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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:
Note that as a web wallet it only functions online.
What wallet type is Omni?
- Open source
What cryptocurrencies does the Omni wallet support?
- 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, Coinbase 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 Coinbase 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 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.
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.
- 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.
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.
You could close your browser, log in afresh and if it is still frozen, restore it using a previously created 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.
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.”
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.
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.
To backup or export your wallet, log in to your account, go to “Overview”, click “Wallet Options” and then select “Backup Wallet.”
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.