How To Buy Stellar (XLM)

How To Buy Stellar?

Stellar lumens (referred to colloquially as just Stellar/XLM) is a payment infrastructure, built on the ideals of accessibility and open-ness that underpin so many cryptocurrency ideologies. The mission statement of the Stellar team, according to their website, is to create a system that makes transactions cheaper, faster and more reliable, allowing people from
anywhere in the world to make and receive payments. After Stellar’s recent tie up with IBM, the tech world is expecting big things from Stellar in the next few years. Whilst not a new network per se (Stellar was launched in 2014), it is still somewhat harder to come by Stellar than BTC and ETH, for example. However, after consulting this guide, you’ll be in a position to diversify your cryptocurrency portfolio in no time.

Step one: Set up a wallet

Stellar, like all cryptocurrency, is stored by means of a wallet. Whilst possible to store your Stellar on the exchange that you purchase it on, this is risky as you are vulnerable to the exchange being compromised. Instead, make use of a Stellar wallet. You can choose between a desktop, mobile or hardware wallet, depending on your preference. You can also to make use of a dedicated stellar wallet or use a multi-cryptocurrency wallet.

How to buy Stellar on the exchange?

Stellar is sold exclusively through select exchanges. Currently, it is not possible to purchase Stellar directly. As such, you will first have to purchase another cryptocurrency (through, for example, Coinbase or CoinMama) and then exchange that currency for your Stellar/XLM (using Binance or Changelly or similar). It is recommended to do this process using Litecoin
or Ethereum, given that these afford you the lowest transaction costs, across the board, and the fastest transaction speeds.

Can you buy Stellar using your credit card or a wire transfer?

Currently, it is not possible to make a direct purchase of XLM using fiat currency on your credit card or a wire transfer. As such, you will have to use your credit card to purchase another cryptocurrency via a suitable exchange, and then exchange that cryptocurrency for your Stellar. For best value for money, it is recommended to use Ethereum or Litecoin for
this purpose.

How to buy Stellar using cash?

It is currently not possible to purchase XLM/Stellar using cash, unless doing so by means of a private sale with someone who is happy to accept cash. In the future, perhaps, ATMs will offer this functionality as they do with Litecoin, ETH and BTC, in certain territories. However, right now, it is not possible for Stellar short of a private sale.

Can you buy Stellar using Paypal?

It is not possible to purchase Stellar directly, currently. As such, you will not be able to use Paypal to get your hands on Stellar directly. You will need to use Paypal to purchase another cryptocurrency, and then exchange that for Stellar. Paypal also doesn’t have the best relationship with cryptocurrency in general, meaning that it isn’t the easiest means of paying for your cryptocurrency. There are workarounds that exist but, given Paypal’s stance, it isn’t recommended.

Stay tuned!


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