Coinomi wallet is among the most known and used virtual currency wallets in the crypto market. It offers users a mobile and desktop version with a focus on security. Moreover, Coinomi supports more than 125 different blockchains, making it one of the most useful wallets in the industry.
In this guide, we are going to go through the main characteristics of Coinomi wallet. At the same, time, we will compare its features with other wallets currently available. Finally, we will also go through the main differences there are among crypto wallets.
- What is the Coinomi Wallet?
- What is a Cryptocurrency Wallet?
- Coinomi Wallet Features
- Coinomi Desktop Wallet
- Coinomi Sweep Wallet
What is the Coinomi Wallet?
Coinomi wallet is a cryptocurrency software wallet that offers users a secure and reliable wallet to hold virtual currencies. In addition to it, users can send and receive funds from other users.
The main difference with other wallets is related to the fact that it offers support to a large list of digital assets. Coinomi official site claims that they support more than 1,770 virtual currencies. Furthermore, Coinomi wallet for Windows is one of the most popular for users that manage cryptocurrencies.
This application is also available for a large number of operative systems. For example, users can download it for MaOS, iOS, Android, Linux and Windows. If you need to hold Ethereum (ETH), Bitcoin (BTC) or Tether (USDT), this might be one of the best wallets available right now.
What is a Cryptocurrency Wallet?
A cryptocurrency wallet is a hardware device or a software program that offer users a way to hold, send, receive and handle digital assets. There are different types of crypto wallets and most of them have different characteristics.
Depending on the type of activity you want to conduct, there would be a wallet that would better fit your needs. Not all wallets have the same functionalities and not all of them are as secure as hardware wallets.
The Coinomi Wallet is an example of a popular crypto wallet that can be downloaded to a smartphone or a desktop computer. Users are the owners of their private keys and they can handle their digital assets without major issues.
Cryptocurrency exchanges offer wallets to users that want to trade virtual currencies. Nevertheless, these wallets are not under the control of the owner but under the control of the exchange.
Types of Cryptocurrency Wallets
As we previously mentioned, there are different types of cryptocurrency wallets. Let’s start with the main differentiation between custodial and non-custodial wallets.
Custodial wallets are those wallets handled by crypto exchanges or third-parties. These wallets do not give users their private keys and the coins are protected by a third-party company rather than by the user. Despite that, these wallets can be very useful to perform a wide range of activities.
Non-custodial wallets are those that provide users with their private keys. If you are the owner of your private keys, then you are the real owner of your virtual currencies. With a private key you show you are the real owner of your funds.
In the next two sections, you will also see which is the most common differentiation between wallets. We are talking about hardware and software wallets.
Hardware wallets, as the name suggests, are physical devices that protect users’ digital assets. They get connected to the user’s computer or smartphone through a cable or via Bluetooth. In this way, traders and investors are able to keep their private keys offline.
Hardware wallets are considered to be the safest wallets in the market. This is because hackers do not have access to them. Unless you give the device and password to a third-party, nobody would be able to steal your digital asset.
These hardware wallets are usually helpful for long-term investors that want to keep their funds safe. Nevertheless, these might not be the best wallets for users that want to handle funds on a daily basis. In this case, a software wallet would be more useful.
Software wallets are computer programs or cellphone applications (for smartphones) that hold digital assets. At the same time, software wallets can be used to engage in different decentralized applications (dApps), to buy and pay for goods and services, and to store their coins.
Coinomi wallet, for example, is a software wallet. It can be downloaded to a smartphone or to a desktop computer. Users are also the holders of their private keys. In this way, they are in control of their funds.
A software wallet is usually less secure than a hardware wallet. The main reason behind this issue is related to the fact that the private keys are stored on the device. If your device gets compromised, it might be possible for the funds to get lost. Hackers are usually trying to infect these devices to get access to users funds.
Coinomi Wallet Features
Coinomi is a software and non-custodial wallet for users that want to handle their virtual currencies. The Coinomi wallet has some of the most advanced specifications for a software wallet in the crypto market.
It Supports More Than 1,700 Digital Assets
The wallet offers support to more than 1,700 digital assets. In this way, it is one of the wallets with the largest number of coins supported. This is one of its main features because it can be used by investors that handle dozens of different currencies on a regular basis.
Moreover, investors that want to have control of their portfolio do not have to use different wallets. In this way, they do not need to change apps or download additional software to hold, send and receive virtual currencies. Everything can be done using the Coinomi wallet.
Smartphone and Desktop Versions
The wallet has a version for desktop and smartphone users. This is a very useful thing for traders that use a desktop computer to trade but they also want to have their assets available on the go.
Although several wallets offer smartphone and desktop wallets, Coinomi wallet offers some of the best solutions.
High Security Standards
The company claims that the private keys never leave the device. That means that they will be always stored in your device rather than being shown to the internet or third-parties. At the same time, Coinomi Wallet has a strong wallet encryption mechanism that guarantees the funds will remain safe.
Wallets must be secure. If they lack basic security features, then this should raise red flags. With this level of security, Coinomi wallet makes sure users remain protected at all times.
24/07/365 Customer Support
Another positive thing about this wallet is related to its customer support. In general, wallet companies do not offer very active customer support. Users should usually contact an email address that might not even be opened on a daily basis.
With Coinomi, things are different. They have friendly customer support that is always ready to help you with different things. If you do not know how to use your wallet, you can always contact them using the app or the website.
You must make sure to avoid scammers. Many attackers would impersonate customer support agents. You should never give your private keys to anybody.
The built-in exchange is another popular feature that has been integrated by this wallet. The company decided to offer users the possibility to buy and sell digital assets through the wallet interface.
It is possible to use differently decentralized (DEX) exchanges with a high level of privacy. In addition to it, they claim that transaction seeds are also faster than industry norms. In this way, users do not have to send funds to exchange to swap their coins.
Furthermore, investors can also purchase digital assets using credit and debit cards. This makes it easier for newcomers to get access to digital currencies.
Users do not have to pay additional fees for handling transactions using the Coinomi Wallet. Every single time you send or receive funds, you would only have to pay the fee to the miners or stakers.
The fee you pay is not determined by the company but by the miners and stakers. If the network you use is congested, then the fees you pay would be higher. If there is no congestion, then the network would have lower fees.
The positive thing about using this wallet is related to the no KYC bureaucracy to access funds. There is also no IP association and no identity linking. This is what the company claims. At the same time, they also explain that they do not do transaction tracking.
The servers the company has anonymized the requests by hiding the IP address from other companies that could do blockchain analysis. In this way, your data and information remain protected at all times when using Coinomi Wallet.
Finally, one of the most interesting features is related to Decentralized Finance (DeFi). In the last years, we have seen how DeFi became an important part of the crypto industry. Nowadays, most crypto users want to get access to DeFi features.
By using this wallet, investors would have direct access to a wide range of DeFi projects. In a seamless way, users can interact with different dApps without having to be worried about moving and sending funds to other wallets.
Other Services and Solutions
The Coinomi Wallet has also added support to other services and solutions for expert and advanced cryptocurrency users. We are talking about Native SegWit integration, UXTO Control, Cold Staking and custom and dynamic miners’ fees.
Native SegWit allows users that handle Bitcoin (BTC) and Litecoin (LTC), among other coins compatible with SegWit, to have better transaction times and lower fees.
With UXTO Control, the wallet has enabled dusting attacks protection and also do-not-spend flags. In the future, the company wants to add full UXTO control.
Furthermore, as blockchain networks allowing staking have expanded in recent years, wallets and exchanges started offering support to them. Coinomi is not behind. They have added this feature that allows investors to earn rewards while staking their favourite coins. The experience is very simple and it can be done in just a few clicks.
Finally, users can select customs and dynamic fees. This makes it easier for users to get the best value for their money. Furthermore, users could also choose the fees they want to pay if they really want their transactions to be processed as soon as possible.
These are just some of the additional features, but there are many others. We consider this is one of the most popular and complete wallets for crypto users, traders and investors.
Coinomi Desktop Wallet
For this Coinomi Wallet Review, we have also decided to take into consideration whether the company is offering support to several platforms. The wallet can be downloaded on a mobile device through their iOS and Android applications. But it can also be downloaded by Desktop users.
In this way, there is a more convenient way of handling the digital assets you could have. Having support on different platforms makes the whole experience more seamless and frictionless.
Some wallets are offering or a mobile wallet or a desktop program. By using Coinomi wallet, you do not need to be worried about the device you use to access your funds. You are always ready to send, receive or handle your cryptocurrencies in just a few simple steps.
Coinomi Sweep Wallet
The Coinomi Sweep Wallet option is one of the most advanced features of this platform. Why? Because it simply makes it easier for you to bring your funds from an older wallet to Coinomi. The process is very simple.
When you hold the private keys of another wallet and you want to create a new Coinomi wallet, then you can simply use your private keys. In this way, you are able to handle your funds in your old wallet and also in the new Coinomi wallet you’ve created.
Instead, with the Coinomi Sweep Wallet feature, users can send the funds to Coinomi without making them accessible in the old wallet. That means that once you sweep your coins, you would only be able to handle them through your Coinomi wallet.
In order for the Sweep option to work, it sends a key transaction from your source wallet to your new one. After the process is complete, you will have your funds in your Coinomi wallet but not in the older wallet.