Coinomi Wallet Review | Does It Still Make Sense in 2023?
Jack Moreau
Feb 2023
5 min to read
Fact checked
Introduction: Coinomi is a non-custodial multi-asset wallet and is one of the oldest wallets in the cryptocurrency space. Coinomi supports a large selection of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. In this Coinomi wallet review, we will cover all aspects of the Coinomi wallet from its features to supported platforms and more so that you can decide if it’s the right wallet for you.
Coinomi was founded in 2014 by George Kimionis and is a multi-coin wallet that was built with the mission of making digital assets more accessible. The Coinomi team is composed of experienced cryptocurrency and blockchain developers, security researchers, and digital asset traders.
Coinomi Crypto Wallet
The initial focus of Coinomi was to be a mobile wallet for Android but eventually, the team further expanded their offering to include iOS and desktop versions. The Coinomi wallet provides users with a secure, private, and simple way to store, manage, and exchange their cryptocurrencies. Coinomi is non-custodial which means that there is no identity linking between the user and their wallets.
Coinomi Supported Platforms
Coinomi is available for both desktop and mobile platforms. On desktop, Coinomi is available for Windows, Mac, Linux and IOS and Android for mobile devices. At the time of writing, Coinomi is not available as a browser wallet. The Coinomi wallet is available in 25 languages and has over 1 million downloads across Android and IOS. The app offers exchange services, native segWit and an integrated Web3 dApp browser to partake in DeFi.
Coinomi Crypto Wallet
Coinomi Exchange
Like most non-custodial wallets, Coinomi also offers the ability for their user to swap between their assets via their own exchange. Swap fees via non-custodial wallets come at higher costs but with the added benefit of privacy and higher convenience. Coinomi also offers the ability to buy cryptocurrencies with debit/credit card via Simplex, their external third-party payments provider.
Buy on Coinomi via Simplex
Coinomi Supported Cryptocurrencies
With Coinomi, users can securely store and manage an astonishing 1,770 cryptocurrencies. Supporting this large amount of coins is possible because Coinomi offers native support for over 125 blockchains including Bitcoin, Ethereum, Litecoin, Monero, Zcash, Algorand and many others.
Coinomi Selection of Supported Assets
Besides being altcoin heaven, Coinomi also supports a growing list of stablecoins including Circle, Tether, Maker, Gemini, Paxos and others. Coinomi also offers users the ability to stake their assets but only for a limited selection of cryptocurrencies. These include, Algorand (ALGO), Ethereum (ETH) and Callisto (CLO)
Coinomi Wallet Customer Support
Coinomi's customer support team is available to assist customers via email, social media, or the Coinomi website. Coinomi also offers live chat support that aims to answer customers within 20 minutes. If the chat support is unmanned, you may find the answer to your inquiries in their knowledge base which contains 100s of frequently asked questions in multiple languages. Coinomi has a solid 4.4 rating based on over 700 reviews on Trustpilot.
Is Coinomi Wallet Safe?
Like all non-custodial wallets, the great benefit of using Coinomi is that your private keys are only stored in your local device. This means that cryptocurrencies are decentralized with millions of devices instead of centralized in one single location. This makes it much harder for hackers to attack but it also means that users are responsible for safeguarding their own assets. As such, it’s important that you keep your password and 12-word mnemonic seed phrase somewhere safe. If anyone else gets a hold of your 12-word seed phrase, they will have the ability to steal your funds.
In addition to this, using non-custodial wallets come with the benefit that there is no KYC bureaucracy involved, meaning no identity linking. In addition to this, there is no IP association and no transaction tracking. In it’s 8 years in business, Coinomi has never been hacked.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
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