–°oinomi Wallet Review 2021: The ultimate test

Coinomi is said to be one of the best Bitcoin wallets on the market. With over 1,750 blockchain assets, from Coinomi Bitcoin Gold to Zcash, the mobile and desktop wallet leaves nothing to be desired.

In our big Coinomi Test 2021, we take a close look behind the scenes: What does the Coinomi Wallet offer, what are the fees and what about the topics of security and data protection? These and other questions are answered in detail in the following report.

Furthermore, we look at potential weaknesses of the provider and suggest interesting alternatives that you should definitely take a closer look at.


What is a Coinomi Wallet?

Before we go into more detail about the various features that the Coinomi Wallet has to offer, we will give an initial overview of the Coinomi Wallet in the following section. The Coinomi Wallet is an electronic wallet that was introduced in 2014 and has been continuously developed since then. By now, the wallet can be accessed via a number of operating systems, including Android, iOS, Windows. macOS and Linux. The wallet is available to users in a number of ways: In addition to the Coinomi desktop or online wallet and the app, it is even possible to use Coinomi as a paper wallet.

What is remarkable here is the fact that the Coinomi Wallet offers an incomparably wide range of possible applications. With over a thousand coins and tokens from over 125 blockchains, crypto friends can store pretty much everything that the crypto market has to offer: In addition to the well-known currencies such as Bitcoin, Ethereum, Litecoin and Co., smaller, lesser-known participants can also be stored in a single wallet: Whether ERC20, Omnilayer, BEP2, TRC10 tokens or NEM Mosaics - the Coinomi Wallet offers space for all crypto assets.

But that is by no means the only convincing feature of the Coinomi Wallet. The Simplex crypto exchange allows users to purchase coins directly, easily and cheaply. Through dynamic pricing, it is possible for users to always receive the best prices for each transaction. Of course, security and data protection are also of the highest standard, so users do not have to worry about losing their coins and tokens.

While we have now gained a good first overview of the Coinomi Wallet, we will go into more detail in the following sections. If you already feel like setting up the Bitcoin wallet, you should read the next section in more detail. We will then go into more detail and discuss all the important functions and special features, such as the Coinomi Wallet fees and the security of the wallet.
the Coinomi Wallet

Setting up the Coinomi Wallet: this is how it works!

If you already feel like setting up the Coinomi Wallet, you can register in two simple steps. The Coinomi Wallet can be set up either via the PC or the smartphone.

  •     Set up the Coinomi Wallet via app (iOS, Android).
  •     Setting up the Coinomi desktop version (Mac, Windows, Linux)
step 1

Download and registration

The first step is to download the wallet either as a PC or mobile version on Google Play, the Apple Store or directly from the provider's website. Once the application has been installed, users should open the application in the next step and create a new wallet.

Now it is a matter of writing down the seed and then confirming that it has been stored securely. The Coinomi Wallet is a so-called Hierarchical Deterministic (HD) Wallet: Since the Coinomi Wallet offers a variety of different cryptocurrencies, the Coinomi Wallet can assign all private keys of the respective currencies with a single seed: This is the advantage of HD Wallets.

It goes without saying that this seed must be kept safe and not passed on to anyone else. Afterwards, a password entry is also carried out. It is strongly recommended that every user also creates a so-called "recovery phrase" so that one can restore the Bitcoin wallet in an emergency. Once these steps have been completed, the wallet can be used.

download the wallet either
step 2

Send and receive cryptocurrencies with the Coinomi Wallet

The next step is to select the cryptocurrencies that are to be managed with the Coinomi Wallet. For this purpose, users are provided with an overview. In the beginning, it is sufficient to select the coins that you want to acquire at this time. Later, it is no problem to add more different coins to the portfolio or to remove them again.

Anyone who is now logged into their personal cryptowallet can view their own Coinomi Wallet ID, send and receive cryptocurrencies without any problems and take a look at the balance. The following options are available to users: In the "Pay" menu, users can enter the wallet address or the public key of the respective recipient. Alternatively, the QR code can simply be scanned. The desired amount can then be entered to carry out the transaction.

To receive coins and tokens, the personal public key can be viewed under the menu item "My address". Alternatively, it is also possible to send the QR code below to the recipient in order to carry out the transaction. Here it is also possible for the recipient to enter a special amount for the QR code so that it is taken over directly by the sender.

with the Coinomi Wallet

Coinomi Wallet Functions & Features

Coinomi offers a variety of functions and special features without limiting the user-friendliness. The built-in crypto exchange, multi-seed support and back-up functions make the wallet one of the most versatile wallets we have tested so far. In addition to the high number of coins and tokens, the high security standards and cost-effective services, which we will discuss in more detail later, we will focus on the areas of compatibility, user-friendliness, customer service and security in the following.

1. Compatibility

Coinomi can be used for a variety of operating systems. Mobile users can use Android or iOS, while desktop users can choose between Windows, macOS and Linux - all common operating systems are supported.

The personal user account can be accessed either from mobile devices or from the comfort of home. Transactions are displayed everywhere, so that users always have a full overview of their finances and can carry out transactions quickly and easily.

2. User-friendliness

Even though Coinomi offers a multitude of in-depth features, the user-friendliness is still designed intuitively, so that even beginners can quickly and safely get started with all of the provider's functions without losing the overview. On the other hand, if you should encounter one or the other problem, you can also consult the 24-hour customer service without any problems.

3. Wallet security

Even though the Coinomi Wallet is not a hardware wallet, it is considered relatively secure. For example, since it is an HD Wallet, no user data is stored. Furthermore, the IP addresses of the users are also changed, so that the company itself does not even know the IP addresses of the users - so there would be no chance of the currencies being stolen even in the event of hacker attacks.

While everything sounds good and secure so far, it must nevertheless be pointed out that security vulnerabilities were recently disclosed through which the user Warith Al Maawali allegedly had cryptocurrencies worth 60,000 US dollars stolen. However, the security flaw was fixed immediately afterwards. Anyone who looks at the reviews and test reports will see that this is a secure brand and that such reports are the absolute exception.

4. Customer support

Even though customer support is considered secondary by many users, this quickly changes as soon as the first problems occur. Wallets in particular are known to drive users to despair with inferior customer service at regular intervals. Fortunately, this is different with Coinomi Wallet, where customer service is available around the clock.

The customer service can easily be contacted via live chat, which can be accessed via the app or also via the provider page. Alternatively, it is also possible to search for the question in the detailed FAQ section in advance without any problems. The FAQ section covers a large number of questions, so that the customer service often does not need to be contacted at all.

Mobile & Desktop Installation

As already mentioned, the Coinomi Wallet can be installed for both desktop and mobile. The wallet can be downloaded either as a mobile version on Google Play, the Apple Store or directly from the provider's website. The Android version alone has already been downloaded from Google Play over a million times and has earned 4.4 out of 5 stars with over 31,000 reviews - a really solid result.

The actual installation does not differ much from the respective operating system. While the iOS version is only available in the Apple Store, both the Android and all desktop versions can be downloaded directly from the provider's site. For anyone wondering whether their operating system is sufficient to install the Coinomi Wallet, we have compiled a small overview of the minimum requirements below, as listed on the provider page:

  • Android: At least Android Marshmallow 6.0 and higher.
  • iOS: At least iOS 12.0 or higher. Compatible with iPhone, iPad and iPod Touch
  • Windows: 64-bit versions
  • macOS: At least Sierra 10.10 and higher
  • Linux: 64-bit Linux distribution
Coinomi Wallet Types

Coinomi Wallet Types

Desktop / Online Wallet

The Coinomi Wallet is cross-platform and can be used by a whole range of systems without compromising security. Depending on which system you choose, there may be minor restrictions. For example, messages cannot be signed or verified with the Coinomi Desktop Wallet, as is possible with the smartphone. However, Coinomi has regular updates in store so that these shortcomings are adjusted at regular intervals.

App / Mobile Wallet

The app represents the most popular form of Coinomi wallet. Smartphone wallets have the great advantage that they can be used from anywhere and thus offer the highest user comfort. The Coinomi Wallet impresses with a simple and intuitive user interface and can be used easily even by beginners. We therefore also recommend starting with the Coinomi app.

Hardware Wallet

The Coinomi Wallet is a hot wallet. For people who have invested a significant amount of their money in cryptocurrencies, we therefore recommend switching to a hardware wallet. Hardware wallets store private keys electronically without temporarily storing them on the PC, which offers the highest level of security. Those with a lot of Bitcoins or other cryptocurrencies should therefore take a look at devices such as the Trezor One, KeepKey or Ledger Nano S and X.

Where can I download the Coinomi Wallet?

Coinomi Wallet Download: The Coinomi Wallet can be downloaded either from the provider's website or from the respective app stores.

Below is a brief overview of where the Coinomi Wallet can be downloaded:

  •     Android: Available on Google Play or directly on the provider's website.
  •     iOS: Available in the Apple Store
  •     Windows: Available on the website of the provider
  •     macOS: Available on the provider's website
  •     Linux: Available on the website of the provider

Coinomi Wallet Fees

With all these advantages that the provider delivers, the question arises about the costs. And here, too, the Coinomi Wallet can really convince all along the line. There are no fees for the wallet. If you are the recipient of coins, the sender pays the corresponding fee. If you send coins, on the other hand, you have to pay a transaction fee, which does not go to Coinomi, but to the respective miners - Coinomi is completely fee-free.

How expensive are the transaction fees that are paid to the miners? This is not easy to say in general terms, as Coinomi works with a dynamic pricing model. Users can decide for themselves how much they want to pay for a transaction. However, the respective price that users pay influences the transaction speed.

If too low a price is paid, the transaction can take days. If higher transaction fees are paid, the transfer is quick. Users can enter the transaction fees completely manually or simply choose between low, normal and high. Does this mean that users can get away with Coinomi Wallet completely free of charge? Unfortunately, no.

Because while Coinomi is truly free and fees are only paid to the miners, the wallet provider works with partner companies ShapeShift and Changelly, who add a 0.5% fee to each trade for exchange services. The following table almost summarises the cost structure:

Coinomi Wallet Fees

Transaction fees

Cost

Fee of the respective network

variable

Transaction fee from partner companies

0,5%

Which coins are available in the Coinomi Wallet?

Instead of asking which coins and tokens are compatible with the Coinomi Wallet, it would probably be easier to ask which coins are not supported by the Coinomi Wallet. The application possibilities and the variety of coins and tokens that can be used is simply unique. In total, over 1,750 blockchain assets can be used:

ERC20, Omnilayer, BEP2, TRC10 tokens or NEM Mosaics are all supported. With over 125 blockchains, most coins and tokens can be stored in the wallet. Below is a brief overview of which common coins are accepted:

Bitcoin, Aion, Algorand, Aryacoin, Auroracoin, BNB, Bitcoin Cash, Bitcoin Gold, Bitcoin Plus, Bitcoin SV, BitcoinZ, Blackcoin, Callisto, Dash, Decred, Defcoin, DigiByte, Dogecoin, Donu, Einsteinium, Ethereum, Etherum Classic, EuropeCoin, FIO, GameCredits, GoByte, Groestlcoin, Hellenic Coin, Horizen, Hydra, Komodo, LBRY Credits, Litecoin, Litecoin Cash, Monacoin, Monkey Project, Monero, Monero Stage, NavCoin, NEM, Newyorkcoin, OmniLayer, Peercoin, PIVX, POA Network, ReddCoin, Ripple, Smartcash, Smileycoin. Stratis, Syscoin, Tron, Unobtanium, Verge, Vertcoin, Viacoin, WhiteCoin, Zcash, ZClassic, Zcoin.

This list only includes coins - i.e. currencies that have their own blockchain. The following is therefore an additional overview of all tokens that are supported by the wallet:

Aave, Abyss, Aelf, Akropolis, Ampleforth, ARIX, Augur, Augur v2, Aurora. Balancer, Bancor, Band Protocol, BNBe, BitTorrent, BUSD, bZx Protocol, CanYaCoin, Celsius, Chainlink, Compound, Curve DAO Token, Dai, DENT, Dentacoin, DFI. Money, Digitex Futures, DxChain Token, Elrond, Enjin Coin, EXMR, Flexacoin, FundFantasy, Gemini Dollar, HedgeTrade Token, Holo, Huobi Token, HUSD, IDEX, Kava.io, Kyber Network, LAToken, Loopring, Lympo, Maker, Melon, MobileGo, Nectar, Numeraire, NXM, OKB, OmniLayer, onG.social. Paxos, PDX Coin, Power Ledger, Presearch, Quant, Ren, Reserve, Reserve Rights, Ripio Credit Network, SAI, Serum, Shivom, Stably, Stasis EURS, Synth sUSD, SushiSwap, Synthetix Network Token, Tellor, Tether, Tether Gold, ThorChain, TrueUSD, Uma, USD Coin, Viberate, Vice Industry Token, VIDT Datalink, Wrapped Bitcoin, xDai, yearn.finance.

Pros and cons of Coinomi

Coinomi offers a whole range of advantages that make the hot and HD wallet stand out from the crowd of other providers. First of all, the huge selection of coins and tokens is unique: thousands of coins and tokens and more than 125 blockchains speak for themselves. In addition, the wallet is offered for all common operating systems: Whether Android, iOS or still Coinomi Windows, macOS or Linux - desktop users of any form can use the wallet.

The Coinomi wallet also offers a great all-round carefree package with which users can acquire coins and tokens directly and without any problems. The Simplex crypto wallet allows for easy and affordable crypto purchases via credit or debit card. These are just a few reasons why Coinomi is compelling. The provider has countless other advanced features in store that make the offer stand out from the crowd.

Pros

  • Huge selection of all popular coins and tokens
  • Low, variable fees
  • Customers can determine the mining fees themselves
  • Integrated Simplex crypto exchange
  • Cross-platform mobile and desktop wallets
  • A wide range of advanced features

Cons

  • Recent security breaches
  • English language only

In addition to the offer, it is also above all the cost structure that is convincing. Even if 0.5% third-party transaction costs are not entirely cheap, users who do not need the transaction immediately can save a lot of money on the variable mining costs. Here, you can decide yourself or on the basis of three predefined parameters how much money should be spent.

The only disadvantage we could identify during our test is that security vulnerabilities recently became public, but have since been fixed. Overall, Coinomi can convince all along the line with a great, rich offer, favourable conditions and a secure infrastructure.

Is the Coinomi Wallet a scam?

No, Coinomi is not a scam. Our own Coinomi experiences, millions of satisfied customers around the world and positive test ratings from tens of thousands of users speak a very clear language here.

We put the wallet through its paces over a period of several months - we were not promised too much in terms of functions, fees or transfers to other wallets.  Everything works flawlessly, without us encountering any problems.

Coinomi Wallet a scam

Is there a better alternative to the Coinomi Wallet?

After our Coinomi wallet test, we can state without reservation that Coinomi is one of the best hot and HD wallets that we have had the opportunity to test to date.

  1. 1
    An alternative would still be the Exodus Wallet, which comes close to the functionality and user-friendliness of Coinomi - at least if not too many coins and tokens are stored.
  2. 2
    If, on the other hand, there are larger amounts on the account, we recommend switching to a hardware wallet sooner or later. As already mentioned, hardware wallets store the private key on the device without temporarily storing it on the PC, which makes hacker attacks impossible. Furthermore, the currencies can be restored through a backup code, even in the event of theft or damage. Those who want to upgrade from a hot and HD wallet to more security are in good hands with hardware wallet providers such as Trezor One, KeepKey as well as Ledger Nano S and X.
  3. 3
    For those looking for an online, desktop or mobile wallet, we recommend eToro. Not only can more than 120 coins be securely stored on the world-renowned trading platform, but they can also be easily sent, received and traded via the interface to eToro.

Conclusion of our Coinomi Wallet experience

Our Coinomi experience 2021: Attentive readers who have followed our cryptocurrency wallet test up to this point will probably already know that the Coinomi wallet convinced us across the board and is therefore not considered one of the best Bitcoin wallets for nothing. A great and rich offer, which is not only aimed at professionals but also at beginners, in combination with favourable and variable mining prices make the Coinomi Wallet stand out from the crowd of other providers.

The security holes, which were only recently closed again, are offset by thousands of positive customer reviews, so we won't let this flaw carry too much weight. Coinomi is still considered a trustworthy provider that offers customers a high level of service, security and anonymity, so the benefits of cryptocurrencies are fully realised here. Our Coinomi Wallet experiences have convinced us: We are thrilled and can recommend Coinomi without reservation.

FAQ

Is the Coinomi Wallet secure?

The private keys never leave your own device. In addition, a high encryption rate ensures that hackers have no access.

Does Coinomi have a mobile wallet?

Yes, the Coinomi Wallet is also available for Android and iOS.

Install Coinomi in the browser - What should I pay attention to?

Coinomi is available for Android, iOS, Windows, macOS and Linux. The minimum requirements for each system can be found on the provider's website.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.