Coinomi Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Coinomi Wallet, which was initially introduced to the public as Coinomi in
2014 by a group of blockchain technology specialists, is suitable for use by
novice as well as seasoned investors on account of its intuitive user interface
and stringent safety precautions. The Coinomi wallet offers 168 different
representations of fiat currencies in 25 different languages, and it also
supports a wide variety of crypto assets that can be used on 125 different
blockchains. This makes it one of the most adaptable worldwide apps currently
available. Visit Coinomi Website.
Even while all of the main cryptocurrency wallets give a high degree of security for the safety of your crypto assets, it is still possible for the user to completely lose their coins if they do not follow good security measures. Never provide anyone else the specifics of how to log in to your wallet, including the recovery phrase or private keys.
The Arguments in Favor and Why:
Coinomi wallet provides users with the ability to trade and utilize over 1,770 crypto assets that are running over more than 125 blockchains. This functionality is made possible by the wallet's support for a broad variety of cryptocurrencies.
Built-in exchange: Users are able to convert or trade one digital currency for another when the exchange is built-in to the platform.
Users of the Coinomi wallet don't have to worry about paying any fees for incoming or outgoing transactions since there are none. Miners of cryptocurrencies are only eligible to receive transaction fees if they successfully add validated blocks to a blockchain.
User-friendly interface: The Coinomi Wallet is simple to use since it does not require any additional steps and provides a cross-chain payment mechanism that can be initiated with just one click.
Coinomi is represented in over 25 languages, including English, French, Spanish, and many more. Additionally, the security of the platform has been significantly improved.
The Arguments Against:
Although Coinomi is an open-source software wallet, it is only available for auditing by reputable organizations. This means that it is not completely open-source.
not compatible with Two-Factor Authentication (2-FA): The Coinomi Wallet does not include the 2-Factor Authentication, which is a security mechanism that is often used to give an additional layer of protection and is typically applied.
The Coinomi wallet is an ideal choice for cryptocurrency investors looking for a single platform on which to safely manage their investments. This software wallet may be used on mobile devices as well as desktop computers, and it has an intuitive and user-friendly user interface for crypto investors of all skill levels.
The wallet provides a variety of services, such as staking, which creates passive revenue, and an integrated exchange, which is important for converting one cryptocurrency for another crypto-based asset. In addition to live customer care agents, these functions can be found in the wallet.
The Coinomi wallet is compatible with over 1,770 different cryptocurrencies, including the following:
Bitcoin, Ethereum, Avalanche, Binance Coin, Security
The Coinomi wallet is one of the oldest wallets available, and it has a number of advanced safety measures. A positive reputation has been established for the wallet among members of the cryptocurrency community, with the exception of a security flaw that was discovered in February 2019 and addressed at that time.
Coinomi is a non-custodial wallet that encrypts the user's wallet and gives users full control over their private keys. Wallet encryption is one of the features that Coinomi offers. Even if the wallet's servers were to be hacked, the attackers still would not be able to access the funds that are stored in the users' wallets. Coinomi also offers a blockchain-based Digi-ID that may be utilized in place of outdated credentials that are not safe. This was done so that Coinomi's security can be improved.
The Coinomi Wallet is quite simple to install, however the steps to do so differ depending on whether you use the desktop or mobile platform.
Downloading the wallet, backing it up using a 12–24 word seed phrase, and protecting the wallet with a password are the three fundamental steps involved in the basic configuration of the system.
Visit www.coinomi.com and click on "Download" in the top-right corner of the website. This will take you to a page where you can choose to download Coinomi Wallet for Windows, MacOS, or Linux. Following these steps will allow you to set up Coinomi wallet on your desktop. Download the program that is suitable for use on the aforementioned hardware.
When you have finished downloading the wallet software, open the file to install the application, then open the application itself and click the "Create a new wallet" button. You will then be given a seed phrase consisting of 12–24 words, which the platform will need you to indicate on the following phase as an additional layer of security. After that, the user is instructed to make a strong password for themselves. It is strongly suggested that wallet users in general keep their passwords to themselves and never reveal them to anybody else.
Next, Coinomi will produce a brand-new address that is compatible with all of the supported blockchains. You will also be offered the option to download a backup file for your wallet at this time. You absolutely cannot lose it since you will require it in order to recover your wallet in the event that your device is stolen or destroyed.
Visit the Apple App Store on an iOS device or the Google Play store on an Android device, then search for "Coinomi wallet" to set up the Coinomi wallet on your mobile device. After the wallet has been downloaded, you may start using it.
Follow the steps for configuring the desktop version of the wallet on your computer before attempting to configure the wallet on your mobile device. Make sure you don't let anyone else know what your password is and always keep it secure.
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You will need to sync your wallet across all of these platforms in order to have smooth access to your cryptocurrency assets if you want to utilize the same Coinomi wallet on either your desktop or mobile interface. During this procedure, your seed phrase will prove to be really helpful.
For example, if you already have the Coinomi wallet on your mobile phone but you also want it on your desktop computer, all you need to do is download the Coinomi wallet program for your desktop computer. Next, pick "recover wallet" rather than "create new wallet," and then follow with entering your seed phrase and password.
Through the desktop version of Coinomi Wallet, customers are able to access their cryptocurrency holdings on their own personal computers. Despite the fact that this wallet is not compatible with any hardware, it features an intuitive user interface that is able to handle cross-chain payments in a matter of minutes.
Users of Coinomi have the ability to access their cryptocurrency portfolios on their mobile devices thanks to the availability of the Coinomi wallet for mobile on both the Android and iOS platforms. This multi-chain wallet has received a rating of 4.4 out of 5.0 stars in the Google Play Store for Android. The majority of reviews attest to the high level of security offered by Coinomi as well as its user-friendly layout.
Coinomi provides round-the-clock customer assistance, and customers may communicate with the wallet's support team through a help page on the website, live chat, or a ticket-based support system.
The Coinomi wallet is available at no cost at all. Because the sender is responsible for paying transaction costs, receiving coins does not cost anything. When users transmit bitcoin, they will be forced to pay a network charge. This cost will be deducted from the amount sent. This is a common fee charged by the industry, and rather than going to Coinomi, it is distributed to the currency miners.
It is essential to keep in mind that the fees charged by the network are determined by the coins in question. For example, the transaction costs for Ether (ETH) and other ERC-20 tokens are exactly proportionate to Ethereum's gas fees, which are measured in Gwei.
Users of the Coinomi wallet have the ability to modify the fees associated with individual transactions. In most cases, the wallet provides three dynamic alternatives: Low, Normal, and High. These options allow the wallet to automatically locate the best bargains related to transaction costs. Alternately, users have the ability to specify their fees for any and all supported cryptocurrencies.
Trading cryptocurrency on the built-in exchange is likewise completely free; however, when converting cryptocurrency to fiat currency via third-party integrations like ShapeShift or Changelly, regular fees will apply.
As a multi-chain software wallet, Coinomi holds its own against the competition very well. It enables users to buy, sell, and trade over 1,770 digital assets that are present on over 125 blockchains in a one location.
Coinomi is a good option for crypto investors of all expertise levels who place a high importance on privacy and want a centralized location from which to manage their varied cryptocurrency investments. The wallet's extensive list of features, which include wallet interoperability, a user-friendly UI, stringent security protections, and zero fees, are also contributing factors to its rising popularity.
Conom is a multi-asset wallet that works on mobile devices (Android and iOS) as well as desktop computers. It is compatible with over 1,500 different digital assets, such as Bitcoin and Ethereum. Coinomi is a cryptocurrency that offers advanced levels of security and privacy features, in addition to a user interface that is simple to use and is suitable for novices. In addition to the safe storage that is provided by the wallet, Coinomi is compatible with the exchange platforms ShapeShift and Changelly, which enable users to effortlessly trade any asset that is supported. In addition, consumers have the ability to buy cryptocurrency using their credit cards by going via Coinomi's partner, Simplex. At long last, complete support has been added for Binance's DEX, which means users may now trade their BEP2 tokens straight from the app using the native Binance DEX interface.
The wallet is supported by a robust worldwide community and provides 168 different representations of fiat currencies. It also supports up to 25 different languages, including Chinese, Russian, and English.
Coinomi was established in 2014 by a group of Blockchain industry veterans who had already achieved a great deal of success in the financial technology sector. George Kimionis, a graduate of the University of Manchester who is also a successful businessman, established the company and serves as its current chief executive officer. The British Virgin Islands serve as the location of the company's headquarters (address Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands).
The high degree of security and anonymity offered by the Conom Wallet as well as its compatibility with a wide variety of digital assets are two of the primary selling factors of this product. The most significant rivals to this wallet are Jaxx and Exodus.
The Conom platform is intended to support many simultaneous surrensu. This indicates that the wallet has native compatibility for over 125 blockchains and 1,500 digital assets, making it the largest non-custodial wallet on the market at the moment. Not only is Coinom compatible with Bitcoin, but it also works with a wide range of other cryptocurrencies.
Surrort for new assets is introduced on a regular basis, and it is pretty impressive that you may manually add the ERC20 token that you want to keep in your wallet. On the Coinomi website, you can find a full list of all of the coins that are supported.
Check out our comprehensive list of cryptocurrency exchanges if you want to know where you can engage in trading for all of the cryptocurrencies mentioned above.
There are no transaction fees charged by Coinomi for incoming or outgoing transactions. Mining fees are applied to any transactions that take place off of Coinomi. Generally speaking, the mining fees are not too high. However, at times of heavy network activity, the costs may be higher. Transaction fees are 100 percent adjustable in Coinomi. Users are at liberty to determine the transaction fees that apply to all of the supported assets on their own. Please be aware that if the cost that you are paying is too low, it may take more time to finish your transaction. When it comes to wallets, services, and exchanges in general, the lower the costs, the longer the confirmation times will be. The reason for this is because miners will always prioritize include the transactions that would yield the biggest reward in a block.
Coinomi is an app that is completely free to use. The recently released desktop version is compatible with machines running Windows, Linux, and Apple's macOS operating system.
The Conom wallet is user-friendly, making it ideal for novices who may be storing their first cryptocurrency or other digital asset (s). The integration of the ShapeShift and Changelly exchanges makes it simpler for customers to make long-term investments in cryptocurrencies and to trade their coins for other digital assets that are supported.
After you have successfully installed Coinomi on your computer or mobile device for the first time, you will need to start the setup process by selecting "Create a New Wallet." After that, you will be given a one-of-a-kind seed phrase, which you are required to write down and save in a secure location. In the unfortunate event that you ever misplace your phone, you can use this phrase to recreate your wallet on another device. In order to finish the setup process for your wallet, you will need to select a secure password and decide which coins you want to have displayed on it. After that, you will be prepared to send and receive cryptocurrencies that are supported.
Coinomi also permits payments made across different blockchains. This functionality enables you to make direct payments in any of your holdings to a payee's wallet without the need to convert any of those holdings into the currency of the payee.
Coinomi is a completely non-custodial platform, and users have complete and total ownership over their assets at all times. Coinomi has no access to or control over the private keys, wallets, or transactions associated with your account. Users are required to go through the KYC procedure in order to access services provided by partners such as Simplex (which converts fiat currency to cryptocurrency) and Shapeshift (which converts cryptocurrency to cryptocurrency).
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Additionally, the Coinomi Wallet verifies the user's identity by masking their IP address while it is connected to the server. Because of this, it is reasonable to assert that Coinomi provides a high level of anonymity.
Coinomi protects against intrusion attempts using first-rate security mechanisms. The seed phrase functions as an additional layer of protection for the Hierarchical Deterministic wallet, which is used by the user. You may rest certain that no one will be able to access your cash thanks to the seed phrase. You may quickly recover your wallet on a new device in the event that your previous device is lost or stolen. Because Coinomi is an HD wallet, it produces a new wallet address for each transaction, which makes it more difficult to track individual transactions.
The makers of the wallet have added still another layer of protection in the shape of an IP anonymization tool, which is designed to protect sensitive personal information as well as transaction specifics from prying eyes. This includes people who hack computers and software that tracks IP addresses.
Coinomi may be downloaded for free on Android and iOS smartphones via the app stores for those operating systems. You may get the desktop version of Conom by downloading it from their website.
If you are unsure about if this is the best wallet for you, you may also want to look at other universally secure wallets such as Jaxx, Spectrocoin, and Ledger Nano S.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.