Stellar Lumens (XLM) is the native digital currency of the Stellar blockchain. This is a blockchain-based ledger that is designed to connect people and financial institutions globally. XLM is a cryptocurrency designed to make it easier for people to carry out cross-border transactions. While XRP (Ripple) targets financial institutions, XLM targets individual users.
XLM was founded in 2014 by Ripple co-founder Jed McCaleb. The idea behind the creation of XLM is to ensure that the unbanked and underbanked regions of the world have access to banking and financial services with ease. The entire code of the XLM blockchain is open source, which means that anyone can modify or change the code, and anyone can participate. Stellar, however, does not operate like Ripple, as it covers operational costs by setting aside 5% of the total XLM available for the company’s use. They also accept donations, allowing the blockchain to operate without charging huge transfer fees to their users.
The Stellar blockchain has seen a lot of growth over the past few years, with its partnership with IBM, one of the highlights of the community. As such, the XLM remains one of the best and leading cryptocurrencies in the financial space and one that investors should consider including in their investment portfolios.
How to Start Trading
XLM is a popular cryptocurrency, which means that you can trade it on a wide range of cryptocurrency exchanges and brokerage platforms. To start trading XLM with an online broker, follow these steps:
- Research and choose your preferred broker. There are several reputable and reliable brokers that offer XLM trading.
- Open an account with the broker by completing the registration form available on the site. Take the time to check the available features, such as the presence of a demo account and more.
- Fund your brokerage account and choose the XLM trading pair you wish to trade.
- Trade the XLM cryptocurrency and earn profits.
- Withdraw the profits with ease.
What Are the Pros and Cons of Trading in Stellar Lumens?
Is the Stellar Lumens cryptocurrency really worth your investment? Here are its pros and cons.
- Stellar is one of the leading cryptocurrencies. It is amongst the 15 most valuable cryptocurrencies at the moment.
- XLM has an intense project, and it is backed by a very robust development team. The track record of the development team is attracting a lot of investors, such as IBM, to the Stellar project.
- XLM is an extremely attractive cryptocurrency that is serving as an alternative payment method to traditional fiat currencies. The low transaction fees and the ability to carry out cross-border transactions within seconds or minutes make XLM an attractive cryptocurrency.
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- Some people believe that XLM is a fork of XRP, as the two have almost similar functions in the marketplace. At the moment, XRP is miles ahead of XLM in terms of development and acceptance amongst individuals and financial institutions.
- The Ripple team is larger and more experienced than that of Stellar, which means XRP gets work done faster than XLM and that is bound to attract more customers and investors
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Top Brokers Offering Trading in Stellar Lumens
Here are some of the leading brokerage firms that allow people to purchase, sell, and trade XLM coins.
- IC Markets
- Capital Seven, and more
Let us take a look at some of the brokers and what they have to offer.
IC Markets is a regulated broker that allows people to trade a wide range of cryptocurrencies, including Stellar Lumens. It supports the trading of XLM against some assets like Bitcoin and the USD. What makes IC Markets a unique place to trade XLM is the cutting-edge trading platforms and features it offers. Its superior liquidity makes it a good place to buy Stellar Lumens, as users can sell and buy XLM with ease. IC Markets also supports high-end order execution and lower spreads. They also offer effective educational resources and top customer service and support.
Read the full IC Markets review here.
Another excellent broker that supports trading Stellar Lumens is Capital Seven. The broker, based in Europe, is dedicated to working hard to produce the highest quality of online trading facilities to traders all over the world. They allow people to buy Stellar Lumens (and other cryptocurrencies) and trade the assets with ease on their various platforms. Each platform is equipped with excellent trading features and tools to ease the process for both newbie and experienced traders. Capital Seven offers its services in various languages, including English, Spanish, Arabic, Russian, and German. They also offer top customer service and effective trading tools.
Read the full Capital Seven review here.
Founded in 2013, EuropeFX has worked hard to become one of the leading brokers in the online trading space. The broker offers a wide range of cryptocurrency assets, including Stellar Lumens. They allow people to trade XLM against various other assets. In addition to cryptocurrencies, EuropeFX supports other assets such as forex, commodities, equities, and more. The superior trading platforms and instant order execution are other features that make EuropeFX an excellent place to trade Stellar Lumens.
Read the full EuropeFX review here
As one of the leading brokers in Australia, Pepperstone is an excellent platform to trade XLM. Pepperstone supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, XLM, and more. In addition to these, you can trade CFDs on forex, gold, indices, US shares, and more on Pepperstone. The broker is known for supporting intuitive and powerful platforms like the MetaTrader MT4, MT5, and cTrader. Since 2010, Pepperstone has been a platform that is supported by thousands of traders all over the world, thanks to its effective trading tools, top customer service and other features.
Read the full Pepperstone review here
Fortrade has always prided itself for being an advanced online trading platform that caters to the needs of all global traders. Because of their motto, Fortrade supports the trading of Stellar Lumens and several other cryptocurrencies. The broker has been able to provide excellent services to its thousands of customers, 24/7. The user-friendly technology of Fortrade is designed to provide a simple and powerful trading environment, making it ideal for beginners and experienced traders. On Fortrade, users have access to various trading platforms, tools, and educational resources. With fast order execution and high liquidity, Fortrade is a good place to trade Stellar Lumens
Read the full Fortrade review here
Where to Buy Stellar Lumens (XLM)?
It is important to buy, sell and trade Stellar Lumens (XLM) only from reputable brokers and cryptocurrency exchanges for various reasons. These platforms are regulated, they offer superior liquidity, and are available to attend to customer queries 24/7. They also support XLM and a wide range of cryptocurrencies. The most important part of partnering with a reliable broker or exchange is that your investments will be safe.
Buy Stellar Lumens (XLM) From Brokers
Buying Stellar Lumens from online trading brokers is one of the smartest decisions you can make. This is because most top brokers usually operate as regulated entities. This means that they provide services within the confines of the financial laws. Customers can partner with a broker and be confident that their funds and security are a priority.
When buying XLM with brokers, you are not purchasing the cryptocurrency token. Instead, you are trading CFDs or contracts for difference. This means that you are simply making a prediction regarding the direction that the price of the asset, in this case, Stellar Lumens, will move. If your prediction is correct, you will make a profit. In addition, you can profit even when the price of the cryptocurrency is declining. The costs of trading with a broker are also a lot less than trading XLM with an exchange.
Most of the brokers are also covered by insurance, which means that your investment is safe, in case something happens with the company. Since brokers also support other financial instruments such as forex, equities, commodities, indices, and more, it is easy to trade cryptocurrencies and other financial assets and to diversify your trading portfolio. When buying XLM with brokers, users also have a wide range of safe and secure funding methods. You can buy Stellar Lumens from brokers using payment methods like PayPal, bank wire, credit/debit cards, and electronic wallets. The powerful and intuitive trading platforms, with their effective trading tools and indicators, make brokerage firms one of the best options for trading Stellar Lumens.
How to Start Buying XLM From an Exchange
To start buying Stellar Lumens from a crypto exchange, follow these steps:
- Choose a reputable cryptocurrency exchange. The best crypto exchanges are those with high liquidity and who support the trade of various cryptocurrencies. They also follow the guidelines of the financial markets as laid out by regulatory bodies.
- Open an account with the exchange by providing your personal details. For most crypto exchanges, the process is relatively fast, but it could take a few days until your details are verified and your account is activated.
- Fund your exchange account with the accepted fiat currency and payment method.
- Purchase XLM and you can then store your cryptocurrency in a cold wallet for extra security.
Buy Stellar Lumens (XLM) From Exchanges
Cryptocurrency exchanges are perhaps one of the best places to buy XLM, especially for people that wish to hold the physical coins in their wallets or other storage platforms. Cryptocurrency exchanges have the largest liquidity for any cryptocurrency, making them the first place that people go to buy XLM and thousands of other cryptos. The cryptocurrency exchanges support various payment methods, allowing people to buy XLM and other cryptocurrencies using credit/debit cards, bank transfer, e-wallets, and more. They also support the payment of their services in various popular fiat currencies like the USD, EUR, and GBP.
Although crypto exchanges have been prone to cyber-attacks, they continue to work to ensure the security of customer funds and transactions. Hence, you can carry out transactions on the crypto exchanges with little stress. When you purchase XLM from crypto exchanges, you get the physical coin, which you can either use to trade against other assets, store in a wallet, or send to other people as payment for goods or services. Either way, buying XLM from cryptocurrency allows you to trade, store, and sell them with relative ease. Always remember to take into account that it might take a while before your account is approved and the exchange might need you to provide verification documentation.
Exchanges to Purchase XLM
Here are some more details of the leading crypto exchanges to buy XLM:
Binance is perhaps the world’s leading crypto exchange, as it supports thousands of cryptocurrencies. It is also one of the most liquid crypto exchanges at the moment, making it easy to buy and sell XLM. Interestingly, as of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. This exchange was founded by Changpeng Zhao, a developer who was responsible for creating high-frequency trading software.
Kraken is a US-based cryptocurrency exchange, founded in 2011. As one of the oldest crypto exchanges, Kraken listed XLM since its first days. Kraken remains one of the best crypto exchanges to buy Stellar Lumens because of its rich history and large liquidity. The exciting features and tools make Kraken an ideal exchange to also buy and sell the Stellar Lumens coin.
Based in Luxembourg, Bitstamp has become a household name within the cryptocurrency community. It supports hundreds of cryptocurrencies, including XLM. Users can buy and sell Stellar Lumens (XLM) on Bitstamp with ease. Bitstamp also offers its clients an API so that clients can use custom software to access and control their accounts.