Let us start by understanding what is Stellar Lumens and how it works. Stellar Lumens was created in 2014 by Jed McCaleb, who was also the co-founder of Ripple. The main idea behind this was to help those people who do not access to everyday banking with the use of blockchain technology. Stellar is the name of the network by which you can easily send and receive funds quickly and at low transaction cost. Lumens is the name of the Cryptocurrency used on the stellar network.
How to Buy Stellar Lumens?
Now the question arises how to buy Stellar Lumens, let’s check it out:
- Firstly you have to open an account any fiat to crypto exchange and purchase Ethereum or Bitcoin ( Ethereum is purchased more because of its fees and transfer time).
- After you have bought Ethereum or Bitcoin, you have to sign into Binance(it is Cryptocurrency exchange platform) and open an account.
- Now transfer your Ethereum or Bitcoin into your Binance account. This transfer may take up to 1 hour as it depends on the currency which is being exchanged.
- When your Binance account is funded by Ethereum or Bitcoin, now you can purchase Stellar Lumens.
- On Binance platform move your mouse on Exchange option and then click on Basic.
- Now on the screen, click on ETH. Now search for XLM and them click on XLM/ETH.
- Now a chart appears on the screen, scroll the chart and you will see an option of Buy XLM trading box. After this, you will be able to get the best price of Stellar Lumens at that time.
- Now enter the number of Stellar Lumens you want to purchase. There is also an option of buying Stellar Lumens by using all of your Ethereum balance.
- Finally, click on buy XLM and you have successfully purchased the Stellar Lumens.
You also need to keep in mind that if you want to hold your Stellar coins for a longer time then you need to place them into a secure wallet. You should also know that Binance is not the only exchange platform for Stellar Lumens coins but many others are there like Kraken, HitBTC, Bittrex.
Although Binance has the largest trading volume of Stellar Lumens. Binance was created in 2017 but it quickly became one of the most using exchange. Binance offer trading in more than 100 coins in the present time. The transaction fee is also very less in Binance as compared to other exchange platforms. One disadvantage of using Binance is that you will not be able to deposit by the Fiat money like US dollars and other currencies.
Where to store?
Now to store your Stellar Lumens you need to use wallets and some best wallets for this are
- LEDGER NANO S( Supports STELLAR, RIPPLE, ETHEREUM, BITCOIN and many more)
- KEYBASE ( Hides your address and provide high security)
- SOLAR WALLET ( Works with both android and iOS)
- LOBSTR( It contains 2 step authentication)
- ASTRAL ( Here data is encrypted with AES-256)