Lumi Wallet Review
Experienced cryptocurrency traders are always searching for wallets with advanced features. The Lumi wallet is a multicurrency wallet designed to meet the needs of both newbie and experienced crypto owners. It offers wide-range support for crypto coins. Also, you can easily navigate through the wallet features. Here is a detailed review of Lumi wallet and what it offers to its users.
This wallet is a product of Lumi Technologies. When the Lumi HD wallet was launched in 2017, it was available to only iOS users. It also supported BTC as the only digital asset at its initial launch. However, in 2018, Lumi added ERC-20 tokens for iOS and launched a web interface. That same year, Lumi integrated Changelly to its wallet and increased its coin offerings.
As a mobile and web wallet, Lumi will be open-source, and anyone will be able to contribute to its codes. In addition, it is a Hierarchical Deterministic wallet. HD wallets enable wallet users to create unique addresses for each transaction. This will result in the privacy of transactions. Also, Lumi is client-side implying users can control their private keys.
Lumi Technologies is located in Kowloon City, Hong Kong. The company is focused on generating crypto solutions. Lumi also offers other solutions. For instance, Lumi Technologies, the mother company of the wallet provides a White Label Program for startups. Also, there is Lumi collect, a wallet for crypto collectibles available for both Android and iOS. Lumi Collect also enables the storage and management of ERC-721 tokens.
The wallet now supports ERC-20 (and Lumi Collect, also ERC-721 tokens). Generally, Lumi-supported coins include:
- Bitcoin Cash
- ERC-20 standard tokens
- ERC-721 standard tokens
To find out where you can obtain these tokens, visit our Exchange List. Use the filters to find the right exchange for you.
Lumi Wallet Fees
For each transaction, you are required to pay network fees. You should note that the higher the fees, the faster the transaction. You could pay about 40-250 sats for a standard transaction. Lumi charges 1% for exchange services.
Lumi Wallet Price
The wallet is free to use. You can gain access to the wallet from its web interface, iOS, and Android version without paying a dime. Just download and use.
Lumi Wallet Ease of Use
Crypto owners are mostly unwilling to compromise on their wallet’s ease of use. Lumi wallet is easy to use for beginner, intermediate, and expert crypto users. Setting up a Lumi crypto wallet can be done in a few easy steps.
- Download the Lumi Wallet app from Google Playstore or Apple AppStore.
- Install the app and then create a wallet. You can either import an existing wallet or create a new one.
- When importing an existing wallet, enter your password, mnemonic phrase, or private key. You’d have to go through this process anytime you want to gain access to the wallet.
- If you are setting up a new wallet, create a PIN code to secure your wallet. The fingerprint and Face ID features also enhance the wallet’s security.
- Backup your wallet and write down the 12-word mnemonic phrase.
- Finally, your wallet is ready for use.
Lumi is highly user-friendly with several cool features. It also integrates an ETH dapp browser for instant access to other dapps. The wallet app also features real-time quotes and historical price charts for every coin.
This wallet offers a high level of anonymity. For instance, the HD wallet will create a unique address for each transaction, enabling anonymity.
Users are not required to provide their personal data before accessing the wallet. Equally, no form of identification is needed to exchange your coins on the wallet app. If you need to increase your anonymity on the web interface, you can turn on your VPN.
Wallet users usually have features they look out for in a crypto wallet. Safety is usually top on the list of features. This wallet has certain safety features in place that work to keep your funds secure. The wallet is equipped with fingerprint security. It eliminates the inconvenience of having to memorize pin codes. In addition to fingerprints, the wallet is equipped with Face ID and mnemonic phase. Also, the wallet’s private key is client-side. So, users are in charge of their information and not a third-party.
Where to buy Lumi Wallet?
The wallet is available for Android, iOS, and web interface. Visit https://lumiwallet.com/ to download the app. You can also visit the respective mobile app stores to download for free.