COINOMI WALLET: how to set up, use, download, review

Coinomi Wallet is a mobile wallet specifically designed to store multiple types of cryptocurrencies and is as easy to use and access as possible. Coinomi is considered one of the most secure mobile wallets currently available, as it offers advanced security and boasts that it has never been hacked. It offers unmatched compatibility and support between SegWit-enabled blockchains. It also easily incorporates both Shapeshift and Changelly. Coinomi is also popular because of its token selling mechanism and airdrop for all users who are active on the network.

The Coinomi project was launched back in 2014 by two people with extensive experience with blockchain technology and expertise in financial technology, cryptocurrency and entrepreneurship. Their goal was to create a secure and unique solution for blockchain applications, thus creating the Coinomi wallet.

Coinomi has now grown significantly and has employees in Cyprus, Brazil, Greece, Russia, the UK, the US and Switzerland. It also has offices in London, Athens, Valletta and Nicosia. The team announced that development of a desktop version of the wallet has begun and should be available in 2019.

Key Facts and Basics:

Multi-coins and multi-assets
Mobile Wallet and for PC
Custom and dynamic fees
Integration of ShapeShift and Changelly exchanges
The largest number of coins/tokens supported on the market
Doesn’t work if there is no internet

Coinomi is a multi-asset wallet with high security and ease of use. It supports about 125 different blockchains, which means it can hold more than 125 types of coins and up to 382 tokens. That’s a total of 507 digital assets that you can manage with just one wallet, not to mention its ability to also store ERC-20 tokens, which pretty much means you can also add thousands of tokens to that list.

Supported Coins (113):

Bitcoin [BTC]
Ethereum [ETH]
Bitcoin Cash [BCH]
Dash [DASH]
Dogecoin [DOGE]
Decred [DCR]
Ethereum Classic [ETC]
Komodo [KMD]
Horizen [ZEN]
Verge [XVG]
Zcash [ZEC]

Supported tokens (over 1000):

Augur [REP]
Aurora [AOA]
ChainLink [LINK]
DAI [DAI]
Digix Gold [DGX]
Golem [GNT]
Holo [HOT]
IOStoken [IOST]
Maker [MKR]
Omisego [OMG]
Populous [PPT]
Pundi X [PXS]
Power Ledger [POWR]
Status [SNT]
TrueUSD [TUSD]
Usd Coin [USDC]
WaltonChain [WTC]
XPlay [XPA]
Zilliqa [ZIL]
0x [ZRX]

As you can see, the list of supported assets is big. Coinomi recently launched its long-awaited iOS client, which will largely open the door for many Apple users to trade with it. You can download it from the official website or from the app store: https://www.coinomi.com/en/downloads/

Built-in Exchange, Shapeshift and Changelly

The built-in exchange is quite simple and easy to use. You can convert between currencies in just a few simple steps thanks to the implemented Shapeshift and Changelly. It will also be completely anonymous and instantaneous. The nice thing about all of this is that there are no fees or transaction fees for these actions. If you look at it from a different angle, it really has everything to do with a complete experience and security.

Security Coinomi

Hierarchical Deterministic (HD)
24/7 customer support
Improved privacy and anonymity – no KYC bureaucracy to access your funds, no IP association, no identity linkage, no transaction tracking
Superior security – your personal keys never leave your device
Not open source

Coinomi is a very secure wallet because it gives you full control over your own private keys and provides excellent overall encryption. You can also set up a source passphrase, which not only provides an extra layer of security, but also allows you to easily restore your wallet to another device with it. The wallet is also open source, which means that the underlying code is open to the public, and countless users have already tested it.

Private key ownership – Your private keys never leave your device and are securely encrypted, ensuring complete control and security of your funds.
Availability of source code – Open source not only shows how effective and secure the wallet is, but also gives the community the opportunity to participate in the update process, offering solutions for the future.
Privacy and anonymity – Coinomi also provides excellent privacy features for users who want to trade incognito. The platform does not link your identity to your wallet, funds, or even how you spend or receive them. Coinomi hides your IP address, and any action you take on the blockchain is anonymous.
IP Anonymization – This feature protects and hides your IP address from malicious activity or tracking.
HD Wallet – The Wallet can generate a twelve-word master key from which an unlimited number of private and public key pairs can be obtained.

Coinomi Wallet guide: how to set up and use it

When you first open your wallet, you will notice that the user interface is simple, but there is no shortage of features and functions. You’ll be able to see your current balances and the coins you’ve chosen in your wallet settings. You will also have a transaction history section where you can keep track of your activity.

Other notable features, such as ShapeShift, can also be found in the user interface for easy access. Compared to the alternative Jaxx, it is not as sleek and refined, but it is quite intuitive and functional for what it provides.

How to create a wallet address

Because the wallet is hierarchically deterministic, a new public address is created for every single transaction you make, except for Ethereum-based currency transactions. Of course, all of the previous addresses still work, and you can use one of them to receive coins. After all, they are all tied to the main seed, which is the source of the keys. You can see the list of previous addresses on the “Get” tab in your wallet window.

Sending and receiving coins

Sending and receiving cryptocurrency using Coinomi wallet is very simple and is done in a few simple steps. You need to select the “Send” tab in the user interface and scan the QR code or just enter the recipient’s address. Enter the desired amount of currency you want to send and complete the transaction.

Getting currency is also quite simple. You need to go to the “Receive” tab in your wallet and you can just copy your address or scan your QR code. For convenience and to make sure you don’t get the addresses wrong, you can give your QR code to the sender to scan it.

Backup wallet

Step 1: Set up and deposit your cryptocurrency

Coinomi is a hierarchical deterministic wallet, which means that it generates a basic seed of twelve words that is used to create key pairs for each transaction. All you have to do is back up this basic seed and just keep it in a safe place. If something happens, you only need to restore the syds, and all your funds will be restored.

Step 2: Save the encrypted backup

A very important part of protecting your funds is to always have backups of your passwords. There are several ways to do this. First, you can write them down on a piece of paper and keep them in a safe place just like you keep an important document. Alternatively, you can go to the Settings menu and find the Recovery Phrase Backup option and the option where you can view it to write it down. The backup file is encrypted and placed either in a pre-defined folder or in a location of your choice.

How to restore a wallet

Option 1: Install and restore the wallet from seed

If you lose or change your mobile device, you can simply reinstall your wallet, select the “Restore Wallet” option and use your password to restore it. Just make sure that you write everything in lower case letters and leave one space between each word. For each word you will get an autocomplete prompt after the first 4 letters to avoid spelling errors.

Option 2: Restore by importing private keys or using wallet files after installation

An alternative way to recover the wallet is to sweep the keys. If you have a backup or private key record somewhere, you can restore each address key by key. You can do this in the upper-right corner of the wallet interface and select Sweep Wallet .

To summarize

The Coinomi Wallet is quite flexible and offers some unique features. One of them is the ability to claim bifurcated coins. For example, if you hold a coin that is going fork and you qualify to claim a forked cryptocurrency, you can do so right from the wallet interface. The other option is the one I mentioned above, the wallet verification, which is done individually, key by key. The last feature I want to talk about is the passphrases that you can customize. Especially recovery, which makes it easy to back up and restore your wallet.

Of course, as with any other type of software or wallet, some users may experience some difficulty setting up Coinomi or while using the wallet. These issues can occur due to a poor internet connection, different compatibility, an outdated version of the app, or even transaction issues. To avoid writing a big wall of text, I’d rather direct you to Coinomi official support page, where you can find help and solutions for almost any type of obstacle you may encounter.

To conclude this review, Coinomi Wallet is a free and very flexible tool to manage your funds and transactions with implemented DAX. Not only that, but it also provides great security and anonymity by hiding your IP address and making no association between your actions and your identity.

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COINOMI WALLET: how to set up, use, download, review