Stellar(XLM) grabbed everyone’s attention during the crypto trade market peak in late 2017. So, you have decided to join the crypto club, or you want to add Stellar to your already long list of the crypto portfolio, then you have arrived at the right place.
This article would serve as your personal guide on Where and How to Buy Stellar (XLM) Instantly?
Since Stellar is not among the top cryptocurrencies, be it by market cap or trading price, many exchanges do not allow for buying XLM directly against a Fiat. However, you can still purchase the Stellar crypto with ease, against top trending crypto pairs like BTC or ETH.
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How To Buy Stellar
As we discussed above, you cannot buy the XLM crypto directly using your fiat currency. So it is going to be a two street process, where you buy Bitcoin or Ethereum from an exchange and then use it to buy the Stellar.
Let us look at the process of buying in a stepwise manner to understand it better.
Buy BTC or ETH First
- You need to find an Exchange, from where you can buy BTC or ETH directly against your Fiat. Changely and Coinbase are two most significant Exchanges which has a good history.
- First, make an account on either of the platforms, verify the identification and you are good to go.
- Deposit your fiat into the Exchange and buy either the BTC token or ETH (ETH would be more beneficial as it has small transaction time with mere transaction fee)
Buy Stellar Against the Bought BTC or ETH
- If your current exchange provides the BTC/ XLM pair or ETH/XLM pair you can directly trade your Bitcoin or Ethereum for Stellar.
- If your current Exchange does not support the XLM pair, you can opt for an Exchange which does. Binance is one of the better options for BTC/XLM or ETH/XLM pair, so we will use it as an example.
- Open an account with Binance, verify your identity, and then deposit your bought BTC or ETH into your Binance account.
- In order to do that, click the “Funds” tab and search for ETH, choose “deposit”, copy the ETH or BTC deposit address and paste it to the exchange that you withdraw the money from.
- The process might take up to one hour (vary according to different exchanges).
- After completing these steps, click the “Exchange” tab on the top menu and “Basic”. Search for ETH/XLM and proceed with the transaction.
- This is how easy it is to buy Stellar instantly.
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Exchanges From Where You can Buy Stellar
Stellar has a significant community base and it is quite popular too, however, there are no verified or trustworthy exchange which allows for direct buying of Stellar. However, as we discussed above, you can always buy it against the BTC or ETH.
Here are a few Exchanges, which allows for Stellar buying against BTC or ETH
- Binance: one of the most trustworthy, and recommendable Exchanges for bitcoin trading. The Exchange provides support for various crypto trading pairs and has a great network to rely on.
- Poloniex: The exchange allows for Stellar trading against Bitcoin and US dollar.
- Bittrex: The exchange allows for Stellar trading and buying against both Bitcoin and Ethereum.
- Kraken: The Exchange allows for trading of Stellar against Bitcoin.
- Aex: The Exchange allows for stellar trading against Bitcoin.
Once you have decided to buy or trade stellar, you would need a wallet to hold those XLM coins. Although the exchanges do provide support for holding or storing your cryptocurrency, it’s best to own a separate wallet for your safety.
Here are a few types of wallets you can choose from.
- Desktop Wallets: Ledger, Stellar Desktop Client, and Stargazer.
- Mobile Wallets: Lobstr; Stargazer, Centaurus, and Papaya.
- Web Wallets: Ledger, Stronghold, StellarTerm, black wallet, LuPoEx, Lobstr, SAZA, and Papaya.
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Stellar with its growth has a great potential to enter the top 10 cryptocurrency list. If you are looking to make an investment, now is the right time as the markets are at an all-time low, and provides a perfect opportunity for making an entry.
Whatever may be your investment purpose, make sure you use the right exchange for trading your XLM as hackers have known to target Exchanges for duping people of their crypto riches.
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