While in the early stages of cryptocurrency adoption, we still have to deal with fiat a lot. Whether you suddenly decide to up the stakes or regularly put away a certain amount of cash that you’re willing to invest in crypto, you have to find a solid platform that will allow you to do this securely. 

Currently, mainstream exchange platforms are convenient when you buy crypto with USD or another local currency, but you have to transfer your funds to safer storage on a regular basis. But what if you could combine it all together?

We’re happy to share that Lumi Wallet has partnered with Simplex and enabled a fiat exchange option. Now our users can enjoy the simplicity of their daily crypto purchases and also rest assured that their funds are well protected by Lumi. 

Security Comes First

When it comes to providing businesses with credit and debit card payments, Simplex crypto payment option is among the world’s leading options. Their processing solution helps companies easily integrate crypto payments and forget about the risks of fraud chargeback. And what’s even more important, it makes the lives of their customers easier. 

You no longer need to look for a perfect exchange to buy crypto, use the wallet you already trust instead!

Lumi Wallet is all about security and it was essential for us to find a perfect partner that we could place our confidence in. And that’s how we chose the Simplex exchange solution.

Why Simplex is Safe

Simplex is a licensed financial institution that also works as a secure escrow service for larger fiat-to-crypto operations. The company uses AI technology to check every single transaction it processes and machine-learning algorithms take care of possible cases of fraud and at the same time increase conversion.

The company was established in 2014 and since then, has managed to become one of the major players in the crypto space, working closely together with the largest cryptocurrency platforms and executing transactions worth billions of dollars annually. It eventually became ‘the new industry standard’ and enabled credit card payments for Binance, KuCoin, Huobi, and others. Their team has a depth of experience in payment fraud mitigation. 

Users can always track the status of their payment and get quick feedback from the support team. They react almost immediately and are there for you 24/7. 

Transaction Executing

The Simplex security system provides merchants and their customers with maximum safety. As of now, it is the most trusted method in the world.

  • A user initiates the transaction and waits for confirmation, he/she may be asked to pass a KYC procedure
  • After finalizing the KYC, the money will be held by the user’s bank pending approval or cancellation
  • Meanwhile, the Simplex system sends a request to one of its liquidity providers, which they confirm on the spot
  • Once the transaction is confirmed on the blockchain, the user gets his payment

The great thing about this model is that if your transaction gets canceled due to the risks discovered by the system, your card won’t be charged either. You simply get the locked amount back. 

Simplex payment solution operates globally and is available in the majority of countries such as the US (apart from several states), Russia, Japan, Europe, and many other locations. 

Our Partnership

By integrating the Simplex credit card payment solution for buying BTC and other crypto, we wanted to provide Lumi Wallet users with a convenient way to manage their digital assets. Your wallet becomes a universal one-stop-platform to deal with crypto. Right now you can use Lumi for anything crypto-related, from buying BTC or ETH with your credit card, to exchanging it for some ERC20 tokens, to safely storing them later. 

How to buy crypto with fiat in Lumi Wallet

Easier than your usual exchange routine! In a couple of days, our users will be able to try it out themselves.

  • Download Lumi Wallet or sing up for the web version and create or import an account
  • Tap on the ‘Buy’ button and fill in the amount
  • Add your credit card info
  • Undergo a simple registration KYC procedure
  • Finalize the transaction and wait until Simplex confirms it and sends you your crypto

We are constantly working on improving your user experience and want to know what you think of the new services and features Lumi Wallet implements. Feel free to leave your feedback and reach us at hello@lumiwallet.com

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