If you use cryptocurrencies, you need a place to hold them. There are a lot of options to do just that, but which one should you choose?
It is important to have the option of replenishing your assets by buying crypto with a credit card or through exchanges. The assets should be secure and transferable.
The only correct answer is this: the one that serves your needs. For me, the most important things in a cryptocurrency wallet are the support of all currencies I need, security, and ease of use.
But there are a lot of different types of wallets: hardware, mobile, desktop, even paper ones. And every exchange almost feels obliged to release a wallet of its own. So first, you have to choose the type.
I tried out different types, and all of them have their pros and cons. A paper wallet is easy to lose and it’s hard to access your funds. A hardware wallet is expensive, and you might nott like going back to the 2000s, needing a separate device for each particular task. You can’t put a desktop wallet in your pocket.
Solutions from exchanges and banks involve a middleman, therefore do not evoke a lot of trust.
Out of all the variety, the proper solution seems to be a mobile wallet, as it is best suited for the everyday use of cryptocurrencies and does not require special equipment or knowledge to use.
Which Mobile Cryptocurrency Wallet Should You Choose?
It would seem that there is an abundance of wallet-apps, just pick the one you want.
I tried a dozen and, for the most part, they all have common problems:
- Bad UX/UI. Half of the wallets on the market look like they were made on a standard template for developers, and the hands of designers never touched them.
- Security. Lots of wallets do not provide a proper level of anonymity, and wallets by crypto exchanges are in constant risk of shutting down together with the exchange itself.
- Missing transactions and careless support. “Well, if you sent the money then it would get there. Eventually.” That’s all the help you can get from some wallets tech support when it comes to solving issues with transactions.
Therefore the mobile wallets market only seems big, but if you cut out all crude products, there are a few cryptocurrency wallets that are worth checking out.
Finally, my choice fell on Lumi Wallet which had all the properties I needed.
In this article I want to review it in detail: Lumi Wallet turned out to be one of the most balanced solutions on the market, combining multi-currency functionality, multi-layer security, a neat design and a bunch of cool extra features.
It provides a proper level of anonymity, has web/mobile versions, and support personnel that actually cares about solving users’ problems.
But let’s start with the general specs and account creation, and I hope from there you’ll get the general idea of why I find this wallet one of the luckiest discoveries of 2019.
Other General Information
Lumi Wallet compatibility: IOS, Android and Web. Supported cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, EOS, ERC-20 tokens.
Security: fingerprint and face ID, PIN code, Hierarchical Deterministic algorithms, and 12-words mnemonic authentification.
- Client-side wallet: all private information stays on the side of the client;
- Integrated exchange;
- Option to buy crypto with credit card (USD, EURO);
- Flexible transaction fees;
- On-board dapp browser.
The Anonymous Multi-Currency Wallet
Lumi Wallet positions itself as a multi-wallet ecosystem for crypto holders that would allow all necessary operations with cryptocurrencies without leaving the app.
And they put functionality where their mouth is: if you need to exchange crypto-to-crypto or fiat-to-crypto, you can do it in-wallet. If you need to check current prices, just click on a currency. If you want to add some new currency based on a supported blockchain, just browse and drag it to your wallets’ screen. If you want to check out a dapp, go on the in-app browser and do it.
Regarding security, it is a wallet with a hierarchical deterministic structure. This means it can be recovered using a 12-word mnemonic phrase, and private keys are solely under the user’s control. For now, this is one of the most secure options out there to protect your crypto assets.
First Launch Experience
To acknowledge the convenience of UI design, you have to install the app and create the wallet.
It takes only a couple of minutes and is as simple as it gets:
Step 1: Download the Lumi wallet app from the Google Play Store or the Apple AppStore and open the app.
If you already have a wallet, you can click on “import wallet” and follow these instructions:
- Upload the wallet file.
- Enter the password.
- Enter the mnemonic phrase or the private key.
Notice: only wallets with BIP44 compatibility work with Lumi.
Step 2: Tap on “create” and set a PIN code (You can later change it to fingerprint or Face ID).
Step 3: Get a generated, 12-word mnemonic phrase. Save it somewhere you will be able to find it later. If you lose it, you won’t be able to recover your wallet! Write down the words in the order they appear and check the full phrase for mistakes before proceeding.
That’s it! Now you can use the wallet. The Bitcoin and Ethereum accounts are already available and you can add desired cryptocurrencies to customize the wallet to suit your portfolio.
Customize Your Wallet and Add Coins
On the home page there are three tabs: Overview, Wallets, and Activity.
Go to “Wallets” to check the available wallets and add any 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 of any of your particular wallets, tap the name of the wallet and details will appear.
Under the Activity tab, you can view your transactional activity.
Lumi Wallet has a wide variety of coins available and new ones are regularly added, so you might want to customize your portfolio by removing unnecessary currencies from the main screen and putting the most used ones at the top.
To do so, simply tap on the “add more wallets” icon and search for the desired token from the list, using its name or contact address.
And to rearrange wallets on the main panel, simply tap and drag them.
At the moment of writing, Lumi supports Bitcoin, Ethereum, Bitcoin Cash, EOS, ERC-20 tokens – so the most popular currencies are covered.
Buy Crypto With Credit Card
If you don’t have crypto, buy it! Who needs an empty wallet? Lumi has partnered with Simplex to enable the seamless, risk-free purchase of cryptocurrencies via credit card for EUR and USD.
The transaction stays on hold until the confirmation and Simplex has special fraud prevention technology based on AI. Also, it does not collect your data, nor does Lumi, so your anonymity stays protected.
In case you do have problems with your transaction – it is insured and Simplex will cover the costs.
Buying crypto with Simplex is quite simple:
You can enter Simplex in the wallet and choose ETH and BTC for purchase. After checking the entered sum and the purchase fee, you can click next and fill in your credit card data. After that you’ll just have to wait – you’ll get a notification when the money hits your wallet.
You can exchange all tokens and currencies supported by Lumi and Changelly, and the list of these is huge.
You can do it in just three steps:
- Choose the coin or token you want to exchange from.
- Choose the coin or token you want to exchange to.
- Enter the necessary amount, check all of the details, and tap “Confirm”.
Then wait until the outgoing transaction has 3 or more confirmations. After these confirmations, you will get your exchanged funds.
Lumi Wallet has pricing information on all supported coins, streamed in real-time directly from Cryptocompare. To check out a price, simply click on the currency you are interested in. You can change the time period and move across the graph to get the exact trading price of the currency at any given time.
Dapp Browser and Other Features
There is a neat bonus feature in-wallet – its own dapp browser, which allows for the search of dapps without leaving the wallet. It can be reached with one tap on the bottom menu. This will transfer you to Opensea site, where you can check out the most popular dapps or look for hot releases.
If you like collectible games or social projects on the blockchain, this might be a thing for you. In 2018, Lumi Wallet also released a special product for collectibles – Lumi Collect, which allows for the storing of ERC-721 non-fungible tokens.
For users who prefer to shuffle their funds on a laptop, there is a web version of wallet. It was released in 2018, a year after mobile wallet release, but has so far caught up with the elder brother and has the same functionality as the application.
In the year 2019, among other things, Lumi promised to fully integrate EOS, a promising cryptocurrency on its ownl blockchain.
So far, they are on schedule:
At the time of writing the review, the EOS coin and EOS exchange are available in-wallet. Also, Lumi regularly conducts EOS account giveaways.
By the end of 2019, Lumi Wallet plans to have EOS fully integrated, which means making EOS dapps and voting available in the Lumi ecosystem.
For other development plans of this year, they published a blogpost with a roadmap for 2019.
Overall Experience: Pros and Cons
- Android, iOS, and Web versions;
- High security level;
- Supports major coins and ERC-20 tokens;
- Flawless design and intuitive interface;
- Built-in exchange (crypto-to-crypto and fiat-to-crypto);
- Flexible transaction fees (set by user);
- Built-in browser;
- Trustworthy partners;
- Soon-to-be open source.
- no tablet version;
- has only five languages available;
- doesn’t support some popular blockchains.
A special kind word should be said about the support: during the review, I wanted to use one not very popular token, but I couldn’t. I contacted support and in a matter of minutes got an explanation that this token is not supported by application at the moment. I said ok and forgot about it, but the next day I received a message that this token had been added.
Also, Lumi is active on social media and in the press: their CEO Diana Furman has her own column on Cryptodaily about EOS news, and Lumi has an active Blog and Twitter accounts.
Summing up my general experience of using this wallet, I can say that it is a solid product that meets their own claims as a safe, fast, and convenient ecosystem for cryptocurrencies. Considering the developments that have happened in the two years of wallet’s existence, Lumi, if it sticks to its ambitious roadmap, soon may well become one of the most versatile and popular anonymous crypto wallets on the market.
Johnathan Zhang, Electrical Engineering student, blockchain developer, Vegan. In crypto since 2014.