Coinomi Multi - Cryptocurrency Wallet

Anisa Batabyal
| 24 March, 2020 | 2 min

Heard a lot about cryptocurrencies but didn’t know what exactly they are and how it would be useful to you? Here is the Coinomi Wallet Review 2020, which is also a complete beginner’s guide to understanding the Coinomi Multi Cryptocurrency Wallet.

Table of Contents

What is a Cryptocurrency Wallet?

Typically, any cryptocurrency wallet is a software program that enables you to store both public, private keys. It is a human-friendly User Interface that interacts with different blockchains to help you monitor your account balance. It also helps with sending and receiving digital currency like Bitcoins, Ethereum, to name a few. 

While there are many kinds of cryptocurrency wallets, one of the oldest and the most popular one is Coinomi. And in this Coinomi Review, you will learn all about Coinomi, including and not limited to what is Coinomi Wallet addresses, how to download Coinomi Wallet APK, and how to update Coinomi, etc. 

Coinomi Wallet Review 2020

As stated earlier, in the Coinomi Wallet Review 2020, we will learn everything about Coinomi. Let’s start with what makes it different from the rest in this Coinomi Review

As a multi-chain and security-first wallet ideal for both mobiles and desktops, Coinomi supports over 125 blockchains. And, this is by far the highest number in terms of cryptocurrency. 

Also, it is ideal for thousands of tokens, unlike others that are limited to specific tokens. Apart from this, Coinomi offers over 160 fiat currency and is readable in 25 languages. Now, let’s learn how to download Coinomi Wallet APK.

How to Set-up Coinomi Wallet?

Unlike the other cryptocurrency wallets, Coinomi is compatible with both mobile phones and desktops. While it is easy to download the Coinomi Desktop wallet, for mobile versions, one needs to go to the Apple Store for iPhones and Play store for Androids. 

For the Coinomi desktop wallet, the first step involves downloading Coinomi, followed by installing it.

Once it is launched, click on the ‘Create a New Wallet’ option, after which you will be directed to set up the passphrase. 

This is the most crucial aspect as you can never reset or restore the passphrase. Thus, make sure to note it down. In fact, if at all you lose the device, you can still restore it on another device with this passphrase. 

Once this is established, you would be asked to create a password. After creating the passport and agreeing to the terms and conditions, your wallet is now ready to use. 

The password is important for sending and receiving tokens. Once you have established your account, you can find your Coinomi wallet address on the main account page, which is generated time and again. 

This address can be shared for receiving tokens. And, for sending tokens, you need to enter the receiver’s wallet address. In fact, this address is newly generated for every transaction made. 

Updating Your Coinomi Wallet

Now, moving on to how to update Coinomi, it is quite easy as the wallet prompts you if it is in need of an update. The same holds true for the mobile compatible version as well, where all you need to do is click on the Update button. 

The Perks of Coinomi Wallet

As far as safety and security are concerned, Coinomi is your safest bet. Unlike the other wallets, it does not ask for personal information to download and install or to establish your account. In fact, it even hides your IP address, not giving the opportunity for spying on your account usage and transactions. 

The password offers additional security. While this may be the case for others as well, the fact that it hides your IP address, make it a clear winner. 

The Multilingual Support

As of now, the Coinomi Wallet is language compatible with close to 25 languages like Russian, German, Spanish, Chinese, to name a few. This may be one of the advantages it has over the other wallets. 

Multicurrency exchange is yet another advantage. That is whether it is Bitcoin, Ethereum, or other Altcoins, you can exchange one the other on the same device with the Coinomi wallet. 

As a Hierarchical Deterministic (HD) wallet, Coinomi generates the seed for every wallet, which is a protective phrase that is user-specific and unique. This may be considered as a master password. As discussed earlier, this is a crucial step in installing and running Coinomi on your device.

The passphrase also protects the user’s funds even when the said user’s device is stolen. In fact, there are chances of the funds being stolen only when someone gets hold of your password or the passphrase. 

Another advantage which most of the cryptocurrency users would appreciate is that Coinomi does not store the private keys. Meaning, in case it is hacked, the hacker cannot get hold of the funds as Coinomi does not store the private keys. 

With all these advantages, Coinomi Multi Cryptocurrency Wallet has time and again proven why it is the oldest and trusted of the services. 

About CoinSwitch

CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!