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Omni Wallet Review 2020: Fees, Pros, Cons and Features

Created in 2013 and rebranded by Mastercoin in 2016, the Omni wallet is a hybrid, web-based wallet that offers native support for Bitcoin and Omni tokens.
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Author: Nica San Juan
Last Updated: 18 June 2020
Omni is not a wallet that we recommend unfortunately. Even though it has good feature there is one wallet that is better.

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.

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    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    Is the Omni Wallet Recommended?

    ❌ After a thorough analysis of Omni web wallet, its core features and functions, we would not recommend it. One aspect that is significantly missing from the wallet is regulatory compliance. Admittedly, a majority of crypto wallets are not compliant. But in this nascent safety, compliance is a major contributor to security. The eToro wallet is one of the few exceptions in this regard as it is regulated in a number of countries where it operates. We would therefore recommend it as one of the safest options out there (check out our full eToro review here.

    If you still have doubts as to what the best service for storing your cryptos is, you can compare the best Bitcoin wallets here>.

    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?

    Related image

    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

    Pros:

    •  Does not require software download or installation as it operates online
    • Open source design
    •  Supports user-generated currencies and Smart Property
    •  Private key Omni wallet stored on the server in encrypted form

    Cons:

    •  Stores user private keys
    •  Limited digital asset support
    •  Web-based wallets are inherently more vulnerable to malicious attacks
    •  Limited functionality
    • Security features are complex to use

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

    eToro Commits To Better Future Growth with Delta AcquisitionOmni 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 trading 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.

    Top-rated crypto platform for 2020

    OUR RATING

    eToro Commits To Better Future Growth with Delta Acquisition
    • 15+ coins supported
    • CySEC and FCA regulated
    • Buy, sell and trade crypto in 1 platform
    • Over 6 million users worldwide
    eToro Commits To Better Future Growth with Delta Acquisition
    75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

    FAQs

    Where can I download Omni Wallet?

    Omni wallet is not available for download as it is a web wallet. To access it, go to the official Omni Wallet website and log in to your account.

    My Omni wallet froze; what should I do?

    You could close your browser, log in afresh and if it is still frozen, restore it using a previously created backup.

    How do I restore my wallet using a backup?

    To restore a wallet to Omni using a backup, log in and go to My Addresses then click Wallet Options and select Import Wallet. You will then select the backup file and again click Import Wallet to restore it.

    How do I reset my Omni password?

    To reset your Omni wallet password, log in to your account, go to My Account on the far right corner and select Account Settings. Next to the Wallet Password tab, click where it says Click Here to Change Your Wallet Password.

    What if I lost my MFA device?

    When you add a compatible MFA device to your Omni wallet, you can also save or record the shared secret. If you ever lose the MFA device, you can use this secret to restore your MFA credentials on another compatible device.

    What is a Watch Only Address on Omni Wallet?

    A watch only address is one whose balances you can track but that does not have a private key associated. Consequently, you can only view balances but not create transactions.

    How can I backup my Omni wallet?

    To backup or export your wallet, log in to your account, go to Overview, click Wallet Optionsand then select Backup Wallet.

    Can I access my wallet using a different PC than the one I used to create it?

    Yes. Omni Wallet is a web wallet meaning that it stores your wallet information in encrypted form on its servers. Therefore, you can access it from any PC for as long as you know your WalletID and password.

    Remember, all trading carries risk. Past performance is no guarantee of future results.
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    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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