Now it is possible to withdraw crypto to a credit card in Lumi Wallet and the first transactions come with lowered fees!
There are a couple of crypto wallets that position themselves as all-in-one solutions for cryptocurrency operations. Lumi Wallet, after the latest update, is one of a few to actually withstand those claims, allowing both the purchase and withdrawal of crypto to a credit card.
Why does it matter?
Basically, wallets were developed to make interacting with your crypto assets easy. You hold your currencies, transfer them, exchange them, and that’s it. Such basic functionality is provided by any wallet on the market, but the game changes when fiat-to-crypto transactions come into play.
As more and more users want to easily buy and withdraw crypto to a credit card, it becomes a challenge for wallet developers to provide such functionality:
Firstly, the wallet needs to be technologically developed enough to provide and sustain such functions.
Secondly, it has to receive the credentials and licenses needed to interact with banks and card issuers.
This presents a major obstacle for many wallets.
Fortunately, Lumi Wallet has passed the test of technology and institutional trust and now it is possible to not only buy crypto in-wallet, but also to withdraw it to a credit card in the currency of your choice.
How to exchange crypto to fiat in Lumi Wallet?
The process is quite simple:
First of all, install the iOS/Android application.
After opening an existing wallet or creating a new one, follow these instructions:
- Enter the amount of money you want to withdraw.
- Enter your email and check the inbox to verify it.
- Fill in card details and confirm your ID.
- Wait for an email to confirm your withdrawal.
That’s it – your crypto is on the way!
The issue with anonymity
Some users might say “But Lumi positions itself as an anonymous wallet, how does it link with KYC verification?”. The answer is that during the process of withdrawing crypto to a credit card, you aren’t sharing any new information with the Lumi application – all the operations connected to the verification process are performed through Simplex externally.
Unfortunately, there is no legal way to avoid this procedure if you want to use your credit card, but partnering with a trusted verification provider, Lumi makes sure that it allows you to still have full comfort of using familiar payment methods without compromising your personal data in-wallet.
Good news for early birds!
And for those who will use the wallet to sell crypto right after the update, Lumi Wallet has prepared a nice offer: for the first couple of weeks there will be no fee from Lumi Wallet’s side, so if you want to make gains – there is no better time!
Stay tuned with Lumi
Lumi Wallet is an actively developing crypto wallet, so we recommend you subscribe to their twitter to never miss an update or giveaway. Also, Lumi’s team writes a lot of useful articles about crypto on their lively blog that is definitely worth checking out if you want to learn more about the crypto space.
I am a crypto enthusiast. Bitcoin miner in 2013. AERGO Ambassador. I believe that blockchain technology is the future. My goal is to clarify the value of cryptocurrencies and blockchain in a free economy and security. I want to contribute to the implementation of these technologies in people’s lives through an explanation of the principles of its work.