Coinomi is a multi-currency wallet that supports over 200 coins and tokens. It has a user-friendly interface, is available on all major platforms, and offers a simple way to store your digital assets.
The coinomi wallet hacked is a cryptocurrency wallet from Coinomi. It offers top-notch security and has been highly praised for its features.
You just purchased some cryptocurrency and are looking for a storage wallet that prioritizes security and privacy. There are many wallets to select from, each with its own set of benefits and drawbacks. So, which is the best option for you? Why not look at one of the first crypto asset wallets to appear in this industry, with years of development and a strong focus on security, as this writer suggests?
Not only that, but it has also remained one of the most popular. Every wallet is Coinomi Wallet. In fact, it is regarded as one of the first cryptocurrency wallets.
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This Coinomi Wallet review will look at its history, security features, and strengths to see why, despite the existence of alternative crypto wallets, particularly hardware wallets, Coinomi is still regarded one of the best.
What is Coinomi Wallet and how does it work?
In a word, Coinomi is a wallet that allows you to store several cryptocurrencies in one location, making it particularly handy for traders. Coinomi Ltd, a business founded in the British Virgin Islands in 2014, created it. Craigmuir Chambers, Road Town, Tortola, VG 1110, and British Virgin Islands are its offices. George Kimionis, the CEO of Coinomi Ltd, is a serial entrepreneur and graduate of the University of Manchester.
The wallet’s first, fully functional version was launched in 2014. It was originally exclusively accessible for Android, but it was later expanded to iOS, and a desktop version was released in 2019.
More than 125 different Coinomi supported currencies and more than 1770 tokens may be stored in the Coinomi Wallet. It also supports ERC223, ERC721 (NFTs/Collectibles), BEP2 tokens (BNB chain), TRC10 tokens (TRON), NEM mosaics, and Omnilayer tokens in addition to ERC20.
Today, the wallet supports over 507 digital assets, ranging from high-end cryptocurrencies like Bitcoin, Litecoin, and Ethereum to new or exotic cryptocurrencies like Europecoin, Musicoin, Putincoin, Atlant, and others. Please click here to get a complete list of all crypto assets.
Coinomi also supports Bitcoin’s SegWit upgrade, which makes transactions lighter and less expensive.
Users may also choose their preferred Coinomi transaction cost (dynamic or custom). This means you may select the charge that provides the greatest value for money at the moment, or you can establish your own fee that will be utilized regardless.
Features of Coinomi
The following are the Coinomi crypto wallet’s most notable features:
- Crypto currency storage and usage are both anonymous. It does not need any KYC to use. Client data is encrypted, and IP addresses are obscured — data is mingled, and hundreds of fake addresses are generated.
- Typical choices that have been well-optimized – internal conversion of digital currencies, transactions, and so forth.
- Changelly, Coinswitch, Totle, and Binance DEX services are among the integrated cryptocurrency exchanges.
- Simplicity and ease of use. There are no superfluous or unsuitable features like market depth, multiple settings, price charts, news feeds, fiat currency conversion, chats, and so on. There is no multi-signature or two-factor authentication for transactions. Everything is simple and understated.
- It has a fast conversion rate. Working with two exchange services at the same time speeds up the implementation of exchange procedures significantly. During peak hours, maximum delays seldom exceed a few minutes.
- The Coinomi technology calculates a dynamic commission at the moment of the transfer or exchange request. The application’s queue in the mempool is taken into consideration here; the bigger it is, the lower the percentage is set. You may adjust the amount of the system fee on your own, estimating or changing your place in the queue.
The program takes up relatively little space on the device and places minimal demands on RAM capabilities due to the absence of extra and sometimes unneeded features. This is especially critical for mobile devices.
Fees charged by Coinomi
The Wallet is completely free to use. Users only pay the network fees, which go to the miners and validators who keep the network safe.
How to Create a Coinomi Wallet
Coinomi’s app is available for download as a mobile app or as a desktop application. Apps for Android, iOS, and Coinomi are available for Windows, macOS, and Linux.
The first step is to store and confirm your security phrase before using the wallet.
After that, you’ll have to select an initial currency and establish your own password. Later on, you’ll be able to add additional currencies.
The fascinating part is that you can view the values of all supported currencies in your national currency when you choose the first currency (USD, EUR, etc.). Then accept the terms of service, and you’ll be on the wallet’s first page.
Conditions of Use
It is highly recommended that you thoroughly read all of the terms of service before accepting them, since there are some significant disclaimers.
Just a few things to keep in mind: first and foremost, the wallet is not liable for any problems that arise as a result of the users’ errors. So, before you start managing your money, make sure you understand how to utilize the wallet correctly. Second, the wallet makes no representations or guarantees about the information, data, materials, or services offered. Other names for these kinds of wallets are common.
How to Make Coinomi Work for You
On the first and primary screen of the Coinomi App, you can view your cryptocurrency balance as well as your country’s currency balance.
An ellipsis may be seen in the top right corner of the page. If you click on it, you’ll be able to import your paper wallet using a QR code, a private key, or re-synchronize it.
The button to scan the QR-code may be found on the left side of the ellipsis.
The primary menu button may be found in the top left corner.
By clicking on it, you may access the exchange and purchase options.
There’s also an investing option, as well as a list of your wallets.
Settings, Support, About, +Coin, +Token may all be found on the same main menu, but in the lower-left corner.
Coins/tokens that are currently supported as well as those for testing reasons may be added.
You may also check the value of your home currency. You may also disable banners.
There are also language and security choices available.
You will be routed to the Coinomi Wallet Support website after pressing the Support button. You may browse existing FAQs (Knowledge base) or file a Support Ticket for Agent Support on this page.
Coinomi offers a comprehensive and well-developed Knowledge Base where you may get answers to nearly all of your questions. However, if your problem or inquiry was not addressed, you may contact Coinomi Customer Support through email by submitting a Ticket with the necessary details.
Follow Coinomi on Twitter and Facebook to stay up to speed with the latest news and developments.
Is Coinomi a secure platform?
This is the mother of all inquiries. Coinomi prides itself on being a wallet that prioritizes security. The security of the money cannot be overstated, thus it is a reasonable priority for bitcoin wallet creators.
So, what does Coinomi have to offer in terms of security to its users? To begin with, Coinomi users have access to their private keys, which they may share with no one else. Users’ private keys are also encrypted, so Coinomi employees cannot access them. Private keys are only kept on the devices of the users.
What is the significance of this? Because even if the Coinomi network is hacked, the funds remain in the hands of the user, and hackers will be unable to access the cash. Having your own private keys is, of course, a perk that comes with more responsibility. You won’t be able to access your account again if you forget your password and/or seed phrase, for example. It’s the equivalent of losing money. There is no way to get it back except to make more money.
If you use Coinomi, be sure that the data required to access your wallet account is not lost. If you don’t have any issues with it, you won’t have any issues with money security, particularly if the wallet team is functioning well.
Furthermore, Coinomi does not gather a lot of user information. Another reason to think of it as a secure wallet. Coinomi does not need KYC or identity checks, nor does it link users to their IP addresses or monitor transactions.
However, there are two things to think about. To begin, Coinomi’s source code has been closed. Second, it’s a hot wallet, which means you’ll need an active internet connection to utilize it. This is problematic when compared to a cold/hardware wallet like the Leder Nano or Trezor, which do not need internet connection to retrieve your money. Your money may be jeopardized if you unintentionally download spyware onto your smartphone.
For Whom Is This Product Intended?
This wallet is for anybody who wants to store a broad range of cryptocurrencies from various blockchain ecosystems in a secure, battle-tested environment.
How to Use/Install/Tutorial
A review and tutorial to using the Coinomi Wallet may be found in the videos below:
Here are a couple more wallets to consider, along with their unique features:
Atomic Wallet is a wallet created by Atomic.
The Atomic Wallet is a multi-currency non-custodial wallet that can hold hundreds of currencies and tokens. It has a reputation for being very user-friendly. It also offers excellent security features, such as fingerprint authentication.
However, since it is a hot storage wallet, you will require access to the internet to handle your cryptos. However, since it is private, no Know-Your-Customer (KYC) documentation is needed.
As a multi-currency wallet, it enables you to store a broad range of tokens from different ecosystems, including Bitcoin, Litecoin, Ethereum, VeChain, Algorand, and others, including ERC20 and non-ERC20 tokens. It cannot, however, hold ERC-721 tokens (non-fungible tokens).
This wallet is unique in that it includes its own swap exchange, allowing for flexible atomic token exchanges. It is linked to Changelly’s pricing feeds, leaving it vulnerable to any price fluctuations on the platform.
Atomic Wallet is a mobile and desktop wallet that is compatible with both iOS and Android devices. Windows, macOS, Ubuntu, Debian, and Fedora all support the desktop wallet functionality.
Another interesting feature is that the Atomic Wallet has its own native token, the AWC token, which can be staked and earned. Other rewards/discounts are available to users as a result of this. It offers customer care assistance 24 hours a day, seven days a week, which is a huge comfort since it means you may get help very immediately. You have the option of chatting online with a representative or sending an email.
One of the minor drawbacks is the lack of a multiple wallet option.
Wallet You Can Trust
The Trust Wallet is a multi-currency non-custodial wallet. Up to 15 main cryptocurrencies and 20,000 supporting tokens may be supported. Non-fungible tokens are included in this category (NFTs). Easy to use, much like the other wallets listed previously. And, like the others, it’s a hot storage wallet, which means you’ll require access to the internet to handle your cryptos.
It has its own decentralized swap exchange built in, however the amount of tokens you may trade for another is restricted. It is, at the very least, private, thus there is no need for Know-Your-Customer (KYC). It also comes with a lot of security measures.
The Trust Wallet, like the Atomic Wallet, lets you store numerous cryptocurrencies across several blockchain ecosystems, including Bitcoin, Litecoin, Tezos, Ethereum, Algorand, and VeChain.
It also has its own dApp browser, allowing you to access dApps without ever leaving Trust Wallet. It also supports multiple wallets, enabling you to save your money in several wallets from one app! It also has a strong wallet connect function, which allows you to connect to a far larger number of Dapps than other wallets.
Its code is open-source, enabling anybody to look for flaws and promote continuous development. It does not, however, provide live customer assistance. If you’re experiencing trouble, you’ll need to utilize telegram or discord to communicate with someone.
Exodus, another non-custodial, multi-currency wallet, is also a viable option. It can hold over 125 different cryptocurrencies. It’s accessible on both the desktop and mobile platforms. It may be used on either iOS or Android using the mobile function.
Thankfully, it includes a built-in crypto exchange as well as 24-hour customer assistance. When you use it, though, you will have to pay a spread of 2% to 5%.
Another benefit is that it is simple to use. However, since it is a hot storage wallet, you will require access to the internet in order to handle your cryptos.
Conclusion of the Review of the Coinomi Wallet
Coinomi is a top-notch cryptocurrency wallet. It offers excellent security measures, a simple and user-friendly interface, and it supports a variety of cryptocurrencies. It also provides a customer support service. What is there not to like?
However, there are dangers, as previously stated. It isn’t completely safe since it needs an internet connection, and unless you use a VPN, you’re risking your money every time you use it. It also has to contend with a slew of new crypto wallets that have appeared since 2014. Atomic Wallet, Exodus, and Trust Wallet are all popular wallets that provide similar functionality as Coinomi.
However, if you don’t keep significant sums of money in your wallet and are cautious about where you access it, you should be able to avoid these dangers. Coinomi is the one for you if you like old OG traditional goods and accessories and want something simple with the appropriate support.
Coinomi Wallet Review
- According to the creators’ guarantees, the security is excellent.
- There is currently no credible proof of bitcoin theft or wallet hacking.
- One-time backup using just one key word. This is a hierarchical deterministic wallet’s logic.
- During the project’s lengthy history, there have been no significant complaints.
- Passwords are only stored and generated on the client side. Scammers will be unable to hack the Coinomi network since it does not have access to crypto capital money or user accounts.
- The application is simple to set up.
- There haven’t been any updated open source versions in a long time.
- It’s a cold wallet, so you’ll need an internet connection to utilize it.
The coinomi wallet address is a cold wallet that has top-notch security. It allows users to store their cryptocurrencies securely and safely, without the risk of being hacked or losing their funds.
Frequently Asked Questions
How secure is Coinomi wallet?
Coinomi is one of the most secure wallets out there. They use a variety of methods to protect users against hackers, including two-factor authentication and an optional passphrase that is required for each transaction.
What is the most secure cold storage wallet?
The most secure wallet is one that you control, and not the company.
Has Coinomi been hacked?
No, Coinomi has not been hacked.