Where can I buy Stellar Lumens?

buy Stellar Lumens

The Stellar Lumens (or simply Lumens) are the cryptocurrency of the Stellar payment system. The aim of the Stellar project is to simplify payment transactions and largely exempt them from fees. Through partnerships, Stellar has now succeeded in providing the financial infrastructure of many organisations, particularly in developing countries. An example of this is the cooperation with IBM, where the blockchain banking used in the transactions enables cross-border payments virtually in real time.

Within the Stellar network, Lumens play a role as anti-spam protection in the form of a minimal transaction fee in Lumens, while Lumens can also act as a bridge to currency exchange if there is no significant direct market for the currencies involved in the exchange. The Stellar projects and partnerships and the expectations associated with them have made Lumens (listed as XLM) one of the top-ten cryptocurrencies by market capitalization.

Can I buy Stellar Lumens on Coinbase?

buy-stellar-lumnesCoinbase recently announced that they are considering adding Lumens to their portfolio. For the moment, however, this means that Coinbase can only be used indirectly to get Stellar Lumens. For example, you can buy Bitcoin or Ethereum on Coinbase and then transfer them to a platform that enables the exchange between Lumens and other cryptocurrencies. A popular trading platform for such a currency exchange is Binance. See the next paragraph for details.

Can I buy Stellar Lumens at Binance?

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It is only indirectly possible to buy Lumens on Binance. It is necessary to transfer a cryptocurrency to your Binance account, which can then be traded on the crypto exchange for XLM. Binance offers such trades for Lumens for Bitcoin and Ethereum (also for Binance’s own cryptocurrency BNB, which is interesting in that you can save service fees by using BNB tokens for trades on Binance). Currently it is not possible to transfer Lumens directly from Binance to another account or wallet. The Lumens must first be converted back into another digital currency to enable the transfer.

Can I buy Stellar Lumens at Bittrex?

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There are two ways to trade with Lumens on Bittrex. You can transfer Bitcoin or Ethereum that you already have in another account or wallet to Bittrex and then trade them for Lumens on Bittrex. Up to here, this is the same as already described for Binance. But unlike Binance, Bittrex also allows you to transfer Lumens to your Bittrex account or send them from there to another platform or wallet.

Can I buy Stellar Lumens on eToro?

eToro LogoInitially, eToro did not offer direct trading in cryptocurrencies, but only in CFDs based on cryptocurrencies. But those days are over, and Stellar Lumens is one of the cryptocurrencies that can now be traded on eToro. However, it is still not possible to deposit cryptocurrencies from another account at eToro or to withdraw those bought on eToro from there. But if you want to primarily trade with cryptocurrencies, and with Lumens in particular – to reinvest possible profits or transfer them to your own account in USD – then eToro is a good place to go.

What is the difference between Stellar and Ripple?

First of all, there are clear similarities between Stellar and Ripple, which is not surprising considering that Jed McCaleb was a co-founder of both projects. Both Stellar and Ripple aim to accelerate, facilitate and significantly reduce the cost of payment transactions. And both have already shown through their respective partnerships – in the case of Ripple these are banks in particular, for Stellar a range of different organisations and projects – that their model is being adopted. It is also quite possible that the two systems will increasingly compete with each other, but apart from that, there are clear structural differences between them.

In the case of Ripple, many see as somewhat too central the role the Ripple company plays for the project, since decentralisation, in the mind of those critics, should be part of the philosophy of cryptocurrencies. This perception was recently given new food when Coinbase announced that they were “exploring” adding new cryptocurrencies to their portfolio. This list of new assets also includes Lumens, but not Ripple. It had already been pointed out earlier that Coinbase may not have included Ripple on the platform, because Coinbase itself aims at decentralized cryptocurrencies – a criterion that Lumens apparently meets.

Should I buy Stellar Lumens?

The long-term prospects of the Stellar project are good thanks to such partners as IBM and scalable solutions for payment transactions. For this reason, Stellar Lumens is also an interesting investment option in the area of cryptocurrencies. However, investment in digital currencies also entails risks, which is especially proven by their high price volatility.