Coinomi Wallet Review | Is Coinomi Reliable? Is It Safe or a Scam?

1. Brand Background and Development History

1. Company and Origin

• Launched : 2014

• Company entity : Coinomi Ltd. (headquartered in London, UK, formerly registered in Cyprus)

• Positioning : One of the world's first multi-chain, multi-currency non-custodial wallets

• Historical status : The number of users skyrocketed during the bull market in 2017, making it one of the most well-known wallets on the market.

2. Development trajectory

• 2014-2016: Positioned as "the wallet that supports the most currencies"

• 2017-2019: Supporting 1700+ crypto assets, millions of downloads worldwide

• After 2020: Competitors rise, Coinomi gradually marginalized

• 2022-2025: The user scale remains, but security controversies frequently arise

3. Market Position

• There is still room for growth in terms of multi-currency support

• However, due to declining reputation, it was replaced by Trust Wallet, Exodus, and Guarda.

2. Functions and User Experience

1. Multi-asset support

• Supports over 1,700 cryptocurrencies and tokens (BTC, ETH, BNB, LTC, XRP, ADA, DOT, etc.)

• Supports mainstream token standards such as ERC-20 and BEP-20

• Compared with Trust Wallet and MetaMask, it still has an advantage in the number of currencies

2. Cross-platform compatibility

• Desktop (Windows, Mac, Linux)

• Mobile (iOS, Android)

• But the update frequency is low

3. Built-in functions

• Built-in Swap (integrated with Changelly, ShapeShift, etc.)

• Built-in fiat currency purchase portal (Simplex, etc.)

• Disadvantages: High handling fees

4. User Experience

• The interface is traditional and not fashionable enough

• Slow loading speed

• User feedback: New users find it complicated, while experienced users find it convenient

3. Security Analysis

1. Security Architecture

• Non-custodial model : users control private keys

• Encryption standard : AES-256 + BIP39 mnemonic

• Cold storage support : support offline management

2. Security Controversy

• 2019 incident : Security researchers accused Coinomi Wallet of transmitting mnemonics in plain text to Google API in the seed recovery interface, posing a security risk.

• The team responded: It is called a "spell check interface" and no user funds were leaked.

• However, this incident severely damaged Coinomi's reputation.

3. Safety evaluation

• Technically at an intermediate level

• User trust has declined due to security disputes

• Unlike Freewallet's custodial model, Coinomi is still non-custodial, but not the best option.

IV. Compliance and Company Background

1. Compliance

• Company registration place : United Kingdom

• Regulatory status : No financial license

• Risk : Weaker compliance than Coinbase and Blockchain.com

2. Investment and Background

• No large-scale venture capital background

• Relying on user subscriptions and transaction fees for profit

3. Company transparency

• Limited disclosure of team information

• Lower transparency than mainstream wallets

5. User and Media Reviews

1. Media Comments

• CoinTelegraph : "Coinomi was once the most popular multi-currency wallet, but security incidents have eroded trust."

• Decrypt : "Feature-rich, but slow to update."

• Bitcoin.com : “Still suitable for some old users, but new users prefer Trust Wallet.”

2. User Feedback

• front :

• “Supports the most currencies.”

• “Old-fashioned wallet with a familiar interface.”

• Negative :

• “Safety issues are a concern.”

• “The update is too slow.”

• “Poor customer service response.”

3. Case

On Trustpilot, some users said that they had stored funds in Coinomi for many years without any problems; but some users transferred funds due to the 2019 incident and said that they "dared not continue to trust it."

VI. Risk Warning

1. Security risks : 2019 incidents still affect reputation

2. Slow updates : May lead to compatibility risks

3. Insufficient compliance : lack of regulatory endorsement

4. User churn : Competitors rise rapidly

7. Competitive Comparison

8. Summary

Coinomi Wallet is a wallet with a long history but gradually becoming marginalized . It is still strong in multi-currency support, but its security and reputation are no longer leading.

• Advantages : Support multiple currencies and cross-platform compatibility

• Disadvantages : Security controversy, slow updates, lack of team transparency

Summary in one sentence :
Coinomi is the “OG multi-currency wallet,” but it is no longer synonymous with security and innovation.

IX. Multi-dimensional Rating (out of 10 points)

• Security: 6/10 — Controversial, impacting reputation

• Functionality: 8/10 — Supports the most currencies

• User Experience: 6/10 — Old interface, slow updates

• Compliance: 6/10 — No license

• User reputation: 7/10 — Old users support, new users lose

Overall score: 6.8/10

10. Contact and Support

• Official website: https://www.coinomi.com

• Help Center: https://coinomi.freshdesk.com

• Community: Twitter, Reddit

✅Final conclusion :
Coinomi Wallet is a veteran in the cryptocurrency wallet space, but security risks and a lack of innovation have caused it to gradually lag behind its competitors.