These days it’s very easy to buy Stellar Lumen(XLM). If you want, you can use cash, card – even PayPal! However, you still need to follow a few steps to do this – that’s why we’ve made this tutorial easy for you! It is separated into parts – just follow the one that matches your purchase method.
What is Stellar (XLM)?
Stellar is an open network that allows money to be moved and stored. When it was released in July 2014, one of its goals was boosting financial inclusion by reaching the world’s unbanked — but soon afterward, its priorities shifted to helping financial firms connect with one another through blockchain technology.
The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers, who often charge high fees for a similar service.
At the time of writing this article, the current CoinMarketCap ranking is #29, with a live market cap of $6,245,687,383 USD. It has a circulating supply of 24,791,716,091 XLM coins and a max. supply of 50,001,806,812 XLM coins. Refer to this article for a deep dive.
How to buy Stellar with credit card or debit card?
No matter what people say, it’s easy to buy Stellar with a credit card. Your first step will always be to buy Bitcoins or Ethereum with your credit card. They can then be converted to Stellar. Follow these steps: Buy Bitcoin or Ethereum on an exchange you like. Transfer Bitcoin or Ethereum to an exchange that supports Stellar currency. Finally, exchange Bitcoin or Ethereum for Stellar. Please follow our step-by-step guide below to buy Stellar.
1. Create a Coinbase account
Click on the ‘subscribe’ button and fill in the form. Enter your name (it has to be exactly the same as what is written on your photo ID), email, password, and location. Coinbase is regulated by the US government and follows strict financial rules. As such, they need to verify your identity. It takes some time and effort, however, this makes Coinbase reputed to be the most reliable way to convert the regular currency to cryptocurrency.
Verify Coinbase account
As Coinbase needs to verify your account, you must provide your phone number, upload a picture of your photo ID and verify your card (credit or debit) or account back. Only then will you be able to buy cryptocurrencies. If you use a card on Coinbase, your fees will be higher, but your purchases will be instant. It’s cheaper to use bank transfers, but it’s slow – it can take up to a week to receive your coins. When your payment details are verified, click on the ‘buy/sell’ button in the top menu.
Select ‘Ethereum’ and enter how much money you want to spend/how many coins you want to buy in the windows at the bottom of the page. Once this is done, click on the ‘Buy’ button. Now you will have to confirm your purchase. Do this by pressing the ‘Confirm purchase’ button. You now own some Ethereum. However, don’t close Coinbase just yet – we’ll use it later!
2. Exchange your Ethereum for Stellar (XLM)
As we mentioned, you need to exchange your Ethereum for Stellar. In our tutorial, we will use Binance as the site to exchange Ethereum for Stellar. Click this link to go to Binance and click ‘Register’ in the upper right corner.
3. Create a Binance account
A popup will appear to advise you to set up 2FA – two-factor authentication – on your account. Do this to protect your money – even if a hacker gets your password from Binance, the second level of verification will almost certainly stop them from logging into your account. Our recommendation is to use Authy app available on your smartphone or web browser.
4. Get Ready to Transfer Ethereum from Coinbase to Binance
Hover over ‘FUNDS’ in the top menu and click on ‘Deposits’. The new screen will show you how many coins you have stored on Binance – you currently have none. Type ‘Ethereum’ in the search box. Find Ethereum in this list. Click on ‘Deposit’ You will receive a long string of numbers and letters – this is your Ethereum deposit address.
Copy this address and save/write it somewhere safe. You will need it soon. Note: Make sure you have actually selected Ethereum (ETH) – sending your coins to the wrong wallet will destroy them. if you send your coins to the wrong wallet, you will lose them.
5. Transfer Ethereum from Coinbase to Binance
Go back to Coinbase. If you followed our advice, it should still be open. Click on ‘Accounts’ in the top menu bar and find your Ethereum wallet on the left. Click ‘Submit’. Paste/write to Binance’s Ethereum wallet address in the ‘Recipient’ box. In the amount box, enter the amount of Ethereum you want to transfer (if you want to send it all, use the ‘use max’ option). Click ‘Continue’. Coinbase may request a password/phone confirmation.
Follow the instructions and Coinbase will confirm that the Ethereum coins have been sent. You will have to wait a few minutes for the Ethereum coins to be moved to Binance. It typically takes between 20 and 60 minutes for coins to appear in your Binance wallet. This depends on network load and may take longer during peak hours. Do not panic. Binance will update automatically – you don’t need to refresh the page.
6. Exchange Ethereum for Stellar (XLM)
Once Ethereum appears in your ‘available balance’ on Binance, you are ready to exchange it for Stellar. Go straight to the XLM/ETH exchange on Binance. Do not panic! Not everything on the trade page is important to us. Let’s just use a small part of it. You can buy coins in two ways: ‘Limit’ order: you can set the price at which you want to buy XLM. ‘Market’ purchase: automatically fills your order at the best available price. Buying on the market is simpler, so let’s use that.
Find the big green ‘Buy XLM’ button. Click on the ‘Market’ option in the window above the button. Fill in the amount of XLM you want to buy in the input box labeled ‘Value’. You can use the percentage buttons below the box to make the process easier. For example, if you want to exchange 50% of your Ethereum for XLM, click on the 50% button. After entering the desired amount in the box, press the buy button. Your order will be processed immediately.
7. Check your Stellar balance (XLM)
Now you have to click on ‘Funds’ in the menu bar at the top and then go to ‘Balances’. Type XLM in the search box. This will display the amount of XLM you now have in your XLM Binance wallet. You can now leave your coins on Binance where they should be reasonably safe. However, exchange site hacks happen and people are robbed of their money. We recommend keeping your coins in a personal wallet.
Also Read: How to buy Bitcoin Cash (BCH)?
Frequently Asked Questions
Can I buy Stellar with PayPal?
You cannot purchase Stellar directly with PayPal at this time. If you want to use PayPal, you will have to buy bitcoin first and then exchange bitcoins for XLM using a service like Binance.
Can I buy XLM with cash?
You cannot buy Stellar directly with cash. Even though some ATMs support Stellar, they are less than 1% of all crypto ATMs. If you want to buy with cash, you will have to buy bitcoin first and then exchange bitcoins for XLM using a service like Binance.
Can I buy Stellar with Bitcoin?
Yes, you can easily do this using Binance to exchange bitcoins for Stellar.
Can I buy XLM with Skrill
Europeans can use BitPanda to buy bitcoins or Ethereum with Skrill. Ethereum or BTC can be converted to Stellar on Binance.
Can I buy Stellar with Ethereum
Yes, you can easily do this using Binance to exchange Ethereum for Stellar.
What is the best payment method to use?
The cheapest way to do this is to buy bitcoins with bank account (or Stellar directly with bank account) and exchange BTC for Stellar. The fastest way is to buy Stellar with a credit card, but higher fees will apply.
How can I secure XLM after I buy it?
You must store your Stellar in a secure wallet. Leaving Stellar on an exchange only puts you at risk of losing money if the exchange is hacked. Your account can also be hacked, so it’s important to use 2FA.
How can I sell Stellar (XLM)?
Binance and Changelly are good places to exchange your XLM for any other cryptocurrency. If you want to exchange it for regular currency, trade XLM for bitcoin and exchange BTC for dollars, euros or other currencies.
Can I mine Stellar instead of buying it?
You cannot mine Stellar as it has a different network structure than Bitcoin. You can only buy Stellar on one exchange.