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The basics of crypto trading

Coinomi

Year 2016
Founders -
Origin China

Coinomi is one of the most reliable and popular free mobile multicurrency wallets. It’s been available for not only Android devices, but also for iOS ones. Which currencies are supported by the service, how profitable is it for investors and, above all, how to use it?

Description

Coinomi is a popular mobile wallet for a simultaneous storing of a number of types of cryptocurrency. Users of iOS and Android-based devices can download it absolutely free of charge. Up to 2018 the wallet hasn’t been available for owners of Apple’s production, but now they can also keep Bitcoins and other coins in an application for their mobile phones.

In the current year, according to information provided on the developer’s official website, a desktop version of the wallet will be also released. It’ll be available for Windows, Linux and MacOS devices’ users. The PC version will presumably look like this:

Users will be able to synchronize their desktop and mobile wallets, to use a strong security system and to choose a light or a dark theme of the interface according to the time of day.

History of creation

The company which has developed the wallet was founded in 2014 under the name Coinomi Ltd. Its headquarters is situated in London. The multicurrency wallet itself was introduced to public in 2015. Initially it was a mobile application which was available only to Android users. A lack of a desktop version wasn’t accidental as the company was headed by two talented Greek programmers who specialized just in developing of software for mobile devices:

Coinomi is considered to be probably the oldest multicurrency wallet. There wasn’t a lot of them back in 2015, and even less applications with a multilevel protection were available. The developers themselves have positioned their product as a reliable means of storage of digital money.

Despite a lack of a full-scale advertising campaign, the application has attracted attention of many cryptoinvestors. One of the reasons was a support of a large number of coins. Even at the start several dozen cryptocurrencies could be stored in the wallet.

Today a number of offered coins is many times higher. 125 different cryptocurrencies and 382 types of tokes are available for users including:

The application supports 507 types of assets in total. It’s possible to look through them or to find the desired one before the downloading on the official website through a convenient search system:

If any ERC20 marker isn’t presented in the provided list, it can be added on your own directly in the application.

Nevertheless, it’s still impossible to keep Ripple and Monero (one of the most demanded cryptocurrencies for today) in a multicurrency wallet. The developers are still working on their implementation.

Pros and cons

The Coinomi Wallet is rightly considered to be one of the most demanded nowadays. It’s being actively used by millions of investors all over the world. Such interest lies in numerous advantages of the application:

The significant disadvantages are a lack of a desktop version, closed source code of the wallet (though initial versions have been published in the Net, later the developers ceased to do it) and a delayed response from the helpdesk perhaps due to a limited number of staff.

How to use the wallet?

While choosing a wallet for storing of funds, a user is paying attention to available functions, its convenience and difficulties which may occur. We’ll consider all these features in the review.

Registration

Registration is an obligatory requirement in order to start working with the wallet. But no identifying documents or even any personal data are needed. Anonymity of users is one of the most significant advantages of the platform.

Today the wallet is only available for mobile devices based on Android and iOS. A desktop version should be released by the end of 2018, but it hasn’t been launched yet. The application can be downloaded onto the phone from the Download page of the official website:

After the installation a welcome message will appear. The system will propose to proceed to creation (for new users) or restoration of the wallet (for old users).

The procedure for restoration of a Coinomi wallet is very simple – it’s only necessary to press the relevant button and insert a mnemonic phrase (the service generates it during the initial creation).

If a user doesn’t have a wallet, he’ll have to choose an option of creating of a new one. There is nothing complicated in it. The user gets a restore phrase and thinks of a password (it should consist of 10 or more characters).

After that it’s only necessary to choose operating cryptocurrencies which are expected to be kept in the wallet. Their list can be complemented or altered through settings at any time if necessary.

To complete the registration process, it’s essential to learn the conditions of the service and agree to follow them.

Abilities of the system

The most popular request concerning the wallet which is new for a client is how to use it. On the main page of the application the total balance in RUR and available currencies are presented in the form of a list (name, logo, exchange rate, amount in RUR and in required currency are shown).

Directly from here the balance may be replenished with a wallet number or a QR code, money withdrawn the same way or purchases paid for in places where the relevant currency is supported as a means of payment.

The service doesn’t support fiat currencies, it’s also impossible to transfer money into your bank account or card. The only way is to use exchangers or to exchange money directly with the help of other users.

After pressing the upper left menu exchangers and active wallets will be shown:

The wallet’s fee is set by users themselves within certain limits. Moreover, two formats for exchange are provided at the same time – Shapeshift and Changelly.

Feedback

Among existing multicurrency wallets namely Coinomi is considered by users to be the most secure and convenient one. The feedback is usually positive. For example:

“I’ve installed the application on my smartphone. It’s convenient to work with, but it’s a pity there is no PC version. Still the fee can be set by yourself”.

Most users complain right about a lack of the desktop version. Sometimes comments about delayed feedback from the client support service slip in:

“Addressed a simple question to the helpdesk, waited for 5 days for a reply – an unpleasant surprise”.

It’s nearly impossible to find feedback concerning money theft or a low security. Users choose this application just because of its high level of security.

Conclusion

A strong interest to the wallet is stems not only from a nice and intuitive interface and a variety of both famous cryptocurrencies and the ones which have just emerged on the market. Coinomi is also the first HD wallet which supports the SegWit protocol. It can be utilized without any concerns for your money – you don’t have to pay for the service, and assets will be fully secure.

For its complete time of being Coinomi has never been hacked or compromised in any other way.

All operations within the wallet are conducted on the basis of a consensus mechanism, and a user maintains his anonymity during the whole period of work with the application.

Convenience, safety, support of 507 types of digital assets, ability to exchange instantly within the platform – all this makes the Coinomi wallet a popular means for keeping your own coins.

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