In the expanding world on cryptocurrencies many investors and traders all around the world are investing on different types of cryptocurrencies while exploring new coins and tokens every day. Investing in cryptocurrencies may be easy but what happens then? How should you take care of your assets? These has led to increasing demands for cryptocurrency wallets which are designed to store several cryptocurrencies. To store digital currencies you need an electronic wallet. To enter this wallet, you usually would need an address and a password, which if you enter it, you can access your cryptocurrency balance and make the desired transactions through it. One of the most popular wallets of digital currency these days is Coinomi wallet which is multi purpose with support of many cryptocurrencies. On this article we are going to talk about Coinomi wallet and its various features and consideration so that users who are looking for such a service could go through the facts about this wallet and decide whether it fits their purposes or not.

What exactly Coinomi wallet is?

Coinomi Wallet
How does it work?

Coinomi wallet has started operating on 2014. The wallet focuses on providing a unique mobile wallet and exchange service with high level of privacy and security while also remaining free of any charges. Coinomi wallet was initially launched for iOS and Android operating systems but afterwards, Windows, Linux and Mac versions were also introduced for desktop systems and this mad the wallet more popular. At first Coinomi wallet provided storage capabilities for popular cryptocurrencies such as Bitcoin, Litecoin, and Ethereum. The app then started to expand its list of offerings gradually and now it has the ability to support more than 507 cryptocurrency assets and virtually thousands of ERC20 tokens. Coinomi mobile based cryptocurrency wallet offers its users some advanced and high levels of security features. On the other hand the wallet is designed to let traders and investors have quick access to their digital assets. Coinomi offers the chance to hold your cryptocurrencies in a clean and aesthetically pleasing user interface.

Is Coinomi wallet safe?

Coinomi Wallet security
Wallet’s security

Coinomi wallet uses some of the most strong security techniques available in order to protect the digital assets completely and provide private transactions. The company uses “Hierarchical Deterministic” (HD) algorithm to secure the app and its transactions and functions. The HD algorithm is used to generate the “seed”. As you may probably know if you are cryptocurrency wallet user seed is referring to a protective phrase for each user generated by hash and security algorithms. By using this protective phrase it is impossible for hackers to break through the wallet.

In addition to being a wallet that uses HD algorithm, Coinomi also uses IP masking. The function is unique since other wallet uses IP masking in this way. IP masking in Coinomi wallet ensures that users’ IP address is never shared over the blockchain while making and receiving transactions. This can be assumed as an extra layer of privacy provided by this wallet and makes it more appealing and popular specially for those users who are very careful about their privacy and do not like to risk. Since there are many users that invest all they have on cryptocurrency or use it as their business so they must not risk it in any manner.

Using Coinomi wallet it does not matter even if a hacker get into Coinomi system, because you can be sure that the private keys are never accessible to any one even those who work for the system. The private keys are only shown to the user and wallet owner so in case any break happens through the system, users’ funds will remain inaccessible. The only way that someone would be able to access your private key is that you yourself share the information with someone.

Finally as a Coinomi wallet user you can be sure that Coinomi does not provide information about its users to governments or third parties. This can be very important privacy feature to be considered.

Coinomi wallet fees

Coinomi Wallet fee
transaction fees

Coinomi wallet is not similar to many wallets on the cryptocurrency market that have strict policy for transaction fees. This wallet is designed in the way to give its users the freedom to set a transaction fee of their own choice. Through this feature, it is up to you as a Coinomi user to decide whether you want a low transaction fee and it is ok for you to go through higher processing times on the blockchain. By the mean you have the choice to lower transaction fees and instead it would take longer time for your transaction to be done. The feeling of letting users to make their own decision considering their condition instead of having it dictated them would make this wallet even more appealing by providing  sense of autonomy and freedom. That is why it is being said, Coinomi wallet and transaction services for sending and receiving cryptocurrencies is completely free of charge. So through Coinomi wallet users can utilize all the provided services without being worry about paying any fee. There is no fees for keeping your cryptocurrency safe in Coinomi secured wallet on any platform.

Coinomi wallet customer service

Coinomi system enables users to ask their questions and solve their issues through a support ticket platform directly in its app as well as its website. This ticketing service would allow users reach out to the Coinomi support team in order to discuss their issues around the system or the app. According to reports of experiences of user the Coinomi team replies tickets within a few hours directly to the user so you do not have to wait for long to receive guidance through your issues. In addition to mentioned feature the Coinomi team also is directly accessible through social media platforms. As a user considering this is very interacting.

Why Coinomi wallet?

Coinomi Wallet
why use it?

Considering the fact that there are many wallet out there in cryptocurrency market that users can choose and go through their different feature Coinomi wallet have some points that would make it stand out in comparison with other cryptocurrency wallets available. The wallet offers multi-coin support. It supports hundreds of different digital currencies available on the market these days. The supported currencies are including most major cryptocurrencies and many altcoins

Beside coinimo is very simple to setup. You can download and install the app on your Android or iOS mobile device or on your personal computer desktop with any operating system.

Coinomi provides lots of privacy and security for its users using the latest security methods and technology. You can never be worry about losing your assets through this wallet. On the other hand making and receiving transaction is very easy. You are able to trade directly through your wallet using an integrated currency exchange at any time any where.

One of the most important features that made this wallet gain popularity is the ability to add digital currency tokens to it.

By the mean, in case you intend to store a token in a Coinomi wallet that is not supported by this wallet, you can request support for it and add your desired token to this wallet. Of course, you should keep in mind that at present, this method is only effective for tokens that use the ERC20 standard. This has led the wallet to support a large number of cryptocurrencies that are not supported in other wallets and is constantly expanding its number of supported currencies.

Finally the wallet is designed to be used by all the people all around the world since there are translations available. Coinimo wallet Supports many different languages rather than English.

Coinomi wallet advantages

Coinomi Wallet advantages
Coinomi Wallet advantages

Like any other digital service out there cryptocurrency wallets would have their advantages and disadvantages. It is up to the user to decide whether the advantages would overcome disadvantages or not. However there are few disadvantages that does not worth to mention.

Here is a list of Coinomi wallet advantages that you must consider before choosing a cryptocurrency wallet for your trading or investment.

  • High levels security. The private keys associated with wallet are stored only on your personal device.
  • Providing private transactions
  • Giving the user full control over transactions
  • Fast and easy to trade
  • Integration with the ShapeShift for currencies exchange
  • Possibility to restore the wallet on any device easily using generated seed phrase.
  • Supporting of cross-chain
  • Providing mobile app on both Android and iOS devices
  • Ability to support multi currencies
  • Ability to ask for supporting tokens
  • Supporting different languages
  • Using passwords for making transactions
  • Backup features

Final words

In case you are looking for a mobile wallet that is fast, totally secure, easy to use, and supports a wide variety of altcoins, Coinomi wallet can be a good choice. With Coinomi wallet, you can start storing bitcoin, ether and other digital assets on your Android or iOS phone with just a few clicks. In addition you can always access your wallet on your personal computer as well. Using this wallet you never would be worry about your transactions security and privacy. You have the option to lower your fees and you have control over everything for sure.

Matilda Boyce

Author Matilda Boyce

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