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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
Feel free to write to us:
A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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Coinomi
Overview
Quick Facts
Coinomi, one of the oldest software wallets on the market, prioritizes security and privacy. Since its launch in 2014, it has been trusted by millions of users, showcasing a robust track record. The app is designed to be very simple, yet it provides all essential functions.
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Pro's & Con's
- Long-established presence since 2014
- Simple and user-friendly interface
- Supports numerous cryptocurrencies
- Integrated DApp browser
- Infrequent software updates
- Outdated design
Coinomi
Hardware
Offer and features of
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Functionality
Unique Features
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Review
Test Result
Conclusion
Coinomi Wallet is a seasoned player in the crypto space, offering a straightforward and functional interface for managing, buying, and exchanging cryptocurrencies. The software places a strong emphasis on security and privacy. Within the app, users can buy and exchange cryptocurrencies, and an integrated DApp browser provides access to various decentralized applications. While Coinomi is a reliable wallet, we would recommend considering a more modern software wallet. Additionally, the product sees little active development and appears somewhat outdated after all these years.
Coinomi
User Reviews
Coinomi receives generally positive reviews for its user-friendly interface and easy navigation. Users particularly praise the quick setup and smooth operation of the app. However, some users report problems with the synchronization of wallets on different devices.
Users appreciate the built-in coin exchange and the possibility to exchange cryptocurrencies within the app. However, some users complain about the lack of support for certain functions, such as hardware wallet integration.
Coinomi is praised for the broad support of cryptocurrencies and tokens. It supports over 1,770 different cryptocurrencies, which is highly appreciated by users. However, some users express the desire for support for even more cryptocurrencies.
The Coinomi Wallet is appreciated for its security measures, especially for the fact that private keys are stored on the user's device and not in the cloud. However, there are some concerns from users who report potential security vulnerabilities.
Coinomi is often referred to as a good choice for beginners in the crypto world. The simple setup and intuitive operation make it ideal for crypto newcomers. However, some users report that it takes a certain training time to fully understand all functions.
The experiences with Coinomi support are mixed. Some users praise the fast and helpful support, while others report slow response times and unresolved problems.
On the whole, the Coinomi Wallet enjoys predominantly positive reviews from its users, especially with regard to its user-friendliness, the support of a variety of cryptocurrencies and its security measures. However, there are some mixed and negative reviews regarding customer support and the lack of support for certain features. Overall, however, the experience shows a high level of user satisfaction with the Coinomi wallet.
About
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Coinomi
About the author
Ethan is the go-to crypto guru at Exchange Flow, with nearly a decade steering traders through crypto exchange platforms worldwide, Ethan brings welcome clarity to the complex terrain of digital currencies. His hands-on approach to testing and analyzing exchanges worldwide makes his reviews and articles valuable information for readers and newcomers in the crypto world. Beyond his crypto expertise, Ethan is a retro gaming enthusiast and an explorer at heart, using his crypto gains to fuel adventures around the world. Dive into Ethan’s articles and reviews for a global perspective on cryptocurrency that’s as enlightening as it is engaging.