Review on Coinomi by Benaiah A. Akinlade
Coinomi Wallet review and features
Coinomi is a Multicurrency Mobile and Desktop Wallet for crypto currencies. The wallet also allows users to exchange crypto coins within the wallet. It has rich features and it is well secured. It was launched in 2014. Over these years, it has undergone significant improvements in security and operations which have attracted a global membership.
Inbuilt exchange:
Coinomi wallet provide users with an in-app crypto-to-crypto exchanges at very affordable rates
Buy with a card via Simplex:
It allows buying of crypto and paying directly using your credit card or debit card which is made possible by Simplex platform that allows fiat to crypto conversions.
Cold staking:
Coinomi helps you store your cryptocurrencies securely for a long time, and also has a cold staking option which allows you to stake the coins in your wallet when you’re offline and you can get rewarded for it.
Conversion of coins to gift cards:
It allows users convert digital coins into gift cards that can be redeemed at their favorite shops.
Password features:
Coinomi has the password feature as a protective and security measure which is set up during account installation. The password will be needed every time you want to login.
Seed phrase backup:
After Coinomi wallet is created, the user will be provided with a 12-word recovery phrase. This can be used if you forget your password or misplaced the device that hosts the wallet.
Easy to use:
Coinomi wallet adopts highly sophisticated technologies that allows the creation of a sophisticated platform that keeps its dashboard organised and user friendly.
The app is also multilingual and has been translated into over 25 international languages.
Coinomi crypto wallet cost and fees
The website and all the transactions carried out are free. Coinomi doesn’t charge the user to install and use their wallet.
However, the user will have to pay a competitive fee to the different network miners for verifying and confirming your transactions.
Pros
- It has integrated shapeshift, Changelly, and other DEXs to facilitate in-app exchanges.
- It adopts a highly advanced security feature
- The transaction processing fees are highly competitive and open to customization for speedy confirmation
- The app supports the widest range of cryptocurrencies, collectibles, and tokens
Cons
- The biggest threat to Coinomi is the fact that it is not open-sourced
- The crypto wallet is also not as regulated as similar projects like Coinbase
- It is a pure crypto-to-crypto network, and you will, therefore, have to use third-party apps like
- It is simple if you wish to buy crypto using fiat currency
