Komodo Wallet

General Information

Komodo Wallet is a non-custodial wallet that also serves as a decentralized cryptocurrency trading portal. The application, Komodo Wallet is powered by the Komodo DeFi Framework and claims to offer the widest cross-protocol trading support. A user can place multiple swap trades simultaneously through a single device.

Trades placed on this application are routed through a decentralized P2P order book and operates on the direct wallet-to-wallet functionality of atomic swaps.

(Image date: 14 October 2021)

Upcoming Features - Roadmap

The Komodo Wallet application is still in the early growth phase and is set to launch new features. It is developing new functionalities which will allow users to buy cryptos directly from the wallet using debit or credit cards.

The roadmap includes a native web version of Komodo hardware wallet support, HD wallet support, Lightning Network Integration, and more.

An affiliate program is also under development.

Komodo Wallet Supported Coins

Since this application is built on the open-sourced framework of Komodo API, it is compatible with almost 99% of the cryptocurrencies. Some of the listed coins and tokens include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Qtum, Komodo, and Ravencoin. The most popular ERC-20 tokens and BEP-20 tokens are also supported by the Komodo DeFi Framework.

Although the application is compatible with wrapped tokens, its native wallet supports cross-chain swaps and eliminates the need to trade through wrapped tokens.

This application also allows the addition of new custom assets built on Qtum protocol (QRC-20), Ethereum protocol (ERC-20) or the Binance Token standard (BEP-20). 

Komodo Wallet Trading Fees

Trading fees are naturally very important and the one thing we can’t stress enough is that you must always ascertain the trading fees of any platform you are interested in. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers make the liquidity in a market and takers remove this liquidity by matching makers’ orders with their own.

The global industry average taker fee has for a long time been 0.25% of the value of the order. Today, we see a shift towards even lower industry averages. Many new exchanges now charge 0.15% or 0.10% instead.

As far as Komodo Wallet is concerned, no trading fees are charged for market makers. However, it levies a 0.13% fee for takers. For takers who use Komodo (KMD), the trading fee is only 0.117% (a 10% discount compared to other orders). 

Decentralized trading platforms do not charge any withdrawal fees, however, all of them charge the so-called network fees, which are the fees paid to the validators of the relevant blockchain. As with any decentralized exchange, Komodo Wallet users pay blockchain network fees when trading.

Supported Platforms

The Komodo Wallet application is free to download and is supported across multiple platforms like Android, iOS, Windows, macOS, Linux as well as Command Line Interface (or CLI).  You can download this app from Google PlayStore (Android version). App Store (iOS version) and GitHub (Desktop version).

Komodo Wallet Ease of Use

The ease of use is one of the important parameters when choosing any cryptocurrency-related services. What is comfortable for a newbie crypto investor may or may not appeal to a veteran in the crypto world. On the other hand, a complex tool with charts and analytical functions designed for experts may not find acceptance among new entrants.

We believe that the Komodo Wallet app is fairly easy to use. Users can navigate across different modules seamlessly. Based on the information we received, the application could soon witness new feature releases which would make it much easier for anyone to use.

Komodo Wallet Anonymity

Komodo Wallet users can transact with complete anonymity. Currently, this application has no KYC-requirements for using the wallet.

Komodo Wallet Security

Security of assets is paramount when choosing a cryptocurrency wallet. A key factor that plays a significant role in wallet security is the degree of control a user has over their private keys. An application that gives complete control to users over their private keys is considered highly secure. Alternatively, you will come across applications on which keys are stored by a third party. Some of these apps restrict unauthorized access using encrypted passwords, which we consider moderately secure.

Komodo Wallet scores highly in the Security aspect. It gives users total control over their private keys. For wallet recovery, it is the responsibility of the user to securely store the 24-word seed phrase on desktop or 12-word seed phrase on mobile.