How to Buy XLM: Best Stellar Lumens (XLM) Exchanges with Reviews 

January 14th, 20181:52 am @

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Steller Lumen What Is Stellar Lumen (XLM)?

Stellar is an open-source, decentralized, hybrid blockchain built on the premise that the digital world needs a worldwide financial network open to anyone. Its infrastructure is designed to facilitate cross-asset transfers of payments. By integrating into the Stellar Network, one can be part of an open, global, financial stage where everybody has equal economic participation and access.

Stellar lumen is the native currency of the Stellar network and it will fill the need of connecting individuals, institutions, and payment systems through Stellar. Stellar’s final goal is to make monetary transactions cheaper, quicker, and more reliable, especially for cross-border payments.

The recent tie-up with International Business Machines Corp. (NYSE:IBM) has pushed Stellar into the limelight and online search engines are flooded with questions like “What is Stellar lumens?” and “Where to buy Stellar lumens?”

Like all cryptocurrencies, Stellar lumens can be purchased on exchanges. As there are many Stellar coin exchanges, it’s advisable to do a bit of homework on the best Stellar lumens exchanges before choosing one. There are many things to consider when choosing a suitable exchange. The following factors should serve as a guide.

Factors to Select the Best Exchange for Stellar Lumens (XLM) Currency

Stellar Lumen

Coin Pairings: Many popular exchanges like Bittrex and Kraken offer Stellar pairings with Bitcoin and Ethereum. But if an individual wants to trade USD for lumens, he/she will have to choose an exchange like Poloniex that supports USD/XLM pairing. Those interested in trading euros or Ripple for Stellar lumens will have to rely on the Stellar Decentralized Exchange.

Liquidity: It’s always good to choose an exchange with high liquidity. High liquidity means that the exchange has a huge number of buyers/sellers as well as completed transactions. When liquidity is high, it usually means the transaction will be a lot easier and faster. High liquidity could also lead to better price discovery.

Security: With cryptocurrencies, you are your own bank. Therefore, one must be wary of security risks at every stage of the transaction, right from the source of buying (exchanges) to storing (wallets) your crypto coins. The level and type of security mechanisms employed by an exchange determine the safety of your Stellar lumens. Ideally, select an exchange that has most, if not all, of these security measures:

  • Cold storage deposits
  • Availability of two-factor authentication (2FA)
  • Email encryption and verification

Customer Support Quality: For those new to cryptocurrencies or to Stellar lumens, having a responsive customer support team can be a great boon. A good CS team can guide you on how to buy XLM and also sort out all the issues one can face during the verification process, deposits, or withdrawals. This will go a long way in making investors feel at ease and adapt quickly.

Trading Fees: Investors, especially those who do a lot of trading, can see their margins diminish significantly by high transaction fees. This is why it makes sense to compare transaction fees, deposit fees, withdrawal fees, and any other hidden fees the exchanges may have.

Ease of Use: If one is not familiar with cryptocurrency trading, selecting an exchange that has an easy-to-use interface and allows for easy navigation can avoid a lot of confusion.

Trading Stellar Lumens: Stellar Lumen Exchanges List

Investors interested in trading Stellar lumens can pick an exchange from the following Stellar lumens (XLM) exchanges list.

(Source: Chart » Stellar Lumens (Trading Exchanges) CoinGecko)

Best Stellar Exchanges to Buy and Sell Lumens (XLM) 

Based on Stellar lumens (XLM) exchange reviews, we have shortened the list to the four best Stellar exchanges that fulfill most of the above-listed factors. But as you can see, if I had to trade with U.S. dollars, my choice is narrowed down to one.

Poloniex

Though founded very recently (2014), Poloniex has established itself very well and is now among the world’s leading cryptocurrency exchanges with the highest trading volumes.

PROS:

  • Fast signup process
  • Low trading fees
  • Feature-rich
  • High volume trading
  • User-friendly

CONS:

  • Slow customer service
  • No fiat currency support

Bittrex

Based out of the U.S., this exchange provides you the option to trade in lumens and 190 other cryptocurrencies on a platform that is well-regulated and compliant with current U.S. rules.

PROS:

  • Quick registration that requires only email ID
  • Two-factor authentication for withdrawal

CONS:

  • Extra documentation for withdrawals

Binance

Though fairly new to the market, this popular cryptocurrency exchange based in China is popular for its crypto to crypto exchange services.

PROS: 

  • Supports over 100 currencies and many languages
  • Low transaction fees
  • Can process 1.4 million transactions each second
  • High liquidity
  • Secure
  • Well-reputed
  • Minimal deposit fees
  • Decent exchange rates
  • Feature-rich
  • Great user support worldwide

CONS: 

  • Does not allow fiat transfers
  • Based in China

Kraken

This exchange is good for more experienced traders. Today, it is the largest Bitcoin exchange in euro volume and liquidity.

PROS: 

  • Secure
  • Low transaction fees
  • Well-reputed
  • Minimal deposit fees
  • Decent exchange rates
  • Feature-rich
  • Great user support worldwide

CONS: 

  • Not suitable for beginners (user interface is not intuitive)
  • Limited payment methods

Safety Tips

Thanks to the “Get Free Lumens” program, many malicious sites pretend to be Stellar.org and offer free lumens in order to obtain your account information and password. If a malicious person makes an unauthorized transaction from your account, you will not be able to recover those lumens because transactions can only be reversed by the person receiving them.

The following safety tips will help protect your account.

  • Don’t click on a link to a web site directly from an e-mail. Either enter the URL manually in a browser or save it as a bookmark and then click on it.
  • On “Google Chrome” or “Mozilla Firefox” browsers, there is a little green lock in front of the URL. Click on the lock. If the URL is authentic, it will display “www.Stellar.org” or “launch.Stellar.org” and “Identity verified” in green.
  • Do not open emails from phony addresses, such as “helloStellar@gmail.com” or “hello@Stellars.com” etc. Authentic emails come from hello@stellar.org
  • As an added safety measure, enable two-factor authentication on your account (Source: “How can I protect myself from fake sites pretending to be Stellar.org?,” Stellar.org, March 18, 2016.)

And one last thing. If your account is compromised once, it means the malicious user might also have access to your secret key, so it’s best to create a new account and move all lumens to your new account. With the huge future potential your lumens have, it’s better to be safe than sorry!

Article source: https://www.profitconfidential.com/cryptocurrency/stellar-lumens/buy-xlm-best-stellar-lumens-xlm-exchanges-reviews/