If you look at the cryptocurrency prices from time to time, you can easily see that Stellar lumen (XLM) has increased its value in the long run despite temporary market dips. More and more people want to buy Stellar Lumens to invest in it long-term.
Stellar, an open-source network, was created by Jed McCaleb and former lawyer Joyce Kim. Here is why Stellar came to life. Banking transactions take a minimum of one day, and they are expensive. Bitcoin transactions take 10 minutes, Ethereum — 5 minutes. With Stellar, all transactions take a couple of seconds — and this is what many people need in their everyday lives.
Stellar Lumens, a Digital Asset
Lumen is Stellar’s virtual currency, and it has a special role — in essence, powering the payment network. For every action in the Stellar network, one must pay a small amount of Lumen — so that the system functions without problems.
Lumens are different from Bitcoin and many other cryptocurrencies. Unlike many other virtual currencies, people don’t mine Lumens. Instead, only the Stellar foundation can issue them.
In 2021 Stellar lumen price went quintuple in 5 months. After this substantial increase, many people ask questions such as “How to buy stellar lumens?” and “Where to buy stellar lumens?” If you ask, “Should i buy stellar lumens?” the answer is, the decision is yours to make.
Like with any other asset, it’s vital to estimate whether the potential of a digital currency meets your investment goals. It’s advisable to learn how exactly Stellar and its payment system work, who its main competitor is, and the difference between the projects and their tokens. It’s also beneficial for investors to understand how the XLM price works.
If Stellar Lumens looks like an excellent addition to your crypto portfolio, here is how you can acquire the tokens.
How to Buy XLM (Stellar Lumens) on Coinmotion?
Some people hesitant to buy cryptocurrency because they think the process is too complicated or unsafe. But in fact, with these instructions on Coinmotion, it is simple and safe to buy Stellar.
- Create a free account on Coinmotion. You can register by clicking here.
2. Confirm your registration with a code that Coinmotion has sent to your email.
3. You can now log in to your account.
After creating an account, there are still a few steps to complete because the safety of your funds comes first. You have to verify your identity to protect your account. After that, you have to fill in a KYC form, a standard step in all licensed cryptocurrency exchanges.
4. The verification can be found in Account Settings – Verify. The verification process is done only once. Finnish customers can verify their accounts with banking credentials. Customers from European countries other than Finland must identify themselves by uploading the following documents:
- Copy of your passport or ID
- Copy of a utility bill, phone bill, or bank statement that has your name and address. This document must be from the last three months.
Please make sure the photos uploaded are clear so that the information is easily read. Some accounts will go through manual checks, which is why the verification process might longer than expected. But regular times verification process is short.
You have now verified your account!
5. At this stage, you can purchase cryptocurrencies. To buy Stellar lumens, you first need to deposit euros to your Coinmotion account. Go to Transfers – Receive – Euros and select the deposit method you would like to use. Insert the amount you want to deposit and select Next.
If you chose a bank transfer, the following page makes a deposit notice and displays your personal transfer information. These are the receiver’s bank account, name, and your personal reference number. Now, go to your online bank and make the bank transfer with the information provided in the deposit notice.
6. Once you have money on your Coinmotion account, you can buy Stellar Lumens XLM. Go to Trading and select the amount of euros to buy Stellar Lumens XLM. You can also use the Max amount button to make a payment with all of your euro balance.
Congratulations! Now, you know how to buy Stellar XLM from Coinmotion. From Transfers – Send – Cryptocurrencies, you can send your XLM to other XLM addresses.
Stellar Lumens XLM Crypto Wallet
If you are interested in cryptocurrencies, you must have heard about cryptocurrency wallets. It functions like a traditional wallet, but it holds proof of your digital cash instead of paper banknotes.
You can see your Stellar lumens address in your Coinmotion account. You can find the address on the My Wallets page and the Send – Receive – Cryptocurrencies page. If needed, you could create more than one address. Effectively, all cryptocurrency transfers made to these addresses will come to your Coinmotion account.
How to Buy Stellar with Bitcoin?
On Coinmotion, you can trade bitcoin to other cryptocurrencies and vice versa. You do not have to exchange your bitcoin for euros before buying Stellar lumens. This makes it faster to diversify your portfolio while saving on fees.
You can find the trading pairs from the trading page under “Convert.” There you can make the trades between bitcoin and Stellar XLM or any other cryptocurrency in convert selection.
In the trading options, there are three different choices available. If you make a Market Order, Coinmotion executes your order immediately with the current market price. With the Limit Order and Stop Order, you can specify the price at which Coinmotion should execute the trade.