Stellar is listed among the top 10 cryptocurrencies used for international transactions and investments. Stellar, according to its profile, seeks to link people to low-cost financial services so as to fight poverty. This wouldn’t be surprising as Lumen (XLM) is managed by a non-profit corporation that provides cryptocurrency services.
With such a good profile, you would surely want to buy XLM as an investment or carry your transactions using Stellar XLM considering that the Stellar price is expected to increase in the next few months. But what would the right wallet be? Stellar LXM is supported by various crypto wallets in the market. This guide will help you have an overview of the top wallets available and how to select the best wallet that suits your preferences.
What is a Stellar Wallet?
Stella Lumens holders can send and receive payments. These transactions can be conducted across borders with low costs offered by decentralized Stellar networks.
In order to manage your Stellar Lumens, you need a crypto wallet. In this case, it would be essential to have a Stellar Lumen wallet so as to efficiently monitor the digital currency you receive or send.
Everyone who owns Stellar uses a digital Stellar wallet to keep track of it. Cryptocurrency wallets can be used to:
- Send Cryptocurrencies
- Receive Cryptocurrencies
- Trade Cryptocurrencies
- Spend Cryptocurrencies
- Withdraw Cryptocurrencies
Each Stellar and cryptocurrency uses blockchain technology to complete transactions. However, crypto wallets cannot:
- Send Stellar to any non-Stellar crypto address
- Share user information with 3rd parties (not recommended)
- Withdraw or access bank funds (only Bitcoin ATM)
Stellar Lumen wallets are programmed to hold your private keys to enable complete access and transaction with public keys. The interaction between the private and public keys is what essentially facilitates the exchange of data to successfully process a request by users. The Stellar Lumen wallets are available online, in hardware, as mobile applications, desktop software and on paper.
Before choosing a Stellar Lumen wallet, it would be important for you to select one that would be user-friendly and has your desired features. Security is paramount when it comes to the selection of a crypto wallet. You also need to choose a wallet that you can easily access.
Some Steller Lumen wallets are not available in other countries.
Best Stellar Wallet Providers
With regard to total daily trading volume, Binance is ranked as the most used crypto trading platform in the world. Binance has faced various regulations and law challenges by its mother country China in 2017. This is after China banned all cryptocurrency trading conducted in the country. A move to Japan in 2018 saw tighter regulations by the Japanese government leading to Binance setting its nest in Malta. Since then, Binance has been leading when it comes to cryptocurrency trading and it has tremendous growth in various countries especially in Europe.
To create a Stellar Lumen wallet in Binance, follow the steps below.
Step 1 – Create Your Binance Account
Visit Binance.com and provide your email address as well as password.
Binance will send you a verification email to the email you used to sign up. The email contains a link which upon clicking will lead you to your new Binance account.
On your account, you will be required to fill in more details to get access to more functions. After providing the required details you can now trade Stellar Lumen and use the Binance Stellar Lumen exchange wallet.
Note: You can’t buy Stellar with fiat money (like USD) on Binance.
Step 2 – Go to “Funds” > “Balances”
On is the page, you will be able to see a complete list of all your account’s wallets.
Anytime you purchase a cryptocurrency on Binance; the order will be displayed on one of these wallets.
The wallets that have coins in them will appear in descending order. You can send Stellar Lumens to the Stella Lumen wallet address just by selecting “Deposit.” Then you’ll be able to trade Stella Lumens with all kinds of other assets on Binance.
With its headquarters in San Francisco, Coinbase is one of the most sought after digital currency exchange wallet as it enables users to exchange cryptos with fiat currencies. It would actually be more suitable and fast when you wish to purchase Stellar Lumens with your credit or debit card as well as bank transfer.
Coinbase initiated the first transaction of Stellar Lumens with other assets on March 13, 2019. This is, however, not accessible to residents of the New York State and the United Kingdom. All other jurisdictions can access Stellar Lumens through Coinbase.
The steps below provide a guideline on creating a Coinbase account.
Step 1: Create Your Coinbase Account.
Visit Coinbase.com and select Sign up for an “Individual” account.
Provide your full name, email address, develop a new password for the account.
Coinbase will send a link to your email address. Click the link to open your new Coinbase account.
Step 2: Find Your Stellar Wallet.
Select “wallets” and you’ll find your Stellar Lumen wallet among other wallets provided by Coinbase.
After you select it, it will lead you to a screen similar to the one on the right above.
You can send Stellar Lumens to this wallet address. The Stellar Lumens you purchase on Coinbase will also be stored and displayed on this Stellar Lumens wallet.
The Exodus wallet is one of the best wallets for desktop users. It is a software wallet that is downloadable from the Exodus website. It contains Stellar Lumens as well as many other cryptocurrencies.
Exodus is user-friendly and has a simple design, making it easy for users to use it. It is easy to download and set up.
To download and set up this wallet, follow these steps:
Step 1: Download Exodus.
Visit Exodus.io and download the wallet from the site. Note that Exodus is only compatible with desktops. The installation process will be provided on your screen. Follow it carefully to finish the installation and launch the software.
Step 2: Open Your Exodus Stellar Wallet.
Exodus provides its users with access to over a hundred different cryptocurrencies. To see the Stellar Lumen wallet, just select the “wallet” button on the left. It will immediately display the Stellar Lumen wallet. Select it and it will display your Stellar Lumen wallet address, account balance and more info.
Guarda wallet is another multi-currency crypto wallet available in the market. It lets its users purchase cryptocurrencies using fiat currency from their debit or credit cards. Guarda has developed a wallet design that looks good when accessed through mobile devices and desktop computers.
Step 1: Create a Guarda Wallet
Visit Guarda.co and select ‘Create wallet.’ Guarda gives its users backup files in order to further strengthen the security of their funds.
Step 2: Access your Stellar wallet
Your Stellar wallet will already be active within your Guarda wallet. Inside your account, you’ll be able to send and receive Stellar Lumens to your Stellar Lumen wallet address.
Infinito wallet gives users a brighter view of its display, especially on mobile phones. Just like other wallets, it can store many cryptocurrencies.
Here are the steps on how you can get an Infinito wallet.
Step 1: Download Infinito Wallet
Visit Infinitowallet.io and select “Download” as shown above. Choose the file that is compatible with your mobile device. After the installation, make sure to follow all the necessary steps to properly launch the Infinito application.
Step 2: Go to the Stellar Wallet already within Infinito
After launching the Stellar Lumen wallet, you can now easily use it to send, receive and store Stellar Lumens whenever you wish.
Blockchain wallet is used in 140 countries. It is accessible both as a mobile device application and online. It provides a user-friendly wallet to its users. Its convenience and accessibility in many countries make it a trusted and widely used crypto wallet.
The following steps should be done to successfully open a Blockchain.com wallet.
Step 1: Create a Blockchain.com Wallet
Visit Blockchain.com and create a new wallet.
A request to fill in your email address and password will be displayed.
A system generated email will be sent to your email address. The email contains an activation link for your Blockchain wallet. Click the link.
Step 2: Find Your Stellar Wallet Inside Blockchain.com.
Select “Wallet” to see your Stellar wallet and wallets for other cryptocurrencies. Choose Stellar to access your Stellar wallet address as well as your current account balance.
Best Stellar Wallets in Your Country
There exist a number of crypto wallets that offer Stellar Lumen wallets for the people of the UK. Coinbase stands out to be our best selection among the available wallets. This is because of its regulatory compliance policies that make it a more secure and trustworthy platform.
Coinbase has seen the innovation and development of cryptocurrencies, making it a well-built icon in the market. Its ability to provide users with a multi-asset platform ranging from CFDs, stocks and cryptos makes it exceed the services offered by its competitors.
Coinbase wallet can be extensively used for sending, receiving, and storing Stellar Lumen and many more top traded cryptocurrencies that users intend to invest in.
Coinbase has recently launched in North America. Its acceptance and regulation by the US Bureau FinCEN make it a trustworthy crypto exchange in the United States and Canada.
Coinbase also has a unique feature wherein traders can learn the trading strategies used by its best traders. This feature helps it get more users who are just starting out.
Coinbase also has an Australian license. It is regulated by CySec, FCA and Australian Securities. This makes it a reliable crypto exchange for its Australian users.
Coinbase provides a transparent fee system that guides users on how much fee they pay per transaction. Moreover, traders can share market insights and news through its social forum section.
Differences Between Exchange, Hardware and Software Crypto Wallets
Crypto wallets provide various platforms for traders to invest in. Some of these platforms are available on the web, desktops, hardware and on our mobile phones.
A better understanding of the pros and cons of these different crypto wallets would be worthwhile to help you choose the right platform.
Exchange Wallets
Exchange wallets for Steller Lumens provide online wallets for Stellar Lumen holders. The use of these exchange wallets seems to be the most convenient but users have to be warned of its vulnerability to security breaches. It’s best if users will only use exchange wallets for short-term transactions.
Here are our favorite Stellar exchange wallets:
- Binance Wallet
- Coinbase Wallet
Hardware Wallets
These prove to be the safest wallets for crypto assets as they are mostly offline. One can plug in the hardware wallet using a USB cable to a computer, access the Stellar Lumens online then disconnect once transactions have been done. Only buy from well-known and licensed manufacturers to ensure that the hardware wallets you will use are safe for your Stellar Lumens.
Here are some good examples of Stellar hardware wallets:
- Ledger Nano S
- Trezor
- KeepKey
Software Wallets
Software wallets store Stellar Lumens on your mobile device or desktop. Software wallets prove to be more secure compared to exchange wallets even though they are still connected to the internet. They are recommended for short-term transactions but not for long-term investments as they still can be hacked by attackers.
Here are some good examples of Stellar software wallets:
Best Stellar Wallet on Mobile
Best Stellar Wallet Apple
The most recommended wallet for your IOS is the Coinbase app. Coinbase comes with a user-friendly application that you will find convenient, especially if you trade regularly. Its feature that enables social trading will make you trade with confidence from any location and at any time. This feature can be accessed through an Apple phone.
Coinbase also supports various crypto assets in its application. You can easily exchange Stellar Lumens with any other crypto asset in your wallet.
Best Stellar Wallet Android
Coinbase still stands to be the best Stellar Lumen wallet for Android users. It is proven to be secure and well-regulated.
Inifinito wallet can also be used by Android users due to its multi-currency option. It’s also easy to buy cryptocurrencies using fiat currencies.
There are hundreds of Stellar wallets available on mobile devices. Most of them are not worth your consideration. Here are the things to consider when choosing Apple and Android crypto applications:
Apple
- Only compatible with Apple apps
- Many crypto apps are instantly banned by Apple due to T&C violations
- Apps from anonymous publishers will not be accepted
Android
- Android is application-agnostic
- All apps appear in the Play Store, even the scams
- Android apps can mine certain cryptocurrencies
It would be highly important to make the right decision when it when selecting Stellar Lumen Wallet. There are many companies that provide cryptocurrency wallets. Some are authentic service providers. Unfortunately, not many of them provide good services to their users.
Before choosing a Stellar Lumens wallet, you should consider the security and ease-of-access that the wallet can provide. The user-friendliness and support of desired cryptocurrencies should also be taken into account.
Once you’ve chosen a Stellar Lumen wallet, you should remember to protect your passwords and login information. Backup files should also be downloaded so you will still be able to access your Stellar Lumens wallet in case you forget your login details.
More Cryptocurrency Wallets
FAQs
What is XLM?
XLM stands for Lumens. It is a cryptocurrency the Stellar network uses to facilitate multi-currency transactions.
Is XLM mineable?
No, it’s not mineable.
How fast is Stellar Lumen?
The Stellar blockchain can process a transaction within 2-4 seconds.
What are Stellar Lumens used for?
Stellar Lumens is a cryptocurrency that is used for cross-border transactions through the Stellar Corporation.
Where is Stellar's headquarters?
Stellar Development Foundation headquarters is situated at San Francisco, California.
Who created Stellar?
Stellar was created by Jed McCaleb, an American programmer and entrepreneur.
