Managing multiple cryptocurrencies and crypto assets by using more than one wallet can be quite daunting. Coinomi wallet, by users reviews and list of the features, looks like a good solution to keep your assets safe and secure, yet easy to access and manage.
In this Coinomi review, we’ll see how simple it is to use the wallet, what are the potential downsides of doing so, and what other functions and options users can get with the Android, iOS or desktop version of the wallet. We have a lot to share with you, so just keep reading.
Coinomi is one of the most secure mobile wallets at the moment. Strong encryption and privacy are backed by HD type of protection. As an HD wallet, Coinomi has an extra layer of security to add on top of your key and password. In other words, Coinomi uses an algorithm to create a seed phrase. This string of random words can also be called master password. It is essential to write down this master password on a piece of paper and store it in a safe place. Coinomi wallet is not only secure and private because of these HD algorithms and encryption, but also because it uses IP anonymization. The IP address is hidden and anonymized by servers, so users are not in danger of someone discovering their identity by tracking it.
As the team behind this product states on the website, with over one million users, Coinomi wallet has never been hacked since 2014, when it first started operating. It is also important to mention that this phone-based wallet has plenty of features which ensure no information will be shared. Simply put, there is no registration process, meaning there is no information to share. Coinomi does not give any information to the government or third-party services. As an addition to this security and privacy feature, the wallet does not collect any private data on spending habits, transactions or frequency of the transactions. To protect the users as well as themselves from malicious attacks, Coinomi does not store any private keys, either. All keys are stored on the device, not on servers. Even if someone makes a breach, there will be no private keys or information to steal.
A user- and privacy-friendly wallet
Coinomi is a mobile wallet, available for Android and IOS devices, and it is used to store multiple cryptocurrencies. Not only is it a wallet meant to secure the funds, but it also acts as a storage platform which enables quick and secure trading. You see, Coinomi is compatible with and supports over 270 different altcoins and allows payments and cross-chain payments. As a downside, some will say it does not let users make a transaction with fiat currencies, debit or credit cards, but it allows sending and receiving other cryptocurrencies in just a few steps or by using services such as Shapeshift and Changelly to convert altcoins within the app.
Installation is fast and does not require any KYC procedures. Users can download the app, without any problems, as well use the Coinomi desktop app. Coinomi iOS is available since April 2018. After installation, users will be presented with the option to create a new wallet and recovery phrase. The next step is to set the password and select the default cryptocurrency. As you will be able to see, it is a five-step process you need to complete to create a wallet, without the third party to complete the KYC process. Simple registration and easy to use app help users to navigate and be aware of the assets just by using one app. It is clear why Coinomi wallet’s strongest feature is the option to store multi-currency coins in one place, on one device with one password.
Another user-friendly feature of the wallet is the option to restore the wallet quickly. Most mobile wallet apps users are worried about the possibility of losing or breaking the phone, or even getting it hacked. In the case you lose the phone, or it gets stolen, a new wallet can be created on a new device using a recovery phrase. The only way someone else can transfer the funds is by knowing the password AND the master recovery phrase.
Coinomi team is investing a considerable amount of funds and a lot of time to secure and protect the clients. However, there are no fees for this kind of protection and service. This app is completely free to use. What this means is that you do not need to pay either for the app or to register. Small fees, however, will be charged when you make an outgoing transaction. Fees are calculated in two ways, custom and dynamic, which allows you to choose the type of fee and the amount you’d like to pay in any of the supported coins. Coinomi fees go to miners, but only to miners associated with the cryptocurrency, you choose to use to cover the cost.
In this review, we have seen that it is possible to create a user-friendly yet free to use mobile wallet. This wallet is an excellent multicurrency phone-based mobile wallet available to all traders. With the recent introduction of Coinomi iOS app and the desktop app, the company is making a substantial impact on the market and expanding its base. However, the app does not allow you to buy cryptocurrency by using fiat currencies or bank cards. In combination with other advantages such as IP anonymization, the possibility to recover the wallet on another phone, no fees, or in-app cross-chain payments, Coinomi is quickly becoming a favorite wallet for all those looking for a mobile and secure place to store cryptocurrencies. The fact that no data is ever shared or stored and that new altcoins compatible with wallet are added almost on a daily basis, secures this product a top spot when you’re talking about your next cryptocurrency wallet. Give it a go today!
Author's overall rating:
Author: Ben Prescott
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