How To Buy Stellar Lumens (XLM) From Binance Cryptocurrency Exchange – Step By Step Guide
How To Buy Stellar Lumens Cryptocurrency?
The popularity of cryptocurrencies is increasing day by day and so is the interest of investors. With more than 1500 cryptocurrencies to buy/sell/trade/invest, there is one common question from newbies entering into crypto world, which is “How to buy X coin? or Where to buy X coin?”In this article, I will explain you to ” How to Buy Stellar Lumens (XLM) Cryptocurrency”. The basic procedure to buy/sell for almost all the cryptocurrencies remains the same.It is just that, one must know which cryptocurrency is listed on which cryptocurrency exchange.
What is Stellar Lumens Cryptocurrency? What is XLM?
Stellar is a distributed, hybrid blockchain that is fully open-source. It’s infrastructure that exists to facilitate cross-asset transfers of value, including payments. With just one integration into the Stellar Network, you will join an open, global financial network where all actors be the people, payment networks, or banks will have equal access & economic participation.
The open source decentralized worldwide financial system Stellar was formerly based on Ripple network. Following the detection of vulnerability, the Stellar Development Foundation started developing a new algorithm. Stellar went line in November 2015 after the new algorithm was developed in April 2015.
The Stellar Network uses Stellar Lumens (Symbol: XLM) as a currency on the network. Stellar Lumens cannot be mined.
Here is a short method to explain you “How To Buy Stellar Lumens”? [For those who aren’t new in crypto world]
- Open Coinmarketcap.com
- Type “Stellar” or “XLM” in SEARCH BOX ( or any other cryptocurrency you wish to buy), and press enter
- Click on “Markets” section and here you will get a complete list of cryptocurrency exchange supporting buying/selling of Stellar Lumens ( or other cryptocurrencies that you typed initially in search box).
- Visit the cryptocurrency exchange and buy it in exchange of Bitcoin/Ether
The above mentioned steps are for those who have basic knowledge of the crypto world and can register themselves on cryptocurrency exchange and buy/sell cryptocurrencies. If you did not understood the above process, I am sure you are new to the crypto world. For newbies, I have mentioned a detailed step-by-step guide on “How To Buy Stellar Lumens (XLM)”
How To Buy Stellar Lumens Cryptocurrency? ( Detailed Procedure)
Stellar Lumens Cryptocurrency can be bought from cryptocurrency exchanges / cryptocurrency trading platforms in exchange of Bitcoin or Ether. But first you need to register an account on the cryptocurrency exchange on which Stellar Lumens is listed for buying/selling.
I have mentioned below the list of cryptocurrency exchanges from where you can buy Stellar Lumens cryptocurrency. As of now, lets take the example of Binance cryptocurrency exchange, which has the most volume in trading of Stellar Lumens as compared to other cryptocurrency exchanges. (The procedure for other cryptocurrency exchanges remains the same)
- Step 1:Visit Binance and set up an account
- Step 2: Deposit Bitcoin or Ether to your Binance Wallet. ( Bitcoin wallet has it’s own wallet address and Ether has it’s own seperate wallet address)
- Step 3: Buy Stellar Lumens in exchange of Bitcoin/Ether
Now let’s explain you in detail about each and every step for a hassle free way to buy Stellar Lumens Cryptocurrency
Step 1: Setting up a Binance Account
- Visit Binance.com
- Create an account with valid username and password as directed on the registration page. After registering, you would be required to verify your e-mail id.
NOTE: I strongly recommend you to activate Two-Factor authentication (2FA) to your Binance Account. 2FA adds additional layer of security to the account. Make sure you keep a backup of the 2FA phrase before activating it.
Step 2: Deposit your Bitcoin/Ether To Your Binance Wallet
- On Binance, go to your top right-hand corner tab, labeled “Wallets” and click there.
- The cryptocurrency you plan to fund with will determine your next action, if Bitcoin, click on the “+” symbol by Bitcoin. Do the same if you are planning to deposit Ethereum.
- After a few minutes, the platform will generate a wallet address associated with your account. When that is displayed, copy it and go to your wallet where you have Ether or Bitcoin stored. Paste the Binance wallet address and send the desired quantity. You can also scan and send instead of copying,pasting the address.
- After a successful transfer, give some time for your Bitcoin or Ether to get credited in your Binance Wallet.
Step 3: Buy Stellar Lumens on Binance
- Once your Bitcoin or Ether is successfully transferred, you can easily view to confirm that in your “Wallets” you are good to start the process of buying Stellar Lumens.
- Click on Binance logo; this will take you to the page where you see all market assets available.
- Click on either BTC-XLM or ETH-XLMdepending on what you funded your account at Binance.
- Locate the “Trading” section on the page and in the Buy XLM box, enter the units of XLM you would like to purchase in the Unit Box.
- Right in front of bid label, click on the price drop down and choose bid option.
- Once the Total section for Bitcoin or Ether auto fills, click on the Buy XLM button at the bottom of that section.
Once bought, your XLM tokens will be stored in Binance’s XLM wallet. You can either store it here or transfer it to any other cryptocurrency exchange or XLM wallet.
From Where To Buy Stellar Lumens Cryptocurrency
Following is a list of cryptocurrency exchanges from where you can buy Stellar Lumens cryptocurrency:
- Stellar Decentralized Exchange,
Indian Investors and traders can buy Stellar Lumens Cryptocurrency in exchange of Indian Rupee (INR) from:
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Rohit Kukreja is a Commerce graduate with Financial Markets expertise involving Stocks, Forex, Futures & Options Market and now Bitcoins & Cryptocurrency Markets. Blockchain Enthusiast but not a techie, Rohit is an active member of various Blockchain & Crypto communities all over India.