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How to buy Stellar Lumens (XLM) • Benzinga Crypto

Want to jump straight to the answer? You can buy XLM on Coinbase and eToro!

The Stellar Network is an open source, blockchain-based distributed ledger focused on storing and transferring money between monetary values ​​while reducing fees. The main goal of the Stellar network is to connect banks, payment systems and customers with faster speeds and without most of the standard transfer fees that must be paid when you transfer money using the traditional banking system.

Stellar’s native cryptocurrency is referred to as “lumens”, although many traders and investors use the terms “Stellar”, “lumens” and its symbol “XLM” interchangeably when referring to cryptocurrency.

If you want to expand your crypto holdings beyond major projects like Bitcoin and Ethereum, investing in Stellar might be right for you. Our guide will show you how to open a cryptocurrency trading account, complete your coin purchase, and store your coins safely. We’ll also introduce you to some of our favorite cryptocurrency trading platforms and portfolios to help you get started investing today.

How to buy Stellar

  1. Open an account online.

    In order to invest in altcoins like Stellar Lumens, you will need to open an account with a cryptocurrency trading platform that supports digital asset. A cryptocurrency broker is similar to a stock broker – your broker is responsible for buying and selling coins on your behalf as per your instructions. Some platforms, like Coinbase and Gemini, are cryptocurrency exchanges, allowing you to buy and sell digital assets directly in the market.

    There are 2 main types of cryptocurrency brokers: those that offer access only to cryptocurrencies and those that combine access to the cryptocurrency market with the ability to buy and sell other types of coins as well. ‘assets. Brokers specializing in cryptocurrency markets only tend to offer access to more coins and tokens than brokers who combine access to crypto with trading in stocks and currencies. Brokers who offer access to multiple markets can provide you with a single source for all of your investing needs.

    The best platform for you will vary depending on what assets you need to access, what coins and tokens you want to buy, etc. The best platforms for XLM in particular are Coinbase and eToro.

  2. Buy a wallet.

    After opening a brokerage account, you should purchase a cold storage wallet if you plan to hold your coins for the long term. A cold storage wallet is a physical device that stores your coins using an offline private key. Cold storage wallets are more secure than hot storage solutions, which are wallets that must be connected to the internet in order to view your coins and manage your account.

    We recommend that you keep your coins in a refrigerated wallet compatible with the Stellar network to avoid the risk of hacking and theft.

  3. Make your purchase.

    Once your account is open and your wallet configured, it’s time to place your buy order through your brokerage account. A buy order is a set of instructions that tells your broker what cryptocurrency you are buying, how many coins you are buying, and sometimes the price at which the order is to be executed. Most cryptocurrency brokers offer a range of order types to give you more control over the price you pay per coin.

    Once you have placed your order, you can sit back and relax – your broker will complete the order following your instructions. Once the order is complete, you will see your coins in your trading account. If your order cannot be filled, your broker will usually cancel it by the end of the day.

Best Crypto Brokers For Stellar

Let’s take a look at some of our favorite crypto brokers currently offering access to Stellar.