What is Coinomi?
- Coinomi is not a bank. You do not have an "account" with us. Coinomi cannot access or control your funds, nor does it collect or transmit any kind of personal information.
- Coinomi is an interface. It allows you to interact with many blockchains without ever giving up your private keys, the "passcode" to your funds.
- Coinomi has has two integrated exchanges (Changelly and Shapeshift). Coinomi itself is not an exchange.
What do I need to know before using Coinomi
- We can never recover your funds if you lose your recovery phrase or your private keys.
- We can never recover your funds if you reveal your recovery phrase or your private keys to a third party.
- Once a transaction has confirmed on the blockchain, it can not be reversed or canceled.
- Coinomi can not send transactions on your behalf. Only you can create a transaction. You are always in full control of your funds. No one -- not even us -- can steal, block or censor any transaction you want to make.
What is a recovery phrase?
- A BIP39 recovery phrase is a 12, 15, 18, 21, or 24 word phrase that generates your private keys. This recovery phrase generates your wallet. Read more here.
- Every address and private key generated from your recovery phrase is permanently tied to it.
- A recovery phrase is not your Coinomi password (which you enter to send, sweep, and exchange funds). You can change your Coinomi password in-app using your recovery phrase.
- As long as you alone hold your recovery phrase, only you will be able to send your funds.
- It's essential that you have a backup of your recovery phrase in case anything ever happens to your phone. Read more here.
Coinomi is a Hierarchical Deterministic (HD) wallet. What is that?
- An HD wallet allows you to interact with your funds without giving up control of your recovery phrase or private keys. Read more here.
- Here are examples of HD wallets where you control your funds: Coinomi, Ledger, Exodus, Jaxx, etc.
- Here are examples of platforms that are not HD wallets where you do not control your funds: Coinbase, Binance, Charles Schwab, Chase Bank, etc.
- Store your recovery phrase in writing somewhere safe. If it's just stored on your computer, the file may be corrupted, lost, or your computer may break.
- Never give your recovery phrase or private keys to any third party service unless you know you are on a trusted site. Never give your recovery phrase or private keys to any person. Read more about avoiding scams here.
- Don't store your recovery phrase on a cloud service such as Dropbox, Google Drive, Gmail, iCloud, or OneDrive. These services may be easier to break into, especially if you don't have 2FA.
- Lock your funds with a secure withdrawal password that only you know. You can set this in .../settings/set wallet password or during the wallet creation process.
- Create a second layer of authentication by securing Coinomi with a secure pin or pattern. In Android, you can set this in .../settings/screen lock
- Activate privacy options to prevent other apps or people from seeing your balances. In Android, you can set this in .../settings/privacy
- Coinomi cannot guarantee the security of your funds If your iPhone is jailbroken or your Android is rooted. A rooted or jailbroken device can be exploited in potentially hazardous ways beyond the application's control.