Topic: Coinomi wallet (Read 447 times)

Hi Pharmacist, Coinomi continues improving its security and has a unique set of features to protect users. You can read more here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored- . One feature that I find most interesting is what practically amounts to "3-factor" authentication. You can have a PIN/pattern required to open the app, and for every transaction you can set the app to require both a fingerprint and a password.

My apologies, I wasn't aware (and I'm also not well-versed on all the tools of the system). I'll be sure to respond properly if it happens again.

@fer_coinomi It's good to see that you are actively addressing issues related to Coinomi but you are violating one of the unofficial forum rules mentioned below -


Making multiple posts in a row is not allowed so it's better to answer everyone in a single post.

Hi TravelMug, the "critical" vulnerability never resulted on any loss of funds, you can read the detailed forensic study here showing how the events an attempt to extort Coinomi in the first place: https://twitter.com/kimionis/status/1131945228506738688
As for the second link, the user never got to open a support ticket, so all we have is a report from a random person on the internet and no way to verify any of the claims. There are other reports, which have all been traced back to the user mishandling their recovery phrases. It's very unfortunate how often we see users saving their phrases as a screenshot (which promptly gets backed up on the cloud), sharing their phrases with others, or even sending them directly to scammers. We do the best we can to educate and warn users, but due to the huge size of our userbase you will find such examples online. More details about all the security features employed by Coinomi can be found here

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Hi cryptoaddictchie, I don't know what version of Coinomi you are using. If you encounter any bugs, please open a support ticket at support.coinomi.com explaining it in detail so we can check. Since the very first version of Coinomi the user was able to manually set fees for transactions. For years now the app also has dynamic fee options when sending, giving users even more freedom. For a long time we've also had Simplex integration allowing users to buy crypto directly from within the app. And for support, our agents have an average response time of less than one hour for tickets opened on our support system. You can provide me with your ticket number so I check the status of your issue.

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Hi sheenshane, you also seem to be uninformed about the "critical" vulnerability, you can read the detailed forensic study and conclusion here: https://twitter.com/kimionis/status/1131945228506738688
The second link from 3 years go also clearly shows a user having connection and refresh problems. As we said above, Coinomi is trusted by millions of users, so unfortunately occasionally you will find some having connection issues or who mishandled their seed. Regardless of the issue, we try to help the best we can and will always respond quickly on our official support page.

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Hi Pharmacist, Coinomi continues improving its security and has a unique set of features to protect users. You can read more here: https://coinomi.freshdesk.com/support/solutions/articles/29000016248-how-safe-are-my-funds-how-are-my-private-keys-stored- . One feature that I find most interesting is what practically amounts to "3-factor" authentication. You can have a PIN/pattern required to open the app, and for every transaction you can set the app to require both a fingerprint and a password.

I said in my 1st post in this topic already. Hot wallets always carry more risks then hardware ones.  That is certain.
I just think mobile wallets are easy to use. But yes, we never should keep small amount of assets.

And similarly, just a few simple commands from an attacker and all your coins are gone.

I'm not arguing that mobile wallets aren't easy to use, I'm simply saying that the minor inconvenience of plugging in a hardware wallet and typing in the PIN (what are we talking here? 15 seconds?), is well worth the huge increase in security that a hardware wallet brings over a mobile wallet.

I use a mobile wallet myself, because I agree it is hugely convenient. However, I only ever keep a very small amount of bitcoin on it - an amount I might spend on a day-to-day basis, and an amount I wouldn't even flinch at losing if my phone was stolen or hacked, because I appreciate just how insecure mobile wallets are.

I can understand you. However, using cold wallets can never be as simple as mobile wallets. Yes, sometimes it can be just as easy as plug in + type pin, but in the other, none of these are required. Just a few simple commands and taa daaa.

There is always going to be a trade off between ease of use and security. If you want something that is incredibly easy to use (as easy as unlocking your phone, for example), then it's also going to be incredibly easy to attack. There needs to be a safe compromise. Saying that all cold wallets are hard to make a transaction from is incorrect, though. If you are using a classical paper wallet, and you need to import your keys and create a new paper wallet to manually direct the change to, then sure, that would be hard for most people. The trade off is a hardware wallet - not quite as secure as a paper wallet, but still incredibly more secure than a hot wallet, and it is as easy to make a transaction from it as plugging it in and typing in your PIN code. A few seconds extra work, certainly not hard, and huge improvements to security over a hot wallet. Hardware wallets are the best security/ease of use compromise for many bitcoin users.

I don't know what prompted the first two newbie posters to start shilling Coinomi, but it's blatantly obvious that's what they're doing.

If it weren't for all of their security issues, I'd be using Coinomi more for Android to keep what little bit of altcoins I have--but the fact is, there are a lot of concerns and I don't trust them like I trust Ledger.  Coinomi made a pretty nice-looking wallet capable of supporting a large number of coins, but they don't seem too concerned about making the wallet any more secure for its users.  That's unfortunate.

Definitely. I think we should choose mobility or safety first when choosing wallets.

Hot wallets usually are useful and easy to make a transaction. But also always has risks.
Cold wallets usually are hard to make a transaction. You should reach to the device (if it is not paper wallets), type the pin, and reach to the dashboard. A little bit confusing than hot wallets.

BTW, I just read a post and there is a movie about Bitcoin and a cold wallet. I think you may want to watch it learn how cold wallets are safe.
https://bitcointalksearch.org/topic/the-bitcoin-castle-awessome-crime-mystery-dark-comedy-shortfilm-5241648

I mean, you are correct in saying there is no 100% guaranteed safe way to store your coins, just as there is no 100% guaranteed safe way to prevent your computer from being hacked. But saying that hot wallets carry "a little bit more risk" than cold storage is far from accurate. I could list 100 potential ways you could lose funds from a hot wallet, from the wallet provider exit scamming, to having poor security on their servers, to your account being phished, to clipboard malware on your computer, all of which would be several orders of magnitude more likely to happen than someone breaking in to your house, finding your cold storage, breaking the encryption on it, and stealing your coins from it. Hot wallets carry an exponentially higher risk of loss of your coins than using proper cold storage.

It's like comparing a computer which is connected to a public WiFi without any security measures in place, with a computer without a WiFi card, ethernet card, or other internet accessing hardware, which is permanently offline, and locked in safe. Sure, neither is 100% safe, but one is vastly superior to the other.

I am trying all wallets as much as possible. It is so practical to use online wallets like Coinomi, Trust or Infinito, etc. These are all installed your device and keep it all secure files in it.
But as so many people already said here, we can't say that these are safe. So, it is not trusted also.

We should agree on something. There is no complete safety in this manner. If you are keeping cryptocurrencies in your wallets (no matter which one you're using), there are always some risks. But hot wallets (I mean online ones) always carries a little bit more risks.

There are some accusations for Coinomi wallets. Some people had lost their assets somehow. I didn't hear about the Trust wallet any complaint yet! But always we can see some issues. Therefore, more reliable methods should be preferred for long-term keeping assets.

^ Facts. I installed coinomi for the sake of Bitcoin Cash airdrop. It was simple and straight forward though, ngl.

well said.
i believe the only reason why coinomi gained some popularity was during 2017 and mainly because of all the bitcoin forkcoins that kept showing up every day. people were desperate to claim these airdrops but they didn't want to use the wallets these shitcoins released because of the malwares that some of them spread. so a closed source wallet that kept adding these shitcoins fast became a good option for people to claim these airdrops without needing to download a lot of shady software and sync each of them with the network. instead they relied on centralized servers of Coinomi!

But given that there are open source mobile wallets, why use Coinomi at all? You even give an example in your post - Electrum is open source, has more functionality than Coinomi, and has a mobile version. The only advantage I can see of Coinomi (if you can even call it an advantage) is that it supports a bunch of useless altcoins. I don't see why people need those on a mobile wallet, though. How many merchants do you see on a daily basis who accept trash like Tron or Verge? Why do you need to carry these coins around with you a daily basis?

If you are going to store a bunch of different useless altcoins, either find open sources wallets for them or invest in a Ledger or similar hardware wallet. Or even better, just stick to bitcoin and stop throwing away your money on trash.

This one. Crypto enthusiast should learn not to put big amount of money in a closed source product.  Perhaps $100 should be a good baseline (at least for me) and then put your other assets in a more reliable btc wallet such as electrum.

I am using Coinomi occasionally but I wouldn't call them trusted with big sums. They do OK when I am on the move but the assets I want to protect are far away from Coinomi or my cellphone.
 
Coinomi allows you to adjust the fees according to their estimates. From low to high. There is also a custom option where you can enter your own X sat/byte.

What do we benefit from such topics? There is no useful information and I do not think that this platform needs to be publicized by an unknown account?
In addition to being closed source, high in fees, uses challengy to make transfers, they are interested in listing as many currencies as possible not developing them codes, and other things that make you not trust them with huge sums.

Nope, they aren't the most trusted wallet at all, I saw many complaints against them and many crypto enthusiasts lost their crypto assets upon storing this close source wallet. I think there is a failure of their system or lack of customer support.

In addition to TravelMug links of scam alert of this forum.

• [COINOMI] Alert!! Lost all my coins!!
• WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings

In short, they are vulnerable to a scam. Buy a hardware wallet if you really want safe storing of Bitcoin OR much prefer to use the Electrum wallet. Less scam complaint.

PROS

• Supported multiple coins and tokens(thats all)

CONS:

• Coding is not open source(red flag)
• Lots of bugs on their app
• High fees
• No fiat gateway compared to most multi wallet exchange
• Bad support and very long time to attend to errors and bugs

Im not sure what else this wallet have. But as far as I know many complained has been raised. Ive used this once but I have a coin that's gone suddenly. Well support has been contact but none response at all.

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Trusted wallet? Not gonna fall for that.

If you can't avail a hardware wallet, you can try it for small amounts but don't fully rely on it as your cold storage or main wallet to store all of your coins. I trust hardware wallets more than coinomi for multi currency wallet so if you can avail it after sometime, do it.

I've heard the issue of someone losing his funds through their mobile(?) app IIRC.

They have an active telegram channel for support but many scammers do use their name too.

This is apt and right on it. I have used it for long that I can't really remember how long now and I have never had any issue with it.

But of course, "one of the first" as used by the OP doesn't mean "first" actually. It simply means it could be counted among the pioneer wallets. I think the Coinomi wallet has come a long way, really. And to this effect the OP is right.

Overall Coinomi is a good multi-currency wallet that available to download for iOS, Android, Windows, macOS, and Linux . Also, the wallet comes with some amazing integration such as cold staking, inbuilt exchange, Dapp browser, etc.

Also, there is some hack attempt :oout there where users are complaining in reddit.

LMAO, most trusted wallet?

[1] WARNING - Coinomi Wallet CRITICAL Vulnerability Made Me Lose My Life Savings
[2] Lost all of my coins

That's just a couple of example of Coinomi's security flaw. And as @pooya87 has pointed out, it is a closed source application. I wouldn't even trust any satoshi.

wrong.
Coinomi is neither first, nor most trusted one out there. in fact it is among the least trusted wallets because it is closed sourced. the only reason why it has some popularity is because it supports a lot of shitcoins that people may not want to keep on their exchange wallets and have no other alternative light wallet option.

Coinomi is one of the most popular wallets in the market, it has a strong reputation. The best Coinomi feature is an ability to support a lot of coins.

Coinomi – is one of the first, and most trusted, cryptocurrency multiwallets. Coinomi is a non-custodial multiwallet and your private keys are stored securely encrypted on your device at all times. ... Coinomi currently supports more than 125 blockchains and has FULL support for all Ethereum Tokens.