Every time an exchange is hacked or exit scams, the same mantra is trotted out in response: “not your keys, not your coins.” While holding cryptocurrency in a private wallet eliminates the risks associated with leaving it on an exchange, it can have the disadvantage of making it more difficult to trade and use your coins. That’s where cryptocurrency mobile wallets come in.
Coinomi is one of the most popular multi-crypto mobile wallets, with more than 500,000 downloads and a 4.4 rating from more than 10,000 reviews on the Google Play Store. Coinomi supports most of the biggest cryptocurrencies – Bitcoin, Ethereum, Litecoin, etc. – along with scores of altcoins and Ethereum-based ERC20 tokens.
Coinomi has an attractive and simple layout. All cryptocurrencies held within your Coinomi wallet are listed on the home tab, with a total balance displayed in the fiat currency of your choice. Clicking on each crypto brings options for sending and receiving tokens, as well as your transaction history. When receiving tokens, you’re given a public key that can be copy and pasted, or a QR code which can be scanned. You can also scan QR codes when sending tokens.
Security is of paramount importance with any cryptocurrency wallet, and Coinomi has no prolems here. When installing the app, you’re prompted to write down a private key can than later be used to recover your wallet. Any funds stored in your mobile wallet are completely under your own control.
Coinomi supports a large number of cryptocurrencies, from big-names such as Bitcoin and Ethereum to obscure alts. The list is by no means comprehensive, with many well-known altcoins absent. Dash, Dogecoin, Litecoin, Verge, and Z-Cash are some of the better known cryptocurrencies which Coinomi supports. Some of the supported coins are unlikely to be of much interest to users – Putincoin and Fujicoin aren’t going to be troubling the top 100 on CoinMarketCap anytime soon, but there’s no disadvantage to Coinomi supporting them.
A big positive is that Coinomi has a history of supporting forks of Bitcoin and Ethereum. Bitcoin Cash, Bitcoin Gold, and Ethereum Classic have all been added to Coinomi’s interface, meaning that if you were holding Bitcoin or Ethereum at the time of the hard fork, you’ll have had no problem accessing your newly minted spin-off coins.
Coinomi was updated on September 30, and this seems to have fixed an issue that existed for Ethereum tokens. While dozens of Ethereum tokens are listed in the app by defeault, many projects aren’t. Tokens such as 0x, Binance Coin, BAT, Decentraland, DENT, Dragonchain, OmiseGo and pre-mainnet EOS are all integrated into the app, meaning these can be sent to and from your wallet with minimal effort. While many obscure projects are listed alongside these tokens, there are some major projects missing. TRON and VeChain have both recently moved from Ethereum to their own mainnets, but the ERC20 forms of these projects’ tokens were never added to the defeault Ethereum tokens list. If you’re looking to store tokens bought through a new ICO in your Coinomi wallet, it’s very unlikely to make the list.
To get around this, Coinomi allows you to add new ERC20 tokens to the wallet yourself. Before the September update, there seemed to be a bug which would randomly remove these self-added tokens from the app. However, this bug now seems to have been fixed. You can read a guide to adding tokens on the Coinomi support forum. With this update, Coinomi is now a perfectly functional mobile wallet for any ERC20 token, with the small caveat that it doesn’t display a fiat equivalent value for manually-added tokens.
Additional features include integration with Changelly and Shapeshift, allowing you to trade between cryptocurrencies directly from your wallet. There is also an option to directly purchase supported cryptocurrencies by credit card.
RATING – 5/5 ★★★★★
Coinomi functions perfectly as a wallet for supported cryptocurrencies. It allows you to send, receive, and store funds securely. It also offers good customer support and the developers seem to be active in fixing any issues that arise with it. If you’re looking for a light and easy-to-use multi-purpose crypto wallet, Coinomi is hard to beat.