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Thinking about adding Stellar Lumens to your portfolio? These days, you can buy Stellar Lumens (XLM) on quite a few exchanges, so keep reading for step-by-step instructions on how to start trading and also how to sell this popular cryptocurrency.
How to buy Stellar Lumens: a step-by-step guide
There are two options available when you buy Stellar Lumens:
If you would like to buy XLM with another cryptocurrency, here’s how you can do it.
If you decide that you want to sell your XLM holdings, the process you’ll need to follow is fairly similar to the one in step 3 above. You’ll have to:
Some people opt to keep the XLM they buy in their crypto exchange account. While this is a convenient option that makes sure you have fast access to your crypto for any 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 more tips on what to look for in an XLM wallet, check out 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 2 to 5 seconds, for a tiny fee of approximately a single 600,000th of a cent per transaction.
To send funds on the Stellar network, you’ll need to create an account and then upload the currency you want to transfer to an “anchor”, such as a bank or remittance company. That anchor then 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 (also known as stellar.org), which has a mission to promote global financial access, literacy and inclusion.
Cryptocurrencies are highly volatile and complicated assets, so there’s a significant level of risk involved in any crypto purchase. With this in mind, you’ll need to carefully assess all the factors that could potentially have an impact on the price of a currency before you buy.
If you’re thinking of buying any XLM, remember to consider the following:
The main challenge for Stellar in the months and years ahead will be whether or not it can achieve widespread adoption. Make sure you thoroughly research all the ins and outs of the Stellar network, its technology and its purpose, so you can make an informed decision about whether you should buy Stellar Lumens.
Disclosure: At the time of writing the author holds ADA, ICX, IOTA and XLM.
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