It’s easy to store cryptocurrencies on an exchange, but there are a few risks that come with it. Exchange is in charge of running cryptocurrencies, and it can lose, steal, or block them. But if you have a self-custody wallet, none of this is at risk. And in this review, we’ll talk in-depth about Coinomi, which is one of the best.
Coinomi review at a glance
Since 2014, Coinomi has been a decentralized cryptocurrency wallet for smartphones and desktop computers.
Coinomi lets you send and store cryptocurrencies, buy and sell cryptocurrencies, and, to a certain extent, stake cryptocurrencies. The wallet works with many blockchains, like BTC and ETH, as well as popular NFTs and decentralized apps (dApps).
Coinomi is a self-custody wallet, which means that users have full control over their cryptocurrencies. This is a big advantage over stock exchange applications, since the crypto-currencies you store on an exchange or exchange do not actually belong to you.
With Coinomi, the cryptocurrencies (or private keys) are really yours, and the wallet provider can’t get to them. Also, the app is protected with a PIN or biometrics (fingerprint or face recognition) so that no one else can get into the wallet.
Advantages:
- Self-custody wallet
- It supports over 120 blockchains
- NFT, dApps, cryptocurrency exchange…
- Intuitive environment and easy to use
- Czech
Disadvantages:
- Non-public source code
- Limited staking options
- Monero is on the menu but not working
Coinomi – Basic Information
Coinomi is a multi-asset cryptocurrency wallet that supports over 1,700 cryptocurrencies and tokens. The wallet is available for download on desktop (Windows, Mac, Linux) and mobile devices (iOS and Android). Coinomi is a non-custodial wallet, which means that users have full control over their private keys and funds.
Coinomi wallet provides a simple and user-friendly interface for users to manage their cryptocurrency holdings. It also offers a variety of features, such as the ability to buy cryptocurrencies directly within the app, built-in exchange, and a portfolio tracker to keep track of all their crypto assets.
Coinomi Wallet Overview
Coinomi is a flexible cryptocurrency wallet that lets you store and send hundreds of different tokens and cryptocurrencies. Coinomi also lets you buy or sell cryptocurrencies.
The wallet is available as an app for Android and iOS phones or as a program for computers (Windows, macOS, Linux).
You don’t have to give out any personal information to use the app, and it’s free. The only time this isn’t true is when you buy cryptocurrencies with regular money, which requires you to prove your identity.
SUPPORTED CRYPTOCURRENCIES
Nearly 1800 cryptocurrencies from more than 125 blockchains can be stored in a Coinomi wallet.
The wallet works with native coins (BTC, LTC, ETH, etc.) and standard tokens from 6 different networks: Ethereum (ERC20), Binance Chain (BEP2), Tron (TRC10), OmniLayer, Hedera, and NEM.
NFTs are also supported by Coinomi (ERC223 and ERC721 type tokens). You can find your NFT in your Ethereum wallet. Just click on the plus sign in the lower right corner and choose Sbrky Collectibles.
CRYPTOCURRENCY STORAGE
If you are new to cryptocurrencies, you can use the app to which you will send cryptocurrencies to make a new wallet.
You can store different cryptocurrencies in the same wallet, or you can make multiple wallets for the same cryptocurrency, like three Bitcoin wallets.
If you already have a wallet, you can use a seed phrase to add it to the app.
On the other hand, Coinomi does not support watch-only wallets (where the user can see the balance but cannot spend it) or multi-sig wallets (where sending a transaction requires more than one signature/private key).
CRYPTOCURRENCY EXCHANGE
The Coinomi application includes 2 exchange offices.
The first exchange (tab Smna, English Exchange) lets you trade cryptocurrencies like BTC and ETH from different blockchains. But there are only 12 cryptocurrencies to choose from, and the exchange fee is about 4%, which is quite high.
The second option is the decentralized exchange ParaSwap (tab DEX), which lets you trade tokens from the same blockchain, like ERC20 tokens. The exchange doesn’t charge any fees, so costs usually don’t go over 0.5% (you only pay a transaction fee and a small markup on the exchange rate).
It’s important to note that Coinomi works with decentralized apps ( dApps ). There are dozens of decentralized exchanges like ParaSwap among them. You can use the built-in browser or WalletConnect to connect to dApps.
BUYING CRYPTOCURRENCIES FOR CLASSIC FIAT CURRENCY
Do you want to buy or sell cryptocurrencies for classic fiat currencies? Coinomi will not prevent you from this either.
STAKING WITH COINOMI
Coinomi does not support staking by default. There are, however, two ways to take part in staking:
- Automatic staking – Some cryptocurrencies such as Algorand pay out rewards automatically. All you have to do is buy cryptocurrency, leave it in your wallet, and the rewards will gradually be credited to you. However, you must meet the staking conditions (e.g. hold the required number of tokens) (e.g. hold the required number of tokens).
- Smart contracts can be used to stake tokens from either the Ethereum or Ethereum Classic networks. You can use the button called “Contract” that is next to the symbol “+” in your ETH wallet to turn it on. But making a contract is a bit more difficult.
Security
PINs or biometrics are used to protect access to the app (fingerprint, face recognition). This is so that no one else, like a thief, a person who finds something, or a friend who wants to look around, can get into the application.
YOU HAVE YOUR PRIVATE KEYS WITH YOU
If you store your cryptocurrency on an exchange or exchange, you don’t own it. You don’t know your wallet’s secret keys (they are managed by the exchange operator).
But Coinomi works in a different way. This is a “self-custody” wallet, which means that the private keys are kept on your phone (or computer), and the wallet’s creator can’t get to them.
This has one very big benefit:
Your cryptocurrencies can’t be lost, stolen, or blocked by the person who runs your wallet. But at the same time, it means that you are in charge of your own cryptocurrency.
WALLET BACKUP AND RESTORE
Every wallet you make with Coinomi has its own seed (ie a phrase made up of 12 English words). All of the cryptocurrency addresses and private keys are made by the wallet from this seed.
The seed is also a back-up, so write it down and keep it somewhere safe.
If you lose or break the phone that has your wallet on it, you can use the seed to get your cryptocurrency back. Just get a new wallet (it doesn’t have to be Coinomi) and put the seed in it. But you won’t be able to use cryptocurrencies if you lose even the seed.
Fees at Coinomi
Coinomi is a free app, but there are some things you have to pay for. Most of them, though, are charged by third parties and not by Coinomi.
- Transaction Fee: When you send cryptocurrency to a different address, you have to pay a fee to the miners so that they can process the payment. The fee is built into the cryptocurrency network, and no wallet will be charged for it.
- Cryptocurrency Exchange Fee: Depending on what cryptocurrencies you are exchanging, the exchange fee will be different. For example, there is a flat fee of $5 to change LTC to BTC. Fees are lower for decentralized exchanges (DEX) and often don’t even go over 0.5%.
- Cryptocurrency Purchase Fee: Buying or selling cryptocurrencies with fiat currency costs about 4%, but the final price may be a few percent higher. It depends on how much the seller is willing to give you.
WHERE TO BUY CRYPTOCURRENCIES?
Do you want to use CZK, USD, or EUR to buy cryptocurrencies? You can do this with Coinomi, but you will have to pay quite high fees.
Experience with Coinomi
Users like how easy it is to use and how there are dozens of blockchains to choose from.
The good news is that all BTC address formats can be used with the app. Not just when sending transactions, but also when a wallet is imported. So you don’t have to worry that the app won’t show you some of the bitcoins (like Trust Wallet or Coinbase Wallet, for example).
But while the Bitcoin import works great, the ETH app didn’t show us anything.
The disadvantage is the high fees for buying, selling, and exchanging cryptocurrencies. As a last resort, Coinomi works, but it’s better to buy through exchanges and exchange offices, like the Czech Coinmate or the foreign Binance, for larger or more frequent orders.
Another weakness is that Coinomi doesn’t support staking out of the box. If staking is important to you, you will like the Trust Wallet or Exodus apps, which have built-in staking features.
Coinomi Review Summary
Coinomi is one of the best wallets for keeping your own money that we’ve tried. It may not look like much, but it works perfectly and gives users full control over their cryptocurrencies. And we think that’s the most important thing.
The wallet is easy to use, comes in Czech, and works with more than 125 blockchains. Also, this is twice as much as the well-known Trust Wallet.
The wallet works with all kinds of operating systems, and most importantly, it has good security (encrypted storage, and secure access to the application). But it is an online wallet with a source code that isn’t open to the public, so you should also be careful.
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