As a cryptocurrency enthusiast, I’ve been on the hunt for a reliable and secure wallet to store my digital assets. That’s when I stumbled upon Lumi Wallet, a multi-currency wallet. Intrigued, I decided to give it a try, and here’s my Lumi Wallet review.
In this review, I’ll be discussing the fees, security measures, and supported coins offered by Wallet. So, let’s dive in and explore what this wallet has to offer for crypto enthusiasts like us!
Lumi Wallet Overview: Open-Source Wallet
Lumi Wallet is a non-custodial, multi-cryptocurrency wallet that allows users to securely store, manage, and exchange their digital assets. It supports over 1,200 cryptocurrencies and ERC-20 tokens and also offers a built-in exchange feature for users to trade cryptocurrencies directly within the wallet.
Lumi Wallet is available as a mobile app for both Android and iOS devices, as well as a web-based version for desktop users. The wallet provides users with a simple and user-friendly interface, along with advanced security features such as biometric authentication, PIN code protection, and seed phrase backup.
The Wallet is also known for its support of various DeFi protocols, enabling users to interact with decentralized finance applications directly from within the wallet.
Pros and Cons
| Pros | Cons |
|---|---|
| Open-Source Wallet | Not all digital assets are supported |
| Support 1200+ cryptocurrencies | No NFT Storage |
| Buy Crypto Using Apple Pay | Limited customization |
| Non-custodial | |
| Privacy and high security |
Lumi Wallet Security Review
Lumi Wallet is a digital wallet designed to safeguard its users’ funds through a variety of security measures. Anonymity is one of Lumi Wallet’s primary objectives. The wallet assigns distinct addresses to each transaction, making it more difficult for someone to trace the user’s IP address or obtain any sensitive information.
To enhance security, users aren’t required to divulge personal information when they connect to Lumi Wallet. Additionally, Lumi Wallet employs private keys, which users can use to manage their funds and ensure that they are secure. Private keys are especially essential for mobile wallet users who seek to safeguard their funds.
However, the web-based version of the wallet is more susceptible to remote attacks than the mobile app. This vulnerability may expose users’ funds to theft, necessitating additional security measures to protect their money while using the web version.
Furthermore, Lumi Wallet incorporates other security measures, such as fingerprint identification, to ensure that users’ funds are safe.
Related: Best Open source Crypto wallets
Lumi Wallet Supported Coins
Lumi wallet is a versatile cryptocurrency platform that supports a wide range of digital assets, including Bitcoin, Ethereum, Dogecoin, Tether, and others. Similar to Exodus Wallet, Lumi wallet aims to expand its offerings and cater to a growing number of cryptocurrencies.
Initially, Lumi wallet was exclusively designed for Bitcoin when it first debuted in 2017. However, in 2018, the wallet incorporated ERC-20 versions of cryptocurrencies for iOS devices, and later that same year, it integrated other cryptocurrencies through Changelly. Furthermore, Lumi wallet is compatible with standard ERC-721 tokens.
Overall, Lumi wallet can accommodate the top 20 cryptocurrencies in the market, as well as over 1200 other digital assets that come in both ERC-20 and non-ERC-20 versions.
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Tether (USDT)
- Litecoin (LTC)
- Cardano (ADA)
- TRON (TRX)
- EOS (EOS)
- DASH (DASH)
- Zcash (ZEC)
Lumi Wallet Fees
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The fees applied to transactions on Lumi wallet are not uniform and depend on the type of cryptocurrency and the desired speed. These fees, known as network fees, determine the priority of processing for each transaction.
For standard transactions, a fee ranging from 50 to 300 sats is charged. It is possible to pay additional fees to expedite the processing of the transaction.
When using Lumi wallet for cryptocurrency exchanges, a commission of 1% is applied. It is recommended to check for other possible fees before finalizing the exchange.
Supported Payment Methods
Lumi wallet is a multi-cryptocurrency wallet that supports a range of payment methods, including buying cryptocurrency with Apple Pay or a credit card. This makes it easy for users to buy and store multiple cryptocurrencies in one place, without needing to use multiple wallets or exchanges.
The wallet supports a range of cryptocurrencies, including Bitcoin, Ethereum, and more. Users can start investing in cryptocurrency with as little as $50, making it accessible for users who want to get started with a small investment.
Customer Support and Ease of Use
Lumi wallet provides customer support through its website, social media channels, and email. Users can access the FAQ section on the website, which provides answers to common questions about the wallet. Additionally, users can contact the Lumi support team through email or social media channels, such as Twitter or Facebook, if they require further assistance.
In terms of ease of use, It is designed to be user-friendly and intuitive. The wallet has a simple interface that allows users to easily send and receive cryptocurrency, exchange currencies, and manage their portfolio
How to Set up Lumi Wallet
- Download Lumi wallet from the App Store or Google Play Store.
- Open the app and select “Create a new wallet.”
- Choose a secure PIN code and write down your seed phrase.
- Confirm your seed phrase and set up a password for added security.
- Add cryptocurrencies to your wallet by selecting “Receive” and sharing your wallet address.
- Send and receive cryptocurrencies by selecting the appropriate option and entering the necessary information.
- Keep your wallet secure by never sharing your seed phrase or password with anyone.
Alternatives
Here are two Lumi wallet alternatives:
- Trust Wallet: It is a mobile wallet that supports a wide range of cryptocurrencies and tokens. It offers a simple and intuitive interface, as well as features like staking, buying crypto with a credit card, and more.
- Exodus Wallet: It is a desktop and mobile wallet that supports over 300 cryptocurrencies. It has a user-friendly interface and features like portfolio tracking, exchange integration, and more.
Must Read: ZenGo Wallet Review
Summary
Lumi Wallet
Summary
Lumi Wallet is a non-custodial, multi-cryptocurrency wallet with a built-in exchange feature and support for over 1,200 cryptocurrencies and ERC-20 tokens. It’s available on mobile and desktop, offers advanced security features, and allows users to interact with DeFi protocols directly from the wallet.
FAQs
Is Lumi wallet Safe?
Lumi wallet is considered to be a safe and secure digital wallet. It is a non-custodial wallet, meaning that users have complete control over their private keys, and their funds are not held by the wallet provider. Lumi also uses advanced security measures, such as biometric authentication and PIN codes, to ensure that only the owner can access their wallet.
How much does Lumi wallet charge?
Lumi wallet does not charge any fees for creating or maintaining a wallet. However, there may be network fees associated with certain transactions, such as sending cryptocurrency to another wallet or exchanging currencies within the wallet. These fees are set by the blockchain network and not by Lumi.
Is Lumi trusted?
Lumi wallet has been in operation since 2017 and has built a reputation as a trusted and reliable wallet provider. The wallet is highly rated on app stores and has been positively reviewed by many cryptocurrency experts. Lumi has also partnered with reputable companies, such as Changelly and Simplex, to offer users a range of services within the wallet.
