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What is Stellar lumens?

Stellar is an open-source network and protocol aiming to provide efficient and low-cost global financial services. The network allows cross-border transactions between any pair of currencies. Lumens (XLM) are the native asset of the Stellar network that help to secure the network and provide liquidity for transactions. One lumen is a unit of a digital currency, like a bitcoin.

How to buy Stellar lumens?

Lumens can be bought on cryptocurrency marketplaces. Simply open an account with one and verify your identity. The duration of the verification process can take from minutes (by showing your ID to an agent using videochat) to several weeks. After successful verification you can transfer money to the marketplace with your preferred payment method to buy Stellar lumens. Additionally, you may also need to setup a wallet to store your lumens if your chosen marketplace does not provide a wallet service.

Where to buy Stellar lumens?

There are two major types of marketplaces that offer lumens.

Exchanges resemble traditional stock exchanges (e.g. New York Stock Exchange) where individuals can trade lumens directly with other buyers and sellers. Cryptocurrency exchanges thereby employ a matchmaking algorithm which is responsible for determining the price of lumens and finding enough sellers and buyers. As a result, there is no personal contact between sellers and buyers. Exchanges are tailored towards the needs of professional traders which is reflected in their features and user interfaces which may be confusing for beginners.

Brokers, by contrast, offer lumens out of their own asset stock. This means that when you buy Stellar lumens from a broker, there is no transaction between two individuals and no matchmaking algorithm, but only a transaction between you and the broker. Cryptocurrency brokers align their prices on current marketplaces, but charge a markup or markdown that is more expensive than trading fees charged by exchanges. Their services are usually beginner-friendly and easy-to-use.

In addition to exchanges and brokers, you may be able to buy Stellar lumens on peer-to-peer (P2P) directories where individuals can trade lumens directly between each other, without an intermediary like an exchange or broker. However, most P2P directories do not list lumens.

What to consider when buying Stellar lumens

After learning about cryptocurrency marketplaces you might wonder: “What is the best marketplace for me?” Rest assured, Cryptoradar has you covered: We list the best places to buy Stellar lumens from all over world. All you have to do is define what’s important to you and use our filters to find an exchange or broker of your liking.

Verification: Most marketplaces require identity verification (e.g. through a passport copy as well as a copy of a recent utility bill) before you can buy Stellar lumens. This process can take anywhere from a few minutes to several weeks.

Wallet Service: A lumen wallet is a piece of software to store your lumens. Some marketplaces have a beginner-friendly, built-in wallet service where you can store your lumens. However, storing lumens in a wallet that you manage yourself is usually a safer option, but it requires some learning effort. You can find more information about different types of wallets here.

Prices & Fees: The price of a lumen is determined by supply and demand and will rise or fall depending on the number of people willing to sell or buy Stellar lumens. Exchanges usually have lower prices and fees than broker services. Additionally, there may be fees for depositing and withdrawing fiat and cryptocurrencies.

Payment method: Before you can buy Stellar lumens you need to deposit money on a marketplace. Exchanges usually offer fewer payment methods such as wire transfer, while broker services may offer a multitude of faster payment methods such as credit card or Skrill.

Security: Before buying cryptocurrencies, or any other financial investment, the security of the assets should be taken into consideration. Cryptoradar helps you filter marketplaces based on security features like two-factor authentication (2FA) or cold storage. Also, we advise you to not keep significant amounts of fiat (USD or EUR) and cryptocurrencies stored on marketplaces, as they are frequently targets of cyber attacks.

When to buy Stellar lumens?

Is now a good time to buy Stellar lumens? We don’t know. However, if you are looking at a specific price at which you would like to buy Stellar lumens, we can help you to not miss a favorable opportunity: sign up for a Cryptoradar account and set up a price alert to be notified when lumens trades below or above your target price.