Coinomi Review: The Only Crypto Wallet Review You Need To Read
Here at Turbo Wallet, we believe that choosing the right wallet is one of the most essential aspects of crypto investing. As such, we have taken it upon ourselves to look at some of the most popular, so you don’t have to.
We believe that by looking at different aspects like features, securities, and fee structure, you will be able to make an informed decision. Today we continue this mission by offering you this Coinomi review, one of the most popular wallets in the crypto space. Let’s get started.
What is Coinomi?
Coinomi self-describes itself as one of the oldest multi-chain wallets in the world. The company behind the wallet has been operating since January 2014, when it was founded by George Kimionis.
With over 7 years of experience offering wallet services, Coinomi has become well known in the community for its top-notch security. While we will discuss this later on in this Coinomi review, the wallet has never been hacked.
The company’s main goal with Coinomi was to create a platform that allowed users to keep their crypto safe. To achieve this, the team behind the wallet has established partnerships with many crypto platforms.
No matter if you are an inexperienced or veteran trader… If you are looking for a wallet that provides support for multiple currencies with great security, this wallet is for you. Coinomi is one of the most well-known wallets for a reason; let us explain why!
What Features Does Coinomi Offer?
Coinomi is a wallet with so many features that we would need a lot of time to explain them. That’s why in this Coinomi review, we will try to be concise and tell you everything you need to know about the most important features. In case you want more information, Coinomi offers a great article on this. While you are at it, you can also download the wallet if you want to try it.
Many of these features will be explained in more detail in later sections, so don’t worry if you believe we missed an essential feature. For now, we will take a look at the trading features:
Although Coinomi is meant to be mainly a wallet, it has many exchanges built-in. This will allow you to trade cryptocurrency directly from your wallet.
This convenience is possible as Coinomi works with renowned exchanges such as Changelly. If you would rather use decentralized services, you will also be able to access several DEXs!
Buy Crypto With Fiat
One of the most important aspects of crypto investing is being able to convert fiat into crypto. While this feature is not widely available in crypto wallets, Coinomi is different. Coinomi will allow you to purchase crypto using a credit/debit card via Simplex.
This is one of the most popular features offered by Coinomi. By using it, you can withdraw your earnings by buying gift cards for some of the best-known brands.
Staking is one of the best ways for any holder to increase their gains. Well, the good news is that thanks to the partnership between Coinomi and Callisto, you can stake crypto using the wallet. This will allow you to obtain rewards and benefits over time, all without having to leave your wallet.
This is another reason to be a fan of Coinomi, as its services do not require you to provide any personal information. This means you can trade and store crypto without the need for KYC tests. This also extends to other privacy areas like no tracking of your transactions or IP association!
If you are reading this Coinomi review, you might have never thought about the need for this feature. However, many people are unable to use popular wallets due to a lack of multi-language features.
Well, thanks to its partnership with OneSky, one of the most reputable translation service platforms, Coinomi is available in more than 25 languages. All translations are done by users with their native languages, unlike other apps that are translated by artificial intelligence. If you are not a native speaker, this feature will surely be greatly appreciated!
With Coinomi, you can have several wallets to organize your tokens in a better way. This is great if you make use of different wallets for different purposes. For example, a lot of investors like to have a wallet for holding and another one for trading!
Coinomi is a software wallet that is mostly used by desktop users. However, it also offers an Android and iOS version.
The mobile version of Coinomi has some extra security measures like the need for a special pin or biometric authentication. This ensures you can take your crypto with you with ease of mind.
What Cryptocurrencies Does Coinomi Support?
Having a wallet that supports several types of crypto is essential to keep a balanced portfolio. After all, no one wants to have individual wallets for BTC, ETH, ADA, etc, unless it is absolutely necessary.
Well, Coinomi makes this easy by supporting more than 1700 coins and tokens. This means no matter what currency you want to invest in, it is likely to be supported by Coinomi.
For obvious reasons, we won’t list all supported coins in this Coinomi review. However, here is a list of some of the most popular:
|Axie Infinity Shard||Bancor||Bitcoin|
|Bitcoin Cash||Bitcoin SV||BNB|
|Ethereum||Ethereum Classic||Gemini Dollar|
|Pax Dollar||Ripio Credit Work||Shiba INU|
|Sushi Swap||Tether||Tether Gold|
|True USD||USD Coin||Zcash|
You will also be happy to know that Coinomi is constantly adding support for new currencies! As such, we recommend that you check the complete list of supported cryptocurrencies on the official website.
Does Coinomi Charge Any Fees?
Coinomi’s fee system makes use of one of the fairest models in the crypto world: Dynamic Fees. This means you can pay more fees to have your transactions be processed faster, as long as the network supports this.
Now, we need to clarify that these fees are not charged by Coinomi per se but by the network itself. This means if you were to use another wallet, you would still have to pay them. If you are going to pay fees anyway, why not choose how much you want to pay depending on the transaction?
With Coinomi, you will not incur any additional fees when sending or receiving crypto! That being said, you will incur fees when using the built-in exchanges. These fees will depend on the platform you use and the time when you do. As such, we recommend that you review them at the time of using one of these services.
Does Coinomi Offer Good Customer Support?
Absolutely! We can confidently say that Coinomi’s customer support is excellent and we will tell you why. For starters, the FAQ and help articles section typical of any wallet are really complete and insightful. This means that as a starting point, most of the doubts you might have will be easily answered.
If you still find yourself unable to solve your problem or doubt using the support articles, don’t despair. In this case, you might want to contact Coinomi’s customer support team by using a ticket or direct chat.
If you choose to submit a ticket, you will get contacted via email as soon as possible. Except for some high-priority cases, most tickets will be replied to on a first-come-first-served basis. The support team will usually get back to you within 24 hours, which is pretty fast for a crypto platform.
As for live chat support, we can say our experience was extremely good. You can expect to get a reply to your inquiries in real-time after waiting a few minutes to get connected with a representative.
The use of live chat for support is far from the norm in the crypto space. If you value customer service, you won’t find many crypto wallets that offer such a good service as Coinomi.
Is Coinomi Secure?
Earlier in this Coinomi review, we told you that many features would be discussed later on in the security section. Well, it is now time to talk about them!
No Data Collection
This one is pretty simple: The exchange doesn’t collect any information on your identity. This means no email address, phone number, username, or ID will ever be requested. All your information exists only on your device, and the only way to access it is through passwords that only you know.
Coinomi’s servers anonymize all of your interactions with them by masking your IP address. This means that your IP and all the information attached to it will always remain hidden from prying eyes.
When using the wallet’s mobile version you can activate this security measure to hide the balance and value of your latest transactions. This might not sound as much but is a great way to ensure no one gains information on your transactions when in public. You might not have heard of it but security cameras are responsible for a lot of successful cyber attacks.
Screen Capture Protection
This option is only available on Android. It allows you to disable screenshots to preserve your data’s privacy. Any screenshot taken will only show a black image, no matter if the picture had info about your pin, keyphrase, funds, wallet names, addresses, or other sensitive information.
This is a great way to protect yourself from the increasing number of malware that uses screen captures to steal information.
As you can see from this Coinomi review, this wallet deserves its reputation and popularity. Not only does it offer top-notch security, customer support, and a variety of cryptocurrencies, it also is extremely easy to use. This is important because most wallets with so many features tend to have overly-complicated interfaces.
One of the aspects we would like to see improved is that Coinomi’s code is not open source. This means that no third party can audit or contribute to it. That being said, the wallet’s perfect record and its advanced security features are enough to satisfy us in this regard.
Whether you are an advanced trader or just beginning your crypto journey, Coinomi has everything you need from a wallet. If you are convinced and would like to give it a try, you can download it from the official website.
That being said, we understand that you might want to take a look at other options. For this reason, we have reviewed several wallets you might want to consider using. You can find them in our wallet section, so why not go and take a look?
Credit Cards2 years ago
What is Credit Utilization And How Can You Use It To Improve Your Credit Score?
Crypto2 years ago
What Is Cryptocurrency? The Ultimate Crypto Learning Resource
Credit Cards2 years ago
How Credit Score Works
Crypto2 years ago
How To Buy VeChain (VET) – A Quick Step By Step Guide