Thousands of Nigerians continue to turn to cryptocurrency, especially now that the Naira isn’t doing too well in this inflation period.
Lumi is a platform that has been gaining lots of attention among Nigerian crypto investors. It’s not hard to understand why since the app is as easy as they come.
If you want to know how to use Lumi in Nigeria, you’re on the right page. We’ll be looking at that in this post. But first, let’s have an overview of Lumi.
About Lumi
Lumi wallet was first introduced in 2017 for iOS users exclusively. At its outset, it solely worked with Bitcoin. In 2018, however, Lumi released a web interface and support for ERC-20 tokens for iOS. That same year, Lumi expanded its currency offerings and added support for the Changelly wallet.
Lumi, an online and mobile wallet, is open source, meaning anybody may see and modify the source code. Additionally, it is a Hierarchical Deterministic wallet. With an HD wallet, you can generate a new address for each transaction with an HD wallet.
As a consequence, financial dealings will be concealed. On top of that, because Lumi operates locally, it follows that end-users have complete authority over their encryption keys.
Lumi was created by a firm in Cyprus. The firm’s primary mission is the creation of cryptographic solutions. There are further services that Lumi provides. For example, the wallet’s parent firm offers a White Label Program tailored specifically to young businesses.
Furthermore, Lumi Collect, a wallet for crypto collectibles, is accessible for Android and iOS. Lumi Collect may also be used to store and handle ERC-721 tokens safely.
Getting Started With Lumi
Follow the below step-by-step instructions to get started with using Lumi.
1. Downloading Lumi is the first thing to do. The application is compatible with Android, but you may also use the wallet’s online version.
2. Creating a wallet is next. With the BIP44 acronym path, you can create a new one or import your existing wallet. Importantly, you must create a PIN to protect your personal information. You can also use Touch/Face ID on your mobile device.
3. Creating a backup of your wallet is the third step. You must take note of your mnemonic phrase before proceeding with any transactions. For this reason, you should create an extra copy of your wallet. Simply choose “General” > “Backup wallet” from the menu bar. Note that you cannot regain your wallet if you lose or forget your mnemonic phrase.
Read Also: How To Buy DeFi Coins In Nigeria: Step By Step Guide 2023
Adding Token Wallets To Your Lumi Account
To add a new wallet, open the app’s Wallet screen and choose the “Add Wallets” button. Add the token to the collection after searching for it by name or contract address. By simply rearranging the wallets by hand, you may arrange the order of the wallets in the most convenient manner.
To remove a wallet, hold down on the token card and then drop it where it says “X.” If you want to get rid of multiple token wallets at once, go to edit wallets and then click the stop symbol next to the tokens you no longer need to keep. Your money in the wallet will not be affected. Because of this, your tokens and wallet cash are always available to you.
Buying Crypto On Lumi
You can use your bank account or credit card to purchase cryptocurrency with the Lumi Wallet app or the Lumi Web Wallet. Here’s what you have to do:
- Get the Lumi Wallet app or use the web-based version.
- Launch the Wallet app, and choose “New Wallet” or “Import Wallet.”
- Hit the “Buy” button and provide your payment information.
- For purchases above $150, you must complete a short Know Your Customer (KYC) process before the service can authorise the transaction.
After completing your first deal, subsequent deals will be much simpler. However, note that Lumi has transaction limits. Check them out below:
- Daily limit: $20,000
- Monthly limit: $50,000
- Minimum transaction amount: $50.00
- Maximum transaction amount: $20,000 – $10,000 for the first
Sending Crypto With Lumi
Suppose you want to transfer Bitcoin or Ethereum. In that case, you’ll need to press “Send,” and then either use the QR-code scanner or manually enter the recipient’s address.
You should double-check the recipient’s address to ensure it’s right and never enter it in by hand because of the high probability of making a mistake. Before sending bitcoins, be sure the address is correct; payments cannot be reversed or refunded.
Receiving Crypto With Lumi
You must give out your public address to the sender to receive bitcoin from somewhere else. Select the “receive” option to initiate this.
You can then display the sender the QR code from that location using a QR scanner. If it doesn’t work, press the address to copy it. You may also use the “share” button to copy and paste your public address into messaging programs like “Mail,” “WhatsApp,” and others.
Lumi Wallet KYC Requirement
The current state of cryptocurrency rules requires identification verification anytime digital currencies are purchased using fiat currency. This is done for your protection and the protection of others to avoid fraudulent charges on your account and to stop money from being laundered under your name.