Investors take their first step not by buying cryptocurrencies but by setting up a crypto wallet. With dozens of options to choose from, finding a wallet fit for your needs might seem too time-consuming, but it doesn't have to be that way. With the help of our review, you have the opportunity to find out more about Coinomi, one of the market's best crypto wallets, in only a few minutes.
Coinomi is a trusted crypto wallet used by millions of users that supports storage, portfolio management, and trading for more than 1770 assets. In development since 2014, this multi-chain wallet succeeded in becoming one of the top options for storing cryptocurrencies right after its launch. Moreover, Coinomi has kept its dominant position by continuously launching new features and updates, staying ahead of its competition at all times. In today's article, we will discuss what Coinomi is and what makes it such a great crypto wallet.
What Is Coinomi?
Coinomi is a popular multi-chain cryptocurrency wallet that launched in 2014, making it one of the oldest wallets that supports multiple blockchain networks. In fact, Coinomi today supports a total of 125 networks with more than 1700 tokens and coins, and some of them can be transferred via SegWit to make transactions lighter.
The wallet is available to a wide range of users from multiple OS's and devices, including Android, iOS, Windows, macOS, and Linux. Despite the fact that Coinomi initially started out exclusively as a mobile wallet, the developers have made efforts in the past few years to launch desktop clients as well.
When it comes to features, Coinomi's developers haven't slacked at all. The wallet offers:
Direct DEX Trading (token swaps)
Buying crypto via credit card
DApp and Web3 support
Access to DeFi applications
Support for more than eight languages
Is Coinomi Secure?
In terms of security, Coinomi's main benefit is that it stores your private keys not on its own online servers but locally on your device. This means that the user retains personal access to his keys and that they are not stored within an exploitable network that hackers can attack. So to protect your assets, all you have to do is prevent your smartphone or computer from coming into harm's way and connecting with other malicious devices.
One last and highly important security feature is Coinomi's utilization of passwords. Even if someone steals your device, it would be impossible for them to unlock your wallet without knowing the password that you have personally set up.
With great security often comes equally great privacy, and it's not any different in the case of Coinomi! The app enforces no KYC policies, nor does it track, store, or share your IP address with others. According to their website, the team actually goes as far as to anonymize all your requests when interacting with the wallet, helping your IP address stay hidden at all times.
Is Coinomi User Friendly?
There is no use in setting up a wallet that you cannot handle or takes too much time to learn how to use. Thanks to the team, Coinomi is continuously developed with user experience in mind. Whether you're using Coinomi on Windows, Mac, IOS, or Android the app always has a minimalistic, lightweight, and intuitive design.
The number of cryptocurrencies owned and their value is displayed in a single tab where users can receive, buy, transfer, send, and even exchange assets. Here you can also see your transfer history and review the state of your transactions.
All other complex features are kept separate from your portfolio. Once you feel more comfortable with the world of crypto, you can quickly switch to Coinomi's other tabs and use their rich DApp browser to buy NFTs, yield farm, take crypto loans, and interact with decentralized exchanges.
Keep in mind that you are not limited to using your assets on the Coinomi app itself. Plenty of DeFi protocols offer support for Coinomi via WalletConnect, which allows you to directly connect to dApps from your browser. For example, you can trade tokens held on Coinomi by heading over to Shrimpy, connecting with our app, and start swapping tokens right away.
As mentioned in one of our previous articles where we reviewed Atomic Wallet, customer support is as important as security for crypto wallets. Knowing that setting up and managing a wallet is a new and alien experience for most investors, Coinomi's team has decided to offer 24/7 live customer support to its clients.
To communicate with the support team and ask questions, users can use Coinomi's built-in live chat on the app or the one found on their main website. Alternatively, it is possible to communicate with the team through their social channels, which include Twitter, Telegram, and Facebook. If all else fails, Coinomi has a rich support portal that offers answers to hundreds of questions.
How to Use Coinomi
After all is said and done, you might be wondering how to use Coinomi. Luckily for you, we have created an easy guide that explains exactly how to set up a wallet, save your seed phrases, protect your password, and load your assets.
As a reminder, Coinomi is available on Android, iOS, Windows, OSX, and Linux. For the purpose of this guide, we will use Windows as an example.
Coinomi's Windows client can be found at the following link. Make sure that you have a 64-bit OS version installed and download the app to continue.
Once done, open the installation file and start setting up your wallet. If you already have a wallet, click the 'restore wallet' button and input your 24 seed phrases in the correct order.
As a matter of fact, saving your 24 seed phrases correctly is the first step when setting up a new wallet. You will find a list of twenty-four random words which you have to store in a secure location. For the best results, write them down on a piece of paper and keep several copies hidden at different locations.
The next step is to confirm that you have correctly recorded the seed phrase by inputting it again in the right order. Once done, click next, and Coinomi will ask you to set a password. We recommend using a password that is not overly complicated nor simple. Find the right balance!
Last but not least, Coinomi will ask you to select the coins you plan on storing. Do not worry though. You can skip this step as transferring cryptocurrencies to the wallet will automatically add them to your portfolio.
That's practically it. At this point, you have completed all the steps necessary to set up a Coinomi wallet. The next move should be to buy crypto directly through Coinomi or to move assets to the client from another wallet or exchange.
How to Withdraw from Coinomi
In terms of deposits, Coinomi allows you to buy crypto with fiat currencies through 3rd-party services like Simplex and BTC Direct. As mentioned previously, you can also deposit coins and tokens from other wallets and trading platforms. But the question is, how do you withdraw from Coinomi?
Withdrawing crypto is possible by transferring coins to another centralized exchange that allows you to sell them for fiat. Doing so on the Coinomi app itself is impossible as the app does not allow selling cryptocurrencies for fiat money. The only option is spending crypto to buy gift cards from vendors and using it to purchase goods and services.
What else is there to say? With the help of our review, we have concluded that Coinomi is truly an excellent option for storing cryptocurrencies. Not only is it secure and highly trusted by investors, but the wallet also supports a large variety of devices, assets, and blockchain networks. Not to forget, Coinomi's DApp and Web3 features coupled with WalletConnect support makes it a great option for those looking to join the extremely disruptive DeFi market.
Before heading over to our other educational content, keep in mind that your wallets are only as secure as you allow them to be. If you do not pay attention to storing your backup phrases safely or staying away from malware, losing your hard-earned crypto will always be a potential reality.
About The Author:
Marko is a crypto enthusiast who has been involved in the blockchain industry since 2018. When not charting, tweeting on CT, or researching Solana NFTs, he likes to read about psychology, InfoSec, and geopolitics.