You are welcome to my Coinomi wallet review. Is Coinomi Wallet secure, good, legit, and Safe?
Have you been looking for a wallet for multiple crypto coins? Do you want all your crypto in a single wallet?
In today’s world, the digital currency has become very famous. You can pay for goods and you can sell these digital coins.
Do you know that Coinomi BTG Wallet exists? Are you ready to know how it works?
Is it the money of the future? Many people are using these cryptocurrencies as it has become a global phenomenon. Not many people understand the concept of cryptocurrencies.
Today, we are going to tell you about an application that generates wallets for these cryptocurrencies. Say hello to the most powerful multi-coin wallet application.
Coinomi Wallet is making news due to its efficiency and multi-coin feature.
Read my full Coinomi Wallet Review to understand how it works and what the key features of the application are.
Estimated reading time: 14 minutes
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Summary of Coinomi Review
The company was created by George Kimionis in 2014 to build a very secure solution for blockchain applications.
It is a trendy multi-currency wallet for both desktop and mobile devices. This Coinomi Review is to let you know if it is safe for your use or otherwise.
Truth be told, I am yet to try this Wallet. And why is that?
Not for any reason but because I am scared of putting my trust in the Coinomi wallet. I always advise people to secure their hard-earned crypto any of the best top three hardware wallets.
It can help you keep over 125 different crypto coins (That is huge). This is why many people are using this wallet.
But not without a risky. Coinomi was hacked in February 2019, but I learned that they had fixed the loophole. But it is vital to note that somebody loses his money (over $60,000).
This is why you need to secure your crypto asset on a functional wallet.
Cryptocurrencies are money, and it should be treated like one. I am not against Coinomi; this company has earned the reputation they deserve, but I will not use it for my coin.
What Is Coinomi Wallet?
This is an application that has become popular all over the world. It is a free application that allows you to create a wallet for multiple cryptocurrencies.
You do not need an account to use the application. All you have to do is get the application from PlayStore and start generating wallets.
The application supports thirty cryptocurrencies. If you ask us, it is one of the strongest multi-coin wallets in the world.
It offers security and multiple features that make it the best multi-coin wallet application.
Key Features of Coinomi Wallet
- It is free. You do not have to pay anything to get the application.
- It offers security. Your private keys will be private. The funds in your account remain safe.
- It maintains your privacy. Your IP address will not be known by mysterious characters. There will be no transaction tracking or identity linking.
- The application does not drain your phone charger or take up much internet data. Power consumption is reduced with this application.
- Are you from China or Russia? Well, the wallet supports many languages. If you do not understand English, just select your language and view the instructions accordingly.
- You do not need to have an account. Just get the application and start generating wallets. It is that easy!
- Support for thirty cryptocurrencies.
- It is user-friendly
- It an open-source application. The code is available for the public to view.
- Requires a one-time backup. Just have to tap on backup and you would need to create a phrase and save it somewhere on your phone. The hackers will never know about the phrase you created and your private keys will be safe
Cryptocurrency Wallet for Android Phones
The application is available for Android phones. The developers are working on the Apple iOS version. The wait will not be too long because it will soon be out for iPhone users.
You will be able to reap the benefits soon! If you wish to get the app, you can go to the Play Store on your android phone and download the application for free.
Read More of the Coinomi FAQ
Crypto Exchange on Coinomi
It has a built-in exchange that allows you to trade between different cryptocurrencies without the need to visit any transaction.
This is was achieved by the integration of Changelly and Shapeshift into the Coinomi platform.
You can also exchange and purchase cryptocurrency via your credit cards with the partnership between Simplex And Coinome.
Coinomi Security Issue and Allegations
A user reported the desktop wallet security flaw in February 2019 on social medial. He claimed to have lost over $60,000 of his crypto asset kept in his Coinomi wallet.
Also, he claimed that the Coinomi wallet was sending an imported phrase (leaking recovery seeds) to a Google API address that relates to spelling checking. He claimed that someone must have stolen his fund on Google.
Feed Back From Coinomi
Coinomi wrote a public notification about this claim and explained their findings.
The company also explains that they have patched the vulnerability that only affected the wallet’s desktop version then.
After proper findings and investigation of the allegation, the Owner of the company (i.e., George Kimionis) came up with their results.
He explained that the claim was an attempt to extort the company. See the George Kimionis Twitter message below.
Is Coinomi Wallet Good, Legit, and Safe?
Yes, Coinomi is good, safe, secure, and legit.
That is my personal opinion and to the best of my understandings.
When you are dealing with cryptocurrencies, nothing is safe. This is why I secure my crypto-asset Ledger Hardware wallets. It is one of the hardware wallets that you can choose from.
Yes, this wallet was once vulnerable, and a user claimed a loss of over $60,000. Why would I keep crypto of over $1,000 using this wallet? When you can purchase a Hardware wallet at less than $100.
Also, your privacy has been taken care of by Coinomi. There is no need for KYC (Know your customer), no transaction tracking, and no identity linking.
That is to say, the company is not keeping your information. Does that make Coinomi safe and legit for you or not? Do you agree with my Coinomi wallet review?
Can Coinomi be Hacked?
It is a common question online” can Coinomi be hacked?”
I always say this “There is nothing that can not be hacked.”
Anybody can hack anything because you are limited to the level of information you currently have in life. That said.
The hacking of the platform or exchange is useless because the wallet and server have blockchain. If any hacker needs that, they can easily create their nodes.
Your personal and private details are not sent directly from your device.
Therefore, there is nothing to hack on the Coinomi platform or exchange, i.e., nothing can be stolen on that platform.
You can see that your funds are safe and secure with your Coinomi big wallet.
Is Coinomi Secure?
Coinomi is safe, secure, legit, and not a scam.
Coinomi Wallet is a non-custodial wallet, i.e., Coinomi always stores the private keys to your wallet on your device and not on their server.
Also, the company employs robust cryptography and encryption to keep your fund secure and safe with this wallet.
This company will allow you to set your password for every activity that seems sensitive on your device and wallet, like withdrawals, and it includes your recovery phrase encryption.
The question will be, what about if your device is stolen? Will your wallet will still be safe and secure?
To guide against a stolen device, you can create a PIN that is brakeforce protected on your Coinomi for Android.
If this PIN is wrongly entered either by you or the person that stole your device a certain number of times, the details of your wallet will be completely and permanently erase from your device.
In this case, you can only fall back to your recovery phase.
So that takes care of the stolen device.
Your fund is safe and secure with Coinomi wallet.
Is Your Fund Safe? How Are the Private Keys Stored?
So, how safe is a coinomi wallet?
You see, in the cryptocurrency world, there is nothing safe 100%. Technology is a changing world.
But, according to coinomi wallet company.
There is every indication that your funds are very safe. How safe are your funds?
The company keeps your seed and private keys on your device (they never leave your device for once).
Coinomi App is encrypted the AES from your password, currently protecting your device and wallet.
Your seed and keys are encrypted on your devices’ application data folder by default, and it is out of reach of every other app without the root privileges.
Your Coinomi wallet and BTG are supported by the TEE – Trusted Execution Environment. Therefore any decryption of your data is protected securely.
You also have extra security such that when you input your password to transact, your keys are decrypted locally and use to sign off the transaction.
The straightforward text key of such a transaction is always immediately destroyed.
It is how the private key is stored, and your funds are kept safe.
How Coinomi Wallet Works
The Coinomi Wallet guides your cryptocurrency assets safely, and it works just like other wallets works.
Coinomi Wallet and others’ significant difference is that you can use this app to train and exchange other cryptocurrencies.
Through the Coinomi Wallet app, you can use either ShapeShift or Changelly for your crypto exchange and at a fee.
The fees have nothing to do with the Coinomi Wallet, but either of the exchanges will charge them.
It also applies to Coinomi BTG wallet, i.e., Bitcoin Gold wallet.
You can decide your favorite of the two and do your exchange; you will get the displayed amount you will get for every exchange of crypto you are doing at a time.
Also, you can read more about ShapeShift or Changelly to see the one I preferred to use and the reasons for my choice.
How Does Coinomi Make Money?
How do Coinomi make earnings to keep all their facility running?
Also, how do they pay their employees to maintain such determined and aggressive customer services with a committed and helpful staffer?
There are many questions online.
I can assure you that they have my option to make more money, but I don’t think they are employing them for now.
One way Coinomi makes money is via referral to a third-party exchange.
They get a commission for every exchange you do on either ShapeShift or Changelly.
It is just like affiliate marketing.
If you are referring Coinomi directly to any crypto exchange, they will pay them a commission for every one of your transactions.
Coinomi can also make money via display ads, but I doubt they are using that for now.
Is Coinomi wallet legit, safe, and secure?
What do you think of my Coinomi wallet review?
What about if Coinomi is hacked? Are your funds safe with Coinomi?
I have written about all these questions; see the body of this article.
What Is Bitcoin Gold Wallet (BTG)?
How does the Coinomi BTG wallet works?
Is Coinomi BTG wallet safe and secure?
What is the difference between an ordinary coinomi wallet and the Coinomi BTG wallet?
Coinomi BTG wallet is the wallet for keeping your Bitcoin Gold Wallet (BTG).
Bitcoin Gold is a result of a fork from Bitcoin, i.e., the split of Bitcoin is the outcome of BitCoin Gold, hence the need to have a wallet for it.
You can not keep both Bitcoin and BitCoin Gold in the same wallet because they are not the same crypto anymore since after the fork.
Coinomi BTG wallet is as safe, secure, and legit as an everyday Coinomi wallet. Learn more about BTG here.
It also has the same security features, and I can assure you that your Bitcoin Gold (BTG) is secure on this platform, i.e., as promised by Coinomi.
But don’t forget that there is nothing that can not be hacked, your funds are as safe as it is now on the platform.
What do you think of my Coinomi BTG wallet review?
Do you trust your funds with Coinomi? Is Coinomi safe, legit, and secure? What is your take?
Coinomi Custom and Dynamic Fees
How much do you have to pay to use your Coinomi wallet? Is Coinomi wallet free?
Okay, the Coinomi wallet usage is free; the company does not charge any fee for the platform’s use.
You will pay the crypto exchange fees directly to the third-party exchange you are using for your bitcoin sales and exchange.
Note: Coinomi will make money by referring you to those third-party commissions.
They pay them a commission for every transaction you do on another platform, just like affiliate marketing, and how I make money with this website.
But how do Coinomi makes money?
It is covered in the body of this article too.
Coinomi gives you options to set a custom fee to exchange any cryptos in any third-party companies they referred you to.
You also have the alternative of using the Coinomi Dynamic Fees option.
What is Coinomi Dynamic Fees?
The Coinomi Dynamic Fees help you calculate your fee dynamically before you even use the third-party site.
It enables you to get the best prices for all your transaction on the Coinomi wallet platform.
But what about those transaction fees you keep seen on the platform?
Those are the outgoing transaction fee. Every of your outgoing transaction required fees to process the crypto to the address it’s going to.
This transaction fee does not go to Coinomi, but it goes directly to the miners of each crypto coin you are dealing with at every stage of the exchange.
How do you set the Coinomi Dynamic Fee?
The Dynamic fees Coinomi Dynamic Fee has three options, i.e., low, normal, and high priority.
This option will adjust itself according to the state of the various network as relate to each cryptocurrency.
The Coinomi Dynamic Fee’s three options are directly proportional to how busy transaction processing each of the crypto networks is every time.
The Coinomi Dynamic Fee algorithm will check each crypto network’s state to know how busy or clumsy translation is per time.
The higher the Coinomi Dynamic Fee you pay, the faster your transaction will be treated by the company.
What do you think of Coinomi Dynamic Fee? Do you believe that Coinomi has a fee they are getting at the back end?
Please let me have your take on my Coinomi wallet review.
Altcoins Supports By Coinomi Wallet
This wallet supports over 125 different cryptocurrencies and blockchains.
They claim to be the only wallet that supports the largest assets in their category.
The list of the crypto coin they are supporting includes:
Bitcoin, Cannacoin, Clams, Dash, Blackcoin, CanadaeCoin, Digibyte, Dogecoin, Digitalcoin, DogecoinDark, Jumbucks, Monacoin, FeathercoinGCRcoin, Litecoin, Neoscoin, Reddcoin, Dogecoin Test, Bitcoin Test, Litecoin Test, Namecoin, Neoscoin, NuBits, ParkByte, Vertcoin, Vpncoin, Peercoin, NuShares, and ShadowCash.
Is Coinomi Open Source?
Is Coinomi wallet open-source? No.
This wallet is not open-source software.
Ordinarily, the cryptocurrency ecosystem loves and prefers open-source software tools like the Coinomi wallet.
Open-source software and tools will allow anyone to be able to review such codes.
It has its disadvantages. You can quickly know what makes up the codes, such as the modules and hidden codes.
Brilliant programmers and hackers can easily exploit the code for manipulation to their advantage.
Since it is not open-source, it prevents such third-party manipulation by external forces and contains user exposure to any malware that can cause a problem.
Before now, the company uses to be open-source, but they recently move their project to a closed source.
Now it is only the company that has access to the code and is closed to the crypto ecosystem.
The only challenge is that it is also closed to scrutinize; it may not be as compact as they think because there is no transparency for exploiting it.
Is Coinomi Wallet worth It?
Thanks for reading my Coinomi Wallet Review? Is Coinomi Wallet legit and safe? Can you trust your crypto asset with Coinomi assets?
We hope you found the Coinomi wallet review helpful.
According to us, it is the best application for generating a wallet for multiple crypto coins. Your money is absolutely safe with the application.
The developers of this application have built it in such a way that your Coinomi wallet is encrypted with a master password.
The IP address is hidden and so, the fraudsters will never get to know about your identity. No sign-up is required as you can directly generate a wallet.
If you want to make a coin payment, all it takes is a single click. It is fast and convenient. You must give it a try to reap the benefits of this multi-coin wallet.
What do you think of my Coinomi Wallet Review? Is Coinomi Wallet Safe? Can you still trust your fund with the Coinomi wallet?
Do you like the idea of the Coinomi BTG wallet?
Your safety and security is the topmost priority of the application.
There are many wallets out there, which do the same work as this wallet does. However, they do not have the features that it offers. Try it to believe it
Setting Up Your Coinomi Wallet – Video
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