Lumi Wallet Review: Is It Secure for Your Coins?

Lumi Wallet is a crypto wallet developed for both beginners and experienced users. The company claims that it provides an effective combination of high security and anonymity for its users. As per the vendor info, this is a non-custodial wallet that supports more than 1200 coins. The software boasts more than 1million installations, 100k active users, and is used in more than 50 countries.

What is Lumi Wallet?

As per the vendor, this is an open-source wallet that has libraries for Android and web versions that users can access easily. The main objective of the wallet is to provide a functional crypto product that provides a hassle-free solution for users with its versatile and fulfilling features. So, let’s get started with our review of this wallet.

Lumi Wallet summary

How does Lumi Wallet work?

To use this software, you need to complete only three simple steps:

• Download the software which is available for the web and Android users.
• Create a fresh wallet or import your existing wallet using the BIP44 abbreviation path. Use a PIN code or Face/Touch ID for safeguarding your data
• Create a wallet backup by choosing the backup wallet feature in the sidebar menu. Use a mnemonic phrase of 12 words for the mnemonic phrase.

Features of Lumi Wallet

Some of the main characteristics that the vendor focuses on for this crypto software are:

• It can send and receive crypto coins including EOS, DOGE, BCH, BTC, ETH, and ERC20 tokens.
• You can buy crypto tokens including BTC, ETH, DOGE, and BCH using the software.
• Use the 12-word backup phrase for wallet recovery.
• The value of your tokens and coins is displayed in crypto and USD.
• You can see the info on all the incoming and outgoing transactions.
• Find out the market price graphs of all the tokens supported by the software.
• Use the Face/Touch ID or PIN for protecting your funds.

What kind of a wallet is Lumi Wallet?

Lumi is a software (hot wallet) so you need an internet connection to use it. It is a hierarchical deterministic (HD) wallet. It generates a unique address each time you make a transaction. The process ensures your transaction is difficult to track. You need not backup the addresses as the 12-word mnemonic phrase is sufficient to restore the address.

How to send cryptocurrencies using Lumi Wallet?

To send coins or tokens here are the steps you need to follow:

1. Tap the Send button on the wallet
2. Use the QR code scanner or paste the sending address
3. Specify the amount you want to send in Crypto or USD
4. Transaction fee is automatically calculated. You can also customize it
5. Once you have completed the above steps, tap on the “Next” button
6. Verify the data and click on confirm to send the money. 

You will receive confirmation of the transaction with details like the address, sum, fee, hash, and a tracking link.

What currencies does Lumi Wallet accept?

USD, AUD, CHF, EUR, GBP, CAD, and many other currencies are supported by Lumi.

Is Lumi Wallet safe?

Lumi uses security measures like Touch/FaceID, mnemonic phrase, and is an HD type of wallet. The software also uses client-side private keys so all information is stored by the user only. You do not need to enter personal information for opening the wallet which offers anonymity.

Does Lumi Wallet charge fees?

Network fees are charged for each transaction. For a quicker transaction, you need to pay higher fees. For standard transactions, the charges range from 40 Satoshis to 250 Satoshis. When compared to the market average, the charges are not expensive.

Customer support & reviews

We found 16 reviews for this wallet on the Trustpilot site with a rating of 3.4/5.

  Here are some of the reviews from users:

From the above feedback, we can see the wallet is not secure. Both reviews complain about losing money with the service. 

Lumi Wallet vs competitors

When compared to competitors like eToro and Cryptonator, this wallet has some benefits and drawbacks. While it has many security features, the options do not include 2FA which adds a stronger security layer.