1 Level
40 Review
24 Karma
Review on Coinomi by Aniruddh Ravel
Quite amazing mobile wallet
Many software and mobile wallets don’t offer high levels of security. But this is not the case with Coinomi. Your private keys are saved on your mobile device and not on any online servers. Your confidential information is always with you and never on their servers. This kind of control over your keys and funds is important to protect your assets.
Coinomi uses strong cryptographic encryption to protect your wallet from any outside attacks. The transactions are anonymous and identity isn’t linked to the transaction, so nobody can track down your personal info. Your IP address remains private and transactions aren’t traced. What one Coinomi user stores, buys or sells isn’t known to any other Coinomi member.
Coinomi also has the recovery seed feature like other top wallets. A recovery seed is a string of words that is generated for you. You need to remember it, write it down and store it in a safe place so that if you were to lose your wallet, you would be able to use the recovery seed to recover your wallet. If you lose the recovery seed and lose the wallet, you can’t ever recover your wallet and funds again.
Pros
- Good security and privacy infrastructure unlike other mobile wallets
- You can exchange cryptocurrency fast with their ShapeShift and Changelly integration
- You retain control of your private keys as they are stored on your mobile
- Even when your mobile is lost or stolen, nobody can access your account without your password
- After loss of wallet or mobile device, you can use the recovery seed phrase (that you need to remember and keep safe) to recover your wallet on a new device
- You can send altcoin currency to bitcoin addresses. Cross chain transactions are possible
- Good customer support
- As mentioned on their homepage: no Coinomi wallet has ever been hacked
- Hierarchical Deterministic wallet can recover all your private keys with just one master seed key
Cons
- You can’t purchase cryptocurrency using fiat currency with the Coinomi app
- It is not open source (although they have an earlier version of the source code available), but this is done for security reasons which is a reasonable tradeoff.
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Comments (1)
November 07, 2019
Hi Aniruddh, Thank you very much for your review! Coinomi has partnered with Simplex to allow users to easily purchase crypto using credit/debit card. (Select 'buy' in the left side menu of the app) :)
