Coinomi Review
4.5 stars - "Coinomi Review" Coinomi Review
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Coinomi Review

Written on: April 25th, 2016 | Author: David M
Important info
  • Wallet Type:  Android
  • Verification:  Trusted Server
  • Security:  Cold Storage
  • Founded :  2014
  • Open source:  Yes
  • Privacy :  HD
  • Crypto supported:  bitcoin, Litecoin, Dogecoin, Others
  • Vulnerability to malware:  Secure
  • Private key stored:  client side
  • Integrated exchange:  Shapeshift
Pros and cons
  • Excellent privacy across all supported coins
  • Shapeshift exchange integrated directly into wallet
  • All coins may be restored using a single private seed
  • Not yet on iOS
  • Infrastructure cannot support non-bitcoin based code. (i.e. Ethereum)

Visit Coinomi!

Summary

Coinomi is our choice for the best multicoin wallet in the market. The level of security, convenience and privacy offered is literally second to none in this niche. Create multiple wallets from the same private seed; rotate addresses after each transaction regardless of coin type; restore your wallet elsewhere in the case that Coinomi collapses; share neither private seed nor personal information with the Coinomi servers.

Big ups to Coinomi for creating such a fantastic product. The only two big shortcomings are that the wallet is available only on Android, and only bitcoin-code based coins are supported. The former should be sorted out sooner rather than later.

Getting Started

After downloading from google play, you will immediately be presented an 18 word mnemonic code, which must be recorded separately. You will need to enter the recovery phase to ensure it was properly recorded, so get your fingers ready. You will also be offered the opportunity to set up your own BIP39 passphrase. The passphrase is simply an additional security layer on top of your recovery phrase, that must be used in the event your are restoring the wallet.

You'll then be shown a screen listing all coins available to store in Coinomi - selecting the relevant will automatically create corresponding wallets. Additional coins may be added after the fact by selecting opening the hamburger tab on the left hand side of the screen and tapping "+coins" located at the bottom.

coins

The Coinomi Wallet - a Superior Product

Coinomi is, by far, the best wallet to store multiple crypto. All wallets are generated from your private seed, and thus can be restored through the use of your mnemonic. If you would like to restore your wallet on a new device, simply select "restore wallet" from the post download page and input your recovery phrase. In a catastrophic event that Coinomi is compromised, you can input your 18 word mnemonic here, which will translate it into a root key which can be restored on compatible HD wallets. (runs on local browser for security purposes)

Coinomi also rotates addresses within each coin wallet after sending or receiving funds, and wallets may be opened anonymously. This provides a level of privacy consummate with most modern bitcoin-only wallets.

send

Finally, as an HD wallet all keys are generated client side and never touch Coinomi's servers. Compare all this to, for instance, HolyTransaction. Holy transaction sets up one address per coin for all inbound and outbound transactions and requires private information on registration. Not only is it easy for blockchain watches to see exactly how much funds you have in your wallets, Coinomi knows corresponding personal data - they represent an extremely well-known single point of failure. All of this is stored, encrypted ostensibly, on Holy Transactions servers. If there were a breach I sure wouldn't be comfortable however. And of course, as they are not an HD wallet, you are unable to restore wallets elsewhere. Considering all this, choosing Coinomi is a no brainer.

The Exchange

Coinomi has taken advantage of the shapeshift API to offer exchange services directly through the wallet, at the prevailing shapeshift rates (i.e. no additional premium). While rates are generally a bit higher when using Shapeshift - as high as 5% at times - as opposed to for instance Poloniex, many will value the superior security offered by Coinomi, as well as the instant filling of orders thanks to Shapeshift's brokerage service. Many coins will have limited liquidity elsewhere, so while you might be paying a bit more you'll get the desired amount of coin generally without a hassle.

exchange

Next Steps for Coinomi

iOS

We would obviously like to see Coinomi launched for iOS, and this is apparently a priority of theirs.

But...what about Ethereum?!

The Coinomi infrastructure supports only coins that share code with bitcoin - which will disappoint those looking for a great Ethereum wallet. Coinomi is a serious product and we could see them developing an entirely new infrastructure to support Ethereum at one point - but this is no walk in the park.

Importing private keys to Coinomi

Last, Coinomi plans to allow the importing of standard private keys so that wallets may be restored on Coinomi from elsewhere.

Bottom Line

Coinomi has earned the right to be called the standard bearer of multicoin wallets, allowing for a level of privacy, security and convenience not found elsewhere. The only reason not to use Coinomi for your non-bitcoin wallet needs is that 1) you do not use Android or 2) your coin is not yet supported.

Download Coinomi from Google Play

Bitcoin Price (USD): 853.48