Coinomi Wallet Review | The Motley Fool

Review Updated Feb. 20, 2023

Our Cryptocurrency Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Coinomi was founded in 2014 and offers one of the oldest multichain wallets. It can store more than 1,770 different cryptocurrencies, offers a variety of language and fiat currency options, and best of all, it's free to use. Read our Coinomi review for a full rundown of its features and to decide if it's right for you.

Ratings Methodology

Coinomi

Blockchain Support

Over 125 blockchains

Compatability

Android, iOS, Windows, MacOS, Linux

Storage Type

Hot

Price

Free

Coinomi has a strong track record and offers everything investors need in a digital wallet. It's compatible with all the major devices and has a flexible interface that you can customize to your language and currency preferences.
- Free crypto and NFT storage
- Supports a large number of cryptocurrencies
- Excellent security
- Mobile and desktop support
- 24/7 customer support
- Built-in exchanges
- Not open source
- No cold storage

Full Coinomi review

This wallet is a good fit for: Investors who want a digital wallet that can do it all, from storing cryptocurrencies and NFTs to trading via built-in exchanges.

What is Coinomi?

Coinomi is a non-custodial blockchain wallet that uses hot storage. It's compatible with cryptocurrencies and non-fungible tokens (NFTs) and supports over 125 blockchains. In terms of security, this wallet has been around for years without any hacks or compromised data.

Top perks

Supports more than 1,770 cryptocurrencies

With so many types of cryptocurrency out there, it's important to find a wallet that supports a wide variety of tokens. Coinomi does that, with support for more than 1,770 cryptocurrencies. It also supports more than 125 blockchains, which is the biggest number in the industry among non-custodial wallets. You'll likely be able to store most or all of your crypto portfolio on Coinomi.

24/7 customer support

Coinomi offers customer support around the clock, and every day of the year, through a live chat on its website and in the app. It's nice to have support readily available, especially if you're new to crypto wallets, since they can seem a bit complicated when first using them.

Built-in exchanges and crypto purchasing

Through partnerships and decentralized exchange integrations, Coinomi lets you swap between thousands of cryptocurrencies. It also supports crypto purchases via card payments through a partnership with Simplex. Although this is convenient, fees are expensive, so I'd recommend sticking to a quality exchange for buying and selling crypto.

COMPARE TOP PICKS: Best Cryptocurrency Apps and Exchanges

SegWit support

Coinomi offers SegWit support for many cryptocurrencies, including Bitcoin (BTC) and Litecoin (LTC). SegWit transactions offer lower fees and faster confirmations, so having this option available saves you money and gets your transfers processed more quickly.

Multilingual with 168 fiat currency options

This is a global blockchain wallet that you can set up with the language and currency you want. It's readable in over 25 languages and offers 168 fiat currency options.

TIP

Buying your first stocks: Do it the smart way

Once you’ve chosen one of our top-rated brokers, you need to make sure you’re buying the right stocks. We think there’s no better place to start than with Stock Advisor, the flagship stock-picking service of our company, The Motley Fool. You’ll get two new stock picks every month, plus 10 starter stocks and best buys now. The average stock pick inside Stock Advisor is up 661% — more than 4x that of the S&P 500! (as of 4/15/2024). Learn more and get started today with a special new member discount.

What could be improved

Not open source

Although Coinomi used to be open source, it isn't anymore. Some crypto enthusiasts are adamant about only using open-source wallets. To be fair, many popular wallets are closed source, so Coinomi isn't alone in this regard.

No cold storage

Since Coinomi is connected to the internet, it's a hot wallet. While it has a great reputation in terms of security, cold storage in an offline wallet is widely considered the safest way to store cryptocurrency.

LEARN MORE: How to Safely Store Cryptocurrency

Alternatives to consider

If you want a hardware wallet to store crypto offline: The Ledger Nano X is one of the best cold wallets, and it's easy to store and take with you, because it's only the size of a USB drive. This wallet can also store thousands of cryptocurrencies and NFTs. The biggest drawback is the price, but it's worth the cost if you're looking for a reliable cold wallet.

If you want a wallet that supports more cryptocurrencies: Trust Wallet stands out, even among other digital wallets, for supporting over 1 million cryptocurrencies. Like Coinomi, it's free to use, and it has a user-friendly design. It's only available as a mobile app and not for desktops, though.

Wallet	Ledger Nano X	Trust Wallet
Rating	Rating image, 3.50 out of 5 stars. 3.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Blockchain Support	Supports over 5,500 cryptocurrencies from various blockchains	53
Next Steps		Read Review

What cryptocurrencies does Coinomi support?

Coinomi supports more than 1,770 cryptocurrencies. There are crypto wallets that support more, such as Trust Wallet and Coinbase Wallet, but what Coinomi offers will be more than enough for the typical investor. Cryptocurrencies it supports include:

Bitcoin (BTC)
Ethereum (ETH)
USD Coin (USDC)
BNB (BNB)
Monero (XMR)

Coinomi fees

Coinomi is free to use and doesn't charge any fees for crypto storage or on transactions. Keep in mind that blockchain networks charge a fee for sending cryptocurrency payments. This fee isn't charged by Coinomi, and it goes to the validators for the blockchain that's processing the transaction.

If you buy crypto through Coinomi, there will be a transaction fee. This fee is calculated by Simplex, Coinomi's partner on crypto purchases, during the transaction process.

Is Coinomi safe to use?

Coinomi has an excellent track record and is considered a secure place to store cryptocurrency. It has been in operation since 2014, and in that time, it has never been hacked. In addition, no user has ever lost funds due to Coinomi.

Your wallet's private keys and seed phrase never leave your device and are encrypted by an AES key. When you enter your password to authorize a payment, your keys are locally decrypted and used to sign the transaction. After signing, the key file is immediately destroyed.

Coinomi did have a security issue in February 2019 related to a plugin used by its desktop wallets. It was quickly fixed, although one user claimed to have had their funds stolen and blamed Coinomi. In response, Coinomi disputed the user's version of events and sponsored a report by blockchain investigation agency CipherBlade, which sided with the wallet provider.

Although any reputational damage is hard to shake, the problem was fixed quickly, and it wasn't proven that Coinomi's wallet led to a loss of funds.

Coinomi is right for you if:

You want a digital wallet that you can use on your phone or computer.
You're looking for a wallet that has it all, from built-in exchanges to a browser for decentralized apps (dApps).
You're new to blockchain wallets and want one with 24/7 support.