Coinomi Cryptocurrency Wallet Review

A secure, user-friendly cryptocurrency wallet for new and experienced investors

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Coinomi

Coinomi

Investopedia’s Rating
4.1

Our Take

Launched as Coinomi by a team of blockchain technology experts in 2014, Coinomi Wallet can be used by both new and experienced investors because of its user-friendly interface and strong security measures. Coinomi wallet also supports a broad range of crypto assets across 125 blockchains, making it one of the most versatile global applications that offers 168 fiat currency representations in 25 languages.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Support for a wide variety of cryptocurrencies and 125 blockchains

  • Built-in exchange

  • Zero fees

  • Easy-to-use interface

  • Multilingual with enhanced security

Cons
  • Not fully open-source

  • Does not support 2-Factor Authentication (2-FA)

Key Takeaways
  • Coinomi supports over 1,770 crypto-assets across 125 blockchains.
  • As a leading cryptocurrency wallet, it has built-in features that enable users to buy, swap, exchange and stake cryptocurrencies.
  • Coinomi offers 24/7 live customer support.
  • This wallet also provides enhanced privacy and anonymity, hence Know-Your-Client (KYC) bureaucracy is not required to access funds.
Company Overview

Launched in 2014, Coinomi is headquartered in Roadtown, Virgin Islands. In 2020, the company sealed several partnerships to provide better crypto services for its users. These include joining forces with Simplex to enable its European users to purchase crypto directly from the app, as well as with Bidali to allow users to buy gift cards and shop for items with crypto.

Coinomi has made significant updates to its security architecture. This comprises the encryption of private keys by the Android secure keystone system, a super paranoid biometric that guards the wallet against third-party breaches, and a password authentication feature.

Coinomi is a multi-chain, noncustodial, software-based wallet that supports over 125 networks and more than 1,700 different crypto-based assets. Available on desktop and mobile apps for both Android and iOS, the wallet has several features comprising a built-in exchange, enhanced privacy and anonymity, 24/7 customer support, and excellent security. Coinomi’s simplified payment verification (SPV) allows the recipient of a transaction to prove that the sender has control of the payment tokens they are offering by downloading only the transaction block and not the entire blockchain.

Coinomi

Coinomi

Investopedia’s Rating
4.1
Table of Contents
Coinomi Cryptocurrency Wallet Review

While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Never share your wallet’s login details, recovery phrase, or private keys with anyone.

Type of wallet Multiplatform software wallet including desktop (MacOS, Linux, Windows) and mobile (iOS, Android) 
Price  Free 
Fees  Network fees, customizable fees, withdrawal from exchange fees 
Number of cryptocurrencies supported  1,770+ 
Bitcoin and Ethereum supported?  Yes 
Earn (staking/rewards)  Yes 
Customer Service  24/7 support via help page, live chat, ticket system
In-App Features  Buy, sell, swap, exchange 
Hardware Compatible  No 
SPV or Full Node  Simplified payment verification (SPV) 
Mobile App  Yes 

Pros and Cons Explained

Pros Explained

  • Support for a wide variety of cryptocurrencies and 125 blockchains: Coinomi wallet enables users to trade and use over 1,770 crypto assets operating across more than 125 blockchains.
  • Built-in exchange: With a built-in exchange, users convert or swap one digital currency for another.
  • Zero fees: Coinomi wallet users spend no fees on incoming and outgoing transactions. Transaction fees are only paid to crypto miners who successfully add verified blocks to the blockchain.
  • User-friendly interface: Coinomi Wallet is easy to use as it requires no extra steps and offers a one-click cross-chain payment process.
  • Multilingual with enhanced security: Coinomi is represented in over 25 languages including English, French, Spanish, and many others.

Cons Explained

  • Not fully open-source: While Coinomi is an open-source software wallet, it is only open for audit by well-known entities.
  • Does not support 2-Factor Authentication (2-FA): The 2-Factor Authentication which is a security measure usually implemented to provide an extra layer of protection is absent in the Coinomi Wallet.

Features

Coinomi wallet is an excellent option for crypto investors to securely manage their portfolios in one platform. Available on both mobile and desktop, this software wallet presents new and experienced crypto investors with an easy-to-navigate interface.

Besides live customer service agents, the wallet offers an array of features such as staking which generates passive income, and a built-in exchange necessary for converting one cryptocurrency for another crypto-based asset.

The Coinomi wallet supports over 1,770 crypto assets, including:

  • Bitcoin
  • Ethereum
  • Avalanche
  • Binance Coin

Security

Coinomi wallet is one of the oldest wallets with robust security features. Aside from a security issue which was exposed and fixed in February 2019, the wallet has gained a good reputation within the cryptocurrency community.

Coinomi is a non-custodial wallet that offers wallet encryption, as well as giving users complete control over their private keys. Even if the wallet’s servers become compromised, the attackers would not have access to funds in the user’s wallets. To strengthen its security, Coinomi also has a blockchain-based Digi-ID that can be used in place of old, insecure credentials.

Privacy and Anonymity

Coinomi provides quality privacy and anonymity. Users do not have to go through the rigorous process of KYC verification or identity linking to access their funds.

Setup

Setting up the Coinomi Wallet is quite easy, but procedures vary between the desktop and mobile platforms.

The general setup is tied to three principles : downloading the wallet, backing it up with a 12–24 seed phrase, and using a password to secure the wallet.

Desktop

To set up Coinomi wallet for desktop, visit www.coinomi.com and click on “Download” at the top-right corner of the website where you will have the option to download Coinomi Wallet for Windows, MacOS, or Linux. Download the software that is compatible with the aforementioned devices. 

After downloading the wallet software, open the file to install the application, then open the application and click “Create a new wallet." Next, you are given a 12–24 word seed phrase which the platform forces you to mark during the next step as an extra layer of security. Users are then directed to create a secure password. As a general rule, it is recommended that all wallet users do not share your password with anyone.

Next, Coinomi will generate a new address for all supported blockchains. You will also be given an opportunity to download a wallet backup file. You must keep it safe as you will need it to restore your wallet should your device get damaged or lost.

Mobile

To set up the Coinomi wallet for mobile, visit the Apple App Store for iOS or Google Play store for Android and search for Coinomi wallet. Open the wallet after it has been downloaded.

Set up the wallet on your smartphone by following the procedures for setting up the desktop version of the wallet. Remember to keep your password safe, away from any third party.

If you would like to use the same Coinomi wallet on your desktop or mobile interface, you must sync your wallet across these platforms for seamless access to your crypto assets. Your seed phrase will come in handy during this process. 

For instance, if you have the Coinomi wallet on your mobile phone and also want it on your desktop device, simply download the Coinomi wallet software for desktop. Next, instead of selecting “create new wallet,” select “recover wallet,” and proceed with your seed phrase and password.

Usability

Desktop

Coinomi wallet allows users to access their crypto assets on their computers through the desktop version. Though this wallet is not hardware-compatible, it has a user-friendly interface capable of processing cross-chain payments within minutes.

Mobile 

Coinomi users can access their crypto portfolios on their smartphones by allowing users to download Coinomi wallet for mobile on Android and iOS platforms. On the Google Play Store for Android, Coinomi has a 4.4/5.0 star rating, with the majority of reviews testifying to the security and friendly interface of this multi-chain wallet.

Customer Service

Coinomi offers 24/7 customer service and users can approach the wallet’s support team via the website help page, live chat, and ticket support system.

Cost and Fees

Coinomi is a completely free wallet. Receiving coins is free because the sender pays the fees. When users send cryptocurrency, however, they will be required to pay a network fee. This is a standard industry fee that does not go to Coinomi but to the coin miners.

It is important to note that the network fees depend on the coins in question. For instance, fees paid for Ether (ETH) and other ERC-20 tokens is directly proportional to Ethereum gas fees measured in Gwei.

Coinomi wallet allows users to customize transaction fees. Usually, the wallet offers three dynamic options — Low, Normal, and High — which automatically finds the best deals related transaction fees. Users can, alternatively, set their fees for all supported coins.

Trading crypto using the built-in exchange is also free, however, standard fees apply when using ShapeShift or Changelly third-party integrations to convert crypto to fiat.

Final Verdict

Coinomi stands up well to the competition as a multi-chain software wallet, allowing users to buy, sell, and swap over 1,770 digital assets existing on over 125 blockchains in one place.

Coinomi is suitable for new and experienced crypto investors who value privacy and want to manage their diverse crypto portfolios in one place. The wallet has also become popular because of its long list of features including wallet interoperability, a user-friendly interface, strict security features, and zero fees.

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Everything You Need to Know About Blockchain Wallets

Methodology

One of the most important things to consider before you transact in and store cryptocurrencies is that you have a suitable crypto wallet in place. To help determine the wallet that works best for you, we conducted a comprehensive review process of the top cryptocurrency software wallets. 

Our review process is built around a quantitative ratings model that weighs key factors like security, costs, privacy, usability, customer support, and features according to their importance. Our team of researchers gathered over 40 data points and conducted extensive research for each of the 19 companies we reviewed. Our team of writers, who are experts in this field, then test drove each wallet to lend their qualitative point of view.

Our model gave preference to companies with the strongest security measures and reputations. Companies with rich features, such as supporting a large number of crypto assets, giving users the ability to sync with hardware wallets, and allowing for fee customization, also ranked highly.

Read our full methodology.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. Google Play. "Coinomi: Crypto Bitcoin Wallet."