Coinomi Wallet Review | Is Coinomi Still Relevant Today?
Jack Moreau
Feb 2024
5 min to read
Fact checked
Introduction: Coinomi is a non-custodial multi-asset wallet and is one of the oldest wallets in the cryptocurrency space. Coinomi supports a large selection of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many others. In this Coinomi Wallet Review, we will cover all aspects of the Coinomi wallet from its features to supported blockchains and much more so that you can decide if it’s the right wallet for you!
Coinomi Wallet was founded in 2014 by George Kimionis and is a multi-coin wallet that was built with the mission of making digital assets more accessible. The Coinomi team is composed of experienced cryptocurrency and blockchain developers, security researchers, and digital asset traders.
Coinomi Wallet website
The initial focus of Coinomi was to be a mobile wallet for Android but eventually the team further expanded their offering to include iOS and desktop versions.
Today Coinomi stands as one of the lead leading multi-chain wallets with a strong emphasis on wide ranging support for over 125 blockchains, one the highest in the non-custodial wallet industry.
The Coinomi Wallet provides users with a secure, private, and simple way to store, manage, and exchange over 1,770 cryptocurrencies. Coinomi is non-custodial wallet which means that there is no identity linking between the user and their wallets.
Coinomi Wallet App
The wallet is estimated to have over 1 million users around the world using the mobile and desktop versions of the wallet. On Android, the team has received strong reviews with a 4.6 star rating based on over 42,000 reviews. One of the downsides of Coinomi Wallet is that it's still not available as a browser wallet.
Coinomi Supported Platforms
As mentioned, the Coinomi Wallet is available for both desktop and mobile platforms. On desktop, Coinomi is available for Windows, Mac, Linux and IOS and Android for mobile devices. One of the downsides of Coinomi Wallet is that it's still not available as a browser wallet.
Coinomi Crypto Wallet
The Coinomi wallet is available in 25 languages and has over 1 million downloads across Android and IOS. The app offers exchange services, native segWit and an integrated Web3 dApp browser to partake in DeFi.
Coinomi Wallet Supported Platforms
Coinomi Wallet Features
Coinomi Wallet offers it's users a much smaller range of products and services that you could expect for a company that has been operational for so many years.
Coinomi Wallet Features
Like most non-custodial wallets, Coinomi also offers the ability for their user to swap between their assets via their own exchange. Coinomi wallet supports swapping between thousands of assets through strategic partnerships with various DEXes. Swap fees via non-custodial wallets come at higher costs but with the added benefit of privacy and higher convenience.
For users that don't hold any cryptocurrencies and would like to buy from within the wallet, Coinomi offers the option to buy digital assetswith debit/credit card via Simplex, their external third-party payments provider.
Coinomi Wallet Buy crypto with fiat
Users who want to earn yield of their digital assets in the Coinomi Wallet have limited options as only Algorand and SmartCash is supported.
Like most other crypto wallets, users can also use Coinomi to easily access DeFi with Coinomi’s integrated DApp browser and Web3 support without any compromise on security.
One downside of Coinomi wallet is that the team does not innovate which means that very few new features are developed. This means that the user experience is quite stale and the design of the wallet and website outdated. The wallet at the time of writing does not even offer support for NFTs which is a big letdown.
Another big letdown is that Coinomi does not even offer support for some of the most popular cryptocurrencies like Solana (SOL), Cosmos (ATOM), Polkadot (DOT) and Cardano (ADA). This once again shows that the team is lagging way behind newer and more modern wallets with active development teams.
Previously recognised as an industry contender, Coinomi has seen its innovation momentum wane over time making it way less competitive in today's rapidly evolving digital wallet landscape.
With Coinomi Wallet, users can securely store and manage an astonishing 1,770 cryptocurrencies. Supporting this large amount of coins is possible because Coinomi offers native support for over 125 blockchains including Bitcoin, Ethereum, Litecoin, Monero, Zcash, Algorand and many others.
Coinomi Wallet cryptocurrencies
Besides being an altcoin heaven with a lot of less known and obscure coins and tokens, Coinomi also supports a growing list of stablecoins including USDC, USDT, BUSD, GUSD, HUSD, USDP, USDS, and TUSD.
Coinomi Wallet Stablecoins
Coinomi Wallet Customer Support
Coinomi's customer support team is available to assist customers via email, social media, or the Coinomi website. Coinomi also offers live chat support that aims to answer customers within 20 minutes.
Coinomi Support
If the chat support is unmanned, you may find the answer to your inquiries in their knowledge base which contains 100s of frequently asked questions in multiple languages. Coinomi has a solid 4.4 rating based on over 700 reviews on Trustpilot.
Is Coinomi Wallet Safe?
Like all non-custodial wallets, the great benefit of using Coinomi is that your private keys are only stored in your local device. This means that cryptocurrencies are decentralised with millions of devices instead of centralised in one single location.
Coinomi Wallet security
This makes it much harder for hackers to attack but it also means that users are responsible for safeguarding their own assets. As such, it’s important that you keep your password and 12-word mnemonic seed phrase somewhere safe. If anyone else gets a hold of your 12-word seed phrase, they will have the ability to steal your funds.
In addition to this, using non-custodial wallets come with the benefit that there is no KYC bureaucracy involved, meaning no identity linking. With Coinomi there is no IP association and no transaction tracking. In the 8 years that the Coinomi Wallet has been operational, there have not been any well known incidents of getting hacked.
Having said this, the Coinomi Wallet is only partly open source and there are not any well known security audits or bug bounties available. Another downside of Coinomi when it comes to security is that the wallet does not support synching with hardware wallets like Ledger, Trezor, Lattice and others.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
