Coinomi Crypto Wallet Review
Money is not a client of any investment adviser featured on this page. The information provided on this page is for educational purposes only and is not intended as investment advice. Money does not offer advisory services.
It can be difficult to find the right wallet in which to store your cryptocurrency tokens and assets, especially if you have a wide range of crypto that use multiple blockchains. In order to help you choose a trusted place to keep your funds, we reviewed Coinomi’s wallet. Here, we look at the pros and cons, features and offerings of the Coinomi crypto wallet.
Secure vault, user-friendly interface, and FDIC insured
Alternative Investing Options
- User-friendly interface on all devices
- Secure vault with time-delayed withdrawals
- FDIC-insured deposits up to $250,000
Zero wallets hacked since 2018
- Purchase crypto securely - directly to your wallet
- Powered by MPC cryptography
- 3-factor-authentication recovery model
- Secure wallet recovery - never worry about losing your seed phrase again
- 24/7 live in-app support.
Only–hardware wallet to use a Secure Element
Only–hardware wallet to use a Secure Element
- Protection from online hacks, malware and software attacks
- Capable of generating private keys and creating blockchain accounts
- Companion tools that allow you to navigate the blockchain ecosystem with confidence
- Protect your private keys in an offline environment
Best multi-blockchain crypto wallet
Coinomi is a free non-custodial wallet, which means users have full control of their cryptocurrency portfolios as opposed to a financial institution holding the crypto assets for them. The wallet supports over 125 different blockchains — a large number by industry standards — and is able to hold over 1,770 types of crypto tokens. It also claims that if you cannot find a token on its list that you want to hold, you can manually add the token to your Coinomi wallet.
Coinomi also has several other features that make it stand out, such as built-in crypto exchanges, high-level security and enhanced privacy.
Coinomi Crypto Wallet pros and cons
- 24/7 customer support
- High level of security
- Hosts a variety of blockchains and cryptocurrencies
- No cold storage option
- Lack of transparency
Pros explained
There are many advantages to using Coinomi to store your cryptocurrency. Its standout features include round-the-clock customer support, its private keys storage and the wide variety of cryptocurrencies it can host.
24/7 customer support
Coinomi offers multiple customer support options to assist both new and experienced crypto traders. For example, the wallet provides a support page with articles and solutions in multiple languages. It also has a YouTube channel with videos demonstrating various actions users may have trouble with, from restoring wallets on a new device to manually adding an ERC20 token, a type of digital asset created using the Ethereum blockchain.
It also has a ticketing system by which you can speak with representatives through a live chat. Users can also contact Coinomi by email at support@coinomi.com.
High level of security
Coinomi states on its website that no Coinomi wallet has ever been hacked or compromised since the company was established in 2014. The Coinomi security system supports a password, biometric lock on mobile devices, a recovery phrase of 12, 15, 18, 21 or 24 words and a private key to protect your funds.
While Coinomi is a hot wallet, which means it's always online, you store your private key locally on your device. This means that hackers cannot access your key via an online attack because you aren't storing your private keys on a platform that is continuously connected to the internet.
Hosts a variety of blockchains and cryptocurrencies
Coinomi crypto wallet supports over 125 blockchains, which allows you to store and exchange over 1,770 other tokens, including major cryptocurrencies like Bitcoin and Ethereum. This is a number that no other non-custodial crypto wallet has matched to date. Coinomi also makes it possible for you to manually add any other tokens to your wallet that aren’t currently on Coiniomi’s list of supported tokens.
Cons explained
Coinomi has some downsides, as well. The two most relevant drawbacks are a lack of cold storage options and little transparency regarding the source code.
No cold storage option
Coinomi doesn’t offer an option to keep your cryptocurrency in cold storage, which may be limiting to some users. Although the wallet has a multilayered security system (passwords, biometric locks, etc.), cold storage remains the safest method to store your crypto assets and tokens.
Cold storage refers to specialized devices or USB flash drives that keep your private keys offline. Because private keys are the primary method of accessing your crypto tokens and assets, storing them in an offline location constitutes a major security advantage.
Lack of transparency
Coinomi used to be an open-source wallet, but that is currently not the case. In 2020, the wallet publically tweeted that it moved to closed-source code because scammers were viewing the code and replicating it as malicious clones of Coinomi wallets. Some users have voiced concern over this decision and its resulting lack of transparency in online forums and reviews.
While being open source reveals the software’s code to cybercriminals and competitors, allowing the public to see and review it can instill more confidence in potential users. A source code that isn’t open to the public may also contain malware, bugs or code that can benefit third parties.
Coinomi Crypto Wallet offerings
Coinomi offers a free multi-chain wallet for both mobile and desktop. To set up this wallet on a desktop device, you’ll need to access the Coinomi website, download the software for your personal operating system (Windows, MacOS or Linux) and log in after creating an account. For mobile devices, you can download the Coinomi app from the App Store or the Google Play Store (for iPhone and Android devices, respectively), create an account and then log in to the app.
After installing your wallet, you’ll need to back it up by looking for your specific recovery phrase, also called a seed phrase. You can use your recovery phrase to gain access to your entire wallet or restore it on another device. Coinomi recommends that users keep this phrase in a fireproof vault if written down or offline in an encrypted file if stored digitally.
Coinomi doesn’t allow you to purchase any cryptocurrency assets directly with fiat currencies like U.S. dollars, Euros or Pounds. There are third-party services or other sites that allow these purchases. If you have previously purchased assets, you’ll be able to transfer them into your wallet and save, trade or send them to others.
Multichain wallet
As a multi-chain wallet, Coinomi supports various blockchains, allowing users to manage various crypto assets from a single location. The wallet currently features native support for bitcoin and most major altcoins and tokens. It also supports every ERC20, Omnilayer, BEP2 and TRC10 token.
Users can import and manage an unlimited number of wallets on Coinomi, each with its own encryption settings. Additionally, they can use altcoins to pay directly to bitcoin addresses and vice versa thanks to the wallet’s one-click cross-chain payment process.
Coinomi Crypto Wallet pricing
Coinomi is free to download and use. The cryptocurrency wallet does not add any transaction fees for sending or receiving crypto. It notes that your transaction payments are sent directly to the miners.
Coinomi Crypto Wallet financial stability
A collection of fintech, cryptocurrency and entrepreneurship experts founded Coinomi in 2014. Coinomi is a free crypto wallet with the goal of becoming the world’s most pragmatic blockchain wallet.
Coinomi Crypto Wallet accessibility
Coinomi is an international wallet you can set to many languages, including English, Spanish, Chinese, French, German and Russian. It’s a free wallet that’s accessible to anyone with an internet connection.
Availability
Coinomi is available on Android, iOS, Windows, macOS and Linux devices.
Contact information
The best way to contact Coinomi if you have an account is to open a ticket through its customer support system and talk with a representative over live chat. You can also email a representative at support@coinomi.com or reach them by mail at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands.
Coinomi also features a support center with articles in various languages addressing questions and issues that may surface while using Coinomi. If you sign up and log in, you will be able to submit a ticket with a specific inquiry.
User experience
Coinomi is a user-friendly crypto wallet that you can use on desktop or mobile devices. Coinomi mobile wallets have been downloaded on the Google Play and App stores over a million times. With its built-in cryptocurrency exchanges, new users can trade their wallet assets and tokens confidently while avoiding the complicated process of other wallets that require a more advanced understanding of crypto platforms.
Coinomi crypto wallet customer satisfaction
Online review sites show generally positive customer ratings and reviews for Coinomi. However, although most users are happy with the product, some users have left negative reviews. Common complaints for Coinomi cite problems with transferring coins and connection issues.
Coinomi crypto wallet FAQs
What is Coinomi?
Is Coinomi safe?
Is Coinomi a good wallet?
Coinomi is a great option for a cryptocurrency wallet. It's free and features high-level security, built-in exchanges and the ability to hold over a thousand different types of tokens on more than one hundred types of blockchains.
One major drawback of Coinomi is that it doesn't offer an option for cold storage. Because the wallet is internet-based, it remains exposed to certain types of common cyberthreats. Another downside is that Coinomi is no longer open source. Having closed source code limits transparency and means that users can't foolproof its code to verify for bugs or other code issues.
How we evaluated Coinomi crypto wallet
When evaluating the Coinomi crypto wallet, we looked at multiple features and how they compared to those of competitors. The features we considered include:
- Pricing and fees: We checked the price of the wallet, as well as its transaction fees and other additional costs.
- Crypto assets supported: We examined the types of blockchains and tokens supported by the wallet.
- User interface: We evaluated the wallet’s interface by considering how easy it would be for a beginner to use the wallet.
- Security features: We looked at the security features that the wallet has in place to protect users’ funds.
- Accessibility: We took note of how easy it was to get the wallet and start using it.
- Customer reviews: We considered the online reviews left by users and weighed the praise for the wallet against the complaints it received.
- Customer support: We took into account the availability of customer support and how easily users could find solutions to their problems.
Summary of Money’s Coinomi Crypto Wallet Review
Coinomi is a crypto wallet that has gained the trust of many crypto traders thanks to its outstanding security features, as well as its support for over one hundred blockchains and more than a thousand crypto tokens. However, while it’s generally regarded as a solid option for storing your crypto, its closed-source code and lack of two-factor authentication and cold storage options may cause some cryptocurrency enthusiasts to look elsewhere.
If Coinomi doesn’t seem like the best fit for you, but you still need somewhere to store your cryptocurrency, check out our picks for the best crypto wallets.