Coinomi Bitcoin/Altcoin wallet review

With ever grown popularity of bitcoin, there has been drastic increase in bitcoin wallets.

One major concern user have when choosing wallet is, it's security.

Today, I am going to review such wallet app, whose security is top notch.

Named Coinomi.

Coinomi is currently available only on Android. However developers have confirmed that they will soon be rolling out for other platforms.

Except the security, there are dozens of other features, that we are going see as review goes on.

Features :

• HD wallet with Multi Coin support
• In built shapeshift exchange
• Superb security

and other features, we will see in Miscellaneous section.

HD wallet with Multicoin support

Coinomi is a HD wallet. No, no it doesn't mean High Definition. Here, HD stands for Hierarchical Deterministic. In short, it brings security to user and removes hassle of recovering private keys while creating new address.

You can read following github post for explanation.

http://weilu.github.io/blog/2014/07/11/the-perks-of-being-an-hd-wallet/

Coinomi supports wide variety of altcoins, I am too lazy to count them all but famous ones are Dogecoin, Litecoin, Ethearium (yay!), Ethearium classic , Dash, Namecoin, Nubits,...

Some users have requested to add steem support, so I suppose it would be added pretty soon. And yeah, If you ever had any problems with wallet or have request to add new coin, you can say out loud to.

[email protected]

You know what to do next. Right?

In built shapeshift exchange

Coinomi is one of few wallet apps, which includes exchange. And you don't need to do any kind of registration or document verification to exchange coins.

Shapeshift integration allows user to do instantaneous exchanges between bitcoin and other altcoins.

Superb security

I told you earlier that it has top notch security, but you know why? Here are the reasons.

• Your private keys are encrypted and stored in your device.
• No IP lookup over your transactions
• No KYC
• Open source
• Password needed when sending or exchanging funds

You can see your private keys and change your password even when your offline, so this proves the foremost fact.

Miscellaneous Features

• Barcode scanner
• Set transaction fees ( Don't set too low, it will take ages to get confirmed).
• See exchange rates
• See transaction ID, transaction status and receiver address
• Date/Time of sending/receiving funds
• Restore wallet
• create unlimited addresses and assign names for easy sorting
• See used/unused addresses
• Unlimited coin accounts
• Tap on address to copy/share
• Lightweight, runs smoothly on low spec devices
• New features and coins added frequently
• sign/verify address
• Sweep wallet

Getting Started

• Install/open

• Now, you will get two options.

1. Create A New Wallet
2. Restore A Wallet

If you are new user, which I suppose you are. Go for option one, otherwise go for second.

1. Create A New Wallet

• This will lead you to next screen, which will show you the Recovery Pharase. Copy it and save at secure place. With Recovery Pharase you would be able to restore wallet on any device.

• tap on, I have safely secured my recovery phrase
  . Click on next.

• Enter the Recovery Pharase for double check or you can skip it.

• now, set up password. This will be used while sending or exchanging coins.

• Select coins to add.

• Accept the Terms and done.

Now, if you format your device or change device and want to restore wallet, below are the steps.

2. Restore a wallet

• This will lead you to Insert your recovery phrase and password.

• Select coins and agree terms.

• Wait a few moments to get it refreshed and Done. You will see all your funds there. Isn't that easy?

My Verdict

Features : 9.7

Security : 9.7

User Interface : 9

Reliability : 9.8

Website : https://coinomi.com