This is a detailed guide to buy Stellar Lumens which goes by the symbol XLM. Apart from learning how to buy XLM, you will also learn where to buy XLM. The guide will also explain where to store XLM and how to setup Stellar wallet.
Stellar is developed by one of the co-founders of Ripple. Just like Ripple, Stellar is also kind of a payment network. Stellar brings together banks, payments systems and the users. Stellar can be used to transfer the money quickly without involving any fees. With Stellar, users can send money across borders within the blink of an eye. Stellar is an excellent solution to support low-cost payments between countries that are far away from each other. Stellar focuses on efficiency. It also introduces mobile branches that will let the retailers expand their operations. The cost reduction allows banks and payments to attract new customers.
It takes only 2-5 seconds for a payment to settle. Since it’s a cryptocurrency, the transactions are obviously secured by cryptography. Stellar is a great choice for handling micropayments. It also handles the currency exchange operations automatically. The Stellar assets are known as Lumens and they go by the symbol XLM. Lumens support and facilitate the multi-currency transactions and they also play the anti-spam role on the Stellar Network.
How to buy Stellar Lumens (XLM)
Step#1: Buy Bitcoin
First of all, you need to buy Bitcoin. You need to decide whether you want to buy Bitcoin from Coinbase or from Localbitcoins. Coinbase operates in 32 countries only while Localbitcoins operates in more than 200 countries. Your choice totally depends on your country.
Buy Bitcoin from Coinbase
- Open Coinbase website and sign-up. Go through the email confirmation, verification (provide your phone number and your ID) in order to complete the sign-up procedure on Coinbase.
- Log in to your newly created Coinbase account now and click on the Buy/Sell tab.
- Click on Bitcoin now.
- Select your payment method i.e. Bank Deposit, VISA or Wire Transfer.
- Fill up the on-screen details now to get the Bitcoin now. Your Bitcoin will appear in the Accounts tab.
Buy Bitcoin from Localbitcoins
- Open Localbitcoins.com and sign up. Use this link to sign up if you want to earn a little bit of reward. Go through the email confirmation and ID verification to be eligible to buy Bitcoin from LBC.
- Once done, Log in to your LocalBitcoins account.
- On the LocalBitcoins.com homepage, you will find options to buy Bitcoin Online, Bitcoin using Cash and some other options.
- The preferred option is to buy online. Choose the cheapest seller. Always check the limit of the seller and buy Bitcoin from the one that suits your limit.
- After selecting the seller, read the terms of trade and prepare your identity for verification.
- Begin the trade now. Transfer money to the seller and he will release your Bitcoin.
- The Bitcoin you just bought will appear in your LocalBitcoins wallet.
Step#2: Transfer Bitcoin to Binance
- It’s time to transfer the Bitcoin from Coinbase or Localbitcoins to Binance now.
- First of all, open Binance website and sign up. Use this link to sign up on Binance to earn a little bit of reward. Verify your identity as per the requirements of Binance.
- Now on Binance, click on Funds > Deposits > Select BTC and copy the Deposit address.
- Coinbase: Now open Coinbase and click on Accounts. Under accounts, you will find options to Send and Recieve Bitcoin. Click on Send and paste the Binance Bitcoin deposit address here. Enter the amount of Bitcoin you want to send and then send it. It will take a few minutes for you to receive Bitcoin in your Binance wallet.
- LocalBitcoins: Log in to your LocalBitcoins.com account and click on Wallet. Paste the Binance Bitcoin deposit address, enter the amount of BTC you want to send and then send it. You will get BTC in your Binance wallet in a few minutes.
Step#3: Trade Bitcoin for XLM (BTC -> XLM)
- Now that we have got the Bitcoin in Binance wallet, it’s time to trade it for XLM.
- Open Binance and log in.
- Now click on Exchange > Basic.
- From the right side, select XLM/BTC.
- Now from the right side, select the rate that suits you the most. It’s always recommended to place a low buy order. The red ones show the people who are selling. The sell orders from bottom to top are low to high and the green ones are buy orders, they are from top to bottom high to low.
- Enter the amount of XLM you want to purchase and also enter the rate at which you want to buy.
- Place the buy order. As soon as someone sells at your desired rate, you will get XLM in your Stellar wallet at Binance.
Step#4: Store XLM in Stellar Wallet (Stellar Desktop Client)
Stellar has a variety of wallets. There are 11 wallets that exist for Stellar Lumens at the moment. Stellar has Mobile Wallets, Desktop Wallets and the Web Wallets. Desktop Wallets are better and secure since you have the complete control of the wallet on your computer. For Stellar Lumens XLM, we will use the Stellar Desktop Client.
- Download and install Stellar Desktop Client on your computer.
- Open the Stellar Desktop Client folder and then open the StellarWallet.exe file.
- Now in the StellarWallet, click on Create a new account > create an empty account. It will save a text file to your Stellar folder.
- Now set the password for your newly created wallet.
- Save your private key and get your wallet address now. Do not lose your private key at all.
- Now open Binance > Funds > Withdrawals > Select XLM > Paste your Wallet address and send the tokens to your MyEtherWallet. That’s all.
- It will take a few minutes for you to get your XLM tokens in the Stellar Desktop Client.
More information on Stellar:
- Stellar Price Tracker – CryptoPit Coin Price Tracker
- Stellar Official Website – stellar.org
- Reddit Community – r/Stellar/
- Stellar Wallet – All Stellar Wallets
- White Paper – White Paper Link
- Github – Github Repository
- Exchanges – Binance | Upbit | Kraken | Poloniex | CEX.IO | Bittrex
Important Note: This guide is for educational purposes only. This should not be taken as a piece of advice. Our mission is only to help you buy a certain currency. Always follow the golden rule of cryptocurrency investment that says: Invest what you are willing to lose. Cryptocurrency is a highly risky investment. DYOR before investing.