Coinomi Cryptocurrency Wallet Review

A multichain cryptocurrency wallet that emphasizes privacy and security

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Coinomi

Coinomi

Investopedia’s Rating
4.1

Our Take

Coinomi is a multilingual hot wallet that provides top-notch security for user funds. The privacy-centric wallet supports 125 blockchains and is available in 25 languages, including German and Portuguese. To reach a wider audience, the Coinomi team states that it will translate its app and services to even more languages. As one of the oldest multichain wallets around, it allows users to send, receive and swap a variety of cryptocurrencies at no extra cost.

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. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.

  • Pros & Cons
  • Company Overview
Pros & Cons
Pros
  • Zero transaction fees

  • Supports up to 25 languages

  • Hosts a wide variety of blockchains

  • Multiple security options

Cons
  • Lacks two-factor authentication (2FA)

  • Not compatible with hardware wallets

Company Overview

George Kiminois launched Coinomi in 2014 to help users securely access their crypto assets. With headquarters in the Virgin Islands, Coinomi boasts more than a million users. In July 2020, Coinomi partnered with BTC Direct to reach a European customer base. 

Since its launch, the wallet has never suffered a hack, solidifying its position as a highly secure wallet. As a non-custodial wallet, it gives users complete control of their crypto assets. This prevents the wallet from misusing user funds as FTX did in November 2022.

Coinomi is a multilingual wallet that serves users in a variety of countries and is suitable for beginners and experts alike. What it lacks in appearance, it makes up for in security and privacy. The wallet has many security features, which all work together to protect a user's funds.

Coinomi

Coinomi

overall rating
4.1
Type of Wallet Software (desktop & mobile)
Price  Free 
Fees  Network fee only, no additional wallet fees
Number of Cryptocurrencies Supported  1,770+ 
Bitcoin and Ethereum Support  Yes 
Earn Yes, customers can earn interest on some select crypto holdings
Customer Service  24/7 customer support via live chat and a detailed help page
In-App Features  Buy, sell, swap, and convert assets
Hardware Compatible  No 
SPV or Full Node  Simplified Payment Verification (SPV)
Mobile App  Yes (Android and iOS)

Pros & Cons Explained

Pros Explained

  • Zero transaction fees: Coinomi users do not have to pay any transaction fees. However, the user is required to pay a network fee, which is standard for blockchain networks.
  • Supports up to 25 languages: The wallet allows users to interact with it in up to 25 languages, including English, Chinese, French, and Russian.
  • Hosts a wide variety of blockchains: Coinomi presently supports 125 blockchains, allowing it to support 1000+ cryptocurrencies.
  • Multiple security options: The Coinomi wallet lets users choose how to protect their funds using a password, biometrics, a combination of both, or a BIP39 passphrase.

Cons Explained

  • Lacks two-factor authentication (2FA): Although Coinomi does not currently support 2FA, it has other security options. The Coinomi team believes an attacker with your unlocked phone can still access your funds with 2FA, hence the exclusion.
  • Not compatible with hardware wallets: Users who prefer a mixture of cold and hot wallets might find Coinomi lacking here, as it cannot connect to a cold/offline wallet.

Features

Coinomi wallet is a hot wallet ideal for users who prefer to remain anonymous. Coinomi says it doesn't collect or store your data. Instead, you can delete the app on your mobile or desktop, and that account will be deleted forever.

In the wake of recent events involving FTX, many people now prefer non-custodial wallets like Coinomi. Coinomi provides for a safe and rewarding experience, by providing solid security and the tools needed to view results.

In case of any issues, users can always contact the 24/7 customer support available via live chat or ticketing. Overall, Coinomi has established itself as a multi-chain wallet that promotes simplicity, privacy, and security.

Security

The Coinomi Wallet is a highly secure wallet with up to 3 layers to help users protect their funds from scammers and unauthorized persons. It combines an alphanumeric password, a 12- or 24-word mnemonic phrase, and a private key to prevent anyone from transferring funds out of the wallet.

This combination reduces the chances of attackers or hackers accessing your account. You forfeit your crypto assets if you lose any of your security items. Hence, it is your responsibility to keep these items well.

Privacy and Anonymity

Coinomi is an excellent wallet for users who like to remain anonymous. The sign-up process doesn't require any personal or contact information. 

The wallet also supports Digi-ID, an anonymous authentication technique based on the DigiByte blockchain. Digi-ID enables you to login into your Coinomi Wallet securely and anonymously. To use Digi-ID on your wallet, use the Scan QR/WalletConnect option to log in.

Setup  

To set up the Coinomi Wallet on your phone, you only need to set a password. You do not need to provide an email address or phone number. After selecting a strong password of up to 10 characters, you will need to choose the cryptocurrencies you want to use with your wallet. Users can add all 63 coins on their screen or choose just the ones they are familiar with.

If you wish to add more coins later, you can always return to this section and click on “Start Scanning,” which adds all other coins not already in your wallet. However, this only works for the first account you create. You will need to add extra coins manually if you create other accounts. With this step completed, your Coinomi Wallet is completely set up and can be used immediately.

Previously, you needed an Android emulator like Bluestacks to use Coinomi Wallet on your PC, but not anymore. To use this wallet on your desktop, you first need to download it to your system. It is only available for Windows, Mac OS, and Linux users. After installation, follow the same steps as seen in the mobile app. 

Usability

Desktop

The desktop version is quite functional, allowing users to transact on different blockchains easily. Like the Coinomi Wallet app, transactions can be done anonymously without a trace, protecting user identity from unauthorized access. The desktop and mobile apps sync and update in real time.

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Mobile App

The Coinomi wallet is easy to use and suitable for beginners who prefer more straightforward layouts. Users keen on exciting interface designs might find this wallet a bit too bland, as it doesn't have a lot of modern UX features like other wallets.

The hamburger menu lets users view all wallet features, including a crypto exchange, dApps, NFTs, and an address book. Users can also sort their cryptos in ascending or descending order for easier access.

Customer Service

Coinomi Wallet has a robust help page where users can find answers to frequently asked questions and create or check the status of their tickets. However, on the website, you must sign up separately for a Coinomi account to use the ticket service. If you had an account previously and can no longer remember the credentials you used to sign up, you can use the “Forgot Password” option.

Within the app, you do not need to log in or sign up for a Coinomi account to access all the support channels. Alternatively, you can access the knowledge base and live chat support via the app. The live chat and help page are the only two support channels available to Coinomi users currently. 

Cost & Fees 

Users do not have to pay to download or use the Coinomi wallet. Sending, receiving, and swapping crypto is free, too, except for the compulsory network fees that apply to standard crypto transactions. Coinomi Wallet users can also choose how much they want to pay for transactions. 

For example, if you are willing to wait more to send a coin, you could choose the”'Low” option. Other users that are not so patient could go with the “High” option to make their transaction process faster, or the “Dynamic” option if they prefer to be more flexible.

Final Verdict

Coinomi wallet is ideal for users who prefer a wallet that puts their security and privacy first: it allows users to carry out anonymous transactions and does not require Know Your Customer (KYC) protocols. This enables users to use the wallet anonymously without fear of being discovered.

The Coinomi wallet is also non-custodial, enabling users to securely store their cryptocurrencies without fear of the team tampering with them, like in the case of FTX. The wallet provides an array of ways for users to securely protect their assets, like a password, biometrics, a 24-word mnemonic passphrase, and a special BIP39 passphrase.

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
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  1. Coinomi. "The Blockchain Wallet Trusted by Millions."

  2. Coinomi Support. "How Much Do I Have to Pay to Use Coinomi? How Do I Set Fees?"

  3. Coinomi Support. "How to Add a BIP39 Passphrase to My Existing Recovery Phrase?"

  4. Coinomi. "What are Coinomi's Privacy Features?

  5. Coinomi Support. "Coinomi Support."

  6. Coinomi Support. "Why Would You Consider Using a Wallet that Doesn't Support 2FA?"

  7. Coinomi. "What Is Digi-ID and How Can I Use it in Coinomi?

  8. Coinomi. "Downloads."