Are you on the lookout for the best platform to transfer your funds online instantly? Stellar is the most reputable blockchain-based platform that aims to facilitate cross border transactions by sidestepping pertinent issues as the extended transaction time and high fees. The tokens used on the network are called Lumen, which play a complementary role in the completion of transactions. It’s a nonprofit venture that pays special attention to resolving remittance issues and facilitating the banking process for the unbanked.
It’s the idea of Jed McCaleb, a very famous figure in the crypto world. Other big name behind the Stellar project include – WordPress founder Matt Mullenweg, Patrick Collison of Stripe, the Y Combinator president Sam Altman, Keith Rabois (a well-renowned tech entrepreneur and investor), and Naval Ravikant – the co-founder and CEO of AngelList. All of the aforementioned names are part of the advisory board of Stellar platform. The platform offers a flexible and cheap model of expansion for small-to-average agency banking companies. You would be surprised to know that over 0.6 million transactions can be performed on the platform. In simple words, the platform is designed to connect payment systems, banks and people. With this platform, users can easily transfer their funds quickly and reliably with almost no cost. Their objective is to expand the access to low cost financial services to maximize individual potential and fight poverty. It has decentralized servers all over the world, which run a specific public ledger.
Like other blockchain tech systems, the Stellar tracks all the transactions and is publically available. The servers use the information to update the ledger and verify transactions. If you’re planning to invest in Stellar Lumens (XLM), you can rest assured that you are investing in a real project that has the potential to double your money. However, you need to weight all the factors involved to make a wise prior to investing in any cryptocurrency. Let’s have a look at stellar tokens below:
What is Stellar Lumens? How does it work?
Created in 2014 by a celebrated crypto expert Jed McCaleb (the co-founder of Ripple), Stellar Lumens are the tokens used on the Stellar Network to simplify cross border transactions. The main idea of this project is to eliminate pertinent issues such as extended transaction time and high banking fees and help people execute cross border transactions with utmost precision. Although the team behind Stellar project says that it isn’t a fork of Ripple blockchain technology, the two projects are very similar.
A fork or forking is a fancy name for a new software or protocol update that employs original code from the older blockchain but carries out some changes to improve it. Bitcoin Cash is one of the most popular examples of fork that forked Bitcoin. It has been observed that mostly people get confused with Stellar and Lumens. Stellar is just a name of network that allows users to cheaply and quickly transfer funds. Lumens (XLM) is the name of digital currency used on the Stellar platform and network.
There’s no denying the fact that banking process is quite expensive and slow in far-off and poorer areas. This is where Stellar Lumens come in handy. It helps users in the following different ways:
Direct Exchange for Fiat Currencies – The Stellar platform allows you to directly exchange different currencies. For instance, if you want to exchange U.S. Dollars for Euros, and other user wants to exchange Euros for US dollars, you both can do this using Stellar Lumens in a matter of few seconds.
Lumens as the intermediary service – The Stellar system can use Lumens to link two different currencies together when you want to exchange a specific currency but the amount does not match a seller. It might look like this: Euros > Lumens > U.S. Dollars.
A chain of conversions – If the aforementioned options don’t work for you, then a chain of conversions can surely do the job. It works when many currencies are traded to provide you with a the currency you’re looking for. It could look something like this, Euros > Ethereum > Yen > U.S. Dollars.
All of the above-mentioned options can go a long way toward helping people carry out transactions with utmost perfection and efficiency. Stellar platform is ideal for people belonging to remote areas where banking is a little expensive and difficult. Everything is done in a matter of few seconds. Both sender and receiver can rest assured that their funds will be delivered to the right destinations without any problem. What makes it stand out from the rest is that the network can pick the right option automatically in a matter of few seconds. Moreover, sending funds is almost free and the network will charge a small fraction of 1 XLM per transaction, which translates into less than one cent.
Unlike other digital currencies such as Ethereum and Bitcoin, Stellar Lumens doesn’t employ miners to verify transactions; instead, businesses or companies who decide to employ the system will need to run Node on their servers, meaning they automatically contribute to the Stellar network. It’s still decentralized, however, as no single server regulates the whole network. Therefore, it is secure and it’s almost impossible for someone to hack all the nodes being used in the system. The total supply of Stellar Lumens is around 100 billion, and Lumens have been on a roller-coaster ride since its inception and now they fall within top 10 coins in the market cap rankings.
If you want to invest in Stellar Lumens, just to double your investment, you shouldn’t invest in Lumens as they are designed to allow cheap cross-border financial transactions. The higher the price of Lumens, the tougher for the Stellar team to keep transactions costs low, which is against the tagline of the stellar project. So, how you look at Stellar Lumens? Still want to invest in Stellar Lumens? If so, keep reading! I’ve put together some of the best exchanges where you can buy Stellar Lumens in a secure and easy way.
Best Exchanges to Buy Stellar Lumens
While finding the best exchanges to buy Lumens, you may come across a number of exchanges that support Lumens. Always remember that the more exchanges support a digital currency, the higher its reputation and demand in the marketplace. If you’re bewildered by a host of different exchanges available in the market, we’ve compiled a list of some of the best exchanges that are safe to work with.
Developed in 2011, Kraken is considered one of the most reputed and oldest exchanges to sell digital currency. What makes them different from the rest is that they allow its users to deposit with fiat currency. While this exchange doesn’t comprise credit or debit card payment method, users can easily deposit using SWIFT or SEPA (E.U). To accomplish this, you need to be a citizen of any of the following countries: Japan, U.S., Canada, E.U or the U.K.
– Excellent security
– Deposit with a bank account
– Very easy and simple to use
– Live chat support
– Small selection of crypto coins
– Only people from certain countries can deposit using bank account
If you’ve already involved in crypto trading, you must have heard of Binance exchange. The reason why I am covering this exchange is that it has the highest trading volume for Lumens. Created in 2017, Binance now offers up to 100 different crypto coins for trading. Their trading fees are quite low. They charge only 0.1% for each crypto transaction. The exchange is ideal for both experienced and beginners. There’re two basic and advanced versions available on the platform. When it comes to the drawbacks, users can’t deposit using fiat money, such as Euros and U.S dollars, meaning user can’t use their credit/debit card or bank account. However, users can deposit with another digital currency absolutely free. Withdrawing Lumens is also very affordable on Binance in comparison to other available exchanges.
In terms of security, Binance requires its users to set up Google Authenticator to ensure security. You’ll need to verify the code every time you trade, log in or withdraw. This can only be achieved from your smartphone. Their customer support staff isn’t that much friendly and effective compared to other exchanges. The English translation of their Help section is just terrible.
Over 100 different crypto coins for trading
No verification needed unless you traded really big
– Poor customer support staff
– No fiat deposited allowed
HitBTC is another popular and well-established crypto exchange that offers Stellar Lumens. It was created in 2013. The platform allows its users to trade over 200 crypto coins, which is impressive, isn’t it? The reason I’ve featured HitBTC in the list is because it offers multiple payment modes and you can easily pick the best one of your choice. For instance, you can use a bank account, debit/credit card or a cash voucher to deposit using a third party payment service provider like PerfectMoney.
Always remember one thing, if you want to deposit with fiat money, you’ll need to validate your account by providing the required documents. But it’s not a good option if you want to buy Stellar Lumens quickly, according to people who’ve already tried this. Although the exchange says they’ve really good security, it’s worth noting that they were once hacked in 2015. You may also have trouble finding help section on HitBTC If you’re new to HitBTC. You can only contact them by email as they don’t offer live chat or phone support.
– Support for over 200 different crypto coins
– Super low trading fees
– Multiple fiat currency deposit options
– Advanced tools for serious traders
– No phone or live chat support
– Servers were once hacked in 2015
– There’re some reports of costly withdrawals
How you look at the aforementioned exchanges? Are they not the one you’re looking for? if so, be sure to check out the following two exchanges:
Founded in 2014, the Bittrex exchange is ranked among those with highest trading volume. It’s based in the United States and offers a wide selection of crypto coins to pick from, including Stellar Lumens XLM. The biggest advantage of using Bittrex is that they offer excellent security. Moreover, you only pay the transaction fee when you make withdrawals. It has been active since 2014 and the site has a very good reputation among the crypto users. No hack attempt has been reported so far. So, you can feel free to start working with Bittrex. The team at Bittrex takes pride in providing next-gen crypto trading platform and aims to offer one-of-a-kind crypto trading experience.
A completely secure platform – The exchange uses the most powerful security technologies available. These involve employing a multi-level wallet strategy, which ensures all the funds are kept safe and stored offline. Moreover, two factor authentication is mandatory for API usage and all withdrawals.
A personalized trading engine – The exchange was designed to offer more scalability. So, the platform is able to execute and process orders once they’re placed. This puts an end to delays and crossed order books in the trading process.
Fast withdrawals and deposits – The system is set up in a way that it enables quick processing of transactions through an automatic monitoring platform. All the key information is kept up to date, meaning you are well aware of everything on the platform.
Friendly customer support – Touted as the world’s largest crypto exchange, Bittrex has a friendly and dedicated customer support staff that always listens to your concerns and queries gently and patiently. They are also very active on the social media sites.
Transparent fees – Bittrex charges a fixed percentage (0.26%) on all trades, making it easier for its customers to calculate the transaction fees on any trade.
Accessibility – Bittrex exchange offers quick access to a host of crypto coins. The site also lists hundreds of digital currencies and users can trade worth 1BTC per day using an unverified account. However, users can also trade worth 2BTC a day using a basic account.
Currently, Bittrex lists hundreds of crypto coins and provides its users with a number of crypto trading pairs, with the site displaying over 450 BTC pairs. The exchange brings you good options for trading through Ethereum and Bitcoin, although, it doesn’t currently support fiat trading pairs (trading through EUR, USD, GBP). Users can still buy Ethereum, Bitcoin, or USD through bank wire transfer. To accomplish this, an enhanced verified account is required together with a purchase amount worth $10,000 or higher.
– No live chat
– No fiat deposits
– Trading fees
When it comes to the buying Stellar Lumens through a reliable and secure exchange, Poloniex is one of the best crypto exchanges that doesn’t only allow you to buy Stellar Lumens with great ease, but also provide you with a friendly trading environment to execute crypto trades with greatest efficiency. It offers its services all over the world and is recognized as the best crypto currency exchange in the US. It provides its users with a complete access to hundreds of crypto coins and offers unique features for forecasting crypto market movement and executing trades with utmost precision. In terms of financial security, the exchange doesn’t operate on fractional reserves, meaning any funds you move to the exchange are only used to simplify trades on your account. The exchange is very simple and easy to understand.
One of the main drawbacks of using Poloniex is that it doesn’t allow you to deposit funds using a bank account or debit/credit card. So, you need to use a digital currency to deposit funds in the exchange. However, there’re no withdrawal fees except blockchain transaction fee. You can also reduce the trading fees by trading larger volumes. The procedure of withdrawing and depositing coins can take anything between 30minute and 1hour to complete. Users can also locate their withdrawal by tapping Balances and then History available in the main menu. Deposit information is also located in the same place.
The exchange operates a tiered withdrawal limit according to verification. Upon verification, your withdrawal limit can rise to US$25,000. You need to provide ID on Poloniex if you want to withdraw more than $2000 in 24hour. The information you need to submit to acquire the maximum withdrawal limit includes – Photo ID, Address, and a picture of yourself. If you don’t know how to get the maximum withdrawal limit, you can contact their customer support staff to get the best advice.
However, you should keep the fact in mind that Poloniex were once hacked in 2014, with the criminals hacking 12% of its Bitcoin. Since then, the exchange has been slowing getting the ground on the security front. They employ sound security protocols and run auditing programs regularly to keep potential hacking attempts at bay.
Like other established crypto exchanges, Poloniex also enables two factor authentication, which can go a long way toward improving your account’s security. Although the Poloniex is believed to offer friendly customer support, the reviews on their support staff aren’t that much good. Long response times and issues regarding withdrawal are one of the main drawbacks of Poloniex. However, the platform has a special ticketing system and email support for their account holders only.
– Affordable transaction fees when you trade in large volume
– Wide collection of crypto coins to buy and sell
– Sound security protocols ensure hackproof security
– Live chat support
– No withdrawal fees except blockchain transaction fee
– No fiat withdrawals and deposits
– Servers once hacked in 2014
Which crypto exchange you think best suits your needs? All of them are secure and safe and worth a try. In the following part, I’ll let you know how to buy Stellar Lumens XLM using Binance. The reason I’ve picked Binance is because they have higher trading volume and don’t require you to provide your ID and their fees are quite low in comparison to other exchanges.
Step by Step Instructions for buying Stellar Lumens
You’ll first need to invest in some digital currency from any broker like Coinbance to start trading at Binance exchange. I’ll let you know how you can buy Ethereum from Coinbase. It’s super easy and simple. If you don’t already have a Coinbase account, you’ll need to set up one for you. If you don’t know where and how to start, there’re lots of step by step guides available online, which can go a long way toward helping you set up a Coinbase account.
Buy Ehtereum on Coinbase
Once you’ve confirmed your identity and set up your credit/debit card, you can buy some ETH on Coinbase exchange. To do so, complete the following steps:
1. Tap the buy/sell button
2. Select and click on Ethereum (ETH)
3. Scroll down and decide the amount of fiat money you want to exchange to ETH. For instance if you want to buy ETH worth 200 euro, simply enter the amount and the Coinbase calculator will automatically calculate how many ETH you’ll get in exchange for 200 euros.
4. To complete your transaction, tap the ‘’Buy Ethereum Instantly!” button.
Transferring Ethereum to Binance
1. To transfer your ETH to Binance, click on Accounts to proceed further.
2. The next step is to select ETH and Click on the ‘Send’ button
3. Once you’ve received your deposit address from Binance, open a new tab to create an account with Binance.
4. After you are done with setting up your Binance account, click on ‘Funds’ and then click on ‘Deposits’
5. Enter ETH and then tap Ethereum in the drop down box.
6. You’ll then see a deposit address containing both numbers and letters. Click on ‘’Copy Address” and then go back to the Coinbase tab to proceed further.
7. Now, paste the wallet address you just copied. The next step is to click on ‘Send.’ It takes only 10 minutes to complete the transaction.
Instructions for Buying Stellar Lumens on Binance
If you’ve successfully transferred ETH to your Binance account, you’re just a few steps away from buying Stellar Lumens.
1. Click on the ‘’Exchange” located on the Binance’s main menu
2. On the top right side of the page, click on ‘’ETH” and search for Stellar XLM and click on XLM/ETH.
3. Now you’re on the trading screen for XLM/ETH pairing!
4. Scroll down and search for the ‘’Buy XLM” trading box. Next, click on ‘’Market.” Clicking on the Market is important because doing so will ensure you’re getting the best and latest Stellar Lumens price.
5. Now decide and enter the amount you want to invest in Stellar Lumens. You can use all of your Ethereum balance or some part of it, depending on your preferences. If you want to use all of them, click on 100% to buy Stellar Lumens XLM.
Lastly, click on ‘’Buy XLM!” button to complete the transaction. Congrats! You’ve successfully purchased your first Lumens XLM. It’s simple, isn’t it?
Tips for Finding the Best Wallet for Stellar Lumens
Due to a huge competition, you can be bewildered by different wallets available in the market. All you need is to make sure you’re picking the right wallet that can meet your requirements. You need to be very careful when selecting for a wallet for your XLM, as there’s no lack of scams and frauds. To help you find a reliable and safe wallet for your stellar lumens, we’ve some gathered some points you should keep in your mind when finalizing a Stellar wallet:
You need to choose a wallet that employs sound security protocols. So, be sure to have a look at the security features of your wallet. The security features should include two factor authentication, enhanced encryption, secure passwords and PINS, and more. If you’re new to crypto world, you should consider brushing up on your crypto knowledge to stay on top of things. There’s no point in selecting a wallet that isn’t popular in the crypto community.
Does your wallet have a strong development team that’s always working industriously to improve and upgrade its features, such as developing a hackproof protection against the latest security threats and adding support for more coins?
Make sure your wallet has a friendly customer support staff that listens to your queries very gently and patiently. There should always be someone to listens to your queries and fix your problems.
Multiple currency support
If you want to keep multiple types of crypto tokens and coins in one wallet, be sure to check if your wallet supports all your preferred currencies. If you don’t know how to see if a wallet supports your desired currency, don’t hesitate to ask them about it.
Backup & restore
Try to shortlist those wallets that offer a simple and easy to use backup feature. You can easily recover your Stellar Lumens (XLM) if something goes wrong.
Private keys are a type of tools that allow you to access your digital holdings, so always look for a wallet that allows for you to retain all the control of private keys and doesn’t involve any third party in the process.
Wallets that Hold Stellar Lumens
The following are one of the best wallets that hold Stellar Lumens. Let’s take a look at them to see what wallet best meets your requirements:
Ledger Nano S – It’s highly recommended that you use a hardware wallet if you want to store a large amount of Stellar Lumens. Ledger Nano S is a hardware wallet recognized for its strong security and multiple cryptocurrencies support. It’s a safe and simple place to store your digital currencies. It supports all the big cryptocurrencies, including Bitcoin (BTC), Stellar Lumens (XLM), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Ethereum (ETH), and many more. The setup procedure is very simple and straightforward that everyone can easily comprehend all the process.
Stellar Desktop Client – The open-source desktop wallet is designed with XLM modern day needs in mind to deliver top of the online performance. It’s available on Mac, Linux and Windows operating systems, providing you with complete support to encrypt your Stellar Lumens secret key to avoid the interference of third party. What makes it stand out from the rest is that it doesn’t require you to go through any registration process and all the crypto trades are signed offline. Sending and receiving XLM from this desktop wallet is super easy.
Lobstr – It’s a mobile wallet especially designed for those wanting to store and manage their XLM with greatest accuracy and convenience. From the first step to handling day-to-day transaction, Lobstr is functional, straightforward and uncomplicated. Available on both iOS and Android devices, the wallet sports an attractive, intuitive interface that everyone can easily comprehend. Other noteworthy features include, fingerprint support, two factor authentication, XLM price convertor, and secure PIN protection.
Stargazer – Available on multiple devices, Stargazer is a mobile and desktop wallet that pays special attention to simplifying the process of sending and receiving Stellar Lumens. It accommodates multiple assets and accounts, and offers multiple language support. You can download it for Mac OSX, Windows and Linux operating systems. Users can also get it from Google Play Store for their Android devices. Unfortunately, it’s not available for iPhone users.
Stellar Partnership Grant Program
The team at Stellar is very committed to working with world’s leading companies and organizations that are looking to use and work with Stellar network to promote financial inclusion and expand the global financial landscape. To become illegible for their partnership grant program, organizations will need to send their proposals to stellar.org. To award network development and incentivize the partners, Stellar platform will award selected partners a substantial lumens grant to contribute to the growth of Stellar ecosystem. To know more about their partnership grant program, visit their website.
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