1. Download Coinomi Wallet from Google Play Store or iOS App Store on your mobile device. Once you opened the App, you will be offered the options to click „Restore Wallet“ if you already have one or „Create a New Wallet“ if you want to create a new one.
2. In the next step write down your ”Recovery phrase” to secure your funds from loss and click to check the field below. Confirm the “Recovery phrase” by re-typing each word and enter a password that contains at least 10 characters.
3. Select cryptocurrencies that you would like to store on the wallet and click plus sign when it appears. You can add more cryptocurrencies later.
4. In the application, your total amount of cryptocurrencies is converted to GBP by default. If you want to change it click in the upper right corner on the 3 dots. In the new menu, click ”Settings”, then ”Exchange rates” and choose the currency of your choice.
5. In our example we will use bitcoin (BTC) cryptocurrency for transaction. If you want to receive BTC, click BTC and then click ‘Receive’.
6. To receive BTC, you must provide your BTC address to the sender. Either copy your BTC address by clicking icon or allow the sender to scan your QR code.
7. You can track transactions for each cryptocurrency as shown in the picture. To send BTC click ”Send”.
8. In the first field, enter the recipient’s address or press and hold on the field until the option ”Paste” appears. You can also scan the recipient’s address QR code by pressing the icon next to the address field. In the ”Amount” field, enter the amount of BTC you want to send or click ”USE ALL FUNDS” if you want to send the full amount. If you choose to send the full amount, notification ”Slightly less will be sent because of fees”, will appear due to mining fees. In the next window you can check the information you entered and determine the amount of the transaction fee (mining fee). If you increase the fee, the transaction will be performed proportionally faster and vice versa. Enter your password and click ”Confirm” to send cryptocurrencies.
9. Initially, the transaction will be pale, until blockchain confirms the transaction. After the confirmation, date and address to which you sent BTC will appear.