In this article, we provide a Coinomi wallet review and discuss the crypto wallet’s features.
The Coinomi wallet is one of the oldest cryptocurrency wallets founded in 2014 by George Kimionis. Kimionis is also the founder of Cryptean, an independent crypto investment platform.
What sets Coinomi apart from many other crypto wallets is that it allows the wallet owners to store more than 1,770 cryptocurrency assets from 125 different blockchains. This is the broadest range in the crypto industry. The key altcoins and tokens are continuously integrated.
Supported Assets and Built-In Exchanges
You can view all the assets supported by Coinomi here. They are grouped into ten categories and nine families that you can use as filtering options. For example, you can only view the stablecoins supported by the wallet, as follows.
It’s possible to swap between these assets instantly from within the Coinomi app via built-in exchanges; Coinomi has strategic partnerships with many DEXes.
Decentralized Apps
Coinomi has an integrated Dapps browser and Web3 support. That means you can also seamlessly interact with a wide range of decentralized apps, ranging from yearn.finance, Synthetic to Maker. Using the Wallet Connect feature on the desktop, you can explore the available Dapps on the big screen as well.
NFT Collectibles
You can store and manage your NFT assets based on the Ethereum network securely on Coinomi. It has full support over ERC-721 non-fungible tokens.
How to Download and Set Up Coinomi
Coinomi is a cross-platform wallet. It has full support for both mobile (iOS, Android) and desktop (Windows, macOS, Linux) applications.
You can watch the following video to set up your account and carry out the two basic transactions: receiving and sending.
Here are a few points you should take into account while setting up your wallet.
- Be sure you use the official sources to download Coinomi.
- Once the download is complete, click the “Create a New Wallet” button. You’ll be prompted with a screen that shows a recovery phrase with 12-24 words. This phrase is automatically generated and it’s tied to your private keys.
It’s important to know that Coinomi is a non-custodial wallet. This means it stores the private keys of your wallet on your device. It’s your responsibility to remember the recovery phrase or write it on paper and save it in a secure place. Coinomi can’t recover your funds if you lose your private keys.
- After backing up your recovery phrase, confirm the “I have safely stored my recovery phrase” button.
- Next, create your password.
- Select a few cryptocurrencies to start. You can add more coins later.
- The final step is to read through the legal disclaimer and confirm it.
Sending and Receiving Funds
It’s possible to buy cryptocurrencies using a credit card using Simplex. You can also send cryptos to the corresponding coin address on your wallet.
To receive funds from a service or someone, you need to provide your Coinomi address for the corresponding coin.
- Select the coin the receiving address of which you want to copy.
- Click receive tab. The screen will show the address of that coin.
- You can use the share and copy buttons on the upper right corner of the wallet screen to use the address.
Note that cross-chain transactions aren’t enabled. If you try to send BTC to an Ethereum address, for example, you may lose your funds.
To send funds from your Coinomi address to other wallets, you need the recipient’s receive address for the coin you want to send.
- Select the wallet of the coin you would like to send.
- Paste the destination address or scan the QR.
- Enter the amount you would like to send.
- Double-check the address and the amount.
- Click the send button.
- Select the fees you want to use.
- Click the confirm button.
Thanks to Coinomi’s advanced technology, it’s also possible to use altcoins to directly pay to bitcoin addresses or vice versa. No extra step is necessary.
Custom and Dynamic Fees
Coinomi is a free wallet; it doesn’t cut any transaction fees for receiving coins.
You only pay fees for outgoing transactions directly to miners who are responsible for confirming those transactions on the blockchain. The amount of the fees differ depending on the network conditions at the time of transaction.
Mining fees are calculated dynamically based on the network conditions to offer you the best value. This allows you to choose any of the three dynamic options which are Low, Normal, or High priority. If the average fees increase on the network, the value of the three priorities will also increase accordingly.
For quick transactions, selecting high priority will be the way to go. Note that the fee algorithm takes the current network state into account. Even though you select the High priority, there may be some delays in your transaction, if there’s an abrupt increase in the network use.
In all transactions, you can also define a custom fee manually. In this case, you have the choice of setting a fee per byte or kilobyte of transaction data. But setting fees manually is recommended for advanced users. The fee you set directly affects the time your transaction will be confirmed. If you set a too low value, confirmation can even take days. That’s why, more often than not, selecting from the three priority options calculated by the algorithm will be better.
The following video explains how the adjusting mining fee process works in the Coinomi wallet.
Note that there’s an important difference between Bitcoin and Ethereum fee calculations. Unlike Bitcoin, the amount of ETH in the transaction doesn’t matter and therefore it doesn’t influence the fee.
Cross-Wallet Usability
Coinomi wallet allows you to use your FIO address instead of the long public addresses. It’s possible to send and receive any cryptocurrency across FIO.
The Foundation for Interwallet Operability (FIO) is a decentralized open-source protocol with a consortium of 25+ blockchain companies. The foundation includes a wide range of wallets and exchanges to allow a new standard for blockchain usability. It does so by removing the requirement of long hexadecimal address strings used for the standard wallet transactions and replacing them with a human-readable address or username. This single and simple address works for every coin all the time. In a way, it takes away complexity and helps achieve a wider blockchain adoption.
To register an FIO username in your Coinomi wallet, choose the “Add Coins” menu and add the FIO wallet from the list. You’ll be directed to the FIO registration page where you can define your username.
Multi-Seed Support
You can also import and export an infinite number of wallets. Each of the imported wallets can have its own encryption and authentication settings.
Adding, renaming, and deleting wallets are all done under the “Manage Wallet” tab.
At the moment multi-seed option is only available for Android and Desktop applications.
SegWit Enabled
SegWit implements the latest advancements on the Bitcoin network to allow for faster confirmations and lower fees. Coinomi enables SegWit as an optional upgrade. To activate this option, you must choose Upgrade on the wallet screen. To benefit from this option, you should use your SegWit address for receiving all future coins. The coins supported by SegWit are Bitcoin Litecoin, BitcoinGold, BitcoinAtom, DigiByte, Monacoin, Vertcoin, Viacoin, Fujicoin, Bitcore, Groestlcoin, and Syscoin.
Enhanced Privacy
There’s no Know Your Customer (KYC) process you need to go over to access your funds, no IP association, no identity, and no transactions tracking.
Coinomi wallets aren’t linked to an email address or phone number. No information about you is stored on the database. All of your data exists only on your device.
Your physical location is hidden. Coinomi allows a high degree of anonymity by keeping logs of transactions and IPs.
For more privacy, you can use the “screen lock” function that requires a PIN or fingerprint every time you open the Coinomi app.
On the mobile Coinomi app, you have the option to hide your balances. The Android version has also the option to disable screenshots.
Coinomi is a Hierarchical Deterministic (HD) wallet that generates an infinite number of keys and addresses from a single master key. Thanks to this, every time you receive funds to your Coinomi wallet, a new address is created. Changing addresses is another way to increase privacy because it makes tracing your steps on the blockchain harder. Besides, a single backup is enough for all of the addresses.
Blockchain-based ID
Coinomi comes with the Digi ID authentication method which allows you to log in to the applications securely and anonymously by scanning a QR code. In this way, Digi ID eliminates the need for usernames and passwords.
Can You Stake in Coinomi?
Since it is a non-custodial wallet, all coins that receive rewards automatically to the wallet address can be staked in Coinomi. Two examples of such coins are Algo and Smartcash. In addition, all Ethereum-based coins can be staked through smart contracts. Also, cold staking with the Callisto coin is possible.
Final Words
Coinomi wallet has some drawbacks. Its source code is closed, which is an unusual thing in the blockchain ecosystem. Also, it’s not possible to make transfers using fiat currencies.
Nevertheless, as discussed in the article, it has many strong points and features. It’s a free multi-coin and multi-asset wallet for a vast number of cryptocurrencies. It provides secure and anonymous transactions and 24/7 instant customer support via live chat directly in the app and on the official website.