Coinomi Wallet — Reliable Cryptocurrency Wallet?
Coinomi’s powerful performance history provides everything users require in a virtual wallet. Coinomi is a leading and trustworthy digital currency wallet that can keep 500+ assets and supports many gadgets. It’s a well-appreciated mobile and desktop multi-asset wallet. We will cover different features and services of the wallet in this guide.
About Coinomi Wallet
George Kimionis established Coinomi in 2014, intending to design safe solutions for blockchain apps. This privacy-centric wallet is compatible with 125 blockchains and accessible in 25 languages. The Coinomi team declares that it will translate its features, services, and applications into more languages to reach more users. The firm has around 20 employees and has yet to announce the outside funding.
Features of Coinomi Wallet
On the project, several professionals united, putting the basic concepts into practice. The essential features of Coinomi are:
Anonymous Use and Storage of Cryptocurrency
The KYC (know your customer) method gets no support. Coinomi has concealed the IP addresses, encrypted the client information, and generated dozens of fictitious addresses.
Optimized Standard Options
The wallet has well-optimized standard features, like an internal swap of virtual coins and transactions.
Integrated Cryptocurrency Exchangers
Coinswitch, Changelly, Binance DEX, and Totle features are examples of integrated virtual currency exchangers.
Simple and Convenient
The simplicity and ease of Coinomi Wallet have attracted many traders and investors. Tools such as market depth, price charts, many settings, fiat currency swaps, chats, news feeds, and more aren’t inappropriate or inessential. Even 2-FA (two-factor authentication) and multi-signatures for transactions are lacking. Everything is straightforward and convenient.
Remarkable Conversion Rate
Executing swap operations is notably quicker when using two swap services simultaneously. Most delays during rush hours last up to a couple of minutes.
Adjustable System Fees
The effective commission estimation of the Coinomi system during transfer or swap. The wallet considers the line in the mempool; the greater it is, the minimum the percentage for the app. Users can freely set the system fee, approximating or moving where they are in the queue.
Benefits of Coinomi Wallet
- According to the developers, Coinomi provides top-level security.
- There is presently zero credible proof of wallet hacking or digital currency theft.
- Cross-platform. After testing its desktop edition of the digital currency wallet, Coinomi will become more affordable and multitasking.
How to Create Coinomi Wallet
To generate the Coinomi Wallet from your smartphone device, you must develop a strong password. Coinomi doesn’t ask for an email address or mobile number. You should choose which digital currency you wish to use with the wallet. You can add all the 63 supported coins or pick the desired one.
If you need more coins in the future, you can visit this section and hit the Start Scanning button, which will add other coins you haven’t added to the wallet. Note: this is only applicable to the foremost account you create. If you generate more accounts, you must manually add more assets. After finishing these steps, your wallet will become ready to use.
Earlier, users required the Android emulator such as Bluestacks to utilize Coinomi Wallet on a computer, but no more. You should first download & install the wallet on your PC before using it on the desktop. Only Mac OS, Windows, and Linux users can access it.
Guide to Use Coinomi Wallet
- Users can check their balance in fiat currency and the complete amount of their digital currency on the home screen of the Coinomi mobile app.
- You will find an ellipsis at the top right side. If you tap on it, the option to import a paper wallet through a QR code, private key, or re-synchronization will appear.
- You will find the main menu icon at the top left side. Tapping on the menu icon will display the option to swap and sell.
- The list of your accounts is also accessible, together with the investment option. You will also get Support, Settings, About, +Token, and +Coin on the main menu.
- Users can access the support page by pressing the Support button. Users can read existing knowledge base questions on this page or provide the Support Ticket for Agent Support.
- You can check all the important information about the app and read the Terms of Services on the About Us page.
Fees Structure of Coinomi
You don’t need to pay to install or utilize the Coinomi Wallet. The only charges related to receiving, transferring, and swapping digital currency are the network costs that are important for all other kinds of transactions. Also, the users can select how much they wish to pay for their transactions.
For instance, you can select the Low option if you wish to wait for more to transfer a coin. Users who can’t wait for long and wish to transfer instantly can choose the High option, increasing the transaction process, or they can pick the Dynamic option for more flexibility.
Is Coinomi Wallet Secure?
Coinomi is a security-first cryptocurrency wallet. Therefore it can’t overstate the significance of the security of the funds, so digital currency wallet creators have to pay a good amount of attention to it. What safety measures does the wallet have to provide to its users?
The foremost thing to consider is that only users can access their private keys. The Coinomi staff cannot access the users’ private keys because it encrypts the keys. The devices of users consist of private key storage. Why is it essential? It is essential because if the network gets hacked, the assets will remain in complete control of the users, and the hackers will not get access to the funds. Keeping private keys is an advantage for users that comes with greater responsibility. For instance, if users lose their password and seed phrase, they cannot access their wallet again, no matter what they do. Therefore, if you are a Coinomi user, ensure you do not lose the data needed to access your wallet. Users will not have problems with the safety of their funds if they do not have a problem with it, particularly if the wallet staff is doing well.
Coinomi doesn’t collect users’ data widely. It is another thing to make it a secure wallet. Coinomi never demands identification and KYC checks; it does not add the IP addresses of the users to their accounts and doesn’t keep a record of transactions. Coinomi closes its source code which is among the reasons that must cause some concern.
How is Coinomi Different from Jaxx and Exodus?
Coinomi v/s Exodus
It is important to compare Exodus with Coinomi because Exodus is one of the most popular digital currency wallets.
But it is obvious from the competition of digital currency wallets that Coinomi is the best because of some minor but essential services.
For example, Coinomi Support is accessible endlessly. That makes utilizing a crypto wallet simpler than it is with Exodus.
Coinomi is free to use and doesn’t take a fee for exchange transactions. At the same time, Exodus takes a small fee for swapping transactions.
The Coinomi Wallet supports more digital assets than Exodus and provides a more beginner-friendly interface.
Coinomi v/s Jaxx
Another crypto wallet that can compete with the Coinomi Wallet is Jaxx.
Coinomi certainly provides support for more digital coins and tokens. This wallet provides the option of asset purchases. Coinomi is older; it was a more user-friendly platform from the beginning.
The Jaxx is comparatively new and also realizes the idea of an easy to use App.
While Coinomi receives the support of some hard fo
rks, Jaxx doesn’t.
Users also get the option to swap digital currency for fiat currency using Changelly via Coinomi. The Coinomi Wallet offers more trading services than Jaxx.
Also Read: How to Install MetaMask Wallet: A Step by Step Guide
Conclusion
The Coinomi multi-asset virtual wallet is a practical tool for instantly swapping digital assets and accumulating and keeping digital funds. Because of its immense collection of digital currencies, high level of dependability, and convenience, this wallet has grown in popularity. Some mobile wallets feature such an impressive range of cryptographic assets despite the increasing demand for such a feature. Both professionals and beginners must try the secure and practical Coinomi Wallet to keep their assets long-term.
