A mobile wallet called Coinomi was created with the goal of holding various cryptocurrencies and being as simple to use and access as possible.
Investors must first create a crypto wallet before they can start investing in cryptocurrencies. There are many options available if you don’t know where to start, but it doesn’t need to be overwhelming.
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What is Coinomi Wallet?
A multi-asset wallet for desktop and mobile (Android, iOS), Coinom. More than 1,500 digital assets, including Bitcoin and Ethereum, are supported. High-level security and privacy features, as well as a user-friendly, intuitive interface, are all features that Coinomi has to offer. In addition to providing secure storage, Coinomi supports ShapeShift and Changelly, where users can quickly exchange any supported asset. By using Simplex, a partner of Coinomi, users can also buy cryptocurrency with their credit cards. Finally, Binance’s DEX is fully supported, and users can trade their BEP2 tokens directly from the app, in the native Binance DEX interface.
Coinomi, a platform used by millions of users, offers storage, portfolio management, and trading for more than 1770 different types of assets. This multi-chain wallet has been in development since 2014 and immediately after its launch that year, it rose to the top of the list of options for storing cryptocurrencies. In addition to retaining its leadership position, Coinomi consistently releases new features and updates, always staying one step ahead of rivals. This article aims to introduce Coinomi as a crypto wallet and discuss what makes it so great.
One of the first wallets in this group, it was created in 2014 and supports a variety of blockchain platforms. As of right now, Coinomi supports over 125 networks with tokens and coins from over 1700 different sources. Additionally, some of these coins and tokens support SegWit transfers to enable simpler transactions.
Coinomi Wallet Pros & Cons
Pros:
- Supports a wide variety of cryptocurrencies
- Strong security
- Active community
- Staff that responds promptly
- Trustworthy
- In-built exchange
Cons:
- Open-source software but not fully open
- Cryptocurrency cannot be bought with fiat
Cоіnоmі Supported Cоіns
The multi-currency platform Coinom is built for. This makes the wallet the most comprehensive non-custodial wallet in the market, supporting natively more than 125 different blockchains and 1,500 different digital assets. Along with a wide range of alternative currencies, Coinom is compatible with Bitcoin.
It’s impressive that you can manually add the ERC20-token you want to hold in your wallet. Support is regularly added for new assets. On Coinomi’s website, you can find a comprehensive list of all supported coins.
Coinomi Wallet Fees & Commissions
Both the incoming and outgoing transactions on Coinomi are free of charges. Coinomi’s outgoing transactions are accompanied by mining fees. These fees typically don’t add up to much and are quite small. Conversely, they might be greater when the network is busy. You can design a fee structure that suits your preferences using Coinomi. On this platform, a large variety of assets are available for use, and each user can decide how much they want to charge for each asset’s transactions. As with any wallet, service, or exchange, a lower fee version will have a delay in confirmation time. First of all, whenever a block is created by the miners, the highest-paying transaction is always the first one to be added.
The Coinomi app can be downloaded for nothing at all. The program now has a desktop version that can be used on Windows, Linux, and Mac OS-powered computers.
How Secure Is Coinomi Wallet?
We would be biased if we failed to mention the incident from February 2019—when a user reported losing $60,000 in cryptocurrency—because of a security-related problem—in our review of Coinomi. The issue was that, as part of the imported settings, Coinomi was importing seed phrase data to a Google API address for spell checking. As a result, an anonymous user claimed that a Google employee had stolen his money.
Despite this, it is extremely unlikely that this is the case given that Google rejected requests because they lacked an API key. The seed phrase was also encrypted using TLS, making it clear that it was not in plain text.
After becoming aware of the issue, Coinomi was able to resolve the bug in a matter of hours. In response to Coinomi’s claim, they haven’t said that any of their phone-based wallets have been breached or otherwise compromised. There are, however, no additional details on any other loss-related claims.
Cоіnоmі Wаllеt Eаѕe оf Uѕе
The Coinom Wallet is simple to use, especially for beginners who may be handling their first digital asset(s). Users can now trade their coins for supported digital assets and commit to long-term cryptocurrency investments more easily thanks to the integration of the ShapeShift and Changelly exchanges.
Once you have Coinomi installed on your mobile device or PC for the first time, begin the set-up by choosing “Create a New Wallet.” You will then be shown a special seed phrase, which you must copy and save in a secure location. If you ever misplace your phone, you can use this phrase to restore your wallet on another device. To finish the setup, you must also select a secure password and decide which cryptocurrencies you want to have visible on your wallet. Your ability to send and receive supported cryptocurrencies will then be available.
Coinomi Wallet Deposit And Withdrawal Methods
Depositing
Direct currency deposits in USD, EUR, or any other currency are not permitted on Coinomi. Through third-party services, one can use fiat money to directly buy cryptocurrency through Coinomi. The “Buy Crypto” option can be found in the left sidebar, or you can visit our website and click the “Buy Crypto” link up top. Coinmi doesn’t support fiat money. Crypto assets, which are under Coinomi’s control, currently have no monetary value but could do so in the future.
Withdrawing
If you select “Gift Cards,” you can obtain gift cards to a huge variety of stores and services but you cannot purchase fiat currency on eBay.” Prior to beginning to withdraw your cryptocurrency into the account, you should first open a crypto-exchange account with your bank. After that, you can withdraw your funds by selling your coins to a cryptocurrency exchange. The direct exchange of cryptocurrencies with merchants that accept them or the direct exchange of cryptocurrencies with a cryptocurrency exchange are other options for trading them.
Conclusion
In summary, the Coinomi wallet is a free, highly adaptable tool for managing your money and trades with a built-in DAX. Additionally, it offers excellent security and anonymity by obscuring your IP address and avoiding connecting your actions to your identity.