Lumi Wallet Review – Fees, Pros, Cons and Features

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.

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%

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?

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

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.

Lumi 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 Bitcoin 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.

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