Lumi is a crypto wallet and also swap which asserts to become “the smoothest crypto wallet. ” Read our review on Lumi and also figure out just how to make use of the program now.

Features

  • Crypto wallet program readily available for iOS, Android, or Being an internet wallet
  • Easy PIN code or 12-word mnemonic word wallet accessibility
  • Suitable for novice or advanced consumers

Deposit Methods

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • EOS
  • ERC20 tokens
  • ERC721 tokens

Pros

  • Handles countless distinct trademarks
  • Easy to work with on almost any cellular device
  • Hierarchical deterministic (HD) assistance

Cons

  • High school prices when purchasing crypto (1 percent )
  • No multi-signature assistance
  • Not open-source
  • Concerns over personal keys being delivered to distant servers

Introduction

Lumi Wallet is a easy-to-use crypto wallet acceptable for beginner and advanced users alike. The pocket, such as the majority of crypto pockets, places users in charge in these private keys, so that you have complete possession of one’s keys along with cryptocurrencies.

Beyond this, Lumi Wallet includes most the characteristics that you would like to find within an well-designed crypto pocket, such as backup functionality (using a 12-word mnemonic phrase), HD service, easy crypto finance direction, and much more. In addition, we love that Lumi currently supports more than simply BTC: the pocket additionally supports ETH, BCH, EOS, ERC20 tokens, along with ERC721 tokens. This means that you might store over 1200 distinct coins on your Lumi Wallet, for example Tether (USDT).

Lumi Wallet works most useful on mobile apparatus. It’s a free download from the iOS or even Android app shop. But, you could even join on desktop apparatus or some other internet-connected apparatus at LumiWallet.com, at which instance you’ll obtain your web wallet.

Another amazing feature with Lumi is you can purchase crypto utilizing charge cards similar to Coinbase. You’ll cover a commission, however, it’s surprisingly straightforward. You simply select your number, proceed through an easy KYC procedure, put in your credit card info, then obtain your crypto.

If you can’t ever purchase cryptocurrency through Lumi, afterward you certainly no requirement to offer any private info to a Lumi Wallet. You’re able to use the program or web wallet at a totally anonymous method. This feature is by design and it works in the same way to many different crypto pockets.

Finally, Lumi Wallet includes an incorporated DApp browser. In the place of needing tens of thousands of specific DApps in your own mobile and numerous tabs on your browser, then you can get all out of the DApp browser over Lumi, providing you with instant access to tens of thousands of principal programs.

Lumi Wallet generally seems like quite a fantastic crypto pocket at before all else. But, there are a few concerns with the pocket. The largest dilemma is the pocket has been captured sending users’ private keys to a remote server (over the web app). After this issue was revealed, some people claimed Lumi was a scam designed to steal users’ private keys once enough users had downloaded the program. Making matters worse is that Lumi didn’t deny the claim.

Unlike most popular crypto wallets available today, Lumi is not an open-source. The developers have not disclosed the wallet’s code online, which is especially worrying given the private key issue we disclosed above. Lumi’s developers originally claimed they would release the code in summer 2019, but that code has not been released as of October 2019.

Key Features

Key features of Lumi include:

Buy and Sell Cryptocurrencies: Lumi lets you purchase and sell cryptocurrency from directly within the app using conventional payment methods like credit cards (VISA and MasterCard). You can purchase and sell BTC, ETH, EOS, and all ERC20 tokens (via Changelly).

Integrated DApp Browser: Lumi Wallet has an integrated in-app DApp browser that works with all decentralized apps.

Quotes and Charts: The app features quotes and amount charts for all coins and tokens.

Anonymous: There’s no need to provide any personal information to use Lumi Wallet. It’s totally anonymous. If you want to purchase cryptocurrency from within the app, however, then you’ll need to complete KYC Verification.

Complete Private Key Control: Lumi Wallet puts you in complete control of your private keys, and those keys are never sent anywhere or stored outside of your device. In other words, you’re in complete control of your private keys.

Free: Lumi Wallet, like most crypto wallets, is completely free to use.

Not Open Source: Lumi Wallet is not open source, which means wallet code has not been disclosed to the public for review. This is worrying given Lumi’s private key disclosure issue.

Exchange Any Crypto Assets Instantly Within the App: If you have cryptocurrencies in your wallet and want to exchange them, then you can do so within Lumi Wallet via Changelly. Exchange any crypto stock with just a few clicks.

Available for Android, iOS or Web: Lumi comes in the form of an iOS or Android app, which is the most popular way to use Lumi. However, there’s also a web app you can use from any browser or internet-connected device.

Lumi Collect App: Lumi has recently launched a second app called Lumi Collect, which is only available for iOS devices. It stores collectible ERC721 tokens – similar to Metamask, but for mobile devices. Lumi Collect can also sign any DApp deal from the in-app browser.

Lumi Currencies and Pairs

Lumi Wallet originally only supported BTC. Recent updates, however, have added support for ETH, EOS, BCH, ERC20 tokens, and ERC721 tokens. You can store all supported tokens within the Lumi Wallet app. You can also exchange these tokens for one another via Changelly.

Lumi Supported Deposit and Withdrawal Methods

You can purchase cryptocurrency within the Lumi Wallet app using Visa or MasterCard. Or, like any wallet, you can send or receive any of the supported cryptocurrencies within the app. If you already have bitcoin or any ERC20 token, for example, then you can send these tokens to the wallet app and access them at any time. Overall, Lumi supports 1200 deposit and withdrawal methods.

Lumi Registration and Login Process

Registering for Lumi Wallet is as easy as downloading the app for iOS or Android. You don’t should input any personal info to make use of the wallet. If you would like to purchase cryptocurrency from within the pocket, nevertheless, then you definitely will have to fill out the KYC procedure. Additional sign up guidelines are available in the base of the webpage.

Lumi Trading

Lumi lets you trade 1200 monies within the program using Changelly. You might even purchase and sell crypto with VISA or MasterCard.

Lumi Fees

When sending money to from Lumi Wallet, you’re able to customize the mining paid upon the desirable rate of your deal. You’re able to cover a greater commission to possess your deal processed immediately, such as. Lumi Wallet fees the Typical mining charges:

  • Lumi Wallet Exchange Fee: 1 percent
  • Standard Miner Fee: 40 to 250 satoshis each byte (two to 24 hours)
  • Fast Miner Fee: Over 250 satoshis (1) hour)
  • Cheap Miner Fee: 20 satoshis each byte (around a Week )
  • Custom Miner Fee: Enter your fee level (Varies)

The sole noteworthy cost charged by Lumi (irrespective of the typical network mining prices ) could be that the 1% exchange rate.

Lumi Security Issues and Downtime

Lumi Wallet has no significant hacks or security breaches after all launching – slightly no breaches which have now been publicly detected or revealed. But, there are a few concerns on how Lumi handles private keys (that we’ll discuss down from ).

Lumi Ease of Use

Lumi is quite simple to use, and lots of them agree that it certainly one of the least difficult crypto wallet programs to utilize on desktop or mobile apparatus. In the event you’ve used other crypto pocket programs, then your Lumi Wallet experience will seem to be very comfortable. Even in the event that you’re new to crypto however possess basic computer knowledge, then you should not have any trouble determining just how Lumi works.

Lumi Trust and Privacy

In 2018, Lumi Wallet users needed a small scare as it was disclosed that the program was sending mnemonic phrases (your own 12-word retrieval phrase) for its own servers. A security researcher clarified the difficulty here. The matter was so serious that the security research reasoned, “This is either stratospherically irresponsible or Lumi is a scam wallet aiming to steal everyone’s funds at some point in the future. ” Lumi fundamentally didn’t deny the claims but insisted the wallet was secure. It’s also important to note that this issue only seems to impact the web wallet version of Lumi – not the Android or iOS apps.

Lumi Customer Service

Lumi discloses their email address, making it easy to contact the company (at [email protected]). Aside from this email, however, Lumi does not appear to have significant customer service options. Remember: Lumi is a free wallet app and not an exchange, so this is not necessarily unusual.

Lumi User Guide: How to Setup and Use Lumi

1. Sign Up

You can sign up for Lumi by visiting LumiWallet.com.

create-lumi-wallet

Or, visit the Android store, where Lumi Wallet is available as a free download. Just click ‘Install’.

download-lumi-wallet

There’s also the Lumi Wallet iOS app, which is also available as a free download.

lumi-wallet-app

2. Create or Import Wallet

how-to-use-lumi-wallet

New Lumi Wallet users will want to select the Create Wallet option.

open-lumi-wallet

However, if you have previously created a crypto wallet and want to restore the wallet in Lumi using your 12-word recovery phrase, then you can do so under the Import Wallet option. You can import a wallet in three different ways: by entering your mnemonic phrase, uploading your wallet file and entering your password, or entering your private key.

lumi-wallet-setup

3. Two Factor Authentication

Lumi offers two-factor authentication (2FA) options on both its web wallet and mobile wallet apps. You can set up fingerprint 2FA, for example, or email or SMS-based 2FA.

4. Payment Method

At this point, you have set up your Lumi Wallet app, and you’re ready to deposit crypto funds into the app. If you already have crypto, then you can send it to the wallet and store your money.

lumi-wallet-buy-crypto

If you don’t have crypto, but then you’re able to buy it directly from the Lumi Wallet program, at which event you’ll cover a 1 percent commission. You may pay with VISA or MasterCard.

5. Trading Cryptocurrency

You can trade cryptocurrency over the Lumi Wallet program. Lumi has incorporated Changelly, therefore that you may certainly trade 1200 components without even departing the program.

lumi-trading-cryptocurrency

6. Withdrawal

To draw tokens from the Lumi Wallet program, you’re able to either promote the components employing available payment techniques within the program. You can move the components to a distinct crypto wallet.

With Lumi Wallet, you’re in full control of your own keys, so you simply don ‘t have to withdraw your cryptocurrency to another location to “allow it to yours”.

Final Word

Lumi seems like a good, user-friendly crypto wallet app. There are some notable issues, however, including a lack of multi-signature support and continuous refusal to disclose Lumi’s source code.

The lack of source code is particularly concerning after Lumi was caught sending private keys to remote servers. When confronted on Twitter, Lumi didn’t deny that these were doing this.

Overall, Lumi enables you to save 1200 cryptocurrencies at a userfriendly way. Security-focused individuals, though, will require to select an even more recognized crypto wallet program.