Review on Lumi Wallet by Praise Olagbadun
My Review On Lumi Wallet
The Lumi wallet is a Hierarchical wallet (HD wallet) that was launched in the year 2018 by the Lumi Technology Limited. It is based in Hong Kong. It is aa muti wallet that accepts t deposit of multiple cryptocurrencies.
My first experience with the Lumi wallet was a bit stressful as its user interface is a bit hard to access, although some people say it is friendly, I dont really see its friendliness as the icons are a bit hard to locate. I also find it secured as they make use of BiometricI ID (making it possible for one to access it using the fingerprint censor and face unlock). The Lumi wallet can be classified as a well secured wallet not minding the fact that it is a hot wallet. Also for security purpose, the wallet makes it possible for one to backup his wallet, making users wallet secured even when password is forgotten. The wallet makes use of a 12 word mnemonic phrase for its backup process.
The Lumi wallet at first supported only one cryptocurrency, the Bitcoin and was limited to only the iOS application to access but presently, it supports multiple cryptocurrencies and has applications available on both the Android and iOS application including the web. They also supports all ERC-20 and ERC-721
Talking about its charges, it offers a very moderate and competitive fee of 1% for exchange service. The Lumi wallet although having many positive qualities is still a hot wallet, leaving it prone to hackers and should be used with caution
Pros
- The wallet is a very secured wallet as it even offers a backup process for lost account
- It is a HD wallet leaving it with the latest technology
- It charges a very competitive fee, making it a wallet that can be used by newbies
- Has its mobile applications available and is also accessible on the web
- Supports a wide range of crypto assets including the ERC-20 and ERC-721 tokens
Cons
- It is a hot wallet and can be breached at anytime by hackers
