How do I download Coinomi wallet safely?
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To download Coinomi wallet safely, always use official sources. For Android devices, download from Google Play Store. For iOS, use the Apple App Store. Desktop versions should be downloaded directly from the official Coinomi website. Verify the developer name and check reviews before installing. Never download from third-party sites or links received via email or messages.
What is a Coinomi recovery phrase and why is it important?
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A Coinomi recovery phrase (also called seed phrase) is a sequence of 12-24 words that acts as the master key to your wallet. This phrase can restore your entire wallet on any device. It's crucial because it's the only way to recover your funds if you lose access to your device. Store it offline, never share it with anyone, and never enter it on websites or give it to support staff.
Is Coinomi wallet really secure?
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Yes, Coinomi is highly secure. It uses strong encryption (AES-256) and stores private keys locally on your device, never on servers. The wallet has been operating since 2014 without any security breaches. It implements HD wallet structure (BIP39/BIP44), supports password protection, and offers biometric authentication on compatible devices.
Can I use Coinomi on multiple devices?
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Yes, you can use Coinomi on multiple devices by restoring your wallet using your recovery phrase. Install Coinomi on your new device, select "Restore Wallet," and enter your recovery phrase. This will sync all your addresses and balances. Remember that having your wallet on multiple devices increases security risks, so ensure all devices are secure.
How does Coinomi's built-in exchange work?
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Coinomi's built-in exchange partners with services like Changelly and ShapeShift to enable direct cryptocurrency swaps within the wallet. Select the coins you want to exchange, enter the amount, and review the rate. The exchange happens directly in your wallet without sending funds to external addresses you don't control. Fees vary based on the exchange partner and network conditions.
What cryptocurrencies does Coinomi support?
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Coinomi supports over 1770 blockchain assets including Bitcoin, Ethereum, Litecoin, Ripple, and thousands of ERC20, BEP20, and other tokens. The wallet regularly adds support for new cryptocurrencies and tokens. You can easily add any supported coin through the wallet's interface by searching for it in the coin addition menu.
How do I backup my Coinomi wallet?
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Your Coinomi wallet is backed up through your recovery phrase, which you receive when creating the wallet. Write this phrase on paper and store it securely offline. You can also export individual private keys for specific addresses if needed. Regular backups aren't necessary as the recovery phrase can always restore your wallet completely.
Can I connect Coinomi to DeFi platforms?
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Yes, Coinomi supports WalletConnect protocol, allowing you to connect to various DeFi platforms and DApps. You can interact with decentralized exchanges, lending platforms, and other DeFi services while keeping your private keys secure in Coinomi. The wallet also has a built-in DApp browser for easier Web3 interactions.
Is Coinomi free to use?
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Yes, Coinomi wallet is completely free to download and use. There are no subscription fees or hidden charges for wallet functionality. You only pay standard blockchain network fees for transactions and exchange fees if you use the built-in swap feature. The wallet doesn't charge additional fees on top of network fees.
How do I restore my Coinomi wallet on a new device?
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To restore your Coinomi wallet, install the app on your new device, select "Restore Wallet" instead of creating a new one, enter your recovery phrase in the correct order, set a new password if desired, and wait for the wallet to sync. All your addresses, balances, and transaction history will be restored automatically.
Does Coinomi require KYC verification?
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No, Coinomi doesn't require any KYC (Know Your Customer) verification or personal information to use the wallet. You can create and use your wallet completely anonymously. However, some integrated third-party services like certain exchange partners might require verification for larger transactions.
Can I import my existing wallet into Coinomi?
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Yes, you can import existing wallets into Coinomi using your recovery phrase or private keys. Coinomi supports standard BIP39/BIP44 recovery phrases from most other wallets. You can also sweep individual private keys to move funds from paper wallets or other sources into your Coinomi wallet.
How do I contact Coinomi support?
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You can contact Coinomi support through the in-app support feature, which ensures you're communicating with the official team. You can also visit the support section on the official website. Never trust anyone claiming to be support who contacts you first or asks for your recovery phrase.
What's the difference between Coinomi Android, iOS, and desktop versions?
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All versions offer the same core functionality and security. Mobile versions (Android/iOS) include features like QR code scanning and biometric authentication. The desktop version offers a larger interface better suited for managing complex portfolios. You can use the same recovery phrase across all platforms to access your wallet.
How do transaction fees work in Coinomi?
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Coinomi allows you to customize transaction fees based on network conditions and urgency. The wallet suggests appropriate fees but you can adjust them manually. Higher fees result in faster confirmations. Coinomi doesn't add any fees on top of the network fees required by the blockchain.
Can I stake cryptocurrencies in Coinomi?
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Coinomi supports staking for certain Proof-of-Stake cryptocurrencies that allow staking from personal wallets. The specific staking features depend on the cryptocurrency. Some coins can be staked directly from Coinomi, while others might require interaction with staking platforms through WalletConnect.
Is Coinomi open source?
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Coinomi's code is partially open source. While not fully open source, critical components have been audited by security experts. The wallet has been operating since 2014 with an excellent security track record. The team balances security through obscurity with transparency where it matters most.
How do I add custom tokens to Coinomi?
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To add custom tokens, first ensure you have the parent blockchain (like Ethereum for ERC20 tokens) added to your wallet. Then, you can manually add tokens by entering the contract address. Coinomi automatically detects many tokens, but you can also add unlisted tokens using their contract details.
What happens if Coinomi company shuts down?
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Your funds remain safe even if Coinomi ceases operations because your private keys are stored locally on your device, not on Coinomi servers. With your recovery phrase, you can always import your wallet into any compatible wallet application that supports BIP39/BIP44 standards.
Can I use Coinomi with hardware wallets?
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Currently, Coinomi doesn't have direct hardware wallet integration. However, you can use Coinomi alongside hardware wallets by managing different portions of your portfolio. For maximum security on large holdings, consider using hardware wallets for cold storage and Coinomi for active trading and daily transactions.