Coinomi present a solution to the challenge most cryptocurrency investor might be facing. such as: where to buy Altcoins like Ethereum, Litecoin, Dashcoin… and Altcoin wallets for this Altcoins… Coinomi offers you a single platform with over 278 cryptocurrency wallets and Tokens, and the ability to exchange cryptocurrencies at no cost. This presents a solution to the issue of ‘where to buy and Altcoin’. With Coinomi your literally buy 278cryptocurrenciess with no hassle. This review answers the question a lot of readers have asked on where to buy an Altcoin.
Coinomi is a mobile wallet that has the capacity to accommodate multiple cryptocurrencies. It has a secure application that is compatible with Android. Ongoing works are being tendered towards creating an iOS version of it. Coinomi has a strong passion for privacy and creates an environment where an exchange can be made between numerous cryptocurrencies at a very impressive speed. It has a very easy setup and installation procedure with a great storage platform for crypto currencies.
Users of Coinomi can hold and exchange ALtcoins, Bitcoins and tokens, without going through the KYC (Know Your Customer) regulation, since it doesn’t involve any registration process. It is one of the most powerful multi-coin wallets in the market, It also provides convenience, security and support for 278 altcoins. Coinomi also stated on their website that they are actively working on adding more Altcoins
Is Coinomi Open Source?
It obvious that most cryptocurrency users prefer open source software because it shows transparency. Previously Coinomi was Part of the open source software movement, they allow anyone with interest the access to view their codes. This means hidden codes, negative codes or extortion codes could easily be identified.
About a year ago Coinomi moved their project from open source to closed source. I wouldn’t say that there is any form of illicit activity going on but di will say that it is no longer as transparent as it used to be.
Privacy in Coinomi
Coinomi offers unparalleled privacy and this is one of the major reasons why it keeps growing. Everyone dealing with cryptocurrency is after privacy and security, you should know that Coinomi does not store personal information and also encrypts the IP address of its customers. You should also know that Coinomi runs no partnership with the government and hence it cannot disclose any details about its users to the government.
Also on security, Coinomi provides restricted access to those that have access to your phone by providing a password platform on their application. Users are provided with a password recovery phrase in case they lose their phone. The recovery phrase can be used to re open their wallet on another device.
What If you Lose your Phone?
It obvious that no phone can last forever, it is bound to get spoilt someday or even stolen. If a phone gets bad a Coinomi user can simply add his account to another phone simply by using the recovery password. In a situation whereby a user’s phone is stolen, there is no need to be worried because there is a password on the application and a user needs a password to be able to move funds.
Instant Exchange in Coinomi
Exchanges can be carried out in coinomi through Changelly or Shapeshift. With the help of Shapeshift, exchanging cryptos easily and swiftly is not a problem. Shapeshift is good with exchanges and also helps to curb security hazard. also, you should know that there are no charges from Coinomi when you carry out a crypto exchange. ( You can read my review on Shapeshift here)
What Cryptocurrencies can be Exchanged on Coinomi?
Basically, about 278 cryptocurrencies are being exchanged on this platform. It is being designed in such a way that new coins can be easily added into it. So if you can’t see your desired cryptocurrency there, give it a little time; it will definitely be included.
Is Coinomi easy to use?
We all know that user-friendly is one of the major features of any application. Coinomi is being built with a beautiful interface that even a little child could simply understand its features. Once you open the application you see things like “exchange coin”, “add coins”. Just click on your desired button, am sure at this level any crypto friendly individual should be able to process from there with any hitches.
How do you Download and Install Coinomi?
Downloading and installing Coinomi I quite easy, you should remember that it is only available for Android users at the moment but soon that of Apple will be out.
To install Coinomi, click on create new wallet as illustrated in the image below
After which user will be given a recovery phrase. Please copy down this recovery phrase on a sheet of paper and store in a very secure place. Please always check for this piece of paper at intervals to ensure you don’t misplace it before you lose your mobile device. On no account should you disclose your recovery phrase to anyone as this could give anyway your funds.
The recovery phrase is being displayed as illustrated in the image below
- After user must have saved this recovery phrase, the user will be asked to confirm doing so.
- Now the user will be asked to input the desired password. Please note that your password should be alpha-numeric and also symbols should not be left out of it. This will enhance the security of your funds.
- User will be asked to select the desired cryptocurrency that will be displayed in the wallet
- The user is now presented with a legal disclaimer, click on it to agree.
That’s all, the user can now freely exchange coins and carry out other features in their wallet.
Peoples views on Coinomi
I observed that Coinomi representatives are quite responsive. They say they have been around for over 3 years now and have not witnessed any situation where a user’s wallet was being hacked and also they say they have hundreds of thousands of happy users.
My Advice on Coinomi Wallet
I believe that this company have actually done well to keep its users on the safe side. I will also encourage you as a user to be security conscious and bear these in mind
- Copy and keep your recovery phrase safe, never give out your recovery phrase to anybody.
- Always check for your recovery phrase to avoid losing it when you might actually need it. At least if you lose your recovery phrase and discover that on time you could get another since you still have your phone and password.
- Always update your Ccoinomi application to the latest version.
My Conclusion on Coinomi
My only concern about Coinomi is that it no longer has the open source, although there are other good wallets with closed source too. It has nice user interface and a friendly appearance, the shapeshift also helps to hasten and simplify crypto exchange. I would say it’s a nice one. All the best.