Coinomi

Written By
Deniz Saat
Reviewed By
Ari Ramdial

The Coinomi app is one of the most trusted crypto wallets in the space. Learn about all of the features, supported coins, and security measures that Coinomi offers users for storing their cryptocurrencies.

Overview

Store multiple cryptocurrencies in wallet

Buy bitcoin and other cryptocurrencies from app

Trade cryptocurrencies with integrated exchanges

Overall Rating
  • Features
  • Ease of Use
  • Security

Jump to Section

Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

Coinomi was founded in 2014 by George Kimionis and a team of crypto experts. The team shared the same vision: to create products that make Bitcoin and other cryptocurrencies more accessible. Coinomi was able to build their brand and get their product to people all over the world. The international team strives to continue providing a secure wallet with superior support. By partnering with various exchanges that operate in dozens of countries around the world, Coinomi is becoming the preferred all-in-one crypto wallet for many. The Coinomi development team continues to improve the wallet with highly demanded features. Lightning Network, Atomic Swaps, and support for additional cryptocurrencies are also on the roadmap. Coinomi’s mission is to be the most practical wallet on the market by being a one-stop-shop for all cryptocurrency needs.

Features

  • Seed phrase is stored locally on a user’s mobile device. Only one seed phrase is needed for multiple cryptocurrency wallets.
  • Buy crypto with a debit or credit card using the Simplex platform or BTC Direct.
  • Convert cryptocurrencies with privacy. No KYC necessary with Changelly, Coinswitch, and Totle Swap within the app.
  • You can store multiple cryptocurrencies. 
  • Excellent track record since 2014. No user has lost funds because of Coinomi.
  • 24/7 support
  • No fees for sending and receiving funds. Users only have to pay network fees. Each cryptocurrency requires users to pay miner or network fees in order to record transactions.
  • Can connect the mobile wallet to a personal full Bitcoin node in order to self-verify all transactions.
  • Can convert crypto into gift cards with Bidali. Check their website for availability in your area.
  • Multilingual. English, Chinese, Spanish, French, German, Russian and many other languages are supported, with more translations coming soon.

Supported Currencies

Coinomi supports over 120 blockchain networks along with thousands of tokens. Here are the main currencies that Coinomi supports: 


  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Litecoin (LTC) 
  • Bitcoin Cash (BCH)
  • Monero (XMR)
  • Binance Coin (BNB)
  • Tron (TRX)
  • Dash (DASH)
  • Chainlink (LINK)
  • Plus more.

How does it work?

What is needed for using the Coinomi mobile wallet: 

  • iOS or Android phone.
  • Through the Simplex and BTC Direct redirect within Coinomi, users are able to purchase cryptocurrencies. Simplex is unavailable for residents in Hawaii and New York. View the full list of restricted countries for Simplex. BTC Direct is available for all countries in the European Union in addition to Norway, Iceland, Lichtenstein, Switzerland, Monaco, and San Marino. BTC Direct is unavailable outside of the Single Euro Payments Area. 
  • Paper or other non-digital material to copy down the password and seed phrase.

After downloading the Coinomi mobile wallet onto your phone from the Apple App Store or Google Play Store:

1. You will be prompted to select “Create a New Wallet” or “Restore a Wallet”. Select “Create a New Wallet” if you do not have a wallet to restore.


2. Coinomi takes security very seriously and requires the user to copy down their seed phrase before creating an account. Never take a screenshot or have the seed phrase stored digitally. The available screenshot displays a test wallet that is not in use.

It is important to write down the seed phrase because it allows you to recover your bitcoin on another device if your phone is lost or destroyed.

Once the seed phrase is copied, the user is prompted in the next step to verify that they have copied down the seed words in the correct order.


3. Make sure to use a secure password when setting up your Coinomi account. The longer the password, the more secure it will be.


4. Once the account is set up, the user will then be able to select which cryptocurrency wallets they want to display on the main dashboard.

Is 

Coinomi

 safe? 

Coinomi has had a solid track record so far in the space without any major hacks and has never been responsible for losing user funds. If any bugs are found during their continued testing process, they are quickly reported and brought to the attention of the lead development team. A major part of the wallet's security (like with many of the best mobile wallets) are the sole responsibility of the user. Since Coinomi supports multiple cryptocurrencies, the team has made it easier to recover all funds with one recovery seed phrase rather than have the user input several recovery seed phrases for each cryptocurrency. Coinomi’s mobile wallet also allows for the recovery of individual cryptocurrency wallets and the ability to sweep wallets as well. After the backup seed is copied down on a non-digital material, the user must then set up a password that adds a second layer of security. Everything is locally stored on the phone itself as well as encrypted so that the wallet cannot be accessed remotely. A user also has the option to improve their privacy by generating a new wallet address for every transaction while using a VPN.

Pros of 

Coinomi

  • Buy crypto through Simplex and BTC Direct.
  • Cryptocurrencies may be swapped within the app through Changelly, Coinswitch, and Totle Swap
  • No sign-up or KYC required to trade cryptocurrencies

Cons of 

Coinomi

  • Exchange rates for converting crypto-to-crypto are not the most competitive
  • Cannot buy cryptocurrencies directly from the app. The user may use the redirects to Simplex or BTC Direct within the app.
  • Not open-source

FAQ

1. Does Coinomi charge fees to send or receive bitcoin?‍

Coinomi’s mobile wallet does not charge fees for executing transactions. Network or miner fees are still applicable when sending to and from the wallet. These fees are necessary to pay the miners for recording user transactions on the blockchain. Fees vary depending on how long a user is willing to wait for confirmations on the network. Other fees that an exchange or platform may charge are separate and generally pay for the convenience or service they provide. 

2. Will Coinomi support more assets in the future?

The Coinomi development team continues to add support for more cryptocurrencies every year.

3. What information does Coinomi have access to?

No personal information or KYC is required to use Coinomi’s mobile wallet. Using the crypto-to-crypto exchange feature also does not require any information from the user. However, to purchase cryptocurrencies from an exchange, KYC/AML are required from users. If a user buys crypto through Simplex or BTC Direct, they will need to provide all necessary information. All transactions made will only reveal the IP addresses of the Coinomi servers and not the user’s device. If a user does decide to purchase crypto with their debit or credit card, the user’s information from the card will be stored with Coinomi’s Simplex partner.

4. Can I migrate from another wallet like blockchain.info? Can I sweep private keys into my wallet?

Yes. You may select to restore a wallet upon initial set up, or sweep funds from another wallet by selecting the three dots icon in the top-right of the wallet’s main page.

5. What is their support policy?

The quickest way to receive a response with Coinomi is to email their support desk or reach out to their support handle on Twitter.

6. Does Coinomi’s mobile wallet support 2FA?

Two-factor is unavailable for Coinomi’s mobile wallet but a pincode or a biometric password (face ID) may be used as another layer of security to access your funds.

7. What happens to my crypto if I lose my phone? ‍

Nothing happens to your crypto if your phone is lost. As long as you have the seed phrase written down on a non-digital material, you may import that seed phrase onto a new device. By doing so, you will gain back access to all funds. Unfortunately, if that seed phrase is lost and you no longer have access to your phone, the crypto is inaccessible. You should never keep more money on your phone than you are willing to lose. 

8. What happens to my funds if the wallet’s server is hacked?

All funds are stored locally on the mobile wallet. Coinomi does not have access to your funds or account for the app. Bad actors are unable to remotely access user funds. All funds are only available locally on the mobile device. A bad actor would need to obtain the device itself and then be able to bypass all security layers that the user has implemented. It is important to activate all necessary security features, keep the backups of each wallet, and never store a significant amount of funds on a mobile wallet.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY
Ari Ramdial
CEO of Rhodium Labs

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