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Compare alternatives to Stellar Lumens: Three top competitors

Your guide to three cryptocurrencies like Stellar Lumens and how they compare to XLM.

Updated

Stellar is a distributed payments network designed to provide faster and cheaper cross-border payments than banking systems currently in place around the world. Stellar is also an ICO platform and a decentralized exchange. Its native currency, Lumens (XLM), is used to facilitate multi-currency transactions and pay fees on the Stellar network.

As one of the world’s top ten digital currencies by market cap, Stellar has attracted plenty of interest among crypto enthusiasts. However, it also faces fierce competition from a number of other cryptocurrencies, so let’s take a closer look at three leading Stellar Lumens alternatives.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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At a glance: 3 Stellar alternatives

Name Product Ticker symbol Use Year released
XRP
XRP
XRP
Cross-border Payments
2012
OmiseGO
OMG
Decentralised Payment Platform
2017
Ethereum
ETH
Smart contract platform and protocol-level blockchain
2015
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An in-depth look into 3 Stellar alternatives

1. XRP (XRP)

The cryptocurrency with the most similarities to XLM is undoubtedly XRP. Although XRP has been commonly referred to as ‘Ripple’, there are key differences between XRP and Ripple. Ripple is a US company that offers a settlement network for fast and affordable cross-border transactions. XRP is the currency used on Ripple’s global network as the bridge between the fiat currencies of the world. It allows a four-second transaction processing time, fees from 0.00001 XRP per transaction and the capability to handle 1,500 transactions per second.

If all of this sounds vaguely familiar, that’s because it is. Stellar co-founder Jed McCaleb also co-founded Ripple, but left the latter project in 2013 due to ideological differences and started Stellar in 2014. Though Stellar initially shared some code with Ripple, the two platforms now have completely different codes.

As both XRP and Stellar are top-ten market cap cryptos, they’re recognized as two of the cryptocurrency world’s best-known arch enemies. However, up to this point in time, the two projects have focused their products and development on different missions and goals.

While Stellar’s aim is to expand access to low-cost financial services for all, Ripple has targeted its efforts on enhancing the efficiency of international transactions between banks and major financial institutions – and, it’s secured plenty of important corporate partnerships along the way.

Despite their philosophical differences, Stellar and Ripple are two very similar projects, so it’ll be fascinating to find out whether XLM or XRP comes out on top.

Where to buy XRP

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Wire transfer,Online banking
USD

15
cryptocurrencies

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2. OmiseGO (OMG)

Omise is a Thailand-based payment services provider that also has offices in Japan, Indonesia and Singapore. OmiseGO is a separate, peer-to-peer platform created by Omise and designed to allow for the quick, secure and decentralized exchange of fiat and cryptocurrencies by users around the world.

Built on the Ethereum network, OmiseGO offers the OMG Money Gateway as a scaling solution for Ethereum. As explained in the OmiseGO official guide:

“The OMG Network will be able to interact with Bitcoin (or Bitcoin-like blockchains) and other blockchain platforms through clearinghouses in state channels or smart contracts, as well as with digital fiat platforms and economies through collateralized fiat tokens. This, in combination with virtually unlimited scalability, will enable the OMG Network to serve essentially all global transactions simultaneously.”

The project also features a white-label digital wallet software development kit. This free kit allows developers to build their own app that enables wallet-to-wallet transactions of crypto and fiat currencies, loyalty rewards points, game credits and many other assets.

OmiseGO’s goal is to streamline transactions between payment processors, gateways and financial institutions, making it well worth investigating of you’re looking for a Stellar alternative.

Where to buy OmiseGO

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bank transfer (ACH),PayPal,Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

64
cryptocurrencies

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Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer
USD, EUR, GBP

24
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
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USD, EUR, GBP, JPY, CAD, CHF, AUD

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3. Ethereum (ETH)

Unlike the first two coins in this list, Ethereum isn’t focused on disrupting the world’s financial systems or cross-border payment mechanisms. Instead, Ethereum is a development platform for the creation and deployment of decentralized applications (dapps). With Stellar’s network also offering smart contracts for development solutions, not to mention hosting ICOs for projects like Mobius (MOBI) and Smartlands (SLT), it can be considered a key competitor to Ethereum.

However, Ethereum as it currently stands is far and away the biggest development platform in the cryptosphere. As the first such platform, Ethereum has the early-mover advantage and has become synonymous with the creation of dapps and blockchain platforms. For evidence of this, take a look at how many of the world’s top 100 cryptos are built on the Ethereum network.

Ethereum’s native currency, ether (ETH), is second only to bitcoin in terms of market cap. However, with Ethereum’s developers currently working on solutions to the scalability problems facing the network, there could be some testing times ahead for this popular dapp platform.

Where to buy Ethereum

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Wire transfer,Online banking
USD

15
cryptocurrencies

Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Bank transfer (ACH),PayPal,Bank transfer (SEPA),SWIFT,Xfers,Credit or Debit Card
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

64
cryptocurrencies

Get credit card crypto purchase fees waived when signing up for Crypto.com. T&Cs apply.
Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer
USD, EUR, GBP

24
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Credit card,Bank transfer (SEPA),SOFORT,SWIFT,Fedwire
USD, EUR, AUD, CAD, GBP, JPY

10
cryptocurrencies

Founded in 2013, CoinMama lets you buy and sell popular cryptos with a range of payment options and quick delivery.
Bank transfer (ACH),Bank transfer,Cryptocurrency,Debit card,Wire transfer
USD

28
cryptocurrencies

Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.
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Looking for more Stellar alternatives?

These are just a few of the cryptocurrencies with similar attributes or goals to Stellar. To search for more digital coins and tokens with similar features to XLM, check out our comprehensive guide to altcoins.


Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Image source: Shutterstock
Disclosure: At the time of this writing, the author holds ADA, ICX, IOTA and XLM.

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