It offers support for more than 120 cryptocurrencies and about 380 tokens.
With integrated services like Shapeshift and Changelly, to exchange between cryptocurrencies.
Among multi-currency wallets, which can handle both cryptocurrencies and tokens, Coinomi stands out for its practicality. Its main attraction is that it offers support for more than 120 cryptocurrencies and around 380 tokens. This allows the user to manage all their crypto assets in one place.
In addition to this, we have services such as Shapeshift and Changelly, which integrate with Coinomi, to enable exchange between cryptocurrencies. This wallet also allows you to buy bitcoin (BTC) using credit cards, all from within the app, through Simplex.
In short, Coinomi can be classified as a fairly complete wallet. It is currently only available for operating systems Android and iOSbut it is expected that by the fourth quarter of 2018, its desktop version will be presented, both for Windows, Mac and Linux.
- We can store more than 500 different cryptoassets, with the option of manually adding ERC20 tokens
- 100% open source. You can access your repository
- It has integrated exchange services such as Shapeshift and Changelly
- Native support for Segwit
- Deterministic wallets BIP44
- It allows you to buy bitcoins with credit cards
DOWNLOADING AND INSTALLATION OF COINOMI
Since Coinomi is available through an app, it makes sense to access it in the Google or Apple app stores, depending on our operating system. However, due to the increasing volume of similar applications, and to avoid downloading the wrong wallet, it is recommended to go directly to Coinomi main portalto get the official download link.
After the operating system is selected, we proceed directly to the installation of the application.
The screen above is the Coinomi home screen. When we start, we will have two options: create a new portfoliowhich implies the creation of seeds for recovery, or return your existing wallet.
For the purposes of this tutorial, we will select the option to create a new portfolio, which takes us to the following screen:
These words are the only way to get the funds back. Source: Coinomi.
What we see on the previous screen is the recovery phrase or seed. This allows us to control the funds, and it is the only possible way to recover them in case the mobile phone is damaged, stolen or lost. The private keys of each of the wallets that Coinomi creates are generated from this seed.
It is recommended to protect these words in a physical medium, for example, copy them down and keep them in a safe place. If we leave them stored on digital devices, we could be prone to hacking. For example, someone can take a screenshot and email it to you.
An interesting feature that Coinomi offers about these words is that it gives the ability to generate another new group. This is done by selecting the icon located in the upper right corner of the previous screen.
Finally, once our words are properly protected, the app will ask us to confirm them, which is a security measure to prevent us from making the wrong backup.
The next step is to set a password to protect your funds. This will only be needed at the time of sending the funds, or in case we want to see the recovery phrase. On the other side, this password does not lock the app as suchfor this case there is another method whose configuration we will deal with later.
The next step is to select the list of cryptoassets with which we want to initialize the portfolio. It must be taken into account that we may later add or remove cryptocurrencies from Coinomi. The purpose of this preliminary selection that we will perform is to initially activate our wallet.
Also, keep in mind that we have just over 120 cryptocurrencies and over 380 tokens to choose from.
We choose Ethereum, Ethereum Classic and Bitcoin, with which we already have our wallet ready to use.
SETTING THE PASSWORD FOR THE APPLICATION
Before we explore Coinomi, let’s set up an app lock. This results in the fact that when you open it, the app asks for either a PIN, pattern lock or your fingerprint, if the device has a way to capture it.
First of all, we display the menu from the upper right corner and select Setting up. And when we come, we choose Screen lock.
One of the three methods is selected and the application is ready to manage the selected cryptoassets.
Let’s start with the main screen, shown below. It shows a list of all selected cryptocurrencies and tokens, along with their value in fiat currency, as well as the balance we have for that particular crypto asset. At the top we will find the total balance expressed in fiat currency, which is the sum of all individual balances.
From the list of cryptocurrencies, to access the portfolio of any of them, just click on the crypto asset whose wallet we want to view.
If we select, for example, BTC, a screen appears to manage the specified cryptocurrency. It must be taken into account that for each cryptocurrency or token the management screen is the same. However, for Bitcoin, or cryptocurrencies derived from it, we will have 3 different types of portfolios: Segwit, compatible with Segwit and original.
On the other hand, if we scroll from the left side, we will find the main menu of the application. This gives us access to different parts of Coinomi.
As you can see, in addition to all the options, at the bottom we have the option to add new crypto assets to the portfolio, whether they are tokens or cryptocurrencies. As for tokens, we can only add those belonging to platforms like Ethereum and Omni.
For Ethereum tokens, in addition to choosing from the tokens in the list, we can add tokens manually, as long as they are of the ERC20 type. To do this, we display the top menu and select Add the token manually.
Below are the display options that cover different aspects of displaying information:
In the Display section, there are options related to what we see inside the application. First of all, we have Course which is the fiduciary currency in which the balances will be displayed. Option for Dark Mode allows you to change the appearance of the application to one with a dark background. Finally, we find an option that allows you to change the language.
Second, we have the Privacy section, where we will find the options: More privacythis blocks in-app screenshots. Hide balances, makes balances, whether in fiat currency or cryptocurrency, invisible. Finally, there’s the Screen Lock option, which we’ve already used.
Finally, we have a section Walletin this we can manage Transaction fees what are the commissions we pay at the time of shipment. On the other hand we have Show recovery phrase allows you to view the backup, but will require you to enter your wallet password first. Later we have the option to change the specified password. Finally, there is an option that allows you to create or restore a wallet.
Send and receive funds with Coinomi
The process that allows you to send or receive cryptocurrencies is extremely simple and no different from other wallets that the user may have used. First of all, the first thing we need to do is access the cryptocurrency portfolio we want to manage.
From here, in the balance sheet section, We’ll see the total balance the portfolio has, along with its fiat currency equivalent, as well as the transactions taking place at the bottom.
If we move to the screen on the left, we will find section that allows you to send, which can be seen in the following picture. To begin with we have the name or address bar at the top where we have to enter the address we are going to send the funds to. If we want to scan an address, we just need to press the QR code symbol, which will open our camera.
All you need to do is enter the amount to send and press next, but before sending we will be asked for the password we created at the beginning, in order to continue sending.
On the other hand, by sliding to the right we will find the wallet address to receive funds. It will, for security reasons, be different every time we enter our portfolio.
On the other hand, and especially for Bitcoin wallets or wallets derived from it, we will find 3 different types of addresses, this is because Coinomi is compatible with Segwit. As a result, three tabs appear corresponding to the corresponding address formats: Mana, are Segwit Bech32 addresses. In the tab Compatibilitythose Segwit addresses starting with 3 are specified. Finally, there are the addresses Legalwhich are the original addresses, starting with 1.
Similarly, we can generate a QR code representing the selected address and specify the amount. That is, they can generate an address, indicate the amount and when it is scanned, the amount to be sent will be specified immediately, along with the address to which the funds are received.
Sweep private key
Finally, we can clean up the private keysfor this we have to open the menu from the top right corner and select Empty wallet.
This allows us to copy or scan the private key, which could be from a paper wallet, and insert it into our wallet.
It is important to remember that when we talk about deleting a private key, we mean the process of creating a transaction which transfers all assets managed by the old private keyto the new address, ensuring that the funds in the old private key are not compromised in the future.
Exchange with Shapeshift and Changelly
An important added value that Coinomi brings is that it enables exchanges between crypto assets without leaving the wallet, all through the integration of services such as Shapeshift and Changelly.
To access these services, we just need to display the side menu and select Shapeshift or Chagelly. The difference between using one service versus another will be the exchange rates you offer, as well as the range of cryptocurrencies we can exchange for.
To begin, let’s open Shapeshift.
Here we will find two options. In the one on the right, we will indicate which cryptocurrency we want to send, and in the one on the left, which one we want to receive.
When sending, we have to wait for the operation to be confirmed on the respective blockchains, so this may take some time.
Buy BTC with credit card
Thanks to the implementation of the Simplex service, it is possible to buy bitcoins with our credit card, directly from Coinomi. To do this, we need to show the side menu again and select the Buy Bitcoin option.
The first thing we see is the section where we will add the purchase amount, along with the destination address. Unfortunately, Coinomi doesn’t add our address automatically, so we have to do it manually.
The next thing is to enter our personal information, along with your card billing information. At the bottom we will find the data about the transaction that we will continue to execute. As we can see, the commission can be a bit high, as it is about 15% above the value to be purchased.
Finally, we need to enter our card details and complete the purchase. After verifying the information, BTC will be sent to the wallet we entered at the beginning.
You can watch the video tutorial of this guide on our YouTube channel:
Featured image by Miguel Arroyo / CriptoNoticias.