🔥 Coinomi Wallet in the test: Our experiences in 2021!
Before going into detail on the Wallet called Coinomi is entered, you should get an overview of the provider. Because only when you have looked behind the scenes will the question of whether it is a recommendable wallet or not can be answered.
The wallet is the electronic wallet that is needed when you Buys coins of certain cryptocurrencies. The Coinomi Wallet was launched in 2014. Since then, the wallet has been continuously developed. Numerous features are available today; In addition, the wallet can run on different operating systems. For example on iOS, Android such as Windows, Linux and macOS. In addition to being able to use Coinomi as an online or desktop wallet, you can also use Coinomi as a so-called paper wallet.
It is particularly worth mentioning that there is a large selection of different application options here. Thousands stand like that crypto currencies available from more than 125 blockchains. That means, if you choose Coinomi, you can store everything that is available on the crypto market here, so to speak. That means you can go with Bitcoin, Litecoin, Ether or even real exotic work. Regardless of whether omnilayer, ERC20, TRC10 tokens or BEP2 such as NEM Mosaics - enough space for all possible crypto assets.
There are two steps to registering or logging in: Wallet set up either via the PC or directly via the smartphone.
At the beginning it is a matter of downloading the wallet as a mobile version or for the PC from the Apple Store or Google Play Store, whereby a download link can also be found on the provider's homepage. Once the application has been downloaded and installed, the application can be opened; now you can make the first settings.
Note: After the wallet has been opened, the seed must be written down and confirmation that it has then been saved. Because Coinomi is a so-called hierarchical deterministic wallet - due to the fact that various crypto currencies can be stored here, the wallet can with one seed all the private keys of the respective Cryptocurrency assign. An advantage that all hierarchical deterministic wallets offer. The seed must be kept safe and must not be passed on to third parties.
The password is then created. It is advisable to also create the "recovery phase". In an emergency, the Bitcoin Wallets be performed.
Send and receive
First of all, it should be mentioned that Coinomi has a very good support community. If any problems arise, questions can be asked here in several languages and problems can be solved together.
Once the wallet has been set up, the point is that you have the respective crypto currencies selects that you want to manage with your digital wallet. The user is provided with an overview from which he can choose. At the beginning it is sufficient to choose coins that you have already purchased or want to purchase in the near future. But you can change the selection at any time - i.e. add new coins or delete already selected coins.
If you have logged in, you can Send cryptocurrencies, or take a look at the available credit. The following options are available here: If you click on “Pay”, you can specify the recipient - in this case the public key must be specified. But you can also make transfers via QR code. At the end, the desired amount must be specified, which is then to be transferred.
To get coins, you have to use the public key under "My address". But you can also send the QR code to the sender in order to then receive coins.
Which coins are accepted by Coinomi?
One could rather ask the question which coins are not supported by Coinomi. Because the variety and application possibilities of the coins that can be used here is almost unique. So you can use around 1800 blockchain assets. These include - in alphabetical order:
- NEM mosaics
- TRC10 token
Furthermore, the following crypto currencies (alphabetical order - and ultimately only an extract) are kept in the wallet:
- Bitcoin Cash
- Bitcoin Gold
- Bitcoin Plus
- Bitcoin SV
- Bitcoin Z
- the Blackco
- Ethereum Classic
- Hellenic Coin
- LBRY Credits
- Litecoin Cash
- Monkey Project
- Monero Stage
- New yorkcoin
- Omni Layer
- POA Network
- the whiteco
That list only deals with coins that have their own blockchain. The following tokens are supported - these do not have their own blockchain. Here, too, the listing is in alphabetical order:
- Augur v2
- Band protocol
- bZx Protocol
- Curve DAO token
- Digitex Futures
- DxChain Token
- Enjin Coin
- Gemini Dollar
- HedgeTrade Token
- Huobi Token
- Kyber Network
- Omni Layer
- PDX Coin
- Power Ledger
- reserve rights
- Ripio Credit Network
- Stasis EURS
- Synth sUSD
- Sushi Swap
- Synthetix Network Token
- Tether gold
- USD Coin
- Vice Industry Token
- VIDT Datalinks
- Wrapped Bitcoin
- x Come on
- yearn. finance
What types of wallets are provided by Coinomi?
There are several types of wallets that Coinomi offers.
- Desktop or online wallet: Due to the fact that the Coinomi Wallet is cross-platform, it can be used by different systems without having to restrict security. However, there may be minor differences depending on which system you want to use. For example, you cannot sign or verify messages with the desktop wallet; However, this is possible with a smartphone.
- Mobile wallet or app: The most popular variant of the wallet can be made available with the app. The advantage of choosing the smartphone wallet? You can access the wallet at any time; Above all, the app convinces with a very easy-to-use user interface and can also be used by beginners without any problems. The app is therefore ideal if you describe yourself as a beginner who has never had anything to do with a digital wallet.
The paper wallet
If you use the Coinomi wallet, it is possible to access the paper wallet. In this case, the key is printed out on a piece of paper - the user is then responsible for keeping the paper safe and sound. It only becomes problematic if the paper is lost, damaged or destroyed so that the code can no longer be read.
The hardware wallet
The Coinomi wallet is a so-called hot wallet. All those with correspondingly high amounts have invested in cryptocurrencies, should therefore opt for a hardware wallet, as the hot wallet is always available online. With the hardware wallet, security can be increased; cybercriminals it is made much more difficult to get access here. Coinomi Wallet does not provide a hardware wallet.
The fee model
If you look at the Coinomi wallet, it's not just about the offer, you also have to take a look at the fees. And so much can already be revealed at this point: Coinomi is also convincing here. Because there are no fees if you choose Coinomi. If you are the recipient, the sender has to pay the fees. Incidentally, the transaction fee that the sender pays does not flow into Coinomi - the costs incurred in the network have to be covered here. So you can very well say that Coinomi is a completely free wallet.
The amount of the transaction fee that has to be paid by the sender cannot be determined in a lump sum. Because the price model is dynamic and based on the volume of the transfer.
The advantages and disadvantages
If you choose Coinomi, you can look forward to a multitude of advantages. Because the wallet clearly distinguishes itself from the competition with its offer. There are a large number of supported coins and tokens - there is (almost) no provider here who can keep up. In addition, Coinomi can be used on a wide variety of operating systems and convinces with the fact that various types of wallets are also made available.
Furthermore, Coinomi scores with a fair fee structure. You don't have to worry about hidden costs here. Coinomi advertises a free wallet; Charges that are incurred are caused by the network and depend on the transaction volume.
Perhaps Coinomi may seem confusing due to the offer. In addition, the service is only available in English.
Speak for Coinomi
- the wide range of cryptocurrencies
- the fee model
- the cross-platform wallet types
- many features
The disadvantage can be seen
- that the service is only offered in English.
Is eToro an alternative?
When looking for wallet providers, you will probably go to eToro bump. But isn't eToro an online broker? Yes. eToro is an online broker that also offers the services of a Crypto exchange provides. And in this area, eToro scores with an integrated wallet. So if you want to buy coins via eToro, you can use the integrated wallet here.
eToro also scores with a variety and a fair fee model. You can also speculate with various assets via eToro.
We at Bitcoin-News.one find that the Coinomi wallet is convincing across the board. There are only a few providers who offer such a wide range. No matter which cryptocurrency you are interested in - you will be able to keep it in the Coinomi wallet without any problems. Above all, the experience reports that can be found on the Internet are convincing. Coinomi also scores in practice and not just in theory.
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