Every day, we learn about cryptocurrencies and which hardware wallets to use with them – one of which is Stellar Lumens. Stellar Lumens is also a cryptocurrency platform that is suitable for both regular people and banks and it emphasizes on cross-border payments and remittances. Stellar markets itself as an open-sourced infrastructure as Stellar wants to have an international financial network that will be made available and open to anyone in international groups and community. There is a need for an open-source financial network and Stellar is able to fill this requirement and connect people, organizations, and payment systems through this open-sourced platform.
When using Stellar, individuals can send currencies to and from anywhere in the world on the network. You may use the platform’s exchange anchors to exchange or have your funds liquidated for other cryptocurrencies or fiat currencies. Stellar Lumens work through decentralization because the network runs on a web of decentralized servers that is supported by a worldwide association of individuals and units.
Most of the wallets to store Stellar Lumens are either particular for Lumens-use or they may exist within the network of Stellar for use within its international marketplace.
What are Stellar Lumens?
Stellar Lumens is a digital assets’ platform that focuses on remittance and cross-border payments. If you are familiar with Ripple, Stellar Lumens is similar to it, only simpler.
Stellar Lumens Wallets
Hardware wallets are not connected to the internet – they are list USB devices where you store information or files, only a hardware wallets are intended for cryptocurrencies.
In choosing a web wallet, it is important to be informed of the security risks associated with online wallets. If you are handling larger amounts of XLM, using an offline wallet is still considered a safer choice.
#1 Ledger Nano S (hardware or offline)
First hardware wallet on our list is the Ledger Nano S – a smart buy for crypto users because it is not as expensive as some of the other hardware wallets on the market. It supports a significant number of coins which is a plus point for this wallet. The main feature of this hardware wallet is its secured system and design.
Ledger Nano S is a hardware wallet produced by the Ledger Company. In its first creation, Ledger Nano S supported only Bitcoin and a few other high liquid coins such as ETH but they now have expanded and offers support for XLM.
The O-LED screen of the Ledger Nano S allows users to double check their transactions on a press of a button using their USB cables. This hardware wallet is compatible with a lot of operating systems like Chrome, Linux, Windows 7 and other later versions; Ledger Nano S can also co-exist and even run in parallel with Electrum, Copay, Mycelium and many other hot wallets.
The Ledger Nano S can sync with Stellar Account Viewer effortlessly and secure your private keys since these are not stored in your device and be traced safely in the blockchain from where they operate through the device itself.
#2 Stellar Desktop Client – Foxlet (desktop)
A Foxlet is a hot/cold wallet. All you have to do is to download and install this wallet for free if you want to store Stellar Lumens for free.
If the installation is completed, you will notice that Foxlet is user friendly, especially for the newbies in the cryptocurrency arena, this wallet is perfect for you!
Users can either create a new wallet or restore their old one. Should you decide to create a new wallet, a text file would be generated and stored in your computer which is password protected. Every time you try to access your wallet, this text file should be activated. This text file works as your private key which gives you access to the Stellar blockchain.
The downside of this wallet is basically the state of your computer and if it is connected to the internet; once it is connected to the internet, it’s the users’ job to make sure that the computer is well-secured, if not, Foxlet is just a cold wallet. The user has to make sure that their text files will not be corrupted.
#3 Stargazer (desktop, mobile)
A Stellar wallet available for your desktop and mobile devices – a Stargazer.
This desktop and mobile wallet is compatible for Windows, Mac OS X and Linux operating systems and Android devices, sad to say, Stargazer is not available for iOs devices because of some negative reviews.
Stargazer is designed to be simple and very straightforward, therefore it made sending and receiving Lumens easy. This wallet accommodated multiple assets, accounts; supports multiple languages and allows users to set up federated addresses and rely on multi-sig security.
#4 Lobstr (web)
Here is another web wallet we would like to talk about – the Lobster, it is functional and uncomplicated. It is light and easy to use. It is free and whenever you want to start using it, all you have to do is sign up using their email. Lobster’s web client login details will be sent to the user email address and after that, they could already log in and create a Stellar Account for themselves.
After being able to log in, the user can easily generate the account recovery seed phrase and their public and private keys. Since this is a web wallet, it is up to the user to secure their private keys; and if you do want to store your XLM to the Lobster platform, the public keys provided should be the recipient address.
#5 Astral (web)
Astral is a web-based Stellar wallet that boasts a lot of features. First, it provides a simple and convenient access to your XLM when you need to plus, it allows you to send and receive Lumens as quick as necessary.
All eligible accounts that sign up for an Astral account are automatically enrolled in an inflation pool earning inflationary XLM every week depending on your account balance. There’s an added flexibility in being able to create multiple addresses to organize funds easily. Two-factor authentication is also necessary and the data is encrypted with AES-256 and email confirmation is required in withdrawing funds to new addresses.
#6 Guarda (mobile, web)
A light-weight and easy to use multi-currency wallet, Guarda is very secure and supports the well-known cryptocurrencies like Stellar Lumens, Ripple, Ethereum, Zcash and other altcoins. Guarda is considered the best wallet for Ripple – both for Android and iOS users.
Guarda does not store client information, wallet data or private keys; the private key is stored in the devices’ secure memory and is deleted once you log out. This wallet helps you to shift your assets from one coin to another with ease, without KYC process and allows you to have a less complex verification procedure.
StellarTerm works for Windows, Mac and even Linux OS. Therefore, it would not be a problem for users; it also stores your private keys within your computer, so you are assured that no one has access to it.
This is an internet based wallet which is applauded for its reputation in safeguarding your information and assets and that it has a decentralized exchange easy for trading clients or investors. Your XLM is guaranteed to be in good hands because this wallet runs on the Stellar network which is known for its safe and secure protocols. Once this wallet is installed, users can easily generate their public and private keys through their stunning yet easy to use interface.
StellarTerm trading clients supports a couple of other assets which means that you can always convert your LM holdings to other coins or tokens. This wallet is also compatible with the Ledger Nano S; so if you have one, you can also consider StellarTerm for taking care of your cryptocurrencies.
Stronghold is an exchange wallet. What makes Stronghold special is that the exchange runs on the Stellar blockchain. It is an on-ramp and off-ramp of Stellar network representing Lumens (XLM) of the Stellar decentralized exchange, often called DEX.
Exchanges are points of trade, where investors or users can trade, buy or sell assets and store them on-site or move them somewhere else. Since Stronghold is running in the Stellar network, users or investors are assured that their Lumens are safe and secure while stored in them.
What to Look for in a Stellar Lumens Wallet?
Here are some tips before choosing your XLM storage:
Private Keys. In choosing a hardware wallet where you can store your XLM, first is to consider a wallet that does not require you to give your private keys to a third party. Your private keys are the reason that you are able access your cryptocurrency or assets; maintaining a wallet that gives you full control of your private keys should be top priority.
Secure Your Device. Be sure you have the latest anti-malware software installed in your device; remember to always use strong passwords in setting up wallets as well.
Set-up Two-Factor Authentication. To add another layer of security to your funds, use the two-factor authentication of your wallets.
Consider Cold Storage. As said earlier, if you are considering a more secure way to keep your XLM, consider storing it in a hardware or paper wallet. This is best especially if you are storing large amounts of XLM.
Research About Wallets. The last tip in choosing your XLM storage is to remember to research the pros and cons of the wallet you are considering to use – this is assuring yourself of the best choice to make.
Minimum Balance. Every Stellar wallet must maintain a minimum balance of Lumens at all times – this is set at 1 XLM.
Customer Support. Lastly, ask yourself if you will be able to easily access customer care if ever you have problems with your wallet.
What is XLM (Stellar Lumens Coin)?
XLM or Lumen is a unit of digital currency, like Bitcoin or Ethereum. Lumens are native to the Stellar network. This asset is how the network refers to an item of importance that is stored or saved on a ledger.
Storing XLM in an Exchange Wallet
If you are thinking about another option in storing your XLM, you may consider putting it in the wallet attached to your account on a cryptocurrency exchange. If you are planning to trade your XLM, using this option allows you to quickly access your funds.
Of course, doing this option has its security risks; we are not only talking about your accounts being hacked but there is a risk of your account being owned by someone else. It is said that the exchange could theoretically close your account at any time.
With this risk in mind, it is still recommended that you store your assets in a wallet you privately own which allows you to have full control of your private keys.
Best Places to Buy Stellar Lumens and How to Buy Them?
Even though Stellar Lumens is currently one of the most popular digital asset or cryptocurrency, not all exchanges allow the purchase of Lumens (XLM).
Where to buy Lumens:
- BC Bitcoin
How to buy Stellar Lumens (XLM)?
There are still many exchanges that does not allow purchasing Lumens using U.S. Dollars and other fiat currencies but the process can still be fast and easy. Here are the ways!
Open an account at Changelly or Coinbase (for U.S. citizens), and purchase ETH or BTC; you can also buy BTC through LocalBitcoin;
Once you have bought ETH or BTC, sign into Binance and open and account;
Withdraw your ETH or BTC from the exchange into your Binance account. Do that by clicking “Funds” tab and search for ETH, choose “deposit”, copy the ETH or BTC deposit address and paste it to the exchange that you withdraw money from.
Click “Exchange” tab on the menu ad “Basic”, then search for ETH/XLM and proceed with the transaction.
After purchasing XLM, search for a digital wallet that supports Stellar Lumens and transfer the coin into the wallet. And now, you’re done!
What are Lumens?
One lumen (XLM) is a unit of cryptocurrency, like a bitcoin. Lumens are the native asset of the Stellar network, which means that these assets are built into the network.
Where are Lumens from?
The Stellar network launched last 2014 with 100 billion stellars – this is the original name of the network’s native asset which was then upgraded the following year into lumen. This was done so that users would be able to easily distinguish it from, a. the Stellar network itself; and b. stellar.org, the non-profit organization that contributes to the development of the network.
What is XLM?
XLM is Lumen. Money usually has 3-letter codes (USD, EUR, AUD, BTC); this is done to observe international standard.
Where can I get Lumens or XLM?
There are licensed exchanges online where Lumens are available. Before you even purchase Lumens, consult the Consumer Advisory brief by the Consumer Protection Finance Board (CPFB) on the potential risks associated with cryptocurrencies. Remember that assets are very innovative but not insured by regulatory bodies like FDIC.