How To Buy Stellar Lumens (XLM) • Benzinga Crypto (2024)

The Stellar network is an open-source, blockchain-based distributed ledger focused on storing and transferring money across currency values while reducing fees. The Stellar network’s primary goal is to connect banks, payment systems and customers with faster speeds and without many of the standard transfer fees that must be paid when you transfer money using the traditional banking system. Read on to learn how to buy Stellar Lumens.

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

If you’re interested in expanding 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, make your coin purchase and store your coins securely. We’ll also introduce you to a few of our favorite cryptocurrency trading platforms and wallets to help you get started investing today.

Want to jump straight to how to buy Stellar Lumens? You can buy XLM on Crypto.com and eToro!

How to Buy Stellar Lumens

Best Crypto Brokers For Stellar (XLM)

Since Stellar Lumens is such a large project, it's listed on a fair amount of exchanges and brokerages. Picking the right trading platform is the 1st step in your journey as a cryptocurrency investor. While many platforms offer great services, U.S based exchanges offer some of the best security and customer service out there. The top 2 exchanges that support Stellar Lumens are Crypto.com and eToro. Crypto.com is one of the largest exchanges in the world and offers a wide variety of different cryptos including Stellar Lumens.

Another great option is eToro. eToro offers plenty of altcoins, including Stellar Lumens. A great feature on eToro is CopyTrader, which allows investors to copy the trades of more experienced investors. While it's never a good idea to blindly follow someone else's trades, this feature can be helpful for generating trade ideas.

Best Crypto Wallets

Now that you know how to buy Stellar Lumens you need a good place to store it. Explore a few of our favorite cold storage solutions below.Hardware wallets are physical devices that store access to your cryptocurrency on an external device. This device stays offline, ensuring the safety of your digital assets. If you're looking for the best cryptocurrency wallets on the market, check out the Trezor lineup.

Best for Quick Setups: Trezor Model T

If you’re looking for a cold storage wallet that allows you to track and manage your coins on the go, look no further than the Trezor Model T. Featuring a bright touch-screen design, the Trezor Model T makes it easier to view your holdings when you’re away from your computer.

The Trezor Model T can also be an excellent choice for investors who are new to cold storage. To get your wallet started, simply connect to your computer or phone and follow the directions. From a connecting cable to recovery seed cards, the Trezor Model T includes everything you need to begin storing your coins safely offline.

Best Touchscreen: SecuX V20

The SecuX V20 is a cold storage hardware wallet that features a 2.8-inch full-color touch screen to make managing your coins easier. The device even features an on-screen keyboard and address verification that helps you better resist hacking and theft attempts.

In addition to its impressive touch screen, the SecuX V20 also features top-level security features, including a military-grade, CC EAL 5+ certified secure element to ensure that only you have access to your coins. The body of the SecuX V20 is also exceptionally secure, with a solid aluminum case that allows you to travel with the device without worrying about damage.

Trade or Sell Your Cryptocurrency

After you’ve made your purchase and your broker has filled the order, you’ll see your coins in your brokerage account. From here, you need to decide if you’d like to hold onto your Stellar long-term or if you’d like to become an active trader.

If you plan on holding your coins for more than a week, you’ll want to transfer your tokens to a cold storage wallet. Your cold storage wallet will feature an address that you can use to direct your coins from your brokerage account. You may want to send a small amount of cryptocurrency to your wallet before you liquidate your account to be sure that you have the right address. If you send your coins to an incorrect address, it is virtually impossible to get them back.

Unlike long-term traders, active traders capitalize on small Stellar price movements throughout the day or week. You’ll convert your Stellar into a stablecoin (like Tether) when Stellar prices rise, then purchase them back when the price falls again. This allows you to accumulate more coins, which you can then cash out or continue to trade with.

Becoming an active trader requires a fast, responsive trading platform. Browse a few of our favorite brokers for short-term investors below to get started.

Current Crypto Prices

Before you decide to place your order to buy Stellar through your broker, you might want to keep track of how prices across the market are changing. This allows you to buy in when prices are lower than average. Browse a few of the top cryptocurrencies below to learn more about how the market is moving today.

Getting Started With Altcoin Investing

From Stellar’s groundbreaking network to coins tied to an underlying asset (like Maker), altcoins beyond Bitcoin and Ethereum represent a wealth of potential. However, unlike the forex or the stock market, the cryptocurrency market is still highly unregulated. Anyone can create a coin or token and begin selling it, and there is no central organization that verifies the claims made by these projects.

If you do decide to invest in altcoins like Stellar, be sure that you do plenty of research first to make sure that you’re only investing in legitimate projects.