Coinomi Wallet - Looking For Honest Reviews

[JollyGood]

The team behind Atomic Wallet are connected to the same group involved with Changelly and ChangeNOW - there are threads about their failed attempts to selective scam a user from the forum. Even if the code is open source I for one will never use anything those scammers provide and would advise all the proceed with caution if using them and their services:

https://bitcointalk.org/index.php?topic=4619534.0

One more good reason to stick to Coinomi. They never scammed anyone.

however, even though Coinomi is a nice wallet, there are two wallets which is much betteR and do all coinomi does: Ledger Nano and Trezor.

Just buy one of those hardware wallets and you will be able to store all the coins you want knowing that you are using the best security technology to store your coins.

Yes, hardware wallets have their own security advantages so that would be an option for would-be secure storage seekers.

[bitmover]

however, even though Coinomi is a nice wallet, there are two wallets which is much betteR and do all coinomi does: Ledger Nano and Trezor.

Except when it comes to the share number of supported assets. Coinomi would certainly win in that category.
But for most Crypto holders who don't own many altcoins, especially not the unknown ones, Ledger and Trezor are the way to go.

Additionally,  coinomi adds new coins very quickly,  specially when it come to btc forks. In 2017 2018 I used it a lot to recover them.

[aoluain]

however, even though Coinomi is a nice wallet, there are two wallets which is much betteR and do all coinomi does: Ledger Nano and Trezor.

Except when it comes to the share number of supported assets. Coinomi would certainly win in that category.
But for most Crypto holders who don't own many altcoins, especially not the unknown ones, Ledger and Trezor are the way to go.

Additionally,  coinomi adds new coins very quickly,  specially when it come to btc forks. In 2017 2018 I used it a lot to recover them.

Correct, this is the main reason I used Coinomi, to get forked coins.
They do seem to be very proactive in listing new coins.

I did make a few other transactions through Coinomi without incident.

[jerry0]

can you get bitcoin sv with it?  People said bitcoin gold you can.

[Pmalek]

can you get bitcoin sv with it?  People said bitcoin gold you can.

Yes, BitcoinSV is one of the supported forks by Coinomi.
You can check this article for info on all forks that they support:
https://coinomi.freshdesk.com/support/solutions/articles/29000018129-all-about-forks

Bitcoin Gold is also on the list so you can store them both if needed.

[libert19]

I have been using it since last few years, it's working fine, claimed several airdrops, was fast & smooth. So far it's been ok. It's closed source tho and some have lost their funds. So exercise caution, for security nothing is secure as hardware wallets.

[Brenny_Coinomi]

I have been using it since last few years, it's working fine, claimed several airdrops, was fast & smooth. So far it's been ok. It's closed source tho and some have lost their funds. So exercise caution, for security nothing is secure as hardware wallets.

Hi Libert19, The only reason any user has ever 'lost' funds is because they failed to correctly backup their wallets or shared phrases with a scammer. As long as you backup correctly and never share your phrase with anyone then you have nothing to worry about. You can read about Coinomi's security features here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

[libert19]

I have been using it since last few years, it's working fine, claimed several airdrops, was fast & smooth. So far it's been ok. It's closed source tho and some have lost their funds. So exercise caution, for security nothing is secure as hardware wallets.

Hi Libert19, The only reason any user has ever 'lost' funds is because they failed to correctly backup their wallets or shared phrases with a scammer. As long as you backup correctly and never share your phrase with anyone then you have nothing to worry about. You can read about Coinomi's security features here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248

Thank you, I didn't expect this response. This certainly helps with trustworthiness.

[Seijun_Sango]

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.

Source and details on the review: https://coinswitch.co/news/coinomi-multi-cryptocurrency-wallet-complete-beginners-guide

[Kopiev]

Coinomi Wallet announced integration with OKEx exchange, the announcement is on Twitter https://twitter.com/CoinomiWallet/status/1277909776513601536?s=20

[TopExchanger]

Coinomi is one of the most popular wallets, maybe due to its features and strong reputation. I like using the app because of built-in exchange, no KYC, no IP association, no identity linking and supporting Segwit. Coinomi is a good choice.
p.s. Coinomi is closed-source, but who is really going to review their code?

[pooya87]

p.s. Coinomi is closed-source, but who is really going to review their code?

anybody who cares a tiny bit about their security and privacy.
any of the open source and semi-popular to popular wallets that you check have gotten active contributions from at least a couple of dozen developers and have been reviewed by a lot more whether a complete review or partial.
for example i myself have one through the code of bitcoin core and electrum both of which i have used and trust.
meanwhile nobody has any clue what Coinomi does and that is a serious danger to your security and privacy both.

[JollyGood]

You make a very valid point. Without knowing the code it makes it a matter of proceeding with caution. I would find it very hard to trust Coinomi or any other platform right now unless they were open with their code.

p.s. Coinomi is closed-source, but who is really going to review their code?

anybody who cares a tiny bit about their security and privacy.
any of the open source and semi-popular to popular wallets that you check have gotten active contributions from at least a couple of dozen developers and have been reviewed by a lot more whether a complete review or partial.
for example i myself have one through the code of bitcoin core and electrum both of which i have used and trust.
meanwhile nobody has any clue what Coinomi does and that is a serious danger to your security and privacy both.

[ABCbits]

p.s. Coinomi is closed-source, but who is really going to review their code?

anybody who cares a tiny bit about their security and privacy.
any of the open source and semi-popular to popular wallets that you check have gotten active contributions from at least a couple of dozen developers and have been reviewed by a lot more whether a complete review or partial.
for example i myself have one through the code of bitcoin core and electrum both of which i have used and trust.
meanwhile nobody has any clue what Coinomi does and that is a serious danger to your security and privacy both.

Additionally,
1. You can choose to trust other people (who's more likely being honest/neutral) who have reviewed the source code if you can't do it yourself
2. Anyone can hire professional to audit source code of the wallet. Monero community often do this and the result is available publicly even though they usually audit their cryptocurrency protocol / implementation rather than wallet source code.

meanwhile nobody has any clue what Coinomi does and that is a serious danger to your security and privacy both.

Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

[DaveF]

Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.

With others, like mycelium, their servers are hard coded in. Can't be changed without recompiling it yourself.

And it also goes back to something I posted last year in this thread and in many other places:
If you have life changing amounts of BTC (or any coin) in a mobile hot wallet or any hot wallet you're an idiot.
PHONES ARE NOT SECURE. PCs are not secure, Macs are not secure.

Treat any crypto on a phone (or any hot wallet) the same as cash in your wallet in your pocket. It can be gone at any moment. Due to theft, bad luck, or a host of other reasons.
Cold storage, yeah different world. I used to say my phone was worth more then the crypto on it. Now, I have a bit more stored on it then I should and well my phone is older and worth less, but that's on me. Not you, not coinomi or anyone else.

Goes back to this: https://bitcointalk.org/index.php?topic=5209842

-Dave

[JollyGood]

So keeping all that in mind, the general consensus about Coinomi Wallet is..... "yes, I advise you to use it" or "no, I advise you to not use it"

Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.
--snip--
-Dave

TBH i completely forget about it, but AFAIK by default you're connected to their server and there are very few people who bother change it (since usually people who bother do this would use open-source wallet instead)

[DaveF]

Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.
--snip--
-Dave

TBH i completely forget about it, but AFAIK by default you're connected to their server and there are very few people who bother change it (since usually people who bother do this would use open-source wallet instead)

Yes, by default you connect to their servers. All wallets do that.
But with some open source wallets you can't change easily, or at all.
With mycelium, you have to change the source and recompile and with green you can change SPV only do it on android.
Some like electrum are quick and easy to change. Others, not so much.

So keeping all that in mind, the general consensus about Coinomi Wallet is..... "yes, I advise you to use it" or "no, I advise you to not use it"

I will say for me I consider any amount in a hot wallet on a phone to be funds I do not think are safe and could loose at any moment, no matter what wallet it is.
So, I would say if you want a multicoin / multitoken wallet on your phone (or desktop) holding hot funds that are not going to make a difference in your life if you loose them then yes I advise you to use it.

If you want to store your life savings on BTC I would tell you to use a hardware wallet with at least 2 of 3 multisig.

Somewhere between those two amounts is your comfort factor.

We are anonymous here, I don't know who you are. You could be Bill Gates so your comfort amount in a hot wallet could be 15000BTC because that is your petty cash.
Or you could be living paycheck to paycheck in a very poor area and loosing anything over $20.00 is going to mean you don't eat tomorrow.

So, although it is a bit of a circle I say yes use it, but no don't use it. Depends on the use.

-Dave

[philipma1957]

Serious danger? Your privacy is pretty much nonexistent when you closed-source wallet, since you're connected to their server and it's likely they log everything (where there's no way to prove it's true or false).

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.
--snip--
-Dave

TBH i completely forget about it, but AFAIK by default you're connected to their server and there are very few people who bother change it (since usually people who bother do this would use open-source wallet instead)

Yes, by default you connect to their servers. All wallets do that.
But with some open source wallets you can't change easily, or at all.
With mycelium, you have to change the source and recompile and with green you can change SPV only do it on android.
Some like electrum are quick and easy to change. Others, not so much.

So keeping all that in mind, the general consensus about Coinomi Wallet is..... "yes, I advise you to use it" or "no, I advise you to not use it"

I will say for me I consider any amount in a hot wallet on a phone to be funds I do not think are safe and could loose at any moment, no matter what wallet it is.
So, I would say if you want a multicoin / multitoken wallet on your phone (or desktop) holding hot funds that are not going to make a difference in your life if you loose them then yes I advise you to use it.

If you want to store your life savings on BTC I would tell you to use a hardware wallet with at least 2 of 3 multisig.

Somewhere between those two amounts is your comfort factor.

We are anonymous here, I don't know who you are. You could be Bill Gates so your comfort amount in a hot wallet could be 15000BTC because that is your petty cash.
Or you could be living paycheck to paycheck in a very poor area and loosing anything over $20.00 is going to mean you don't eat tomorrow.

So, although it is a bit of a circle I say yes use it, but no don't use it. Depends on the use.

-Dave

Use it with caution for small percentage of your coins.


I have multiple

core wallets
hardware wallets
online wallets.

Frankly most of my cryptocoins are not coins but gear instead of coin.

It is hard to play the cryptogame if you just buy and hold or buy and trade coins.

I juggle

coins,gear,cash,debt,infrastructure .

No great amounts of anything.
Multiple locations for gear coins cash.

[pooya87]

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.

invasion of your privacy doesn't have to happen on every communication. with HD wallets sending the master key (hopefully public not private!!) to their servers would do the trick since they will have all your future addresses and transactions.
and assuming that communication to their servers is encrypted (which it should, using SSL) then you can't "sniff" it anymore. you may just see it communicated which may be to check for updates or may have been sending your information to their servers...

[DaveF]

But Coinomi does allow you to change the server it talks to (on the mobile version). Don't trust them for privacy, use your own server.
You can actually install a sniffer on your Wi-Fi and see that yes, once you change it it never talks back to them. On mine it has not pinged back for months except for update checks.

invasion of your privacy doesn't have to happen on every communication. with HD wallets sending the master key (hopefully public not private!!) to their servers would do the trick since they will have all your future addresses and transactions.
and assuming that communication to their servers is encrypted (which it should, using SSL) then you can't "sniff" it anymore. you may just see it communicated which may be to check for updates or may have been sending your information to their servers...

Which is why you should NEVER EVER INSTALL A WALLET ON A PC / LAPTOP / PHONE THAT YOU DO NOT OWN and control.

https://www.trustwave.com/en-us/resources/blogs/spiderlabs-blog/intercepting-ssl-and-https-traffic-with-mitmproxy-and-sslsplit/

Don't think the company you work for did this? Think again.

There are dozens of other ways to do it too.
So yeah, for the tablet that is in my place that I have funds on I know every call it has made since Christmas.
Never spoke to a node except mine.

But, with that being said since we don't have the source and we don't know what else it's doing, while I am at work today it could send my seed someplace and by the time I get home it's too late.

But, also as I have said if we don't know the way they send updates to the Play / iTunes store it's all moot, more or less:

Code review vs compiled is great but if you don't have auto-update turned off its pointless. The best wallet with the best intentions is worthless if everyone on the team has the ability to push up the files or there is not a good process to do it.

Look a new version, but look the compiled version on github does not match the version in the stores don't update.

How may people auto-updated to the version that EvilDave pushed out Friday afternoon when everyone was leaving for the weekend. Look EvilDave now has 10% of all the BTC stored in everyone's wallet that he took while hopping a flight to a country that has no extradition. How did this happen? Oh, the wallet with all the code reviews and all the proper things done pushes the code to the App / Play store from a PC that is not properly secured.

I have been saying it for a while [and will keep saying it], until all developers give up an audit trail of how their update is secured then offline / hardware for big amounts and be prepared to loose everything from all other wallets at any time.

-Dave