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

Created in 2017, the Lumi wallet supports a wide range of cryptocurrencies including major coins, ERC-20 tokens as well as ERC-721 tokens.
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Author: Nica San Juan
Last Updated: 18 June 2020
Unfortunately, Lumi does not perform as well as other wallets. Keep on reading to find out what wallets we are referring to.

Lumi wallet is an easy-to-use crypto wallet that is just as suitable for newbies as it is for seasoned cryptocurrency users. In this Lumi wallet review, we will undertake an in-depth analysis of its key features and find out if it is the best wallet for you.

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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 Lumi Wallet Recommended?

    ❌Based on our comprehensive Lumi wallet review, we would recommend Lumi wallet. It is suitable for both new and advanced users, offers support for a reasonable range of crypto assets and has great security features. Furthermore, it is continually expanding the range of supported digital assets and improving on its features. Additionally, it has a ton of other features and integrations that offer a seamless user experience.

    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 Lumi Wallet?

    Lumi wallet has been in the market since 2017 and is a product of Lumi Technologies Ltd. At the time of launch, it only had support for Bitcoin and was compatible with iOS. Later, the app was updated to include support for Ethereum and Android devices.

    In April 2018, Lumi added Changelly to its platform, facilitating in-app crypto exchanges.

    At present, it offers support for a wider range of cryptocurrencies including major coins and ERC-20 as well as ERC-721 tokens.

    ERC-721 tokens, such as Cryptokitties, are also based on Ethereum but are non-fungible, meaning that each individual token can have a different value. ERC-721 tokens are collectibles that Lumi wallet supports under its Lumi Collect feature. Lumi Collect is the first-of-its-kind app on mobile, allowing users to display and transact in all their crypto collectibles on a single platform. For some of these tokens, users can play games within the app while for others they can perform actions such as selling, gifting or even breeding.

    Lumi wallet compatibility

    Currently, Lumi wallet is compatible with:

    • iOS
    • Android
    • Users can also install a web version of the wallet

    What wallet type is Lumi?

    • Mobile/web wallet
    • Client-side
    • Hierarchical Deterministic (HD)
    • Open source

    What cryptocurrencies does the Lumi wallet support?

    • Bitcoin
    • Ethereum
    • Bitcoin Cash
    • EOS
    • ERC-20 standard tokens
    • ERC-721 standard tokens

    What fees does the Lumi wallet have?

    Lumi wallet fees: Exchange services – 1%

    Other Fees Based on Transaction Time Transaction Time Fees
    Standard 2-24 hours 40-250 satoshis per byte
    Fast 1 hour Over 250 satoshis
    Cheap Up to 1 week 20 satoshis per byte
    Custom Varies User enters own fee amount

    How to open your Lumi Wallet account

    Now that we have the basics on Lumi wallet figured out, it is time to find out how to open Lumi wallet. Here’s how:

    Step 1: Download the Lumi app from Google Playstore or Apple AppStore. For illustration purposes, we will use the iOS version of the app.

    Step 2: Once the download is complete, install the app and then create a wallet.

    For this step, you can either create a new wallet or import an existing one. Only wallets with BIP44 compatibility can work with Lumi.

    To import a wallet, you can upload the wallet file and enter your password, enter the wallet’s mnemonic phrase or enter the private key. Any time you want to open the wallet in the future, you will have to go through the same process.

    Step 3: Create a PIN code to secure your account. Alternatively, you can set a fingerprint or face ID.

    Step 4: Write down your 12-word mnemonic phrase and backup your wallet.

    To do this, go to your side bar and select “Backup wallet.” Note that if you lose this mnemonic phrase, you cannot recover your wallet. So pay attention and write down the words in the order in which they appear.

    That is how to open a wallet on Lumi, simple and straightforward. Now that the wallet is ready to use, you can go ahead and customize settings before you start to transact.

    Step 5: Customize Settings

    On the home page, there are three tabs, Overview, Wallets and Activity.

    Go to “Wallets” to check the available wallets and add the ones that are missing.

    To do this, simply tap “+” and then select any of the tokens on the list. If you want to view the activity in any wallet, tap the name of the wallet and details will appear.

    Under the Activity tab, you can view your transactional activity.

    To change the currency for a transaction, tap on the balance. When you do this, you can view it in USD or the crypto in which the transaction was made.

    How do I add cryptocurrencies to Lumi Wallet?

    Your wallet is now fully functional and you have a clue on how to navigate around it. Let’s proceed to the next step which is how to add currency to Lumi wallet:

    Step 1: Launch your app and go to the “Wallets” section

    Step 2: Tap on the “Add More Wallets” icon

    Step 3: Search for the token you want to add using its name or contact address

    How to send payments on Lumi wallet?

    Here is how to send payments on Lumi wallet:

    Step 1: Launch your app

    Step 2: On the bottom right side corner of the screen, tap “Send”

    Step 3: Choose the coin or token that you want to send

    Step 4: Enter the recipient’s wallet address. You could also scan their QR code by tapping on the QR code

    Step 5: Enter the amount you want to send in USD or Bitcoin. At this point, you can choose the fee, but it is highly recommended that you use the “Regular” option

    Step 6: Check the details of the transaction several times and then tap “Confirm.” Note that crypto transactions cannot be reversed or cancelled. So make sure it is accurate before tapping “Confirm.”

    How do I receive payments on Lumi wallet?

    Here is how to receive payments on Lumi wallet:

    Step 1: In order to receive crypto from another address, you need to provide your wallet’s public address.

    To do this, launch the app and tap “Receive” on the bottom left side of the screen. If your sender has a QR scanner, there is also a QR code at the bottom of the screen which you can show them. If not, you can copy tap the address to copy it or tap “Share” to send it using another app such as Whatsapp or mail.

    Step 2: If your sender is using a QR scanner, you can specify the exact amount that you want to receive by tapping “Add Amount.”

    How safe is Lumi Wallet?

    Related image

    Safety is a top concern for cryptocurrency users. With this in mind, there are a number of Lumi wallet safety features that works together to keep your funds secure. Let us go through them:

    Touch ID

    Lumi Wallet has a touch ID provision that lets you access your wallet by scanning your fingerprint. On the one hand, this feature provides quick access, as it is much simpler to use than entering a PIN code. At the same time, it eliminates the inconvenience of having to memorize the PIN code and the risks that come with forgetting it. Fingerprints are unique to individual users and therefore offer matchless protection.

    Face ID

    Users also have the opportunity to choose face ID instead of touch ID. This option is just as convenient, fast and easy to use as the latter, if not easier. It is also an extra layer of protection for digital assets in your wallet. What makes this feature advantageous is the fact that it’s even harder to trick than fingerprint ID and also has a lower error rate than the latter.

    Mnemonic Phrase

    When setting up your Lumi wallet, a 12-word phrase will automatically be generated. The phrase consists of a seemingly random string of words. In case your device gets damaged or lost, you can use this phrase to recreate the wallet from scratch. It also allows you to recover the wallet in case you forget the PIN code.

    Client-Side Private Keys

    Lumi does not store any users’ private keys. Rather, the wallet is client-side, which means that all information is held by the user. This is an important security feature as it means that even if Lumi’s servers were to be compromised, malicious attackers cannot access your wallet. It also means that the security of your wallet is fully in your hands and not in the custody of a third party.

    Open source

    In efforts to cater to its most scrupulous users, Lumi made its wallet code open source. What makes this a major highlight is the fact that it allows interested third parties to audit the code. In situations where there is a bug in the code, having members of the public carry out such audits is highly advantageous. It increases the chances of discovering the bugs and addressing them before any harm is done.

    Hierarchical Deterministic Algorithm

    Lumi is a HD wallet meaning that is supports the generation and storage of an infinite number of addresses and wallets. Having the ability to use different public addresses for every transaction protects your wallet. It makes it difficult for a malicious entity to track your financial activities. This is because the transactions you carry out cannot be tracked to a single address and tied to your account.

    Anonymity

    Opening a wallet on Lumi does not require any personal information. Users can optionally create a Lumi account using their email address. But for privacy-centric users, it is not a requirement. Having the option to transact anonymously is an essential security feature for high-profile users.

    Lumi Wallet Pros and Cons

    Pros:

    • Supports major coins and ERC-20 tokens
    • Uses open source code
    • Has multiple layers of security including face and touch ID, PIN code, HD algorithms and 12-word mnemonic phrase
    • First-of-a-kind wallet supporting collectible tokens (ERC-721) and in-app gaming
    • Simple and intuitive design
    • Easy installation process
    • Users can set transactions fees
    • Integration with Changelly for exchange services

    Cons:

    • Supports a limited number of coins

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

    Let us now compare the features and performance of Lumi wallet against other popular wallets in the market to see whether or not it measures up.

    eToro Commits To Better Future Growth with Delta AcquisitionLumi wallet wallet vs. eToro

    • Security

    In terms of security, the point definitely goes to eToro. Lumi in fact, is an unregulated wallet, which automatically makes it less trustworthy and most likely less secure than eToro. That is because regulated platforms have to follow strict regulations, and those include security regulations. eToro is one of the safest platforms out there.

    • Coins supported

    Lumi wallet clearly offers a more limited selection of cryptocurrencies compared to eToro. In fact, eToro offers five different cryptocurrencies, all of which are extremely popular in the world of crypto trading.

    Lumi wallet vs. Cryptonator

    Cryptonator has been around a while longer than Lumi wallet, but how do the two compare in terms of performance? Here are some features common to both wallets and an analysis of how each performs:

    • Security

    Just like Lumi, Cryptonator gives users full control of their private keys. But unlike Lumi, it offers 2FA, further enhancing its security. What gives Lumi an edge over Cryptonator, however, is the sheer number of security features which include face recognition, fingerprint and PIN code.

    • Versatility

    With regards to versatility, both wallets have their strong and weak points. Lumi wallet supports a much wider range of cryptocurrencies in spite of being the younger of the two. But Cryptonator has an advantage in the sense that it operates on more platforms other than Android and iOS.

    Lumi wallet vs. Infinito

    Infinito wallet, just like Lumi, functions on mobile platforms. Let us see what other similarities and differences the two have and how they compare in terms of functionality:

    • Ease of Use

    Lumi offers a much simpler setup process and friendlier interface than Infinito. It is designed to be convenient enough for both novices and experts. Though Infinito is not necessarily complex, its user interface is not as intuitive and its setup process is a little lengthier than Lumi’s.

    • Currency Support

    Infinito has one of the widest ranges of cryptocurrency support in the industry. It supports almost every coin in the market at present. Though Lumi wallet does not have as vast a range, it offers a reasonable array of coins including gaming collectibles (ERC-721 tokens).

    Conclusion

    Overall, it is evident that Lumi is a solid wallet choice with a wide range of features and high versatility. Its design focuses on streamlining the user experience, securing user funds and offering support services for different types of users. Lumi has embraced technology in facilitating both face recognition and touch ID as security options for its users. The fact that it allows users to store and transact in ERC-721 tokens sets it apart from all others.

    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 Lumi wallet?

    Lumi wallet is available for download on Google Play for Android devices and on Apple AppStore for iOS devices. You can also opt to use the regular or client-side Lumi web wallet.

    What does client-side Lumi wallet mean?

    This means that the client or user of the Lumi wallet is in full control of their wallet at all times. Users hold their private keys Lumi wallet and the service provider does not have access to them at any time. Lumi does not store the private keys or any personal information of its users in their servers. As such, your security is fully in your hands and not in a third party.

    How do I reset my Lumi wallet password?

    When you first launch the Lumi application, you will get a prompt to set a PIN code. This feature protects your wallet from unauthorized access. To change it at any time, navigate to the side bar and tap Change PIN. You will be required to enter the old one once and then the new one twice. If you have lost the PIN, you would need to recover the wallet with your 12-word mnemonic phrase and create a new one.

    Can I get access to my wallet if I lose my device and cannot find the backup mnemonic phrase?

    No. If you have lost both your device and your copy of the backup phrase, you cannot restore your wallet. Both your funds and private key are tied to the wallet’s backup phrase and you can only restore the wallet using this 12-word phrase. That is why during the initialization phase, you are urged to back up the mnemonic phrase and keep it in a secure place. You might, however, have a chance of accessing the wallet in the unlikely event that you imported it to another device.

    I cannot remember my PIN. What should I do?

    If you have forgotten your PIN but know the 12-word mnemonic phrase or have a copy of it somewhere, there is no need to worry. Simply delete the Lumi wallet app on your device and then download it afresh. In the new app, you have the option of importing the phrase so as to restore the app and then setting a new PIN. However, if you do not have the mnemonic phrase, you can no longer access the wallet.

    Can I view my private keys?

    No. Lumi wallet does not show private keys in the app. But it lets you save a 12-word seed which you can use to recover the wallet in case of device failure or loss.

    What is Lumi Lite?

    Lumi Lite refers to a previous version of our wallet. It was not Hierarchical Deterministic (HD) and had a different wallet structure from Lumi. For the latter reason, Lumi could not release Lumi wallet as an update of Lumi Lite. The company thus launched Lumi wallet as a separate app. It recommends that Lumi Lite users switch to the current version due to security reasons. Being a HD wallet, Lumi generates a new address for every transaction making it hard for a malicious actor to track your activities and securing your financial business. However, you cannot import your Lumi Lite wallet to Lumi because the former does not support BIP32 and BIP44. Rather, you can download Lumi and transfer your funds to the new HD wallet.

    My Lumi wallet froze; what should I do?

    The most straightforward solution to a frozen wallet is to reinstall the app and restore your wallet. Note that you will need your mnemonic phrase in order to recover your wallet. If you have it, delete the app from your phone and download it afresh from Google Play Store or Apple AppStore. Install the newly downloaded app and then enter your 12-word mnemonic phrase so as to restore the wallet.

    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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