Are you looking for how to buy Stellar Cryptocurrency? This is the one-stop guide for you.
Stellar, also called Stellar Lumens, is an open-source, decentralized digital currency for online payments with low transaction fees.
It is a network that is operated by a non-profit organization called The Stellar Development Foundation that allows cross-border transactions between any pair of currencies.
Transactions done on the stellar network are protected and fast. The native asset of the Stellar network is called Lumens (XLM).
The Stellar (XLM) protocol, was created for use by financial institutions and payment processors that functions as a decentralized exchange that enables users to transfer any form of asset.
This article will guide you on how to buy Stellar Cryptocurrency on different exchange platforms.
First, let’s briefly run through its history.
Who Created Lumens (XLM)?
Lumens (XLM) is the native asset of the Stellar network and it was created as a part of the Stellar project by Jed McCaleb in 2014.
Lumens are used to fast-track transactions on the Stellar network and can be bought, sold, and traded on cryptocurrency exchanges.
So How Does Stellar Work?
Stellar is a decentralized payment network that allows users to send and receive payments in any currency, including cryptocurrencies such as Bitcoin and Ethereum.
The Stellar network consists of a network of decentralized servers, or “nodes,” that communicate with one another to validate and record transactions.
Each node maintains a copy of the ledger, which is a record of all transactions that have occurred on the network. When a user wants to send a payment, they create a “transaction” and broadcast it to the network.
How to Buy Stellar Cryptocurrency on Moonpay
Moonpay is a platform that allows buying and selling of different cryptocurrencies including Stellar.
The following procedures will guide you on how to buy Stellar Cryptocurrency on Moonpay.
1. Create an account
To create a free Moonpay account, you have to go to the Moonpay website and sign up and follow the procedures so your account can be created.
2. Verify your Identity
To verify your identity, you will need to provide your personal information and also upload verification documents like an ID card, International passport, or any other verification document you might have.
3. Link your debit or credit card
After verification, the next step is to link your debit or credit card to your account. Select Stellar(XLM) from the list of available cryptocurrencies and enter the amount you want to buy.
4. Complete the transaction
Before completing your transaction, you should review your transaction details and the fees you’re to pay. Then you can now confirm your purchase and wait for your payment to be processed.
How to Buy Stellar Crypto on Coinbase
Coinbase is also one of the popular and trusted websites where you can buy Stellar Cryptocurrency.
Follow these steps on how to buy Stellar Cryptocurrency.
1. Create a Coinbase account
To create a Coinbase account, you’d need to sign up on the Coinbase website or download the Coinbase app to get started.
To create an account you will need some verification documents (just like other platforms require) to make your transactions on the app easy.
Verifying your ID may take longer, depending on where you live.
2. Add a preferred payment method
Tap on the payment method icon and click on your preferred payment method. You can use a bank account, credit, or debit card.
3. Buy your Stellar Cryptocurrency
On Coinbase.com, select Buy & Sell. On Coinbase mobile app, tap the ( + ) Buy on the Home tab.
4. Select Stellar Lumens
On Coinbase.com, click the Buy panel to search and select Stellar Lumens. On Coinbase mobile app, search for Stellar Lumens by typing “Stellar Lumens” into the search bar.
5. Enter the amount you want to buy
Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a Stellar Lumens amount.
6. Finalize your purchase of Stellar Lumens
Click on “Preview buy” and you’ll be shown the details of your purchase. Make sure you have crosschecked and then confirm your purchase by clicking “Buy now”.
How to Buy Stellar Cryptocurrency on Binance
It is no surprise that you can buy Stellar Cryptocurrency on Binance which is one of the most trusted platforms to buy cryptocurrencies.
Follow these steps to begin buying Stellar on Binance.
1. Create a free account on the Binance website
The first step to buying Stellar cryptocurrency on Binance is creating a free account on the Binance website and also verify your identification.
2. Choose how you want to buy your Stellar cryptocurrency asset.
Click on the “Buy Crypto” link on the top left of the Binance website which will show the available options in your country.
A. Credit Card and Debit Card
If you are a beginner, this is the easiest option to purchase Stellar (XLM). Binance accepts both Visa and MasterCard.
B. Bank Deposit
Transfer fiat currency from your bank account to Binance, and then use the amount to buy Stellar (XLM).
3. Store or use your Stellar cryptocurrency (XLM) in Binance.
You can store your Stellar in your crypto wallet or simply hold it in your Binance account.
How to Buy Stellar Cryptocurrency on Kraken.
Kraken is a cryptocurrency exchange platform where you can buy and sell different cryptocurrencies. As someone looking for how to buy Stellar cryptocurrency, Kraken.com is a place to get started.
1. Sign up for an account
To sign up for an account on Kraken, you need to pick a unique username and create a strong password.
2. Verify your account
Before you can buy Stellar, you’ll need to verify your account by providing your name, date of birth, country, and other basic information.
If you’d like to use cash, like USD or EUR, you’ll need additional support documents verifying your identity.
3. Deposit crypto or cash
To deposit crypto, you simply create a deposit address and send the deposit from your wallet to that address.
4. Buy your Stellar cryptocurrency
Once your account is funded with cash, you’re ready to buy your Stellar cryptocurrency.
How to Buy XLM on Kriptomat
Kriptomat is a digital asset exchange that allows users to buy and sell a variety of cryptocurrencies, such as Bitcoin, Stellar, Ethereum, and Litecoin. It offers a range of features to help users securely buy and sell cryptocurrencies, including support for multiple payment methods, a user-friendly interface, and advanced security measures.
You can be guided on how to buy Stellar cryptocurrency on Kriptomat using the following procedures;
1. Create your FREE Kriptomat Account
It doesn’t take long to create a Kriptomat account so you can get started by signing up on Kriptomat.
2. Complete account verification
Before purchasing Stellar, you must first verify your account. In order to comply with regulation (and offer enhanced account security), you will be required to submit a national ID or passport in order to verify your identity.
3. Buy Stellar cryptocurrency (XLM)
That’s it. Getting to this stage, you’d have purchased your Stellar cryptocurrency.
Wrapping Up
For newbies or expert investors, Stellar is a good cryptocurrency to invest in. You can make money from buying and selling Stellar cryptocurrency while you also use it for your business transactions.
For business owners, Stellar offers a reliable, fast and low-cost transactions for your business.
Now that you know how to buy Stellar cryptocurrency, it’s time to get started. Do you know anyone who also needs to know how to buy Stellar cryptocurrency? Do well to share this article with them.
Stellar FAQs
Is Stellar Cryptocurrency Worth Buying?
You can consider buying Stellar Lumens(XLM) especially if you are interested in making international payments at low fees.
XLM has a 24-hour trading volume and is ranked as one of the most valuable cryptocurrencies.
Can I Buy Stellar Cryptocurrency With a Credit Card?
Yes, you can buy XLM using your credit card. It could be Visa, Mastercard, or other major credit cards. You can also buy via bank transfer, Apple Pay and Google Pay.
What Can Stellar Lumens (XLM) Be Used For?
You can use Stellar for fiat currency or cryptocurrency exchange. Stellar Lumens are a popular alternative to send global remittances due to the lower transaction fees involved.
Can I Mine Stellar Cryptocurrency?
No, you can’t. Stellar uses a different consensus algorithm than proof-of-work (PoW) systems like Bitcoin, so it is not possible to “mine” Stellar in the same way as Bitcoin.
Is Stellar the same thing as Bitcoin?
No, Stellar is a different digital currency and blockchain platform than Bitcoin. Stellar and Bitcoin are both decentralized and operate on a distributed ledger but Stellar was designed with a specific focus on facilitating cross-border payments and supporting multiple currencies.
Can Stellar cryptocurrency be used for business transactions?
Yes, Stellar can be used for business transactions and has been adopted by a number of organizations as a platform for facilitating cross-border payments. It offers fast and low-cost transactions.