Are you planning to add Stellar Lumens to your portfolio? Stellar Lumens (XLM) can now be purchased and sold on various exchanges, so this article will guide you step-by-step on the instructions on how to begin trading this popular cryptocurrency.
The recommended way to buy Stellar Lumens in Australia is: Swyftx
What is Stellar Lumens?
The Stellar network’s native crypto is Lumen (XLM), an open-source blockchain payment mechanism. Renowned as a cross-border payment provider, the Stellar platform is powered by Stellar’s native coin, XLM.
Stellar’s mission is to leverage blockchain technology to connect financial institutions and provide low-cost transactions in developing markets. In 2014, Stellar established the Stellar Development Foundation, a non-profit organisation dedicated to the growth and development of the Stellar Network.
For each Stellar token held, an account must also have a modest stake of Lumen (which functions as a bridge currency between tokens on the Stellar network for moving cash overseas).
As with other Proof-of-Stake systems, you must stake XLM to use the Stellar platform. Danelle Dixon, the former CEO of Mozilla, is now the CEO and Executive Director of Stella Lumens (XML). Swyftx Australian Cryptocurrency Exchange is where you can purchase XLM coins.
How Stellar Works
Stellar, which debuted in 2014, seeks to provide cross-border transactions that are both quick and inexpensive. Its distributed payments network ensures that trades are executed in 2 to 5 seconds at a charge of less than 600,000th of a cent each transaction.
To transmit money over the Stellar network, you must create an account and upload the currency you want to send to an “anchor,” such as a bank or remittance service.
Lumens, according to Stellar, serve two functions in the network:
- To combat denial-of-service attacks, Stellar charges a fee of 0.00001 XLM for each transaction. All Stellar accounts must also maintain a minimum balance of 0.5 Lumens, intended to clean the ledger.
- Lumens promote multi-currency transactions by bridging currencies that do not have an extensive direct market.
The Stellar Development Foundation (commonly known as stellar.org) is behind the initiative to enhance global financial access, literacy, and inclusiveness.
Quick Guide on How to Buy Stellar Lumens (XLM) in Australia
- Create an account with a cryptocurrency exchange such as CoinSpot.
- Turn on two-factor authentication.
- Please confirm your account.
- Click the “Deposit AUD” button.
- Deposit into your account >> Buy/ Sell.
- Look for the coin you want and then click “Buy.”
- Enter the amount you want to spend or the amount you wish to purchase.
- Examine the transaction specifics.
- Click the “Buy” button.
How to Buy XLM With FIAT Currency
Step 1: Register On An Exchange With Swyftx
Stellar Lumens, one of the world’s top ten cryptocurrencies by market cap, may be acquired on various cryptocurrency exchanges. The first step is to select an exchange that best meets your trading needs and then open an account with them.
Swyftx is one site that lets you buy cryptocurrency using AUD. You may create Swyftx accounts by entering your name, email address, cell phone number, proof of domicile, and ID.
You must also provide a photo of yourself with a signed statement. Before proceeding to step 2, it is also advised that you set up two-factor authentication.
Step 2: Deposit Funds Into Your Account
After signing in, go to your account dashboard and select the “Deposit AUD” link. Next, you can choose whether to deposit funds online using POLi Payments or BPAY or whether you wish to deposit cash.
Step 3. Buy XLM
The third step is to go to the trading website, choose the currency pair you wish to trade, and input the amount of XLM you want to purchase. Please remember that Stellar Lumens are displayed on CoinSpot under the ticker sign “STR” – this is the initial code for Stellar’s native asset, and certain exchanges still use it instead of XLM but be assured that they are the same cryptocurrency.
On Swyftx, go to the “Buy/Sell” tab at the top of the page and look for Stellar Lumens among many currencies offered. When you’ve discovered it, click “Buy STR ” and then enter either the quantity of STR or the number of AUD you wish to spend.
Take a minute to study the facts of your transaction before selecting “Buy STR.”
How to Buy XLM With Cryptocurrency
Step 1. Register For An Account With Swyftx
Before choosing the best platform for your demands, compare the characteristics of several exchanges that list XLM in one or more crypto trading pairs.
Swyftx, one of the world’s most prominent cryptocurrency exchanges, offers XLM in various currency pairs. You may create Swyftx accounts by providing your email address and creating a password.
Before depositing any cash, don’t forget to set up a 2-step verification on your account.
Step 2. Deposit Funds Into Your Swyftx Account
After your account has been validated, you can put funds directly into your Swyftx account through Bank Transfer, POLi pay, PayID, or OSKO.
Step 3: Buy XLM
After your funds are processed, you can use your Swyftx account to sell, purchase, and trade over 260 digital currencies and tokens.
Then you input the amount of XLM you wish to buy, take a minute to examine all of the specifics of your transaction, and click “Buy XLM.”
Where To Buy XLM In Australia
1. Swyftx—The #1 Option for Buying XLM
Swyftx is our number one recommended crypto exchange platform that allows crypto investors to buy and sell digital currencies, such as Stellar Lumens. Alex Harper, the exchange’s creator and proprietor is situated in Milton, Brisbane. Swyftx, unlike the Australian Securities Exchange (ASX), solely deals in cryptocurrencies.
Swyftx Business accounts are now available to Australian businesses. Since its establishment in 2019, the firm has swiftly developed to become one of Australia and New Zealand’s most popular cryptocurrency exchanges. Unless you have an Australian or New Zealand ID, the service is unavailable to citizens of other countries. However, it will be available to UK and Canadian residents in late 2021.
Swyftx supports many lesser altcoins, including XDC, ABN, Nano, Quant, Pundi X, Shiba Inu, Dogecoin, and Internet Computer (ICP), among others NFT-related currencies. Currently, XCD is not accessible.
Pros
- Swyftx is clear, simple to use, and trusted by over 350,000 people worldwide.
- Signing up as a customer, verifying your identity, and buying/selling/depositing/withdrawing are all quick and easy, allowing most new users to get up and running within a day.
- There are no ongoing membership fees, and the spreads are similarly modest, allowing clients to purchase and sell cryptocurrency at market prices.
- Swyftx’s embedded wallets hold cryptocurrencies, but consumers may also transmit cryptocurrency directly to hot or cold wallets.
- Swyftx offers an unrivalled selection of learning resources for the crypto novice, covering every topic, feature, and idea.
Cons
- It may take some time for consumers to become used to the new system.
2. Binance—Best When Looking for Lower Fees
Binance is the world’s biggest cryptocurrency exchange in terms of trading volume and liquidity. Its exchange is available in many countries around the globe, supports the most trading assets of any exchange, and has excellent liquidity. The site is exceptionally user-friendly and beginner-friendly, and it provides a vast choice of crypto pairings, new goods, features, affordable fees, and prompt customer service.
Creating a new Binance account or maintaining a Binance wallet is completely free. Using a Binance account comes with certain costs. All examples are that depositing funds into the exchange, buying and selling, trading between assets, and withdrawing funds to an external wallet. On a centralised exchange, these fees are typical to pay the company’s costs of supplying the infrastructure needed to establish a secure trading environment.
Binance is a widely traded platform because of its global availability, support for different fiat currencies, and many ways to deposit cash. Individuals worldwide can use various payment methods to fund their trading accounts, including bank transfers, credit/debit cards, SEPA, wire transfers, and cash deposits.
Pros
- Buy costs are low for both non-instant and immediate purchases.
- A considerable number of coins are available.
- Several other services are available.
- There are almost 50 different cryptocurrencies to select from.
Cons
- In seven states in the United States, it is not available.
- There are fewer crypto-to-crypto currency pairings on this site than on the worldwide Binance site.
- The product isn’t available in the US.
3. Digital Surge—Best for Ease of Use
Digital Surge is an Australian cryptocurrency exchange that makes it incredibly simple to purchase, trade, and store bitcoin. The platform emphasises simplicity to make crypto as pleasant and understandable as possible.
Digital Surge is a user-friendly, close-knit team based in Brisbane that is dedicated to fostering trust and transparency in the cryptocurrency community by participating in various community activities.
With a maximum cost of 0.5 percent for buying and selling deals, Digital Surge is among the lowest cryptocurrency exchanges in Australia. Trading charges on Digital Surge are the cheapest when compared to other respected providers such as Swyftx (0.6 percent), CoinSpot (1 percent), and BTC Markets (0.85 percent).
The cost can be decreased to 0.1 percent each trade if you trade more than $1 million in 30 days. Furthermore, the spreads between the 270 supported currencies average 0.4 percent for every transaction.
Overall, Digital Surge provides excellent value for money and is one of the cheapest locations to acquire altcoins in Australia, thanks to its minimal trading costs and spreads. The table below compares the trading fees charged by the biggest exchanges in Australia.
Pros
- The user interface is straightforward to use, making it excellent for novices.
- Fees are modest, and the cost structure is straightforward.
- It simply takes a few minutes to sign up and begin investing.
- You have access to price notifications, trigger orders, and recurring purchases.
- The support team is available by chat and email round the clock.
Cons
- AUD is the only currency accepted for fiat deposits.
- Credit cards are not accepted for account funding.
- There is just a spot market for BTC-AUD and ETH-AUD.
4. Cointree—For Conversion Flexibility
Cointree is a crypto exchange based in Australia founded in 2013 to provide a quick and secure way for people to acquire Bitcoin and other digital currencies. Cointree has over 80,000 registered users and has transacted over $250 million worth of cryptocurrency.
Cointree is an excellent exchange to deposit AUD and easily convert into a broad range of digital assets like Bitcoin, Ethereum, Cardano, XRP, and other digital currencies, with 160 digital assets to buy, trade, and sell with competitive fees ranging from 0.5 percent to 0.9 percent.
Cointree appears to be a safe cryptocurrency exchange that employs various security measures to protect its consumers’ personal information and money. SSL certification, two-factor verification, wallet and private data encryption are among the safeguards. Since the cryptocurrency exchange’s inception, there have been no recorded hacks or thefts of money on Cointree.
In compliance with rules, Cointree users are obliged to authenticate their accounts to reduce fraud. Opening a primary account with the crypto exchange enables individuals to view the platform’s features but does not allow the individual to execute any activities such as depositing cash or using the buy/sell platform.
Pros
- It is simple to open a Cointree account.
- There are several cryptocurrencies accessible.
- Excellent client service.
- Very secure.
Cons
- The validation process requires between 24 and 48 hours.
- Deposits are only permitted in one fiat currency.
5. Independent Reserve—Best for Excellent Customer Support
Independent Reserve is an Australian-licensed cryptocurrency exchange that offers a safe and secure platform to purchase and trade 26 of the most popular digital currencies. The users’ exchange was established in 2013 and has since expanded its service offering to include crypto investors in New Zealand and South-East Asian countries such as Singapore.
Since its inception in 2013, Independent Reserve has acquired the trust of over 200,000 people and 8,000 SMSF accounts that use Australian Dollars (AUD), New Zealand Dollars (NZD), United States Dollars (USD), and Singaporean Dollars to purchase cryptocurrencies (SGD).
Independent Reserve, unlike its competitors, is a licensed crypto exchange in numerous countries, including Australia, Singapore, and New Zealand. As a result, clients may fill their accounts with fiat currencies such as AUD, USD, NZD, and SGD.
Each currency may be toggled, allowing users to choose which currency to pay based on foreign exchange rates. You may make deposits via many payment options, including bank transfer, PayID, and SWIFT for US and Singapore dollars.
Pros
- An exchange that is fully compliant and licensed by AUSTRAC.
- Over 200,000 customers and 80,000 SMSF accounts trust this exchange.
- Trading cost of 0.5 percent, which decreases as volume increases.
- Instant buy/sell with a dependable and straightforward user interface
- Exceptional live assistance and tax tools are available 24 hours a day
Cons
- The use of advanced exchange with charting is a bit out of date.
- There is no mobile trading app to make orders or manage your portfolio.
Wallets to Hold Stellar Lumens
Some people choose to retain the XLM they purchase in their cryptocurrency exchange account. While this is a simple alternative for ensuring quick access to your cryptocurrency for future trades, it is a hazardous decision.
Because cryptocurrency exchanges are a common target for hackers, it’s highly suggested that you store your XLM in a safe wallet that allows you to manage your private key.
The Ledger Nano S hardware wallet, the Stellar Desktop Client, and the LOBSTR mobile wallet are all wallets to consider.
Factors to Consider When Buying XLM
Cryptocurrencies are volatile and intricate investments; thus, each crypto purchase comes with a large amount of risk. With this in mind, you’ll want to consider all of the factors that might affect the price of a currency before making a purchase.
If you’re considering buying XLM, keep the following in mind:
- Supply: during the period of writing (August 2018), the circulation supply of Lumens was 18,771,744,750 XLM, out of an available quantity of 104,204,519,656 XLM, according to CoinMarketCap.
- Inflation: The Lumen’s original supply was 100 billion; however, the currency is intended to be inflationary: All transaction fees paid on the network are recycled. There is a predetermined inflation rate of 1% per year.
- Distribution: Stellar.org intends to distribute the initial quantity of 100 billion XLM in the following ways:
- Individuals that sign up for the network through an invitation link will receive 50% of the prize.
- 25% of the Stellar network is given free to enterprises, governments, institutions, or non-profit organisations who help grow and accept the network.
- During a giveaway that took place in 2016 and 2017, 20 percent was given away to bitcoin and XRP holders.
- Five percent is set aside towards Stellar.org operations costs.
- ICOs: New crypto ventures intending to launch ICOs can also use the Stellar network. Mobius Network and SureRemit are only two of the initiatives that have been established using Stellar.
- Competition: Ripple is widely regarded as Stellar’s most significant blockchain-based rival.
Stellar’s most significant hurdle in the coming months and years will be determining whether or not it will attain mainstream acceptance. Make sure you properly investigate the Stellar network, its technology, and its aim so you can choose whether or not to purchase any XLM.
Buy XLM With Swyftx
Swyftx’s quick verification procedure, which you can complete in just a few minutes with a name, email address, and ID document information, allows users to get started with cryptocurrencies right away.
Furthermore, the whole trading experience is current, fresh, and configurable to each investor’s portfolio management and trade placement needs on Swyftx. There’s also the option to switch to dark mode on the desktop and mobile apps, as well as a risk-free sample account.
Besides, newbies and intermediate investors can use desktop and mobile applications to get started with digital currencies. The sidebar makes switching between the asset list, wallet, charts, withdrawals, and other functions a breeze.
What’s more, Swyftx offers a quick and easy way to sign up, verify, deposit cash, and start trading, making it the best crypto exchange for buying Stellar Lumens in Australia.
