Cryptocurrencies are lucrative, primarily as an investment.
Therefore, many investors across the globe are entering the world of cryptocurrencies are exploring new coins/tokens every day.
Investing in cryptocurrencies may be easy, but taking care of them is difficult. Which brings us to the topic of increasing demands for multi-currency wallets that can store several cryptocurrencies at any given time.
In this review, we will briefly touch upon the following aspects of Coinomi:
- What is Coinomi?
- Supported Currencies
- Supported Platforms
- Final Thoughts
What Is Coinomi?
Coinomi is a multicurrency wallet developed by blockchain experts for multiple currency users.
The company is based out of London and has been serving its users since 2014.
It is a self-hosted HD wallet developed by an experienced team of developers and fintech people where you control your crypto funds with a seed and a PIN.
It also dubs itself as “Your Trusted Blockchain Interface” where one can manage more than 500 crypto assets including BTC and ETH.
Features of Coinomi Wallet
Coinomi supports more than 500 assets, all at once, on its interface. That makes it the highest number of cryptoassets supported by any wallet so far. This includes 125 blockchains (the largest number in the market) & 382 tokens.
Also, one can virtually add as many ERC20 tokens as one wants because Coinomi supports them all.
Coinomi is best for investors who deal in a vast number and variety of cryptocurrencies and tokens.
Coinomi wants to become the go-to interface for blockchain. Therefore, it has integrated instant exchanges like Changelly and ShapeShift into the app.
Changelly and ShapeShift give flexibility to investors to any time swap their cryptoassets from one to another as they also support more than 100+ cryptocurrencies on their platform.
Coinomi app suggests optimum transaction fees while transacting. But let us say, if you want to customize your fee, Coinomi has got you covered. Using Coinomi, you can customize transaction fee for all the supported coins on the Coinomi wallet.
Coinomi has high-end cryptographic encryptions on your private keys which never leave your device. So as long as you don’t make the mistake of exposing your PIN or seed, your funds are safe on Coinomi wallet.
I have been using Coinomi for over 18 months, and I have to say that their UI the most intuitive UI in the realm of mobile-based cryptocurrency wallets thus far. Both first timers and advanced users can easily navigate through the interface. But I certainly want them to improve their positioning of ERC20 tokens in their wallet.
You can also take a back-up of your wallet by setting a passphrase. Remember, this passphrase is very important. If you lose this passphrase, you will lose everything.
Coinomi wallet is an international wallet which supports many widely spoken languages such as English, Spanish, Russian, Chinese, German and many more.
- Built-In Privacy & Anonymity
To use the Coinomi wallet, you need not register your name or email, so naturally, there are no KYC checks to be carried. Also, it hides your IP and has no servers that keep logs to store your transactional information.
It supports 507 crypto assets as of now and virtually thousands of ERC20 tokens. Here is a sneak peek into some of the assets that Coinomi wallet supports:
Coinomi is a mobile wallet that has recently launched their most awaited iOS app too. Coinomi is now available for both iOS and Android users alike.
The Coinomi multicurrency wallet is second to none when it comes to mobile-based cryptocurrency wallets.
It has an unbeatable number in terms of currencies supported and is one of the favorite wallets for investors to claim their forked coins and tokens.
A lot was talked about Coinomi when they were not able to support segwit early on, but given the fact that it is quite tough to implement it, Coinomi has done a great job by supporting segwit both for Bitcoin and Litecoin.
Coinomi also has Lightning networks and atomic swaps on its list for future developments which speaks in itself about the dedication of the team behind it.
But as it is always in cryptosphere, Coinomi has had its fair share of controversies, particularly when they exposed users’ Bitcoin addresses in plain text.
However, that doesn’t mean that they are not safe – it’s just one of those things which you cannot expect from such a wallet. Nevertheless, with the issue resolved, it currently has these USPs:
- Supported Operating System: Android & iOS
- In-built Exchange: ShapeShift & Changelly integrated
- Private Keys: Controlled by owner
- Cost: Free to use
- Segwit Enabled: Yes
Therefore, Coinomi is completing its missing pieces by launching a desktop wallet client across Mac, Windows, & Linux for desktop users. Expected the launch in the third quarter of 2018.
Lastly, their support team is one of the finest I have seen in the cryptosphere. It has never taken me more than 24 hrs to get a response from them.
If you want to get more familiar with this wallet, I recommend you to watch this walkthrough video of Coinomi:
I hope this helps you make a right decision for yourself. Do share that decision with us in the comments section below:)
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Further readings on CoinSutra: