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 an aggregated exchange service, making use of multiple exchanges to find you the best rates.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 (this allows them to irretrievably steal your funds).
- 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 phrase with 12 to 24 words 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.
- Only download Coinomi from the official sources. The official and secure links to download the app can be found on https://coinomi.com/downloads/
- Store your recovery phrase in writing or use durable hardware backup products and keep the backup 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. 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. It also means third parties are holding the secret keys to all your funds.
- Lock your funds with a secure withdrawal password that only you know, or a combination of a password and biometric authentication. You can set and change this in the settings of the application, or during the wallet creation process. Each wallet can have its own encryption settings, according to its usage. Read more about Coinomi's multi-seed support here.
- Create a second layer of authentication by securing Coinomi with a secure pin or pattern. In Android and iOS, 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.
To learn how to add coin wallets to the app as well as sending and receiving please see our guide here: Getting Started With Coinomi