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Author Topic: Coinomi Wallet - Looking For Honest Reviews  (Read 560 times)
JollyGood
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October 22, 2019, 12:01:55 AM
Last edit: October 22, 2019, 11:17:02 AM by JollyGood
 #1

For those that have used it are you happy to recommend it?

What are the pros and cons of choosing between Coinomi Wallet and its nearest competitors?

I found Dogecoin is supported by Coinomi Wallet whereas some of its competitors dropped it.

What are your views about Coinomi Wallet?

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October 22, 2019, 01:17:10 AM
 #2

If I were to hold a small amount of various non-bitcoin cryptocurrencies on my mobile phone, I'd use Coinomi wallet. Why? Well, it simply does the job; and I'd say it's better than Jaxx(vulnerability issues in the past, and that devs aren't willing to fix stuff).

Though of course, I'd only store a small amount of funds on Coinomi or on any other mobile wallet simply due to security reasons. For bigger amounts, I'd still stick with a Ledger or a Trezor.

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October 22, 2019, 02:47:15 AM
 #3

Many crypto enthusiasts choose Coinomi wallet apps because it is secured compared to nearest other app wallets.
Aside from that, you can be used 3 types of wallet addresses in a single wallet. Legacy, Compatibility and the Default.

I think you are referring to this article I had found.
https://insidebitcoins.com/bitcoin-wallets/coinomi

But the article says,
Coinomi has a strong reputation for privacy and security. However, after our thorough Coinomi review, we would not recommend it as the best crypto wallet in the market. Unlike the Coinomi wallet, the IQ Option wallet offers incomparable security because it is one of the few fully compliant wallets, adhering to FCA and CySEC regulations.

There is a comparison to other wallets like Coinbase, Cryptonator, and MyEtherWallet app.
And the Pros and Cons as well of the Coinomi wallet.

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October 22, 2019, 03:33:48 AM
 #4

I have used the Coinomi wallet both PC and mobile versions for over a year now with no challenge (of course with small amounts) I really like the mobile version more because it's a little more private because someone has to first enter the pin or unlock it using the mobile finger print scanner unlike the PC version where anybody can be able to see your portfolio or wallet balances when they click on the app.


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October 22, 2019, 04:32:28 AM
Merited by ETFbitcoin (1), Wind_FURY (1), mk4 (1)
 #5

What are the pros and cons of choosing between Coinomi Wallet and its nearest competitors?

the pros are:
it is convenient to use and supports a good number of coins that most people want to have the wallet for. and it is easy to use.
the cons are:
it is closed source! even though they have some arbitrary code on GitHub, it does not match what they release and the code is rarely updated! which is another red flag.
it has done certain shady things in the past such as sending your seed to a server.

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October 22, 2019, 08:44:45 AM
 #6

I have used the mobile version in the past for small amounts only. Didnt have any issues with it. I wouldn't use it as my main storage, I have other solutions for that.
It is easy to use, supports a wide variety of coins and fast exchanging between coins with Shapeshift and Changelly. If I remember correctly there was even an option to buy crypto with a credit card or purchase gift cards with Coinomi. 

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October 22, 2019, 09:45:26 AM
 #7

If I were to hold a small amount of various non-bitcoin cryptocurrencies on my mobile phone, I'd use Coinomi wallet. Why? Well, it simply does the job; and I'd say it's better than Jaxx(vulnerability issues in the past, and that devs aren't willing to fix stuff).

Though of course, I'd only store a small amount of funds on Coinomi or on any other mobile wallet simply due to security reasons. For bigger amounts, I'd still stick with a Ledger or a Trezor.


From your post I understand that Jaxx is not recommended. What about other wallets?


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October 22, 2019, 10:56:17 AM
 #8

From your post I understand that Jaxx is not recommended. What about other wallets?

Coinomi should do fine. I haven't tried using and I haven't researched about other wallets like the Trust wallet so I really can't comment on it. Just go with Coinomi if you don't have much, and go with hardware wallets like Trezor[1] and Ledger[2] if you have a significant amounts of money invested into cryptocurrencies.


[1] https://trezor.io/
[2] https://ledger.com/

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October 22, 2019, 05:21:21 PM
 #9

What are your views about Coinomi Wallet?
I think everyone agrees that there are a lot of dark things around that wallet, that doesn't mean they're scammers but you should think before depositing large sums.
Remember: Do not use a closed-source wallet, this topic will give you sufficient reason >> WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings.
Your best choice was Atomicwallet, but I see you give them negative trust.
Therefore it is better to use more than one wallet with small amounts.

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October 22, 2019, 08:06:29 PM
 #10

Many crypto enthusiasts choose Coinomi wallet apps because it is secured compared to nearest other app wallets.
Aside from that, you can be used 3 types of wallet addresses in a single wallet. Legacy, Compatibility and the Default.

I think you are referring to this article I had found.
https://insidebitcoins.com/bitcoin-wallets/coinomi

But the article says,
Coinomi has a strong reputation for privacy and security. However, after our thorough Coinomi review, we would not recommend it as the best crypto wallet in the market. Unlike the Coinomi wallet, the IQ Option wallet offers incomparable security because it is one of the few fully compliant wallets, adhering to FCA and CySEC regulations.

There is a comparison to other wallets like Coinbase, Cryptonator, and MyEtherWallet app.
And the Pros and Cons as well of the Coinomi wallet.
Thank you for your views, I appreciate them.



I have used the Coinomi wallet both PC and mobile versions for over a year now with no challenge (of course with small amounts) I really like the mobile version more because it's a little more private because someone has to first enter the pin or unlock it using the mobile finger print scanner unlike the PC version where anybody can be able to see your portfolio or wallet balances when they click on the app.
It is good to read reviews backing up their claim that they have never ever been hacked and it is good to see another post stating they use it for small transactions.



What are the pros and cons of choosing between Coinomi Wallet and its nearest competitors?

the pros are:
it is convenient to use and supports a good number of coins that most people want to have the wallet for. and it is easy to use.
the cons are:
it is closed source! even though they have some arbitrary code on GitHub, it does not match what they release and the code is rarely updated! which is another red flag.
it has done certain shady things in the past such as sending your seed to a server.
Yes I noticed the closed source fact from posts in this thread. I always thought it was open source and the fact it is not means it is a big consideration.



I have used the mobile version in the past for small amounts only. Didnt have any issues with it. I wouldn't use it as my main storage, I have other solutions for that.
It is easy to use, supports a wide variety of coins and fast exchanging between coins with Shapeshift and Changelly. If I remember correctly there was even an option to buy crypto with a credit card or purchase gift cards with Coinomi. 
What are your views about comparing it with other like-for wallets?

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October 23, 2019, 06:35:43 AM
 #11

What are your views about comparing it with other like-for wallets?
I haven't used any of their competitors so I wouldn't be able to help you with that.
A few wallets are usually mentioned as usable options for holding multiple coins. Those are: Exodus, Atomic Wallet and Jaxx. But there are many bad reviews and posts about Jaxx being an unsafe option since they are saving private info on the device.   

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October 23, 2019, 07:44:20 AM
 #12

I used it once to claim forked coins (i think that was when Coinomi is open source) and i had no problem at all. All pros and cons i could think already mentioned by another member.

If you strongly prefer open-source wallet, you could try https://trustwallet.com/. I never used it, so you should DYOR (Do your own research) before decide to choose Coinomi, Trust Wallet or Hardware Wallet.

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October 23, 2019, 10:06:15 AM
 #13

What are your views about Coinomi Wallet?
I think everyone agrees that there are a lot of dark things around that wallet, that doesn't mean they're scammers but you should think before depositing large sums.
Remember: Do not use a closed-source wallet, this topic will give you sufficient reason >> WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings.
Your best choice was Atomicwallet, but I see you give them negative trust.
Therefore it is better to use more than one wallet with small amounts.


The team behind Atomic Wallet have shady backgrounds so I would avoid them completely: https://bitcointalk.org/index.php?topic=4619534.0

The closed source wallet link you gave makes very interesting reading, thank you.

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October 26, 2019, 09:22:10 AM
 #14

If you strongly prefer open-source wallet, you could try https://trustwallet.com/. I never used it, so you should DYOR (Do your own research) before decide to choose Coinomi, Trust Wallet or Hardware Wallet.
User of trustwallet here. It's one of the best multi cryptocurrency wallets i have ever used and it supports Dogecoin too. It's Open source, and they have a partnership with Binance. The only problems are that it's impossible to obtain a Private Key from a single address in a multi chain wallet and it's only available in mobile versions at the moment.

The closed source nature of coinomi made me not to trust it that much.

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November 13, 2019, 06:24:34 PM
 #15

coinomi is fine for small amount but avoid using exchange feature, it is buggy!
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November 13, 2019, 06:39:35 PM
Last edit: November 13, 2019, 07:02:19 PM by The Pharmacist
 #16

I have used the Coinomi wallet both PC and mobile versions for over a year now with no challenge (of course with small amounts) I really like the mobile version more because it's a little more private because someone has to first enter the pin or unlock it using the mobile finger print scanner unlike the PC version where anybody can be able to see your portfolio or wallet balances when they click on the app.
Yeah, I like the smartphone version a lot--I just downloaded the PC version and did notice that there's no password option, but that's OK.  I'm not storing much on it and don't really plan to, but I've got small amounts of some altcoins and didn't want to use my Ledger for them.

I've always liked Coinomi as a multicoin wallet, and I prefer it over all of the other ones I've tried.  Jaxx and Exodus both suck ass IMO, and from what I've read they aren't even secure.  At least with Coinomi I have a seed phrase for recovery, which I don't remember getting with either Jaxx or Exodus.  Other members would have to vouch as to whether Coinomi is secure, but I'm pretty sure it is and that's the most important thing.

Anyway, I've had a Coinomi wallet on my phone for a couple of years at least and I've never had any issues with it whatsoever.  I'd definitely give it a thumbs up.

Edit:

Regardless of the reason the user lost funds, I think the fact it is not open source is an important factor too.
Oh man, thanks for posting that link.  I'd like to hear what others have to say about that.

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November 13, 2019, 06:58:42 PM
Merited by The Pharmacist (2)
 #17

Yeah, I like the smartphone version a lot--I just downloaded the PC version and did notice that there's no password option, but that's OK.  I'm not storing much on it and don't really plan to, but I've got small amounts of some altcoins and didn't want to use my Ledger for them.

I've always liked Coinomi as a multicoin wallet, and I prefer it over all of the other ones I've tried.  Jaxx and Exodus both suck ass IMO, and from what I've read they aren't even secure.  At least with Coinomi I have a seed phrase for recovery, which I don't remember getting with either Jaxx or Exodus.  Other members would have to vouch as to whether Coinomi is secure, but I'm pretty sure it is and that's the most important thing.

Anyway, I've had a Coinomi wallet on my phone for a couple of years at least and I've never had any issues with it whatsoever.  I'd definitely give it a thumbs up.



I decided to uninstall it after testing it because of this thread: WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

Regardless of the reason the user lost funds, I think the fact it is not open source is an important factor too.

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December 22, 2019, 09:10:21 PM
 #18

Yeah, I like the smartphone version a lot--I just downloaded the PC version and did notice that there's no password option, but that's OK.  I'm not storing much on it and don't really plan to, but I've got small amounts of some altcoins and didn't want to use my Ledger for them.

I've always liked Coinomi as a multicoin wallet, and I prefer it over all of the other ones I've tried.  Jaxx and Exodus both suck ass IMO, and from what I've read they aren't even secure.  At least with Coinomi I have a seed phrase for recovery, which I don't remember getting with either Jaxx or Exodus.  Other members would have to vouch as to whether Coinomi is secure, but I'm pretty sure it is and that's the most important thing.

Anyway, I've had a Coinomi wallet on my phone for a couple of years at least and I've never had any issues with it whatsoever.  I'd definitely give it a thumbs up.



I decided to uninstall it after testing it because of this thread: WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

Regardless of the reason the user lost funds, I think the fact it is not open source is an important factor too.
You can read our official statement and independent review of this issue from this thread: https://twitter.com/kimionis/status/1131945228506738688?s=19

With regards to being open source, We decided to close our source code as many new users in the space were being tricked into thinking that various cloned apps were official releases of Coinomi which lead to them losing funds. Whilst we agree open-source provides the ability to audit code, you can never 100% verify that the code from GitHub is the same as that which is pushed to the app stores which is the same for every single open-source application.

You may also choose Coinomi for the wealth of features which many other wallets may not have including;
- Full native segwit support for all segwit supported assets.
- Web3 Dapp browser
- Collectible Support
- 118 blockchains supported and ALL ETH/BEP2/NEM/TRC10/OMNI tokens supported
- Multiseed support
- Enhanced privacy features: https://coinomi.freshdesk.com/support/solutions/articles/29000030207-what-are-coinomi-s-privacy-features-

No user has ever lost funds due to Coinomi and all such cases have been pinpointed to user error which includes;
- Saving the recovery phrase in an incorrect order
- Sharing their phrase with others
- Saving their phrase in an email account or cloud storage
- not saving their phrase at all and then losing their device or uninstalling the app
The list could continue....

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December 22, 2019, 09:55:44 PM
 #19

Yeah, I like the smartphone version a lot--I just downloaded the PC version and did notice that there's no password option, but that's OK.  I'm not storing much on it and don't really plan to, but I've got small amounts of some altcoins and didn't want to use my Ledger for them.

I've always liked Coinomi as a multicoin wallet, and I prefer it over all of the other ones I've tried.  Jaxx and Exodus both suck ass IMO, and from what I've read they aren't even secure.  At least with Coinomi I have a seed phrase for recovery, which I don't remember getting with either Jaxx or Exodus.  Other members would have to vouch as to whether Coinomi is secure, but I'm pretty sure it is and that's the most important thing.

Anyway, I've had a Coinomi wallet on my phone for a couple of years at least and I've never had any issues with it whatsoever.  I'd definitely give it a thumbs up.



I decided to uninstall it after testing it because of this thread: WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

Regardless of the reason the user lost funds, I think the fact it is not open source is an important factor too.
You can read our official statement and independent review of this issue from this thread: https://twitter.com/kimionis/status/1131945228506738688?s=19

With regards to being open source, We decided to close our source code as many new users in the space were being tricked into thinking that various cloned apps were official releases of Coinomi which lead to them losing funds. Whilst we agree open-source provides the ability to audit code, you can never 100% verify that the code from GitHub is the same as that which is pushed to the app stores which is the same for every single open-source application.

You may also choose Coinomi for the wealth of features which many other wallets may not have including;
- Full native segwit support for all segwit supported assets.
- Web3 Dapp browser
- Collectible Support
- 118 blockchains supported and ALL ETH/BEP2/NEM/TRC10/OMNI tokens supported
- Multiseed support
- Enhanced privacy features: https://coinomi.freshdesk.com/support/solutions/articles/29000030207-what-are-coinomi-s-privacy-features-

No user has ever lost funds due to Coinomi and all such cases have been pinpointed to user error which includes;
- Saving the recovery phrase in an incorrect order
- Sharing their phrase with others
- Saving their phrase in an email account or cloud storage
- not saving their phrase at all and then losing their device or uninstalling the app
The list could continue....



Quote
With regards to being open source, We decided to close our source code as many new users in the space were being tricked into thinking that various cloned apps were official releases of Coinomi which lead to them losing funds
And that applies only to Coinoimi? That justification is nothing more than an excuse to keep the project as a close source as keeping that as a rule any and all projects available worldwide would be in the same boat and nothing Open Source would exist.

Quote
Whilst we agree open-source provides the ability to audit code, you can never 100% verify that the code from GitHub is the same as that which is pushed to the app stores which is the same for every single open-source application.
It is nothing more than a ridiculous excuse that has almost zero merit. Though some scams have taken place by uploading malicious software to Github how many of those have come from official channels and repositories?

I am astounded that a representative of any organisation would make such a post. I reiterate my request asking forum users to stop using Coinomi as precaution until or unless it becomes open source.

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December 23, 2019, 02:29:57 AM
 #20

I started this thread last week about wallets and open source:
https://bitcointalk.org/index.php?topic=5209842

As a BTC wallet, there are other better options.

But the fact that Coinomi is a multicoin wallet actually makes a bit of a difference here.
I can find a legit mobile BTC wallet. And a legit mobile LTC wallet and a legit DOGE wallet. Now you have wallets and wallets on your phone.
Can you find me one for Defcoin or ViaCoin or Komodo?
How about ETH and tokens?
Now can you trust all of those wallets?


This is where Coinomi works very well.
Do I trust them...no more or less then other wallets.
Do I have life changing amounts of BTC on it. Nope, I usually have my BTC in another wallet. (see note 1)
Do I have life changing amounts of other coins on it. Nope, my phone was worth more when new then the coins that are on there.
Is it nice to have them all in 1 location. You bet.

-Dave

Note 1 --> If you have life changing amounts of BTC (or any coin) in a mobile hot wallet or any non multisig or hardware secured hot wallet you're an idiot.
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