Your security is our number one priority, and we’ve just taken it one step further. From now on you can set a limit on sending cryptocurrency from your wallet. That way, if somebody gets access to your wallet and tries to transfer a big sum of money outside, they will have to enter a PIN code. 

How to Set a Limit

Setting a limit is fast and easy. It takes less than a minute but will substantially improve your online security, that’s why we highly recommend you activate this function. 

Setting a limit on sending will add an extra layer of protection
  • Go to General Settings
  • Tap on Limits and enable the function
  • Set up a daily sending limit of your choice and tap on Save

Once the limit is set, only the person who knows the PIN code will be able to send the assets out. 

Keep in mind that the only way a person can actually get access to your wallet is if your mnemonic phrase is compromised. Even if you lose your phone, your wallet is protected by a PIN, fingerprint, or Face ID which makes it impossible to defraud you of your money. 

Crypto Security Basics

If you’re new to the crypto space, please, review these security tips. Following these basic rules will make your cryptocurrency journey smooth and trouble-free. 

  • Once you create the wallet, do the backup! Go to Settings and write down your mnemonic (seed) phrase.
  • Do not keep your mnemonic on your phone – if the phone gets lost or breaks, it won’t do you any good. Keep a few copies of the phrase written on a piece of paper. 
  • Try to avoid copy-pasting your mnemonic, some apps that you use might be reading your clipboard
  • Never share your seed phrase with anyone, even if they say they are from the Lumi Wallet team. No one should know your mnemonic except for you!
  • Do not click on links from strangers that they send you via social media (Telegram, especially). Do not fill in any questionnaires. 
  • In case you think your mnemonic has been compromised but your funds are still there, create a new wallet using your laptop and quickly transfer your crypto there. You can use this new mnemonic to log in to the Lumi Wallet app, too. 
  • If you need help, contact our support team directly via [email protected]

Stay safe and follow Lumi Wallet on Twitter, Telegram, Facebook, or Reddit for more crypto knowledge and news. You can also connect with us on LinkedIn.