Today’s post is based on Coinomi Wallet Review.
As we all know that cryptocurrency is now becoming a trade. In addition to that, if you’re interested in using cryptocurrencies like bitcoin or Ether, whether you want to pay with the coins or simply want to keep the coins as an investment, you’re going to need a wallet.
The most popular wallets are often a good choice and tend to be popular for a reason. Desktop, iOS, and Android wallets can simply be downloaded to the device of your choice, ready to use.
cryptocurrency wallets are the software that stores your valuable in a more secure way. In addition to that, we are going to review another famous cryptocurrency wallet that is “Coinomi”.
So Lets start Coinomi Wallet Review.
What is Coinomi ?
Coinomi is a mobile-based cryptocurrency wallet. It comes with the multi-functionality feature. Currently, Coinomi is available for Android and it is also coming for IOS.
You can store multiple cryptocurrencies with the coinomi wallet. Robust privacy features and an intuitive user-interface make the Coinomi app a popular choice for Android users. Coinomi provides a secure storage platform with the support of multiple digital assets.
It has a built-in exchange for fast and easy trading. Coinomi is a Free Secure Open-Source Multi-Coin HD Wallet for Bitcoin and Altcoins. its official website .
Coinomi uses Hierarchical Deterministic Wallet (BIP44) which enables the user to keep everything accessible and secure with just one super passphrase. For this, the user has to backup only once.
Fees of coinomi ?
Coinomi is free to use a mobile wallet. Outgoing transactions can be charged to the miners associated with that particular transaction currency.
Coinomi does not charge any fees for themselves.
What cryptocurrencies Does Coinomi support ?
More coins are supported by Coinomi. You can get the full list of supported Cryptocurrency on the official website on Coinomi.com
Features of Coinomi ?
Coinomi has all the basic features you’d come to expect from a multi-coin wallet. Coinomi also includes inbuilt shapeshift integration. Using this feature you can exchange between currencies in the wallet itself.
Coinomi Wallet User interface Review
The thing which is main point in Coinomi Wallet Review is user interface for user.
The user interface of Coinomi is decent and strong. The main dashboard screen displays the various settings so that you can customize your wallet according to your needs. The design is very much clean and relatively simple.
Coinomi is mobile the only wallet. It stores your private keys on the device for extra security. Private keys are easily backed up via recovery seed. The wallet is easily accessible to view-only, though functions such as spending and adding new coins are password protected.
Coinomi is an open source wallet. Support is limited. During a Dash upgrade, Coinomi’s servers took a week to sync.
Why should I use Coinomi ?
- Supports over 30 altcoins.
- Coinomi is open source software. People can fork their own program. Everything is transparent including source code.
- It comes with full shapeshift.io integration support.
- This has a simple one time backup with HD Security, BIP44
- Coinomi is the wallet that offers you Enhanced privacy & anonymity.
How to use Coinomi ?
Download the app from its official website.
If you are an android user then you can download the Coinpmi app from the google play store from here.
Coinomis app is free to download and also free to use.
Step 2 is customizing and setting up your Coinomi wallet. You will see two option in the initial stage.
- The first option is to create a new wallet and
- The second option is to Restore a wallet.
Click on the new wallet option. The screen will offer you recovery phrase for your wallet. Copy the phrase and keep it somewhere safe. Moreover, you will need this phrase in an emergency situation to recover your wallet.
After that apply the check mark next to the text “I have safely stored my recovery phrase”
Then click the “Next” button.
Read: How to Buy ethereum in india ?
Step 3 is all about backing up your wallet.
After you click the next button the wallet will ask you for Entering recovery phrase. Paste the recovery phrase which you have just copied. You can,
- Manually Enter the phrase
- Use the paste option by using the blue icon from the top of this interface.
- Use the QR code scan option to enter the phrase
Then click on Next.
Step 4 is creating your strong password. Create a strong password which is tough to guess but easy to remember. Enter a password and confirm it. You would need it to access your account. Click the next button for further steps.
Step is customizing your interface of the wallet.
From this interface, you can select the coins that you wish to use. In addition to that, You can add more coins later. Once you have selected the coins click the finish button.
Now when you are done click on the “Finish” button.
Click on the terms and conditions and click on the “I agree” option.
Coinomi wallet Review
To switch send/receive interface of a particular coin click /tap on the horizontal bars on the top left side of the page. After that, we will get access to sending and receiving Bitcoin. Click on the Bitcoin option available on the left sliding page of the interface.
Read: 7 ways to Get Free Bitcoin
To receive Bitcoin click on the “Receive” button. You will be redirected to the receive Bitcoin interface.
This interface displays your Bitcoin address and a QR code for the same.
Copy the address. You can add a name corresponding to an address using the pencil icon present at the top right of the screen.
You can add more Bitcoin addresses to your wallet by clicking on the “+” plus icon.
Send BitcoinsTo to send Bitcoins click / Tap the send option.
On this screen enter the pay name or address. You can use the QR code icon to initiate a scan of address from an image. After that enter the desired amount which you want to send.
Finally, click on the “Send” button.
PROS and CONS of Coinomi
- Fast and easy to use interface.
- High privacy and security.
- Private keys are always associated with your Coiniomi wallet.
- The wallet can be fully restored using your seed phrase.
- Cross payment is supported in the wallet.
- Does not support Fiat currency.
- Available only for Android Users.
- Undisclosed Source codes
If you are android user than definitely, Coinomi will be one of the best options for you. Also, There are many other mobile wallets are available in the market but as Coinomi is now very much trusted by the user. This mobile wallet has gained attention in the market. Also, the security feature is very much high. It has an average amount of privacy. So overall its worth giving a try.
So that’s all for Coinomi Wallet Review. In addition to that, If you have any doubts please let me know in the comment section.
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