Coinomi wallet

[vycl87]

Cold wallets usually are hard to make a transaction. You should reach to the device (if it is not paper wallets), type the pin, and reach to the dashboard.

There is always going to be a trade off between ease of use and security. If you want something that is incredibly easy to use (as easy as unlocking your phone, for example), then it's also going to be incredibly easy to attack. There needs to be a safe compromise. Saying that all cold wallets are hard to make a transaction from is incorrect, though. If you are using a classical paper wallet, and you need to import your keys and create a new paper wallet to manually direct the change to, then sure, that would be hard for most people. The trade off is a hardware wallet - not quite as secure as a paper wallet, but still incredibly more secure than a hot wallet, and it is as easy to make a transaction from it as plugging it in and typing in your PIN code. A few seconds extra work, certainly not hard, and huge improvements to security over a hot wallet. Hardware wallets are the best security/ease of use compromise for many bitcoin users.

I can understand you. However, using cold wallets can never be as simple as mobile wallets. Yes, sometimes it can be just as easy as plug in + type pin, but in the other, none of these are required. Just a few simple commands and taa daaa.

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[o_e_l_e_o]

Just a few simple commands and taa daaa.

And similarly, just a few simple commands from an attacker and all your coins are gone.

I'm not arguing that mobile wallets aren't easy to use, I'm simply saying that the minor inconvenience of plugging in a hardware wallet and typing in the PIN (what are we talking here? 15 seconds?), is well worth the huge increase in security that a hardware wallet brings over a mobile wallet.

I use a mobile wallet myself, because I agree it is hugely convenient. However, I only ever keep a very small amount of bitcoin on it - an amount I might spend on a day-to-day basis, and an amount I wouldn't even flinch at losing if my phone was stolen or hacked, because I appreciate just how insecure mobile wallets are.

[vycl87]

Just a few simple commands and taa daaa.

And similarly, just a few simple commands from an attacker and all your coins are gone.

I'm not arguing that mobile wallets aren't easy to use, I'm simply saying that the minor inconvenience of plugging in a hardware wallet and typing in the PIN (what are we talking here? 15 seconds?), is well worth the huge increase in security that a hardware wallet brings over a mobile wallet.

I use a mobile wallet myself, because I agree it is hugely convenient. However, I only ever keep a very small amount of bitcoin on it - an amount I might spend on a day-to-day basis, and an amount I wouldn't even flinch at losing if my phone was stolen or hacked, because I appreciate just how insecure mobile wallets are.

I said in my 1st post in this topic already. Hot wallets always carry more risks then hardware ones.  That is certain.
I just think mobile wallets are easy to use. But yes, we never should keep small amount of assets.

[fer_coinomi]

LMAO, most trusted wallet?

[1] WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
[2] Lost all of my coins

That's just a couple of example of Coinomi's security flaw. And as @pooya87 has pointed out, it is a closed source application. I wouldn't even trust any satoshi.

Hi TravelMug, the "critical" vulnerability never resulted on any loss of funds, you can read the detailed forensic study here showing how the events an attempt to extort Coinomi in the first place: https://twitter.com/kimionis/status/1131945228506738688
As for the second link, the user never got to open a support ticket, so all we have is a report from a random person on the internet and no way to verify any of the claims. There are other reports, which have all been traced back to the user mishandling their recovery phrases. It's very unfortunate how often we see users saving their phrases as a screenshot (which promptly gets backed up on the cloud), sharing their phrases with others, or even sending them directly to scammers. We do the best we can to educate and warn users, but due to the huge size of our userbase you will find such examples online. More details about all the security features employed by Coinomi can be found here

PROS

• Supported multiple coins and tokens(thats all)

CONS:

• Coding is not open source(red flag)
• Lots of bugs on their app
• High fees
• No fiat gateway compared to most multi wallet exchange
• Bad support and very long time to attend to errors and bugs

Im not sure what else this wallet have. But as far as I know many complained has been raised. Ive used this once but I have a coin that's gone suddenly. Well support has been contact but none response at all.

Trusted wallet? Not gonna fall for that.

Hi cryptoaddictchie, I don't know what version of Coinomi you are using. If you encounter any bugs, please open a support ticket at support.coinomi.com explaining it in detail so we can check. Since the very first version of Coinomi the user was able to manually set fees for transactions. For years now the app also has dynamic fee options when sending, giving users even more freedom. For a long time we've also had Simplex integration allowing users to buy crypto directly from within the app. And for support, our agents have an average response time of less than one hour for tickets opened on our support system. You can provide me with your ticket number so I check the status of your issue.

LMAO, most trusted wallet?

[1] WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
[2] Lost all of my coins

Nope, they aren't the most trusted wallet at all, I saw many complaints against them and many crypto enthusiasts lost their crypto assets upon storing this close source wallet. I think there is a failure of their system or lack of customer support.

In addition to TravelMug links of scam alert of this forum.

• [COINOMI] Alert!! Lost all my coins!!
• WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

In short, they are vulnerable to a scam. Buy a hardware wallet if you really want safe storing of Bitcoin OR much prefer to use the Electrum wallet. Less scam complaint.

Hi sheenshane, you also seem to be uninformed about the "critical" vulnerability, you can read the detailed forensic study and conclusion here: https://twitter.com/kimionis/status/1131945228506738688
The second link from 3 years go also clearly shows a user having connection and refresh problems. As we said above, Coinomi is trusted by millions of users, so unfortunately occasionally you will find some having connection issues or who mishandled their seed. Regardless of the issue, we try to help the best we can and will always respond quickly on our official support page.

I don't know what prompted the first two newbie posters to start shilling Coinomi, but it's blatantly obvious that's what they're doing.

If it weren't for all of their security issues, I'd be using Coinomi more for Android to keep what little bit of altcoins I have--but the fact is, there are a lot of concerns and I don't trust them like I trust Ledger.  Coinomi made a pretty nice-looking wallet capable of supporting a large number of coins, but they don't seem too concerned about making the wallet any more secure for its users.  That's unfortunate.

Hi Pharmacist, Coinomi continues improving its security and has a unique set of features to protect users. You can read more here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored- . One feature that I find most interesting is what practically amounts to "3-factor" authentication. You can have a PIN/pattern required to open the app, and for every transaction you can set the app to require both a fingerprint and a password.

[akhjob]

@fer_coinomi It's good to see that you are actively addressing issues related to Coinomi but you are violating one of the unofficial forum rules mentioned below -

32. Posting multiple posts in a row (excluding bumps and reserved posts by the thread starter) is not allowed.

Making multiple posts in a row is not allowed so it's better to answer everyone in a single post.

[fer_coinomi]

@fer_coinomi It's good to see that you are actively addressing issues related to Coinomi but you are violating one of the unofficial forum rules mentioned below -

32. Posting multiple posts in a row (excluding bumps and reserved posts by the thread starter) is not allowed.

Making multiple posts in a row is not allowed so it's better to answer everyone in a single post.

My apologies, I wasn't aware (and I'm also not well-versed on all the tools of the system). I'll be sure to respond properly if it happens again.