Coinomi wallet, launched in 2014, quickly became one of the most popular crypto wallets in the industry, striking a balance between privacy and robust security and offering a convenient, comprehensive package that covers all bases with a wide range of coins supported.
Coinomi wallet does not have any fees and offers free-of-charge services. However, any time you carry out an outgoing transaction from the wallet, you will need to pay mining fees.
These fees vary from one cryptocurrency to another and differ depending on network conditions. They are used to pay network miners who are responsible for confirming transactions and adding them to the relevant blockchain. Other than these mining fees, there are no Coinomi wallet fees.
Now that we have the basics out of the way, let us find out how to open Coinomi wallet. To start with, we will need to download the Coinomi app.
Step 1: Download the Coinomi app from Apple AppStore if your device uses iOS or Google Play Store if you are an Android user
Step 2: Once the download is complete, click ‘Create a New Wallet’
Step 3: The next screen will present your recovery pass phrase. Copy the phrase on paper, and store the backups in secure locations. Note that this phrase can allow you to recreate your wallet if ever you lose your device.
Do not share it with anyone because they can use it to access and control your account from any device. Once you are done, click ‘I have safely stored my recovery phrase.’
Step 4: After you create a backup of your recovery phrase and save it to your phone, you will get a prompt to confirm it.
Step 5: Next, you will get a prompt to create a password for your account. Use a combination of lower and uppercase characters, as well as numbers and symbols. Though the minimum viable password length is eight digits, you can extend this even further to enhance security.
Step 6: After setting a password, you will get a prompt to select the cryptocurrencies you wish to have on your wallet’s display.
Step 7: Read through the legal disclaimer and click “I agree”
Your Coinomi wallet is now ready to use.
Now that we have figured out how to open a wallet on Coinomi, let us find out how to transfer bitcoin to Coinomi wallet as well as other transaction tips and tricks.
How do I add cryptocurrencies to Coinomi?
The next logical question would have to do with how to add currency to Coinomi wallet in order to start creating transactions.
As it is with anything else on this wallet, the procedure for adding crypto coins is rather simple. There are different methods of doing this, depending on whether you already have crypto coins in another wallet or not.
Note that the procedure on how to transfer Ethereum to Coinomi wallet, how to transfer Ripple to Coinomi wallet as well as bitcoin and any other crypto is basically the same. The only thing you need to do differently is to select the relevant coin from the drop down menu that lists all available options.