Cryptocurrency

Coinomi Wallet Review 2018

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What is a Wallet in Cryptocurrency world?

Before you trade or store, send or receive cryptocurrencies, you need to have a cryptocurrency wallet. A wallet is like your bank account where your money is stored; the difference is that your wallet contains currencies that are not physically tangible and you don’t have to carry out transactions through an accountant face to face, and you can do anything, any transaction yourself.

There are several brands of wallets, and one of the best/ most recognized of all wallets is the Coinomi.

What is Coinomi wallet?

Coinomi wallet is a cryptocurrency wallet available on Android and soon IOS. It is a secure, lightweight, multi-coin and HD wallet. You can store, send or receive several supported cryptocurrencies if you have Coinomi wallet without stringent regulations like the KYC and install and set up the wallet is pretty easy. It is a phone-based wallet that has been around since 2014.

Also Read: A REVIEW OF THE BEST BITCOIN WALLETS

Features of Coinomi wallet

  1. Multi-coin and Multi-Asset

The wallet is a native support for most major tokens and altcoins including bitcoin, and there is a continuous integration of key tokens and altcoins. It also includes new cryptocurrencies as they arise so be sure always to look out to see new ones that are supported by Coinomi.

  1. Security

For those bothered about the security of their wallet, Coinomi is very secure. It uses strong wallet encryption and cryptography to guarantee that your funds remain safe under your own control. It stores your private keys on your device and not an exchange.

  1. Inside exchange

Coinomi wallet in partnership with Shapeshift and Change enables users to easily convert between altcoins within the app.

  1. Back up

Coinomi wallet is an HD wallet {Hierarchical deterministic wallet (BIP44)}, which uses just one super phrase that you back up once to enable you to keep everything secure and accessible.

So if you lose your phone, your cryptocurrencies are still safe as long as the thief, in the case of phone theft does not have your wallet password. You can simply add your wallet to another phone using the recovery seed.

  1. Privacy and Anonymity

Coinomi servers keep users requests anonymous and keep them private by hiding their IP address, not linking their identity, not tracking transactions and not requesting any KYC process before they can assess their funds.

  1. User-friendly and Streamlined

With the use of advanced technology, Coinomi enables users to use their altcoins to pay directly to bitcoin addresses and vice versa with n extra steps or endless sign-ins and sign-ups. It is streamlined to a one-click and cross-chain process and has a very good user interface that can easily be understood by anyone.

  1. Multilingual

It supports many languages some of which are English, Chinese and Russian. May other translations are still upcoming.

  1. Custom and dynamic fees

You can use your own fees in all supported cryptocurrencies or alternatively, you can get the best value for money through its dynamic transaction fee calculation.

  1. Closed source

Initially, Coinomi wallets used open source software which allows anyone review their code and easily identify any hidden code, malware, exploits or malicious modules beneficial to Coinomi or other parties but it is no longer so, you still have protection but not like that of open source.

Also Read: TOP 5 ZCASH WALLETS

Expert’s Opinion

Although Coinomi wallets are very secure with no hack, compromise or negative reports at the moment, you should still be careful to never give out your password or recovery seed to anyone instead store your recovery phrase in a very secure place easily accessible to you if the need arises, frequently update your android version to the latest to benefit from the highest level of security.

Also, remember that the wallet is not an exchange and so you cannot purchase any cryptocurrency with fiat currencies, credit cards or debit cards. You can only store, send or receive cryptocurrencies.

Related: 10 BEST ETHEREUM WALLETS


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