. At the very bottom, select “add wallet” .
How to add a new coin to Coinomi
You will be prompted to add new coins from the list, but now, to add cryptocurrency, you will need to name your wallet and enter your account password. Click the “Add” and after that the asset will appear in your list of cryptocurrencies.
Adding a new cryptocurrency to the Coinomi wallet
Now let's see how you can add ERC-20 tokens to your Coinomi account. Click again on the three bars at the top of the screen, then look at the inscription “+ tokens” . Go to this section. After the transition, you will be asked to select the platforms on which certain tokens can be based. Since we need ERC-20, we choose Ethereum.
Next, the program will give you a huge list of current ERC-20 tokens. If you find your coin, then click on it and add it to your wallet. However, if you have not found the required token, then click on the inscription “Not in the list? Add it manually .
Adding your own token to the Coinomi wallet
The program will give you a data filling form where you need to enter information about the new token that you want to add. Enter the required data and upon completion click “Add Contract” .
Data of the new ERC-20 token
If you did everything correctly, the coin will be added to your list of current cryptocurrencies on the main screen of the application.
Security: how to make your Coinomi wallet secure?
Open the menu (icon in the upper right corner of the application), and find the “Settings” item.
Then select the “Screen Lock” line. There are two options available here to increase the security level of the application.
PIN code
4-digits that will be required when launching the application and making transactions.
Face ID
Using the smartphone's built-in technology to recognize the owner's face instead of a PIN code.
After setup, do not confuse the payment password and PIN. In some cases, the wallet requires the same password (more than 10 characters) that we specified during registration.
Coinomi wallet. How to top up your balance
Now let's move on to replenishing your wallet balance. Let's consider replenishment using the example of the most popular cryptocurrency Bitcoin.
So, click on the BTC coin in the Coinomi application and go to the balance. Now we have a zero balance in our account, we need to top it up. To do this, go to the “Receive” . The application will show you a private BTC address to which you need to transfer the cryptocurrency.
Topping up your Coinomi wallet balance
You can top up your balance either from your alternative cryptocurrency account or buy digital coins on an exchanger or stock exchange.
After the blockchain processes the transaction and the bitcoins arrive in your Coinomi account, the Android application will immediately display this in your profile. Moreover, the balance will be displayed both in cryptocurrency and in US dollars. If desired, you can configure the display in any other currency.
Display balance in fiat currency
Depositing and withdrawing funds in Coinomi
The Coinomi service does not support fiat currencies. You cannot top up your account using Visa/MasterCard cards. You can only exchange cryptocurrencies between other wallets.
To withdraw funds to an electronic or bank account, you will have to use online exchangers or crypto exchanges that support such withdrawals.
For example, the BestChange - select a coin/fiat pair, enter the address of your Coinomi wallet from which you want to withdraw funds and wait for it to be credited to your card or EPS.
Another way to withdraw money from your Coinomi wallet is to pay for goods and services in places where cryptocurrencies are accepted.
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Withdrawing cryptocurrency from Coinomi
To withdraw digital coins from your Coinomi account, you also need to go to the section with the desired coin, but already click the “Send” . After this, the application will ask you to indicate the recipient's address, the amount to send in cryptocurrency or US dollars.
At the same time, you will be notified that the sending amount will be slightly less than stated, since a system commission will be charged. If you agree to make the transfer, then click “Submit” and the system will begin to generate the transaction.
How to send a transaction
Exchange cryptocurrencies in Coinomi using Shapeshift and Changelly
Now let's figure out how you can exchange digital currencies in Coinomi and whether it is profitable to do so at all. Shapeshift and Changelly are exchangers that are famous for their speed and almost instant transactions. You can use them as follows.
We go to the tabs in the upper left corner and see the “exchange” with these exchange platforms, select the one you like. In this article we use the Changelly exchanger.
Let's go to Changelly and here the application will prompt you to immediately select the currency from the list that you want to exchange or receive (there are about 55 in total on the list). We indicate the amount, after which the Coinomi system will automatically calculate the total amount of cryptocurrency received + commission (about 1-2%).
Cryptocurrency exchange inside the wallet
This completes the cryptocurrency exchange operation.
If you prefer to use the Shapeshift , then the algorithm for purchasing currencies will be almost the same, however, the choice of cryptocurrencies here is slightly smaller (about 35) and the commission is much higher (3-4%) . It is also worth saying that this exchange charges an increased commission for exchanging cryptocurrency for tokens. Here it is 15-17%, while Changelly charges only 1-2%.
Changelly and ShapeShift Fee Comparison
In general, Changelly is more profitable to use on all fronts than the Shapeshift exchange.
Buying cryptocurrency for fiat in Coinomi
Coinomi functionality does not support fiat money, only cryptocurrencies, so you cannot put US dollars or euros into your wallet. However, you have the opportunity to buy any cryptocurrency directly through this application for fiat money.
To perform this operation, go to the menu where there is a section “Buy Crypto” and click on the “Credit Card” . After this, you will need to select the coin you want to buy (for example, Bitcoin) and its quantity. Next, you need to choose which fiat money you will pay with (dollar or euro).
As a result, the system will automatically calculate the cost of your purchase. If everything suits you, then enter your BTC address, which Coinomi gave you when registering your wallet, go through the captcha (protection from robots) and click “Continue” .
How to buy cryptocurrency through Coinomi wallet
Before Coinomi confirms your cryptocurrency purchase, you will need to be verified and upload your ID into the Simplex system (which is used to purchase cryptocurrency). After verification, your transaction will be successfully confirmed.
Purchasing tokens in Coinomi
The last section in this wallet is called “Token Sales” . Here Coinomi offers you to buy cryptocurrency (tokens) at a discount. Let's go to this section and see that we are given the opportunity to invest in a new ICO project with a 50% discount. This investment option is very risky, so think carefully about whether you need it or not.
So, let's say you were interested in the proposal and you wanted to invest in this project. We click on the selected ICO, immediately after this the system takes us to the payment form, where we need to select the payment option in cryptocurrency, as well as the final amount. If everything is satisfactory, we confirm our consent, put a tick at the bottom of the screen and click “Take Part” .
Participation in ICO through Coimnomi
DApp browser on a smartphone in Coinomi
You can go to it by clicking on “+” in the application, at the bottom of the screen. And then select “Browser”. And then use it as a regular browser.
For full interaction, you will need to install Chrome and the MetaMask extension.
A connection is made to the State Of The DApps website. The software is divided by technology: Ethereum, EOS, Klaytn, Hive, Blockstack, ICON, Steem, POA, xDai, Neo, OST, Loom, GoChain, TRON.
TOP 5 ratings available in each genre: Security, Wallet, Property, Personality, Games, Finance, Exchangers.
Setting up a Coinomi wallet
If you click on the 3 dots at the top right, you will see a number of other features of the Coinomi wallet. Here you can update your portfolio, go to settings, contact support, export keys, and read information about the program. Now we will turn our attention to the “settings”. By opening this section, you can change the currency in which your crypto wallet is calculated, the language, and also remove the function to prohibit phone screenshots (we encountered this during account registration).
Cryptocurrency wallet Coinomi
Also in the settings there are the following functions:
- tax (commission) management, where you can select a currency (for each separately) and independently change the fixed commission fee for transactions (the lower it is, the longer the financial transaction will be);
- view your recovery phrase (by first entering your account password);
- change the password itself;
- create a new wallet.
Security of funds
It is worth noting that the developers approached the issue of money wisely, because in addition to the password to log into your account, you must enter a special phrase consisting of a certain number of words.
The secret phrase is shown only once during registration - you must write it down.
This is a private key with which you can make a backup copy and generate new keys.
If the recovery phrase, which is issued to each user upon registration, is lost, access to wallet keys may be lost.
Some may find this method of password recovery unreliable, because with a special software algorithm, fraudsters can select the necessary combination for the phrase and gain access to the wallet. This is wrong.
The phrase is a mnemonic code, the last word of which is a checksum.
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