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If you want to store, send and receive digital currency, you’ll need to have a wallet. I have already written about the Mycelium wallet here but what if you want a wallet that can hold several coins apart from Bitcoin?
That’s where the Coinomi comes in. Here’s my Coinomi wallet review.
The Coinomi Wallet is currently available for Android users only. However, there are confirmed reports that an iOS version will be released soon.
Coinomi is a multi-currency wallet. What that means is that it supports multiple cryptocurrencies, totaling to over 90.
The other good news is that the wallet is absolutely free.
Here are some of the Coinomi Cryptocurrency Wallet features:
Coinomi Is an Open-Source App
Programmers and coders might already be excited by this feature.
As for the rest of us, when we say an application is open-source, it means that anyone with programming or coding knowledge can develop or adjust it further.
In other words, you can get the programming combination and improve the application.
Top Of The Range Security
Security should always top the list of features anytime you are choosing a currency wallet.
That’s another plus with Coinomi. The wallet, like most, comes with private keys that are only known and/or accessible to you, the owner.
The developers have added strong public cryptography features to ensure the keys never leave your device.
There is a second-layer security feature which is the encryption of the entire wallet with a master password to ensure that once you lock it, no one can send coins without entering the password.
However, unlike Mycelium, which prompts you to enter the password the minute you tap the app, Coinomi is mostly open. In my opinion, it would add more privacy if someone had to enter a password on tapping the app.
As it stands now, if someone took my phone and tapped on the app, my investment amount would be right there for them to see. That ain’t privacy to me.
Moving on swiflty though, immediately you sign up for Coinomi services, you will be provided with a very strong phrase to act as wallet backup. This phrase is useful in the event that you need to restore/recover your wallet, if you ever lost or replaced your phone.
As such, once you get the phrase, write it down carefully and store it very securely.
The complexity of the phrase is so high that it would take hackers years to recreate it. However, for you, the rightful owner, you just need to key it into your new phone and all your cryptocurrency re-appear!
Quick and Easy ShapeShift, Changelly Integration
ShapeShift and Changelly are two of the most popular instant exchanges where you can exchange your Bitcoin for Altcoin or vice versa. These two exchanges have been integrated into Coinomi.
If you have some bitcoin and wanted to convert them into Ethereum (another popular coin) you can easily do it inside the Coinomi wallet.
The conversion only requires a few taps. Easy peasy.
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Coinomi’s layout is simple and neat. The main face displays all the supported crypto. You also get to see your balances displayed in both normal currency as well as crypto.
Talking of normal currency, you have the option of setting the currency into USD, Pound, as well as other currencies.
You can view your entire transaction history, including sending and receiving. Usability is intuitive and streamlined.
Customer support is key when it comes to crypto wallets (and in every other industry as well, right?) Unlike the Exodus wallet whose support is simply FABULOUS, Coinomi does take their time before they get back.
For example, I once contacted them and it took them two days to get back. Luckily, it was a minor issue. Imagine if it had been a critical matter. I would have had two sleepless nights for sure 🙁
However, this is not specific to Coinomi. There’s a lot of interest with cryptocurrencies at the moment and a lot of crypto exchanges and other platform are having a hard time dealign with this.
As I said before, the Coinomi wallet supports a wide range of coins. Some of the most popular ones include Bitcoin, Ethereum, Bitcoin Cash, Dash, Ethereum Classic, Litecoin, Verge, ZCash, to the less popular Potcoin, Pinkcoin, Rubycoin, Compcoin, InsaneCoin (that had me laughing) and many others as well.
I also love the fact that one can see the live market rate of all the altcoins.
Installing The Coinomi Wallet
Getting started is very easy:
- Download the Coinomi app from Google play and install it.
- You’ll be given an 18 -word phrase. You must write down. Print it if you can and keep it somewhere safe. If you lose it, and you lose your phone, your investment will be gone FOREVER.
- Once you’ve done that, you’ll be asked to type it out to confirm that you got it right.
- If it gets accepted, please keep that piece of paper very safe.
- After that, you’ll be asked to create a password. It should not be less than 10 characters. Create a strong password that includes numbers, letters and symbols.
- Next, choose the coins you want to have in your wallet. Even if you chose three, you can always add more coins later by clicking on +COINS
With those few steps, you’ll be ready to send and receive your cryptos. I hope you’ve enjoyed this Coinomi wallet review article.
PS: This blog post is not a recommendation to invest in cryptocurrencies. Cryptocurrencies are highly volatile and involve significant risks. Invest only what you can afford to lose.