Coinomi Review – Unwarranted Good Reputation For A Crypto Scam

Coinomi.com is a one-page website that doesn’t contain a lot of info. The company is completely anonymous, with no address or a phone number. They are very active on social media, however.

Learn more about cryptocurrency frauds, and which strategies scammers use to attract unwary investors in our Coinomi Review. 

Nothing About Coinomi Even Approaches Legal

The current state of the cryptocurrency market is so volatile that many financial regulators have imposed strict regulatory standards.

Since Coinomi paddles their business all over the world, as you will see a bit later in our Coinomi Review, they should be licensed in multiple financial jurisdictions.

Although the website itself doesn’t say where the firm might be registered, some 3rd party sources indicate that the company might be established in the British Virgin Islands, by one George Kimonis.

Searching the BVI FSC register, however, did not corroborate this information. This prompted us to look for any license or authorisation ourselves with the most prominent financial regulators around the globe.

Among these were the FCA, BaFIN, CNMV, CONSOB, FINMA, NFA, CySEC, ASIC, and CBR. None of the regulators had any data on this firm, which tells us that the company is not licensed.

Unregulated companies do not adhere to important security measures like segregated bank accounts or negative balance protection. Scammers like Coinomi aren’t subject to regulatory oversight, and nothing stops them from just stealing your money!

Scammers Lurking On Social Media

The beta testing of the Coinomi multi-coin wallet project was started as early as 2014. The platform went live in April 2015, with the launch of the Coinomi Wallet application on Google Play.

The majority of Coinomi platform users are from these regions:

• United States
• Germany
• United Kingdom
• Netherlands
• Nigeria

Coinomi used to be a crowdfunded project. During development, the team relied on numerous donations. At this time, company created a number of social network profiles on Facebook, Twitter, Reddit and LinkedIn just to mention a few.

At some point, though, the whole ordeal took a dark turn. Currently, Coinomi leverages their popularity on social media, as well as past glories, to attract new clients. Their Telegram page has become a major hub for Coinomi Boiler Room Agents to persuade new victims to invest.

Reputation Boosted By Paid Reviews

The majority of personal testimonials on this company come from the “old glory days”, before the company turned into a total scam. Recently though, all the reviews are bad. To counter this, Coinomi paid Review Seller networks in an attempt to bolster their rating on Trustpilot and Google Play.

Here are a few examples of recent reviews:

“ I opened a support ticket about some coins that never made it to my wallet after using the in app exchanger and still no reply, still no coins, on top of that the money I had in the wallet, gone too! […] “

“ the exchange rate is a straight scam , fees are way to high, they use the API from changelly but they put extra fees so rather go and use the changelly or other exchanges. […] “

“ Install this to be easy hacked and lose all funds, while support watches and gloat. Seed phrase was kept written on paper in safe and only 1 device had access. Biometric and unique password are not enough. App have no password protection from hackers getting in “

When it comes to cryptocurrency transactions, charging back your assets might be impossible without legal aid. Contact our recovery experts via the live chat for more information.

Unclear Pricing And Fees

Coinomi advertises a zero deposit and withdrawal policy. So, how does the company turn a profit, when even their App is free?

This firm was never about trading or storing cryptocurrencies. When you use the crypto purchase utility on coinami.com, you get redirected to an affiliated scam.

Clients of Coinomi do in fact get different fees, but these are only dependent on the scammers’ own whim. This is why sometimes this company fees rack up to £17 for a £80 transaction, while at other times they may be under £1 for transactions worth thousands of pounds.

Various Promotions Cast As Bait

Depending on which social media outlet you subscribe to, you will find various promotions and bonuses offered by Coinomi.

On Instagram, for instance, you will find a giveaway of $500 worth of BTC. On Facebook, there is another giveaway with a prize pool of $1 400, and so forth. 

These are as false as their cryptocurrency trading and storing features.

Trading Features With Coinomi

None of the Coinomi features have any utility whatsoever. There is no account creation, and all assets are purchased and stored through Coinomi’s “secure” mobile phone app.

This app itself is quite dubious as well. You won’t find any relevant information you’d expect from any reputable exchange on Conomi either.

Their Platform Is A Hacking Tool!

The main platform used by Coinomi is an app with the same name. Allegedly, it’s a multi-coin wallet for cryptocurrencies.

In reality, it’s a hacking tool that lets cybercriminals access any other cryptocurrency wallets you may have linked to this company, or used it with Coinomi in some other way.

Not only that, with such a huge breach in security, scammers can access your other private data instead. This may range from phone numbers and contact details, to bank card and account information!

Can You Even Trade Anything On Coinomi?

Allegedly, you may purchase a variety of different cryptocurrency assets with this firm acting as an intermediary. All cryptocurrency transactions should be handled by Simplex, which is another financial  scam as crooked as Coinomi or GoldenrodFX.

So, in reality, the Coinomi scam is tightly linked to the Simplex fraud. They work in conjunction where company pretends to store assets allegedly purchased via Simplex. In reality, no exchange ever takes place.

Virtually No Account Security

There are no actual trading accounts on Coinomi. The Coinomi Login works through the alleged embedded security protocols in their trading app.

Coinomi doesn’t even mention how this security works, or how an account is handled in the first place! Many traders who use this firm services complain about serious flaws in this system.

Nobody Can Withdraw From Coinomi

Coinomi and other financial scams like Interactive Trading, prevents their clients from withdrawing. The Coinomi app is made in such a way to simply swallow up any deposited crypto coins.

Handling cryptocurrency transfers is inherently risky, as these transactions are purposely made to be untraceable. The system is not foolproof, however, and Coinomi are not exactly experts in the field. With the help of our chargeback experts, you too can recover funds stolen by this company!

Customer Support Doesn’t Help Clients

The customer support at Coinomi is virtually nonexistent. Their website does feature a live chat, but it will always be answered by the chatbot which posts an automatic message to connect to Telegram instead.

The Telegram chat room is teeming with Boiler Room Agents. They will use peer pressure and persuade you that everything is fine and dandy, and that you shouldn’t make a fuss about your issues.

What Can You Do To Recover Funds From Coinomi?

Coinomi is a den of crooks, villains and thieves. Nothing about the company has any sense of legitimacy. Coinomi Boiler Room Agents lurk on every social network, and their trading app is only made for cryptocurrency theft.

Don’t stay silent and give up on the money you’ve invested with this firm. Contact us via the live chat, and book a free consultation with our chargeback professionals at any time. Your money is not lost! With our aid, you can recover all lost assets.

FAQ Section