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Lumi Wallet Review – Assessing Reliability and Security

Lumi Wallet Review

One of the main problems users experience with a crypto wallet is the enormous fees they stumble upon. Hence the platforms usually don’t warn the clients about the exchange fees, leading to problems with transparency. Lumi Wallet is stated as one of those problems.

This wallet has received mixed evaluations, which can be misleading sometimes. Who to trust, actual users or other sources? Stick with us as we assess the offerings, support offered, and reputation in the market. 

General information
Name Lumi Wallet
Type of the company Crypto Wallet
Regulation status Not expected
Warnings from Financial Regulators No official warnings
Website link 
Active since 2017
Registered in Cyprus
Contact info [email protected] 
Trading platforms Lumi Wallet App
Majority of clients are from United States, Nigeria, United Kingdom, Germany, Malaysia
Customer support Available
Compensation fund N/A

User Reviews

Researching Lumi Wallet reviews, we found that the platform has received mixed reviews on various sources, such as Trustpilot and G2. However, most of the reviews are negative, giving potential users a whole different side of them. 

On Trustpilot, the company received a poor score of only 2.2 stars. There were a lot of issues concerning the wallet functions, such as the app not working properly. One user mentioned how they couldn’t log into their wallet, and shortly after all their crypto was gone. Moreover, another client reported the same issues, citing that without their confirmation or acknowledgment, money was taken out of their wallet.

We could go on with other users who are unsatisfied, but overall, all clients of Lumi Wallet responded the same. Reflecting security issues and hacking problems is a crucial aspect that can’t be avoided. Users advise potential members to stay away from this provider since the platform is also prone to deleting warning reviews and bad ratings. 

Other Evaluations

We thought by researching more about the wallet we would find more evaluations that show this platform in a more positive light, but that wasn’t the case. On sources like G2 and GetApp the Lumi app received average ratings with a poor number of reviews. 

All these evaluations can only indicate one thing, platforms with mostly negative feedback must be avoided.  Reports of money being stolen, problems with security, and bad customer service, all coupled lead to an unreliable platform that doesn’t have the best interest of their clients. Don’t trust firms that don’t practice transparency, like GoodCrypto Review

Lumi Wallet App

Delving into the Lumi Wallet app features and ratings, we found that, unlike the platform’s overall reputation on various sources, the app received a lot of praise for its functions. The app is described as a secure way to buy, exchange, and manage all crypto in one place. All transactions can be done via debit or credit card.

Main features of the Lumi Wallet crypto app

  • To buy Bitcoin, Bitcoin Cash, Ethereum, Tether USD, USD Coin, Dogecoin, and more 
  • Crypto to crypto exchange (1000+ coins and tokens)

The Lumi Wallet download is available for Android and iOS. Since the platform is prone to hackers, as seen by the user feedback, it’s advised to download the app strictly from the official website of Lumi or to visit reputable mobile app stores such as Google Play.

Getting back to the ratings, the app received 4.1 stars, with over 4,000 reviews. On the platform Google Play there are over 100K downloads. Members state how the app is simple and easy to use, again the fees are highlighted as a problem, but overall they find the app to be useful. There is also a Lumi Wallet web extension of the app, another beneficial option for users to manage their wallets.

How Much Does The Wallet Cost?

Regarding the Lumi Wallet pricing, the wallet is free to use. Members can gain access to the wallet from its web interface, iOS, and Android versions. On another note, steer clear of offshore companies that are marked as a suspicious entity, such as T4Trade Review

Lumi Wallet Fees

Note that for each transaction, users are required to pay ees. The stated fact is, that the higher the fees, the faster the transaction. Users could pay about 40-250 sats for a standard transaction. Lumi charges 1% for exchange services. 

Clients input:

In terms of what users say about it, they say that the platform charges outrageous fees. Some users reported that they deposited around USD 185 of Ethereum to exchange for Dent coins, the Lumi Wallet took 2500 Dent Coins and gave the member roughly 5000 coins for USD 185 of Ethereum. They found that to be quite shady since the platform doesn’t warn anyone when making an exchange.

Available Blockchains

Generally, the Lumi blockchain wallet supports:

  • Bitcoin
  • Ethereum – + 1300 ERC-20 tokens
  • Binance Smart Chain – + 480 BEP-20 tokens
  • Binance Coin
  • Tron – + 2 TRC-20 tokens
  • Solana – + 7 SOL tokens
  • Ripple
  • Litecoin

Customer Support

In terms of the customer support users can get, the Lumi Wallet provides multiple options to help their members. Firstly users have a search bar where they can enter any term to find which section of the platform they are having problems with.

Additionally, users can find answers to the most frequently asked questions on the platform’s blog and knowledge base section. FAQ questions provide all the general info that users ask for daily, especially beginners. Common questions like ‘How can I cancel the transaction?’ or ‘How can I delete my account?’. 

For individuals who look for a more direct approach to contacting the company, they list their email, [email protected], for any inputs or issues users stumble upon. Yet again we go back to the reviews, where users are not fully satisfied with the customer support provided. Highlighting slow responses and even deleting some comments. Therefore, even if the platform states it provides various forms of support, doesn’t mean they practice it.

Lumi Wallet – Final Thoughts

In conclusion, while the platform seems to provide a wallet that practices security and a valuable mobile application, negative feedback has proven otherwise. Even if the wallet itself is free of use, it seems clients only experience problems with this wallet. Issues regarding hacking, spam, poor customer support, and high fees contribute to the factors why to avoid Lumi Wallet. 

Bad ratings on multiple sources, with accusations of deleting negative comments, do not help its evaluation. Being established in 2017, they had time to build their reputation. We would encourage Lumi company to enhance their management to get more positive reviews if they want to keep their reputation valid and get more potential clients in the future.


What is Lumi Wallet?

It’s a cryptocurrency wallet application launched in 2017.

Is Lumi Wallet Legit?

Its legitimacy is called into question. The features seem valuable, however, we would advise users to look for alternative options with positive ratings.

How Does Lumi Wallet Work?

It functions as a mobile and web wallet that enables users to buy, sell, and exchange multiple coins, such as Bitcoin, Tether Ethereum, and more.

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