coinomi is an open-source wallet that guarantees some level of security
Please actually read the thread before hitting reply. There is extensive discussion in the previous posts about how Coinomi absolutely is not open source and has had a number of very significant vulnerabilities in the past (transmitting seed phrases to third parties, not encrypting communications, etc). Further, no wallet can guarantee your security since even the best hardware wallets or cold storage can be used in an insecure way if the user does not know what they are doing.In a nutshell, if coinomi wallet is used properly and in a secure manner, it is still vulnerable and we can lose our funds? If you can give a short summary on this , it will be really help because i do have coinomi wallet in my phone with little funds.
Short Version:
coinomi is closed source so there is no way to know what it is doing in the backgroud
Their desktop version also had a major whoops at one point in time and was sending your seed phrase out to google to be spell checked
Long version, no matter what people tell you phone wallets are vulnerable. Some more then others, but in the end you are reliant on the security of Android or iOS to be safe.
Both have had many many issues over the years are are still shown to be vulnerable to attacks.
Android is a bit worse in some ways since it allows for phone manufacturers to put whatever they want on it, better in other ways since you as the user have a lot more control in what the phone has on it. iOS is a bit more locked down, but Apple has had their share of security issues over the years and for the most part deny it's a problem till they are forced to fix it.
So in the end they both suck.
Don't store more on your phone then you are prepared to loose.
Or as I said above, as a rule that works for me, I don't store more on my phone then the phone itself is worth.
-Dave
