Omni Wallet Review – Fees, Pros, Cons and Features

Omni wallet differs significantly from your everyday cryptocurrency wallet. It is a hybrid, web-based wallet that offers native support for Bitcoin and Omni tokens created by the Omni Layer team. In this Omni wallet review, we have carefully assessed the Omni wallet’s features and found out that it is not safest crypto wallet for you. Therefore, we would not recommend it. If you would like to know more about why we do not recommend Omni and how to find a safer option, keep on reading.

What is Omni Wallet?

To get started, let us find out, what is Omni wallet? Omni is a hybrid, web-based wallet that offers native support for Bitcoin and Omni tokens. The team behind it is known as Omni Layer. Previously known as Mastercoin, the Omni project started out in 2013 after the release of a white paper by its chief architect, JR Willet. Essentially, the project has created a protocol layer on top of the Bitcoin blockchain for a trustless asset or value exchanges. Mastercoin rebranded in 2016 to Omni. The Omni wallet can store as well as facilitate sending and receiving of Omni layer assets and Bitcoin.

Omni wallet compatibility

Omni wallet is compatible with the following operating systems:

• Linux
• OSX
• Windows

Note that as a web wallet it only functions online.

What wallet type is Omni?

• Web-based
• Open source
• Multi-currency

What cryptocurrencies does the Omni wallet support?

• Bitcoin
• Omni token
• Test Omni token

What fees does Omni wallet have?

Omni wallet fees include:

• Non-OmniProtocol Return Outputs – 2730 Satoshis
• Miner’s fees – vary according to network conditions

How to open your Omni Wallet account

Learning how to open Omni wallet is a simple procedure:

Step 1: Go to the official Omni Layer website and select “Get Started”

Step 2: Under “Omni Wallet” select “Sign up”

Step 3: On the top right side of the screen, click the orange “Create Wallet” button

Step 4: Create a password for your wallet and then enter your email address

Step 5: Check your email for account info

Keep the password and wallet ID safe as you will need both to access your wallet

Step 6: Log in to the wallet and go to My Wallet>Overview>Wallet Options>Backup

You will get a prompt to type your password and then click “Validate.” The backup will download and you can save your backup safely on USB or your PC. Congratulations, that is how to open a wallet on Omni.

How do I add cryptocurrencies to Omni Wallet?

Next, let us learn how to add currency to Omni wallet:

Step 1: Log in to your account and go to My Wallet>My Addresses to see your Omni wallet address

Step 2: Copy the address and paste it in the “Send to” box on another wallet or an exchange to add crypto to your Omni wallet.

That is how to transfer Bitcoin to Omni wallet from another wallet. Since it only supports Bitcoin and Omni tokens, we will not be looking at how to transfer Ethereum to Omni wallet or how to transfer Ripple to Omni wallet.

How to send payments on Omni wallet?

Here’s how to send payments on Omni wallet:

Step 1: Log in to your account and go to My Wallet>My Addresses and then on the right side, click the orange “Send” button

Step 2: Click “Choose Coin,” select the address in your wallet from which you want to send the payment, enter the amount and Send Address

The wallet will automatically calculate the optimal miner’s fees and after confirming, hit “Send.”

How do I receive payments on Omni wallet?

To receive payments on Omni:

Step 1: Log in to your account and go to My Wallet>My Addresses to find your wallet address

Step 2: Copy it and share it with your counterparty and then wait for the transaction to reflect.

Note that the wallet will only display a Bitcoin address. This is because all coins built on the Omni protocol layer are compatible with Bitcoin addresses.

How safe is Omni Wallet?

A number of Omni safety features work together to keep user funds safe on this wallet. Consider some of these:

Open Source Code

Omni wallet is created from the ground up using open source code. On the official website, the team actually encourages interested parties to report bugs and code up to fix issues. This transparent approach facilitates independent audits of the code. As such, it is possible to identify problem areas early.

Multifactor Authentication (MFA)

MFA is an approach used to add a second layer of protection to your wallet during login. Instead of simply using a password or PIN code, the wallet generates a code to further enhance security. It makes use of compatible platforms such as Google Authenticator. A user will have to scan a QR code that the wallet generates so as to import a secret that was pre-shared. This in turn generates tokens that one can use to log in.

Armory Offline Addresses

As a web wallet, Omni is vulnerable to online attacks. However, with an Armory Offline Address, you can create secure transactions and track funds offline. Whenever you transact offline, you can sign the transaction using an offline Armory client. You will only need to come online to broadcast the transaction.

Omni wallet has implemented outstanding measures to secure user funds. Being a web-based wallet makes it vulnerable to online attacks from malicious parties. But the option of transacting offline using Armory Offline Addresses adds a measure of security. However, all in all, it cannot be said to be the safest wallet out there because it is not regulated.

As mentioned at the onset, eToro is one of few crypto wallets that are compliant. It is regulated in several jurisdictions including:

• Cyprus – Cyprus Securities and Exchange Commission (CySEC)
• The UK – Financial Conduct Authority (FCA)
• The US – Financial Crimes Enforcement Network (FinCEN)
• Europe – Markets in Financial Instruments Directive (MiFID)
• Australia – Australia Securities and Investments Commission (ASIC)

Operating under multiple regulatory authorities means that eToro has had to adhere to stringent quality control measure. It also makes the platform liable in case of loss of user funds. As such, it is a much safer option than Omni.

Omni Wallet Pros and Cons

Omni Wallet vs. other wallets – how does it compare?

Omni wallet vs. eToro

• Customer Support

Omni definitely has some flaws when it comes to customer support. In fact, the staff members do not seem to be very responsive. eToro on the other hand, clearly has made some efforts to provide all the means necessary to satisfy customer demands, and that includes well-trained staff members and a good variety of ways for users to get in touch with them.

• Versatility

As opposed to Omni wallet, eToro is known for its versatility. Other than just being a crypto storage space, it can also be a trading platform and exchange, meaning that you can buy, sell and store cryptocurrencies through the same Bitcoin account, which makes things much simpler than they would be on Omni wallet.

Omni wallet vs. Xapo

• Security

Omni has implemented a number of worthwhile security measures but it has a disadvantage by virtue of being an online wallet. Xapo however excels in its use of deep cold storage facilities in offline vaults.

• Versatility

Unlike Omni which is purely web-based, Xapo is available as a mobile app as well as online. Another aspect of its versatility is that its users in Europe get access to a Visa card which facilitates convenient use.

Omni wallet vs. Gatehub

• Ease of Use

Omni is much easier to set up and use as it does not require a lengthy verification process during initialization. It also has a highly intuitive user interface. GateHub is also user-friendly but requires a long verification process for new users.

• Range of Supported Coins and Platforms

Omni is limited to online use and only supports one major coin. But Xapo is available on mobile platforms as well as online and also supports a reasonable number of coins. GateHub thus has a higher level of functionality.

Conclusion

Weighing the pros and cons of all the above crypto wallets as compared to Omni wallet leaves us with a clear winner, eToro. Not only is it the most versatile and functional of the wallets discussed. But it is also the only one that operates under the purview of multiple regulators. Therefore, in terms of user safety, eToro is far ahead of the competition.

Update – As of 2024, the only cryptocurrencies eToro users in the United States will be able to trade on the platform will be Bitcoin, Bitcoin Cash and Ethereum.

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