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Thinking about adding Stellar Lumens to your portfolio? These days, you can buy and sell Stellar Lumens (XLM) on quite a few exchanges, so keep reading for step-by-step instructions on how to start trading this popular cryptocurrency.
This is our quick guide to just one way to buy XLM. Compare some other options in the table below.
If you want to buy XML with US dollars, here’s one example of how you can do it:
To sell your XLM holdings:
Some people opt to keep the XLM they buy in their crypto exchange account. While it’s a convenient way to makes sure you have fast access to your crypto for future trades, it’s a risky move. With crypto exchanges a popular target for hackers, it’s widely recommended that you move your XLM into a secure wallet that lets you control your private key. Wallets you may want to consider include the Ledger Nano S hardware wallet, the Stellar Desktop Client and the Lobstr mobile wallet. For tips on what to look for in an XLM wallet, read our guide to five of the best Stellar wallets.
Launched in 2014, Stellar aims to offer fast and affordable cross-border transactions. Its distributed payments network ensures that transactions are processed within two to five seconds for a tiny fee of approximately a single 600,000th of a cent per transaction.
To send funds on the Stellar network, create an account and then upload the currency you want to transfer to an “anchor,” such as a bank or remittance company. That anchor issues virtual credit to your Stellar account, allowing you to send near-instant transfers around the world. According to Stellar, Lumens play two main roles in the network:
The project is backed by the Stellar Development Foundation, whose mission is to promote global financial access, literacy and inclusion.
Lumens is the network token, which you can use to:
Cryptocurrencies are highly volatile and complicated assets, so there’s significant risk involved in any crypto purchase. With this in mind, carefully assess the factors that could potentially affect the price of a currency before you buy. If you’re thinking of buying any XLM, remember to consider:
The main challenge for Stellar in the months and years ahead will be whether it can achieve widespread adoption. Thoroughly research the ins and outs of the Stellar network, its technology and its purpose so that you can make an informed decision about whether you should buy any XLM.
Coinbase and Binance.
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