Have you thought about exploring the world of digital currency and have made up your mind to invest in XLM (Stellar)? Well, buying XLM online is quick, secure, and hassle-free. Plus, it offers many exciting benefits over traditional payment methods.
Thanks to XLM, crypto users can now make instant and low-cost transactions from anywhere in the world. On top of that, you get the chance to hold your funds in a digital wallet, which only you control, giving you complete control over your assets.
In today’s guide, we will take you through the process of buying XLM online, including finding the right exchange to buy and trade XLM tokens. Whether you’re a seasoned investor or a complete beginner, today’s post will provide you with useful tips on how to get started with XLM. So, let’s cut to the chase and explore the exciting world of digital currency investment.
What is Stellar (XLM)
Stellar is a leading decentralized, open-source blockchain platform that has earned its way to the top because of its unique proposition. The platform was launched in 2014 by crypto guru Jed McCaleb, who also doubles as a co-founder of Ripple. Since launching, Stellar (XLM) has generated a lot of buzz, especially with the performance of its native digital currency, Lumens (XLM).
Stellar aims to make transactions a breeze by facilitating the exchange of money and other assets between individuals, financial institutions, and organizations. Its main objective is to make transactions faster, cheaper and more reliable for transacting parties, especially those in areas of the world with limited or no access to traditional financial services.
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Cryptocurrency assets are volatile in nature. Buy and trade at your own risk.
73% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
One of the most stand-out features of Stellar is that it leverages distributed ledger. Thanks to this technology, Stellar is able to process transactions quickly and more securely. As if that’s not enough, Stellar also uses a unique consensus algorithm, which makes it possible for the Stellar network to reach consensus without the need for mining. This is one of its biggest selling points, especially since it makes it more energy efficient than other blockchain projects.
In addition to being used as a means of exchange, Stellar’s native token, XLM, can also be used to represent other assets such as commodities, fiat currencies, or even digital assets like video game items (NFT). With a unique technology known as “asset issuance,” Stellar now serves as a bridge between different markets and assets.
Who are the team behind Stellar (XLM)
As we mentioned earlier, Stellar was founded by Jed McCaleb and Joyce Kim in 2014. Amazingly, this isn’t the first project McCaleb would be working on as he also doubles as the co-founder of Ripple, another remarkable cryptocurrency project.
The Stellar Development Foundation, a non-profit organization, oversees the development and maintenance of the Stellar network. The SDF is managed by a board of directors, which includes KIM, McCaleb, and other leading industry experts.
What’s unique about the Stellar team is that it comprises a diverse group of professionals with a solid experience in finance, software development, and marketing. The Stellar team spreads across different locations, including some working in New York, Singapore, San Francisco, and London.
While Stellar’s core team continues to work around the clock to deliver on its promises, they also boast of a large community of developers, patterns, and users, who have contributed immensely to the platform’s success.
What makes Stellar (XLM) different from other projects?
Are you wondering why Stellar (XLM) is different from other blockchain projects? Read on as we break things down.
Fast and scalable: The Stellar network has been lauded for being fast and scalable. Thanks to this unique proposition, the Stellar network is able to seamlessly process thousands of transactions per second. Because of how fast and scalable the Stellar network is, it’s no surprise to see it rated one of the fastest blockchain platforms. With Stellar network’s scalable design, it’s able to handle large volumes of transactions without any type of congestion.
Low fees: Stellar trumps other blockchain networks because of the insanely low fees they charge for transactions. Transactions on the Stellar network attract fees as low as a cent. This has made it an affordable option for those making frequent transactions or sending small amounts.
Cross-asset compatibility: Stellar network makes it possible for users to exchange different types of assets, including commodities, fiat currencies, and digital assets. This is made possible through a unique feature, “asset issuance,” enabled on the Stellar platform. This impeccable feature allows Stellar to act as a bridge between different assets and markets.
Efficient consensus algorithm: Stellar uses a unique consensus algorithm called the “Stellar Consensus Protocol” (SCP) that allows it to reach consensus without the need for mining. This makes it more energy-efficient than other blockchain platforms that use proof-of-work consensus algorithms.
Active development and community: The Stellar team and community are actively working on improving and expanding the platform, and they have a strong track record of delivering on their roadmap.
A brief overview of XLM token
XLM is the native token of the Stellar network. Like every other native token, XLM helps to facilitate the exchange of money and other assets among transacting parties. The token aims to make transactions quick, cheaper, and more reliable, especially in areas of the world with limited or no access to traditional financial services.
We love that XLM can be used to represent other assets, including commodities, fiat currencies, and digital assets like video games.
XLM’s total supply is capped at 50 billion tokens with a fixed inflation rate of 1% per year. Additionally, the Stellar network leverages a unique consensus mechanism called Stellar Consensus Protocol, which is more energy efficient than other consensus mechanisms in the blockchain space.
XLM tokens can be stored in digital wallets. Plus, they can be bought and traded on several crypto exchanges, where they are listed. Let us also add that you can earn XLM tokens on the Stellar network by running a validator node or contributing to the development of the platform.
How has XLM performed since it launched?
XLM took the crypto world by surprise following its launch in 2014. It would be recalled that XLM is a fork of Ripple, another successful crypto project. Unlike other crypto projects, XLM tokens were distributed free of charge via airdrops and giveaways.
In terms of performance, XLM has had a volatile price history. For instance, after the project launched in 2014, the price of XLM tokens increased gradually, reaching as high as $0.85 in January 2018. However, like other digital assets, XLM experienced a significant decline at the end of 2018, which saw its value drop to around $18.
Even though the price of XLM has recovered some lost ground since then, the token has experienced significant price fluctuations. As of today, the price of XLM is pegged at $0.44, according to CoinMarketCap data.
It is also worth mentioning that the crypto market is highly volatile. To this end, we expect the price of XLM to change in the future.
Is XLM a good investment?
Even though the crypto market has experienced an unprecedented sell-off, which has seen the majority of digital assets lose 95% of their value, there are bets that XLM would weather the storm and surpass its all-time high of $0.94.
For those who are looking to invest in a digital asset with a lot of promises, you won’t be disappointed to add Stellar (XLM) to your investment portfolio. At $0.44, Stellar is still quite affordable compared to other cryptocurrencies.
More so, the team behind Stellar has been working assiduously to turn the project’s fortune around. Should we see another bullish crypto market, you can expect XLM to explode in value.
How to buy XLM tokens online
Buying XLM tokens online is easy and hassle-free, and because we want to make the entire process easy for you, we have detailed the process below:
- Choose a cryptocurrency exchange: There are many exchanges that offer XLM, such as Binance, Coinbase, and Kraken. Choose an exchange that is reputable, supports your country, and offers the features that you need.
- Create an account: Sign up for an account on the exchange and follow the prompts to complete the registration process. This may include verifying your identity and providing personal information.
- Deposit funds: Most exchanges will allow you to deposit funds using a bank transfer or a credit/debit card. Some exchanges may also support other payment methods, such as PayPal or wire transfer.
- Buy XLM: Once your account is funded, you can buy XLM by placing an order on the exchange. You will need to specify the amount of XLM you want to buy and the price you are willing to pay.
- Withdraw XLM to a wallet: After your purchase is complete, you will need to withdraw your XLM from the exchange to a digital wallet that you control. This is important for security reasons, as it ensures you have full control over your funds.
How to buy and trade XLM on eToro
Buying and trading XLM tokens on eToro is super easy and straightforward. Here is how you can go about it:
- Create an account: The first step to buying and trading XLM on eToro is to create an account. Visit the eToro website and click on the “Join Now” button. Follow the prompts to complete the registration process, including verifying your identity and providing personal information.
- Deposit funds: Once your account is set up, you will need to deposit funds to buy XLM. eToro supports a variety of payment methods, including bank transfer, credit/debit card, and e-wallet options like PayPal and Skrill. Choose the method that works best for you and follow the instructions to complete the deposit.
- Search for XLM: Once your account is funded, you can start buying and trading XLM. Go to the eToro dashboard and search for “XLM” using the search bar. This will bring up the XLM trading page, which shows the current price, trading volume, and other relevant information.
- Buy XLM: To buy XLM, click on the “Trade” button and choose the amount that you want to buy. You can specify the exact amount of XLM that you want to buy, or you can choose a dollar amount and eToro will calculate the corresponding number of XLM based on the current price. Review the details of your trade and click “Open Trade” to complete the purchase.
- Trade XLM: Once you have bought XLM, you can trade it by opening and closing positions on the eToro platform. To open a position, click on the “Trade” button and choose the amount of XLM that you want to buy or sell. You can set a stop loss and take profit order to manage your risk and maximize your profit potential.
Note: Please note that eToro is a third-party platform, and it is always a good idea to carefully read the terms of service and the associated risks before buying or trading any assets. Let me know if you have any other questions.
Frequently asked questions
Is it safe to buy XLM online?
Buying XLM online can be safe as long as you take appropriate precautions. It is important to use a reputable exchange and to secure your digital wallet with a strong password and other security measures. It is also a good idea to enable two-factor authentication (2FA) on your account to add an extra layer of protection.
Can I buy XLM with a credit card?
Yes, many exchanges and platforms, including eToro, allow you to buy XLM with a credit card. Keep in mind that some exchanges may charge higher fees for credit card purchases, and your credit card issuer may also apply additional fees or restrictions.
How do I store XLM after I buy it?
After you buy XLM, you will need to store it in a digital wallet. There are many different types of wallets available, including software wallets, hardware wallets, and paper wallets. Each type of wallet has its features and security trade-offs, so choosing one that meets your needs is important.
Is it possible to earn XLM for free?
Yes, there are several ways to earn XLM for free, such as participating in airdrops, bounties, or faucets. Some exchanges and platforms may also offer promotions or rewards that allow you to earn XLM by completing certain tasks or referring new users.
What is the minimum amount of XLM that I can buy?
The minimum amount of XLM you can buy may vary depending on the exchange or platform you use. Some exchanges may have a minimum purchase requirement of a few dollars, while others may allow you to buy smaller amounts. Keep in mind that even small amounts of XLM can be affected by price fluctuations, so it is important to consider your risk tolerance when deciding how much to buy.
Can I trade XLM on eToro?
Yes, eToro is a platform that allows you to buy and trade a variety of assets, including XLM. To trade XLM on eToro, you will need to open an account and deposit funds. Then, you can buy XLM and open and close positions by placing trade orders on the platform. Please note that eToro is a third-party platform, and it is always a good idea to carefully read the terms of service and the associated risks before buying or trading any assets.
Conclusion
Buying XLM online is a fast, easy, and secure way to join the world of digital currency and take advantage of the many benefits that XLM and the Stellar platform have to offer. With XLM, you can make instant, low-cost transactions anywhere in the world and hold your funds in a digital wallet that gives you full control over your assets.
There are many exchanges and platforms that offer XLM, so you have a wide range of options to choose from. It is important to carefully research the exchanges and compare their fees, reputation, and user experience before deciding which one to use. You should also consider your own financial situation and risk tolerance and consult with a financial advisor if necessary.
Once you have bought XLM, you can store it in a digital wallet and use it for a variety of purposes, such as making payments, sending money to friends and family, or participating in the Stellar network. You can also trade XLM on exchanges or platforms like eToro, but it is important to understand the risks and rewards of trading before getting started.
In conclusion, buying XLM online is an exciting opportunity to explore the world of digital currency and participate in the growth and development of the Stellar platform. With a little research and due diligence, you can confidently and securely buy and use XLM to suit your needs and goals.
