Coinomi Review – A Beginner’s Guide
By: Alexander Reed | Last updated: 1/6/24
Coinomi is a popular multi-currency wallet for mobile and desktop. In this review, I’ll cover the different wallet features and share my personal experience with it.
Coinomi Review Summary
Coinomi allows you to send and receive over 1,770 different cryptocurrency assets through a versatile mobile and desktop application. Aside from a security issue that was exposed and fixed back in February 2019, the wallet has gained a good reputation within the cryptocurrency community.
That’s Coinomi in a nutshell. For a more detailed review, keep on reading. Here’s what I’ll cover:
- Coinomi Overview
- Coinomi Review
- Supported Coins
- Setting Up Coinomi
- Customer Support and Reviews
- Conclusion
1. Coinomi Overview
Coinomi was founded in 2014 by George Kimionis with the idea of creating secure solutions for blockchain applications. The company has under 20 employees and has not reported any outside funding to date.
2. Coinomi Wallet Review
I was acquainted with Coinomi initially when I was trying to claim Bitcoin Cash from the 2017 hard fork. Back then, it was one of the only simple solutions to this matter, and the wallet was available only for Android. However, a lot has changed since.
Today, the Coinomi app is available for iOS, Android, and all major desktop platforms (Mac, Windows, and Linux). Coinomi is one of the most popular wallets around, mainly due to its vast set of features.
Security
Coinomi stores the private keys to your wallet on your device (i.e., a non-custodial wallet). Strong encryption and cryptography keep your funds safe. Also, you’ll need to set a password for sensitive actions, such as withdrawals, and it is also part of the recovery phrase encryption.
On February 27th, 2019, a critical security vulnerability was supposedly exposed in the Coinomi desktop wallet. The issue occurred once you’ve imported a seed phrase into the wallet; along the import process, the seed phrase was actually sent to an external service by Google for spell check.
It goes without saying that a seed should NEVER leave the wallet. You can read all about it here. You can also read the counterargument in favor of Coinomi here.
Privacy
Coinomi guards user privacy with the following measures:
- No KYC needed
- No IP association
- No identity linking
- No transaction tracking
Built-in Exchange
Coinomi allows you to trade between cryptocurrencies within the wallet without the need to visit an exchange. This is done through the integration of services like Coinswitch and Changelly. You can also buy BTC, LTC, XRP ETH and BCH using credit cards via their partnership with Simplex.
SegWit Support
Coinomi supports Segwit, which means that if you’re sending Bitcoin or Litecoin, you’ll be able to enjoy faster confirmations and lower transaction fees. This feature is also available for several other altcoins.
Custom and Dynamic Fees
Coinomi allows you to set a custom fee for your transactions. Alternatively, you can use a dynamically calculated fee to get the best value for money at all times.
Coinomi Is Not Open Source
Most people who are interested in cryptocurrency prefer open-source software, as they should. Coinomi used to be part of the open-source software movement, allowing anyone to review their code.
With peer review, any hidden code, malicious modules, or exploits would be easily identified. This ensures that users aren’t subject to any hidden malware that secretly benefits Coinomi or third parties.
However, it seems that in 2017 Coinomi moved their project to be closed source. This is not to say that their code isn’t good or became malicious, but it does mean that you don’t get the same amount of protection or transparency as you do with open source.
3. Supported Coins
Coinomi supports over 125 different blockchains (the largest number of blockchains for non-custodial wallets, according to their site) and over 1,770 total crypto assets, including tokens.
The most popular coins Coinomi supports are:
For a complete list of supported assets, visit this page. Additionally, you can manually add support for any asset not listed on the site.
4. Setting Up Coinomi
Here’s a short tutorial about how to set up your Coinomi wallet:
5. Customer Support and Reviews
Coinomi offers support via a comprehensive knowledge base and a ticket system.
According to posts on Reddit, Coinomi representatives are very responsive. Coinomi claims that they have “millions of happy users” and that they “have been around since 2014 and none of their phone-based wallets have been hacked or otherwise compromised”.
According to users, this appears to be the case, as there aren’t many saying anything negative about their service. Most online reviews seem to confirm this as well, giving the Coinomi wallet between 4-5 stars.
6. Conclusion
The user-friendliness of the Coinomi wallet, combined with great security and a huge array of supported cryptocurrencies, makes Coinomi a great choice for desktop or mobile.
Additionally, since new users often aren’t comfortable trading on exchanges with numbers jumping around on both the ask and sell side, trading through the Coinomi wallet simplifies the process tremendously.
Anyone, even advanced users, would likely see the benefit of using the Coinomi wallet. The only concern about Coinomi is the fact that it is no longer open source. However, there are many excellent wallets out there that aren’t open source either (e.g., Exodus).
Have you had any experience with Coinomi? I’d love to hear about it in the comment section below.
Coinomi
Free
Pros
- Easy to use
- Huge altcoin support
- Exchange capabilities
Cons
- Not open source
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I cannot believe the reviews for Coinomi, I have had a 6 figure balance in my Coinomi Wallet for several years, despite the President, George Kimionis and his Vice President Accounting, Anthony Jacques they refuse to allow me to withdraw my funds, I have paid the final bill 5 times, still they have not paid me a cent, I am an 80 year old Disabled Veteran, living on a pension.
Hi Dr. William,
It should be possible to transfer the funds into an exchange, and from the exchange into your bank account.
The only requirement is that you can still access your wallet. Note: Never disclose your wallet’s seed phrase or password or any private information to anyone else.
The fastest method to cash out the money from Coinomi is to convert to Bitcoin, and then transfer the same to an exchange to sell them for $$.
If you want to sell your Bitcoins and get Dollars or Euros instead you’ll need to:
1. Find a Bitcoin exchange
2. Deposit your Bitcoins on that exchange
3. Sell your Bitcoins for USD / EUR on the exchange
4. Withdraw the USD / EUR to your bank account
Here’s a list of the top Bitcoin exchange today: https://99bitcoins.com/best-bitcoin-exchanges-comparison-review/
Hope this helps
Coinomi is definitely a scam. If you reset or change phones you will not be able to recover your coins. They do not provide the seeds when you open the account and you cannot contact them either.
I call B.S.
I have used coinomi and transferred my wallet to a new device.
i see dozens of people lose their assets in coinomi up to 5k dollar their are thieves and all of sudden hijack your wallet and all your money be aware
I made a video showing myself having lost a ton of coins thanks 95% to Coinomi. I am likely to get more hateful responses from their employees. Sadly, the video shows my wallet holding a ton of doge, which I didn’t even think was worth anything at the time… I genuinely hate coinomi. They have cost me my coins (major investor here) at least three different times. And they always choose to insult me instead of help me when I ask for it. There ARE ways to hack it, if your phone was rooted BEFORE you put coinomi app and your coins on it. Extract wallet.dat file with ROOT/SU Superuser access and brute force attack the wallet. It will crack at some point, provided you have anything better than a Pentium. There is actually an app that will brute force it as well, I forget the name at the moment. I will never again use coinomi. Period.
Um… simple solution… don’t root your phone. It’s generally a BAD idea for a wide variety of reasons unless you are an expert at phone security and know what you’re doing. Having your phone rooted exposes you to all kinds of risks. I wouldn’t load any financial apps at all on a rooted device.
In fact, I believe their website specifically states you shouldn’t use it on rooted devices for exactly that reason.