Coinomi Wallet Review: Is Coinomi Wallet Really Safe?

 

coinomi wallet review

You are welcome to my Coinomi wallet review. Is Coinomi Wallet Safe?

Have you been looking for a wallet for multiple crypto coins? Do you want all your crypto in a single wallet? Then this Coinomi Wallet Review is for you.

In today’s world, the digital currency has become very famous. You can pay for goods and you can sell these digital coins.

You can trade these digital currencies online or use them for paying for goods.

The sky is the limit! These digital currencies are called cryptocurrencies.

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.

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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.

True be told, I am yet to try Coinomi 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? 


Coinomi 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.
  • Coinomi 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

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Altcoins Supports By Coinomi Wallet


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.

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 the iPhone users.

You will be able to reap the benefits of Coinomi 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


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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 Coinomi (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 Safe?


Yes, Coinomi is safe. 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 in Coinomi? 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, Coinomi is not keeping your information. Does that make Coinomi safe for you or not? Do you agree with my Coinomi wallet review?

Coinomi Wallet worth It?


Thanks for reading my Coinomi Wallet Review? Is Coinomi Wallet 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?

Your safety and security is the topmost priority of the application.

There are many wallets out there, which do the same work as Coinomi does. However, they do not have the features that Coinomi offers. Try it to believe it

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6 thoughts on “Coinomi Wallet Review: Is Coinomi Wallet Really Safe?”

  1. Hi, Coinomi was never hacked. The only user who claimed to have lost coins due to the “security vulnerability” was proven to be trying to extort Coinomi from the very start. You can read the full detailed forensic study here.

    Please update this post accordingly, as the mentioned issues were already put to rest more than a year ago, thank you.

    Reply
    • Dear Fer Coinomi,

      Thanks for the information availed me on my LinkedIn. I already updated the article accordingly. Thank you for the information.

      Regards

      john

  2. Thanks for posting. It seems that the Coinomi wallet is safe. But I have no experience and should know more about crypto-coins. I don’t understand, this Coinomi is an application, but do you have to pay to “fill” your wallet? Excuse me for being so naive in this field. Okay, it’s the money of the future, but you have to find out first .

    Reply
    • Thanks for reading my Coinomi Wallet review.  Please know that you are right. The Coinomi wallet is very safe and millions of people are using it. 

      The Coinomi wallet is 100% to use. The recently introduced desktop version in both Mac OS, Windows, Linux, and computers are also free.

      Thanks for reading my article about the Coinomi wallet. 

      Regards 

      John

  3. Does it have some type of fees? It has great features and its free! Amazing information, thank you! Seems like a great tool for someone who deals with this every day.

    Reply

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