If you care about online security (good for you!), you must have heard that web-wallets are not the safest, and should probably be avoided. But we’re here to bust this myth: web wallets are not all the same, they can be both convenient and secure.
Take, for example, our new web wallet: it is fully client-side, which means that we do not store your private keys in some secret place, and you are the sole owner of both — your keys and your funds. Also, although this wallet is created on your device, not an ounce of information is saved on it once you disconnect. Finally, in order to please our most scrupulous users, we’ve made it open source.
The main advantage of using a web wallet is easy access to your funds from any computer and, as we’ve mentioned earlier, your information won’t be stored on that computer so no need to worry about it being compromised.
How to Use Lumi Web Wallet? You’ve got two options:
Import Your Wallet
First, in the case that you have already got a wallet that is compatible with the BIP 44 derivation standard, you can simply import it.
There are three ways to do it.
- Upload your wallet file and enter the password.
- Enter your mnemonic phrase to open the wallet.
- Enter your private key.
Follow these simple steps and you’ll gain immediate access to your wallet on the web. Remember that you have to go through this process every time you need to open the wallet.
Create a New Wallet
- Let’s start with creating a wallet file, this is the file that contains information about your private keys. There is no way to restore it, so make sure you don’t lose it.
- Write down the mnemonic phrase, roll your mouse over to reveal the words.
- Double-check you’ve saved it all.
- You have the option to create a Lumi account, if you don’t mind sharing your email. If you prefer to stay anonymous, you can leave this field blank. And, if you cannot decide yet, just leave it blank anyway, you can always get an account later on.
Congratulations, you’ve got your very own secure and completely client-side web wallet! Now you can work with your crypto effortlessly!
Although currently it only supports bitcoin, soon you will be able to add Ethereum and ERC20 token wallets, send, receive and even exchange them.
Create a Token Wallet
To create a new token wallet, click on the button under the cute smiley squares on the left side of the screen and choose the desired wallets from the list. To find a particular token, start typing in the name of that token. Confirm by clicking ok and check out your new colorful wallets! Click on the wallet to see the price graph, you can choose the time period you’re interested in.
To receive crypto click on the ‘Receive’ icon and choose the currency you wish to receive. You’ll be shown a QR-code and the wallet address which you should provide the sender with. You can even add the necessary amount.
To send crypto click on the ‘Send’ icon, enter the wallet address and the amount you wish to send. You may also choose the desired transaction fee (it depends on the speed: the slower, the cheaper), check the details and confirm to send.
To exchange crypto click on the ‘Exchange’ icon and first enter the amount and the currency you wish to sell on the top row ‘From’ and the currency you wish to receive on the bottom row ‘To’. You can do it the other way around as well. You will be shown the USD equivalent, too. Choose the exchange fee, making sure to check the details and the final amount before pressing the ‘Confirm’ button.
Click on ‘Activity’ to monitor the history of your transactions.
On the ‘Settings’ page, you can create a Lumi account if you haven’t done it yet, turn on 2-step verification, choose the backup mode, and change your email or password.