This Step-By-Step Guide to the Coinomi Mobile Wallet shows how to set up and use the Coinomi Mobile Wallet to manage, send, and receive bitcoin and dozens of other cryptocurrencies. Coinomi supports an astounding 130+ cryptocurrencies in one mobile wallet, making it one of the best multi-currency mobile wallet for investors with a wide range of holdings. Coinomi is also easy for anyone to use. Let’s get started!
The first step is to download and open the Coinomi wallet on your mobile phone. It is available for download for Android and iOS. For this guide we downloaded Coinomi for Android from the Google Play Store. Install the Coinomi app just like any other mobile app. When you first open Coinomi, you will have the option to create a new wallet or restore a wallet. For this guide, we chose to create a new wallet.
The next step to create a new wallet is to backup your recovery phrase on a piece of paper. You will need this recovery phrase if you ever seek to access your Coinomi wallet from a new device or re-install Coinomi on your current device. Any person with access to your recovery phrase will have access to all the cryptocurrency stored on your Coinomi wallet. Store the recovery phrase in a safe place.
Now choose the coins you want to use with your Coinomi wallet. You can always add or remove more coins after Coinomi is setup. The huge full list of supported coins is available on Coinomi’s website.
Let’s get familiar with the main components of the Coinomi wallet. The left sidebar is where you access your different coins and exchange them using Shapeshift or Changelly. Here, you can see we have wallets for bitcoin, ethereum, and flashcoin. Exchanging coins inside Coinomi with Shapeshift or Changelly is convenient, but generally has higher transaction fees than an exchange such as Gemini, Binance, KuCoin, or Bibox.
The Coinomi settings offer some basic functionality. You can view exchange rates for cryptocurrency trading. You can also adjust transaction fees based on how fast you can your cryptocurrency transactions to process. Faster transactions will obviously cost more in transaction fees. You can also view your recovery phrase again and change your password. Finally, you can restore a wallet and set up manual addresses.
The overview page (accessed via left sidebar) shows your account balance for each cryptocurrency in your Coinomi wallet. It also displays an advertisement because that is how the makers of the Coinomi wallet earn money from offering a free cryptocurrency wallet. We have a zero balance in Coinomi because we just created a new wallet.
It is extremely simple to exchange cryptocurrency within your Coinomi wallet using Shapeshift or Changelly. First, select the cryptocurrency you wish you wish to exchange. Here we selected bitcoin. Next, select the cryptocurrency you wish to receive. Here we selected ethereum. Finally, enter the amount you wish to exchange and select next.
In this guide we will send and receive bitcoin. The bitcoin page is accessed by choosing the bitcoin wallet from the left sidebar. Coinomi’s bitcoin page had three tabs: receive, balance, and send. The balance tab will show your current balance and previous transactions. You can see that we currently have zero bitcoin in our Coinomi wallet.
The receive page displays your bitcoin address and a QR code. To receive bitcoin in your Coinomi wallet, the sender should copy your bitcoin address or scan your bitcoin QR code. The sender should not copy the address digit-by-digit because it is easy to make a mistake. It’s best to use the QR code or make sure the sender can copy and paste the bitcoin address.
This guide will show how to send 0.001 bitcoin from Gemini to our Coinomi wallet. First, copy the bitcoin address from the Coinomi wallet. Next, log into Gemini and go to Transfer Funds -> BTC in Gemini. Finally, paste the Coinomi address into destination address, enter the amount of bitcoin to send, select review withdrawal, and confirm the withdrawal.
The bitcoin transaction from Gemini to our Coinomi wallet is almost immediately displayed in our wallet’s balance page. However, the transaction is in lighter text to indicate that it is not yet confirmed on the bitcoin network. The text shows just the receiving address and amount receive, but select the transaction to view more details.
Selecting the transaction displays more details. Our transaction from Gemini to our Coinomi wallet is displayed here with its status, amount received, address received at, and transaction ID. You can select view on blockchain explorer to get more information and track confirmation of the transaction on the bitcoin network.
Once a transaction is confirmed, the Coinomi wallet will display an updated balance in both fiat currency and cryptocurrency. It will also display the past confirmed transactions in black text. Remember, you can always click on a transaction to view more details. Here our Coinomi wallet’s balance now shows that we received 0.001 BTC.