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Home » Buy Cryptocurrency » Buy Stellar (XLM)
Stellar is a cryptocurrency that is based on an open-source, decentralized protocol that facilitates cross-border payments of digital fiat currency. Supported by the Stellar Development Foundation, Stellar has gained interest in its technology from some of the world’s top organizations, including Deloitte and IBM.
You can invest in Stellar on the following CFD trading platforms:
As a result, this digital currency is seen by many in the crypto community as holding the potential of shifting cryptocurrencies into mainstream use. This has inevitably led to an increase in those wanting to buy Stellar.
Buying Stellar is possible in a variety of ways, both online and in the physical world. With a market cap of over $1.2 billion, this cryptocurrency ranks as the 10th biggest, according to CoinMarketCap.
If you are looking to buy Stellar online, you would normally use a cryptocurrency exchange or a broker platform. While the general terms of use of a specific provider might vary, you would normally go through the following process:
On most platforms, you will see Stellar’s three-digit ticker code, XLM on display. The value of the coin varies depending on where you buy it from. So far, its highest-ever recorded sale price was $0.94, a price which was set soon after Bitcoin approached the $20,000 value.
Choosing which platform or forum to use to buy Stellar depends very much on how you intend to pay for the digital currency.
There are many advantages to using a credit or debit card to buy Stellar. Cards are fast, convenient, and do not cost the user anything to pay with them. Furthermore, they can automatically convert from one fiat currency to another, which is especially useful if the seller is demanding payment in a different currency to yours. Buying Stellar with a credit or debit card is very easy since a sizable portion of online platforms accepts this payment method.
CEX.io is amongst the best cryptocurrency exchanges to buy Stellar using a credit or a debit card. Accepting payments in EUR, USD, and GBP, the platform is a favourite for both novice traders and experienced investors. CEX.io offers a variety of services targeting different types of users through dedicated platforms. You can buy Stellar with a credit or debit on CEX.io in a variety of ways, including the use of margin trading.
You can also invest in Stellar with a credit or debit card without actually buying the currency, through Stellar Contracts for Difference (CFDs). Stellar CFDs are offered on trading platforms, such as Plus500, which specializes in CFDs in a variety of markets, including cryptocurrencies, forex, and indices. Trading Stellar CFDs involves risk and should only be undertaken if you understand these risks and can afford to lose part or all your investment.
Other platforms which allow you to invest in or buy Stellar with a debit or credit card include:
With close to 300 million active users globally, PayPal is probably the best-known eWallet account provider in the world. It offers instant fund transfer and a convenient, albeit expensive, currency exchange service. However, due to the high fees associated with accepting PayPal, very few platforms allow you to buy Stellar with it.
Generally, you will only find Stellar CFD trading platforms which allow you to buy with PayPal. eToro, an online social trading platform, allows you to use PayPal to invest in Stellar instantly. This innovative platform features a tool that allows you to automatically emulate trades done by other traders, thus reaping the potential benefits of their smart choices.
Other Stellar CFD trading platforms which accept PayPal include:
Buying Stellar with a bank transfer might seem outdated, yet it remains a very popular method that is supported by numerous exchanges and platforms. Bank transfers are slow and sometimes inefficient, yet they do not cost platforms anything to accept them. As a result, apart from allowing you to buy Stellar with a bank transfer, most exchanges won’t charge you any deposit fees when you do this.
Coinbase Pro is a perfect example of this price mechanism. While the world’s largest Bitcoin broker charges a fee for deposits by credit or debit card payments, with bank transfer they’re completely free. Furthermore, Coinbase Pro offers a series of advanced tools to its users, including a world-class trading platform, advanced charting tools, and insured funds.
Other platforms which allow you to buy Stellar with a bank transfer include:
Buying Stellar anonymously can be quite difficult, especially since there are currently no known ATMs for this currency. Many cryptocurrency exchanges and trading platforms require some form of identification, in order to comply with licenses or to keep their network safe, but this eliminates the possibility of remaining anonymous.
A partial exception to this rule is Changelly, a cryptocurrency exchange and trading platform which requires minimal information from its users. In order to use Changelly to buy Stellar, you will be requested to open an account and provide limited personal information. However, unlike other exchanges, Changelly does not request photo identification, allowing you to maintain a certain degree of anonymity.
Another way to buy Stellar anonymously is to find a seller online and negotiate a deal without revealing your personal details. Although such a transaction is possible, it can be unsafe, particularly if you must send payment before receiving your Stellar coins.
As time goes by, the number of locations that allow you to buy Stellar online increases, and this can make choosing the right option challenging. Different options provide varying degrees of security, trust, cost, and features. Before choosing which option to go for, you must first understand what your purpose to buy Stellar is.
Cryptocurrency exchange platforms or online brokerage firms facilitate the process of buying Stellar online. They do this in different ways, from providing user-friendly platforms to offering advanced education and analysis tools. Reputable platforms are normally regulated, or, even when they aren’t, make considerable investments in security and technology.
Some platforms allow you to only pay for the services you require, however, others offer a fixed fee, irrespective of what features you use. For this reason, it is important that you choose the platform which most closely mirrors your requirements.
Buying Stellar with cash is difficult, especially since there are no ATMs that can facilitate this transaction. The best way to buy Stellar with cash is to identify a seller or broker in your area and negotiate a sale in cash. Online forums or social media pages might help you to find such an individual, but always be aware that fraudsters often behave like sellers in order to dupe their victims.
Otherwise, one may opt to purchase Bitcoin via a Bitcoin ATM with cash and then exchange that BTC to XLM on a non-CFD cryptocurrency exchange.
Although Stellar is not a minable cryptocurrency you can still receive it in ways other than buying it. Promotional airdrops or similar events sometimes give away Stellar to a select group of registered participants, and you can trade these Stellar coins on a variety of exchanges.
Binance, one of the largest cryptocurrency exchanges in the world, allows you to trade Stellar with over 400 other digital currencies. Until recently, Binance did not accept fiat currencies, and it continues to specialize in crypto to crypto transactions. The Malta-based exchange has built a reputation for offering competitive pricing and an advanced user interface which is extremely popular amongst experienced users.
Other cryptocurrency exchanges which allow you to trade Stellar include:
Although buying or trading Stellar is supported in most of the world’s countries, there are a few exceptions. Cryptocurrency is illegal in a handful of countries, including Pakistan and Ecuador. As a result, most platforms do not allow users from such countries. In other countries, using or trading cryptocurrencies may be permitted, with exceptions. You need to consider your own geographical restrictions before you start to buy or trade Stellar.
Another geographical consideration to make is whether a platform accepts users from a particular jurisdiction. Due to regulatory or other reasons, several platforms set restrictions or bans on users of specific nations. For example:
European users normally have the lowest number of restricted platforms and can thus open accounts with a variety of cryptocurrency exchanges and trading platforms.
Traders who are looking to invest in Stellar with the aim of generating a return from its price movement might want to consider Stellar CFDs instead of buying the actual digital coin. CFDs are advanced financial instruments whose values are derived from their underlying assets and which are traded through dedicated platforms.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading Stellar CFDs allows you to reap the benefits of correctly speculating on the cryptocurrency’s future price. Irrespective of whether the actual price of Stellar rises or drops, you can make a return by opening the correct position and use leverage to magnify the investment. Different platforms offer varying amounts of leverage set at different financing costs.
Since trading Stellar CFDs normally involves the use of margin trading, there is an increased possibility of losing some or all your investment capital. Any trader who invests in such financial instruments must first be aware of the risks and be able to afford potential losses.
A key requirement for buying Stellar is knowing where to store it once you own it. Most cryptocurrency exchanges offer you a free, in-built wallet with your account, and it is possible to store all the exchange’s supported currencies on this wallet. However, since most of these wallets are hot, meaning that they are continually connected to the network, they have a higher risk of being hacked or otherwise attacked.
The best way to store your Stellar is to invest in a cold storage device, such as the Ledger Nano X or Trezor. These physical devices are portable and easy to use, but their most important feature is that they are not continually connected to any network. As a result, it is almost impossible for them to be hacked, leaving your Stellar protected.
If you do not wish to concern yourself with securely storing your cryptocurrency, you could consider Stellar CFDs. With this financial instrument, you are not physically buying the coins, so storage is not even an issue.