Coinomi Multicurrency Wallet Review
Coinomi Multicurrency Wallet
Coinomi is a hierarchical deterministic mobile wallet with support for a wide variety of cryptocurrencies. The wallet has a strong emphasis on security and has never been hacked. The wallet has been around since 2014 and has millions of users. The wallet is available in 25 languages. Users control their own private key. The private key is stored on the user's device. The support is one of the widest for cryptocurrencies with almost all major projects supported. The team continually look to add more significant altcoins.
Coinomi is partnered with ShapeShift. ShapeShift enable the conversion of cryptocurrencies via atomic swap technology. Through, this partnership, in-wallet conversion of cryptocurrencies is supported. The wallet is not open source. There is no multi-signature functionality and there is also no option for users to enable two-factor authentication.
In the case of users losing their device, there is a backup phrase they are provided to restore their wallets and funds. The wallet also has 24/7 support along with great reviews from the online cryptocurrency community. One drawback to the wallet is there is no support for fiat currencies.