Trying to keep life savings more secured

[fer_coinomi]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

I have used coinomi wallet and during that time there was no problems at all, in as much as your security Information are stored correctly. Also, i have not come across any accusations or proof that there is a backdoor in the wallet hence I won't say anything about it, but one thing I know is, it was safe till I left it to try a new wallet. It is your funds, it is your decision so go for the wallet you think is safe and better for you.

Hi irixo10, Coinomi is in fact even safer, as we continue to add new features and tools to protect users. One recent addition is what almost amounts to "3 factor authentication", where you can set a PIN to initialize the app, then require both a password AND biometric authentication to decrypt your keys and sign transactions. There's a lot more that helps protect your security even in case the device is infected with malware, you can read more here. You are more than welcome to check out all the new features

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[Kong Hey Pakboy]

This is about coinomi wallet, I came across few posts on this forum saying they lose coins in coinomi wallet, some said coinomi wallet team insert a backdoor in the wallet to steal people's fund, how true is this?

Second question is, can you get me the list of open source wallet since coinomi wallet is closed source? What about trust wallet is it truly an open source wallet? Thanks

There are really some issues in the past about using coinomi wallet because most of the time the team members are not responding if there are any problems, that is why i avoid putting a huge amount of funds in my coinomi wallet that most of my funds are in my ledger nano x wallet because it is much safer to use.

[Brenny_Coinomi]

There are really some issues in the past about using coinomi wallet because most of the time the team members are not responding if there are any problems, that is why i avoid putting a huge amount of funds in my coinomi wallet that most of my funds are in my ledger nano x wallet because it is much safer to use.

Hi Kong, Our team respond to every issue which is brought to our attention. If you are aware of something we have missed or if you have an issue yourself which you would like us to address then please, open a ticket at support.coinomi.com explaining those in detail so we can take a look and help with any concerns. Thank you

[FanEagle]

Not that I have anything against coinomi or whatever that wallet is but I think blue is right, I mean we are talking about your life savings and doesn't matter how safe and secure you think a wallet is, it will never be enough, hell I do not trust BANKS with all of my life savings and spread it around, how the hell am I suppose to trust something that is literally one million times smaller (probably even more)?

If you want to have "some" money in some wallet you want to use, you can totally do that, but if you put in all of your money that would be quite wrong. And if you want to research more about the wallet itself, go check out reddit but only google "reddit coinomi" and you will see results that are not based neither, so you will see the truth there eventually.

[isaac_clarke22]

Now you're telling me about secured, but google tells me a lot of people's wallet were hacked.
One of the news I had read was here
I don't know what Coinomi wallet is, but it seems to use a third-party server which is kinda not good because it would look like they're kinda depending on other platforms to do what was requested.

[Slingshot]

As I always tell people ensure you keep your savings in a wallet or exchange you are atleast a bit sure of than anywhere or anyhow exchange. I have seen and witnessed many exchanges funds and run with users funds so securing your assets us every relevant. Anyway I do not know about this issue if the exchange and users funds there but my always concern is for everyone to becareful where and what they do with their funds to avoid had I know.

[Emilyearl]

The best way to keep your life savings safe is using a hardware wallet. This wallet is not costly some are below $100. Ensure you only access the wallet directly through the hardware, do not access it through the phrase on any third party wallet. Hardware wallets are secured and cannot be hacked u less the owner exposes the key.

[shadowduck]

As I always tell people ensure you keep your savings in a wallet or exchange you are atleast a bit sure of than anywhere or anyhow exchange. I have seen and witnessed many exchanges funds and run with users funds so securing your assets us every relevant. Anyway I do not know about this issue if the exchange and users funds there but my always concern is for everyone to becareful where and what they do with their funds to avoid had I know.

I think that you cannot be sure that the exchange is good. any exchange can be attackable and any exchange can turn out to be a scam in someday, and therefore you need to hold on the exchange only the money that you trade in a regular mode and no more

[CuriousGeorge]

Now you're telling me about secured, but google tells me a lot of people's wallet were hacked.
One of the news I had read was here
I don't know what Coinomi wallet is, but it seems to use a third-party server which is kinda not good because it would look like they're kinda depending on other platforms to do what was requested.

It must be some people were getting hacked caused by various things just like vulnerability but it doesn't mean all of the holders or users were getting impact caused by that. You must understand about if that's a few percents from the total users or it may less than 1% who are facing the hacked case.

[fer_coinomi]

Now you're telling me about secured, but google tells me a lot of people's wallet were hacked.
One of the news I had read was here
I don't know what Coinomi wallet is, but it seems to use a third-party server which is kinda not good because it would look like they're kinda depending on other platforms to do what was requested.

Hi isaac, what that article fails to inform is that the entire "vulnerability" report was an extortion attempt and the user never really lost funds. You can read the detailed forensic report and conclusions here: https://twitter.com/kimionis/status/1131945228506738688

[fer_coinomi]

Now you're telling me about secured, but google tells me a lot of people's wallet were hacked.
One of the news I had read was here
I don't know what Coinomi wallet is, but it seems to use a third-party server which is kinda not good because it would look like they're kinda depending on other platforms to do what was requested.

It must be some people were getting hacked caused by various things just like vulnerability but it doesn't mean all of the holders or users were getting impact caused by that. You must understand about if that's a few percents from the total users or it may less than 1% who are facing the hacked case.

Hi CuriousGeorge, you can read the detailed forensic report about the entire case here: https://twitter.com/kimionis/status/1131945228506738688. Coinomi was never hacked and no one ever lost funds due to the "vulnerability. The entire disclosure was just the user attempting to extort money from the Coinomi team.

[Script3d]

I don't think using bitcoin or altcoins to store life savings is not a good idea, it's much better to store it on your bank account or invest it instead so you can earn passive income, cryptocurrency is extremely volatile it can lose value easily unlike fiat.

[Inosend]

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

[thisnewcoin]

Why you don’t go for a hardware wallet? You know there is nothing better than a hardware wallet! You want to secure your life savings, then spend some bucks from your savings and buy a Ledger or Trezor hardware wallet! For mobile wallet, I did not use Coinomi to store my coins, so, I don’t know well about it, but Trust Wallet is the best mobile wallet I can ensure you!

[jahepahit]

I've never used an coinomi wallet like that. and I prefer the wallet that is available as usual. maybe because the project that I followed does not require to use this wallet. so I don't really know this wallet very well...

[Bonwin]

No matter how secured a wallet might be... We are actually talking about a crypto wallet here, that is a NO because keeping your life saving as even crypto that is volatile is not a good decision if I may say.
You can keep some in Fiat if yu so is or invest in other less risky ventures.
Crypto can truly bring profit, but also have to be conscious of its volatility.

[SacriFries11]

I've never used an coinomi wallet like that. and I prefer the wallet that is available as usual. maybe because the project that I followed does not require to use this wallet. so I don't really know this wallet very well...

It's just like any other crypto wallet that also supported altcoins in the market and kyc is not needed to their built in exchange. Maybe their not as good in market promotion that's why few people are not using their wallet. I advise not to change your current wallet to this coinomi wallet if your using trust wallet or MEW wallet. Always go for crypto wallet that always have backup and add more security in your wallet.

[fer_coinomi]

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

Hi Inosend, keep it up, millions of other users are also satisfied with Coinomi and have their keys stored safely offline.

[Synaesthesia]

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

Keeping assets I think it is best to use banks because each country has large banks and makes their people feel more secure. In addition, if you want to keep altcoins or coins stable, you should use Ledger Nano S because this is a hardware wallet with very high security and has not had any problems. I don't have much money to save because my daily life is only enough for one family.

[mdzahed134]

Firstly you should know that keeping your life saving in bitcoin/alts is risky, secondly this is the first time am hearing about lost fund on coinomi wallet and have been using coinomi for quite some times and have not had any problem with my fund.

You are correct, a lot of risks to deposited cryptocurrency as a long term life saving or insurance instead of fiat currency. I think not much allegations against coinomi wallet, one of these complaint someone lost around 60k$-70k$ in these wallet. For long term hold suddenly disappeared all of assets, so that i think these wallet aren’t not safe.