1 Level
10 Review
17 Karma
Review on Coinomi by Tomek Klys
Coinomi the all coin supporter
Coinomi is a vastly popular cryptocurrency wallet with a robust design and strong selling points. It beats most other crypto wallets like jaxx, exodus and many others
Coinomi is a Hierarchical Deterministic (HD) wallet. Essentially, the HD algorithm is what generates the seed for every wallet. The seed refers to a protective phrase, unique for each user. Each one is generated after 100,000 rounds of SHA256, making it virtually unbreakable. This seed phrase appears in the form of a series of seemingly random words.
It functions as a master password and can be used to restore your account and provide an extra security layer. In case you lose your mobile device or it gets stolen, your funds remain safe unless you have given out your password and/or seed phrase. You can use this seed phrase to restore your account on another device, with your funds intact.
Pros
- High security features e.g. HD algorithms and IP masking
- Private keys stored on users’ mobile devices
- Integration with ShapeShift and Changelly exchanges for crypto trading
- Does not charge any fees
Cons
- Not regulated also Code is not open source
- In spite of Coinomi wallet compatibility with numerous cryptos, it does not support fiat currency, meaning you cannot buy crypto directly using fiat
- Though Coinomi does not charge fees, it provides trading via third-party platforms which do not necessarily provide the best value in the crypto industry with regards to trading
- Being a mobile wallet, it is inherently insecure and open to malicious attacks
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Comments (1)
November 07, 2019
Hi Tomek, Thank you for your review! Coinomi went closed source in order to protect users from being scammed by clone apps that kept being created. We have now partnered with Simplex to allow users to purchase crypto with their credit/debit cards with other partnerships to come in the future.
