Coinomi

We are going to tell you about Crypto Wallet Coinomi  which has users and employees all over the world,  including South Africa. 

Coinomi is the oldest  multi-chain cryptocurrency wallets. The company has existed since was funded by George Kimionis in 2014 and is based in the UK. Coinomi  strives to become the world’s most pragmatic crypto wallet which interacts  with a large list of coins and tokens and decentralized hierarchical deterministic  applications.

What is a Coinomi? 

Coinomi is a cryptocurrency wallet which applies  digital assets only around the hole world which provide true ownership,  operating  cryptocurrencies and its  secure storage in  both  mobile  and desktop form.  

Coinomi works like an interface for interacting with many blockchains: 168 fiat currency representations and thousands of tokens.

Coinomi was an open source wallet when it started. Nowadays, the Coinomi GitHub page  lets users view crucial code for the wallet and is accessible to anyone. However, some parts of the crypto wallet are not  open.

Platforms and cryptocurrencies that Coinomi Supports 

Coinomi provides support for more than 125 blockchains and thousands of tokens, including ERC-20 token. You can check the list of supported coins in the official Coinomi site. Coinomi’s goal is to incorporate every major coin into their  blockchain wallet. They have a procedure of opening an integration request in support site.

All assets controlled by Coinomi are crypto assets that may or may not have a monetary value.

Supported countries 

Coinomi wallet is hyperlocal in all countries.  It’s enough to have access to the internet and some gadget to install applications. 

Supported languages 

Coinomi Wallet is translated to more than 25 mostly speaking languages in the world. 

Security 

Coinomi crypto wallet has never been hacked or compromised since first launched in 2014.

The systems of wallets Coinomi specifically designed to protect sensitive data to prevent view access. It’s consist of private keys:

• PIN.
• Password.
• Biometric lock is available on the Android and iOS versions (mobile desktop version will include these soon).
• Screen lock.
• Recovery phrase.

They are no substitute for a strong password. The password is still used to encrypt your keys, protecting you from malware, and is required on each and every transaction.

If a user's device was lost or stolen,  the initial PIN is entered wrong a certain consecutive number of times, the wallets are permanently deleted from the device. Only the eligible user will be able to restore his wallet  access to them with the recovery phrase.

PIN  can be enabled by  brute force protection on Coinomi for Android.

Anonymity 

Crypto Wallet Coinomi has  enhanced privacy. All of your data exists only on your device. In Coinomi there are:

• no accounts. 
• no data collection.
• no IP association.
• no identity linking.

In Coinomi there are no accounts. No information about you is kept on Coinomi databases. Wallets Coinomi aren't linked to an email address, phone number, username or any kind of user information and it doesn't collect or transmit personal information.

Features of Coinomi 

In addition to privacy and security feachers  Coinomi app allows you to create and manage an infinite number of blockchain wallets with one streamlined app. Each of your added HD wallets can benefit from its own encryption settings to make it easier and more secure to manage your wallets for specific scenarios. Currently the options below are only available on Coinomi for Android and desktop.

Coinomi allows you to trade between cryptocurrencies within the wallet without visiting an exchange. 

This is done through the integration of services like Coinswitch and Changelly.

You can denominate a Coinomi wallet in 168 fiat currencies. Coinomi Is not an exchange by itsels but has an integrated coin converter (Changelly, Coinswitch and Totle) to swap you assets.

Services Offered by Coinomi 

Coinomi provides native support and ownership for blockchains and tokens and fiat gateway. 

With the Coinomi app   you can:

• Buy Bitcoin and other  crypto currency with fiat money with a credit and debit card in a fast and secure way.
• Hold crypto currency with secure storage. Coinomi doesn't hold any fiat currency. You cannot deposit USD, EUR, etc directly into Coinomi. You can buy crypto for hold.
• Convert Crypto into gift cards. 
• Exchange crypto -  Coinomi has built in exchange (Changelly, Coin Switch and Totle). 
• Transfer crypto - send and receive and The exchange partners can set variable minimum and maximum limits of amount when you  send crypto.
• Coinomi also lets you earn money and put your crypto to work for you even when you’re offline with cold staking. 

Pricing and Fees 

Coinomi is a free wallet.

Receiving coins is free. Outgoing transactions fee paid by the sender miners of each coin. Bitcoin has 3 dynamic fees (Low / Normal / High) that automatically adjust according to the state of the Bitcoin network.

And also trading fees applies for swap cryptocurrencies within your Coinomi wallet via Changelly or ShapeShift, then you’ll pay  from 0.25% to 0.50% for each trade.

Customer Support 

Coinomi has the platform Coinomi Support. Its a huge knowledge base, where you can find all necessary information on how to use Coinomi and talk with the support team in chat. To solve any kind of problems with using the services, you can create a ticket for blockchain technology experts and check its status there. 

Customer Support Team is working twenty-four hours a day, seven days a week.

How does Coinomi work? 

Coinomi works as a crypto  wallet. It  is a secure app interface that allows you to interact with many blockchains. It is  a type of wallet and not a bank. You do not have an "account" in it  and your wallet cannot access or control your funds. 

Coinomi is a multi-blockchain wallet which permits you to store thousands of tokens within a single wallet. 

Coinomi is compatible with Windows, Mac OS and Linux for desktop version, and with Android and iOS for mobile version.

Deposit 

Coinomi doesn't hold any fiat currency, you can operate with crypto assets only . To buy coins, simply open the left sidebar and select one of the "Buy Crypto" options, or open Coinomi  website and click on the link "Buy Crypto" at the top. 

Withdrawal 

To withdraw money to a bank account you need to  exchange crypto for fiat money via third party services and then transfer it to a bank account.

Currently, Coinomi doesn't have a partner that can deposit fiat money  to  Paypal, bank account or credit card.  But they are  working to add sales functionality in their  next set of updates.

Transfer 

There are several  possibilities to migrate  your coins from another crypto wallet and start using Coinomi:

• Using the Recovery Phrase.
• From the original wallet, manually send your balance of each coin to your new Coinomi addresses.
• Sweeping individual keys.

Detail transferring procedure you may find on the official Coinomi website.

Where can I pay with Coinomi? 

Wallet Coinomi supports  cross chain technologies. This is a feature that allows you to make payments directly from Coinomi in any of your holdings, to a payee’s wallet without having to do any conversion.

You can  pay services  and  goods with  cryptocurrencies directly  with merchants that accept them.

How to start use a Coinomi in South Africa?

The fastest way to get wallet is following the path on the official site Coinomi  Download the Coinomi app from the App Store or Google Play to your desktop or mobile device  and install it. Then choose to create a new wallet.

During creation of a new wallet, be prudent and pay attention to the recovery phrase and keep it safe. If your recovery phrase is lost, your can nor recover your wallet in case if you lose your device. If someone knows your recovery phrase, they can access your wallet. 

Next step is to set up your password which consists  of a minimum length of 10 characters.

During the setup process you can add wallets for each of the coins you chose and add funds to wallet.

Coinomi account recovery 

As Coinomi is an HD (Hierarchical Deterministic) wallet, all you need to password restart as a backup is your Recovery Phrase. For  review go to "Settings / Manage wallets". After that select the wallet you want to back up and choose "Recovery Phrase". Each entry on the "manage wallets" screen has its own phrase. Back them all up safely. Below is an example of a recovery phrase, and the order in which the words must be used. 

To restore your password Your seed and private keys never leave your device.

How to delete Coinomi? 

If you want to erase any trace of the wallets being on your device, simply open Coinomi's "Settings - Manage wallets" and delete your wallets from there.

Pros and Cons of Coinomi 

Pros:

• High security, Wallet SegWit-enabled, never was hacked.
• Multi-blockchain wallet with more then 125 blockchains supported.
• Ability to swap the assets instantly to adjust your portfolio.
• Cold Staking.
• Available for Desktops and Mobile Devices.
• Customer support  24 hours a day, 365 days a year.
• User-friendly.
• Cross chain payments.
• No fees.

Cons:

• Code is not totally open source.
• Coinomi can not recover your funds in case of loosing  recovery phrase or your private keys or if you reveal it to a third party.
• There is no deposit any fiat currency.

Coinomi Alternatives 

The super important thing when choosing alternatives to Coinomi is security.The Cryptocurrency Payment Apps below are the most common alternatives that users and reviewers compare with Coinomi:

• BitPay.
• Circle.
• Trust Wallet.
• Coinbase Wallet.
• Exodus.
• CoinGate.
• Electroneum.

FAQ: