Coinomi wallet is a multipurpose cryptocurrency wallet that can support over 400 digital currencies and tokens. The wallet was initially designed for Android users through mobile phone devices but later the iOS, Windows, Linux and Mac versions were launched in order to improve users accessibility. The introduction of desktop version has made the wallet more popular. Using Coinomi wallet is considerably secure due to many security methods and algorithms used by the company. Rather than security it is focused on privacy and never share or store users information and transaction records to anyone including government. Coinomi wallet enables cryptocurrency traders to make instant exchange between a number of different cryptocurrency coins. Transaction fees are under the control of users when they can choose their own fee for each transaction through the wallet. It is very easy and straight forward to set up Coinomi wallet. Follow the article to learn how to set up Coinomi wallet step by step.
How to set up Coinomi wallet?
As mentioned earlier in addition to many features provided by this wallet being easy to set up coinomi wallet in few steps has made it popular among cryptocurrency dealers or regular people who use this type of payment for their daily transactions. Here is how to set up Coinomi wallet on mobile devices step by step.
- Download Coinomi wallet.
Coinomi wallet can be downloaded from the Coinomi website’s download section. Choose the proper version according to your device and download it. Keep in mind when downloading and installing digital currency wallets never download unpacked and unauthorized sources of wallet and do not install on your device. Since in case these wallets be infected with a virus or malware, they can steal your wallet information and eventually transfer all your balance and funds to another account. Because the digital currency transactions are irreversible, you will not have any way to get it back.
- Install the app
After downloading the app and installing it on a mobile phone and run it.
- Create a new wallet
In case you intend to create a new wallet, touch the “Create a New Wallet” option.
- Save recovery phrase
In this step, you will get 24 words phrase that are in fact the recovery code for your wallet. The recovery phrase is used in conditions where for example you lose your wallet, then you can use the recovery key in order to retrieve your wallet information again. Write down the words in the same order somewhere safe and then mark the option “I have safely stored my recovery phrase” and go to the next step. Keep in mind that any one who access your recovery phrase would be able to access your wallet so make sure to keep it somewhere safe to protect your privacy.
- Enter the recovery phrase
At this point, the wallet requires you to enter recovery phrase that was generated previously one more time to ensure that the recovery phrase is stored by you correctly. Enter the phrase and tap the confirmation.
- Select a password
Coinomi Wallet would ask you to set a password in order to ensure the security of your property is high. This local password is set for entering the wallet. You can use it to enter your wallet for daily use and making transactions. Enter it at this stage and then select the confirmation option.
- Choosing the currencies
Coinomi Wallet supports more than 400 digital currencies and tokens as mentioned earlier. Now, from the list displayed on the set up screen, select one or more currencies and add to your wallet. You can add as many as you like since Coinomi wallet allows you to store several different currencies in a wallet and exchange them directly. Keep in mind that in case the cryptocurrency type that you want to store is not available in the list you can always add it to this wallet. Just remember that the tokens that you want to ask for supporting them should be designed according to the ERC20 standard. In case you decide to use any other token rather than the ones you selected in set up process you can always add them to Coinomi wallet later.
As mentioned earlier Coinomi wallet app is built using lots of security methods and algorithms, so security concerns is on how users protect their private information. Keep in mind that you must never give out the recovery phrase to anyone since you wallet is easily accessible through any device with that phrase. Next try to create strong password for your wallet and keep it private. Always update your mobile app, in case you are using that version of wallet, to the newest version in order to get the highest level of security.
Whether you are a cryptocurrency investor and trader, or you use them for daily payments using Coinomi wallet as a primary wallet might be beneficial for you. It is user friendly and secure while it supports lots of cryptocurrency coins and tokens. Before you decide to set up Coinomi wallet make sure to collect enough information and review its features to know if it suits your purposes.