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. The supply of this coin grows at the rate of 1.0 percent annually. The Stellar Network charges a transaction fee of approximately a penny and boasts of resolving transactions within 2 to 5 seconds of initiation.
Wallets for Storing Stellar Lumens
As in the case of every other cryptocurrency, you need to open a wallet account to store XLM safely. You can then send and receive the cryptocurrency globally. In this post, we will not be discussing as to how you can open wallet account. It is assumed that you already have a wallet account. However, some of the wallets you can make use of for the purpose are Stronghold (Web), Ledger (Web and Desktop), StellarTerm (Mac, Windows, and Linux), BlackWallet (Windows and Mac), LuPoEx (Linux, Windows, and Mac), Stellar Desktop Client (Mac, Linux, and Windows), Lobstr (Android, iOS, Windows, and Mac), Saza (Windows and Mac), Stargazer (Android, Windows, Linux, and Mac), and Centaurus (Android and iOS).
How To Buy Stellar Lumens (XLM) on Binance
Prior to buying XLM on Binance, you are required to have a base cryptocurrency such as Bitcoin (BTC) or Ethereum (ETH) with you. BTC or ETH can be bought either from Coinbase or Coinmama. Follow the following steps to buy these cryptocurrencies from the abovementioned exchanges:
The cryptocurrency exchange Coinbase operates in as many as 32 countries. The exchange accepts payments by way of debit cards, credit cards, and bank transfers. The buy limits will be low in the beginning but can be increased over time. They charge a lower fee for each transaction.
The steps to be followed for buying BTC/ETH on Coinbase are as follows:
Click on the ‘Sign Up’ button. You will be taken to the ‘Create Your Account’ screen.
For creating an individual account, fill in your name as in your photo ID, email address, and choose a strong password. For opening a business account, click on ‘Business’ button and fill out the required details.
You will have to go through an account verification procedure. For this purpose, you need to provide a phone number, upload your photo ID image, and verify either a bank account or credit/debit card.
After your account has been verified, you can click on ‘Buy/Sell’ button on the menu bar at the top.
Choose to buy BTC/ETH. If you choose ETH, at the bottom type in for how much of your local currency you want to buy ETH or how much of ETH you wish to buy. Then click on the ‘Buy’ button.
You will be prompted to confirm your purchase of ETH on the next screen. Click on the ‘Confirm Buy’ button.
If you use a credit or debit card for payment, you will have to shell out a higher fee. However, you will be able to buy quickly. It is cheaper to buy using a bank transfer, but it is slower. You will get your coins only in about a week’s time.
Coinmama
Alternatively, you can use the Israel based crypto exchange Coinmama. The exchange allows you to buy cryptocurrencies through your credit card. They offer higher buying limits and provide fast as well as responsive customer service. However, they charge a higher fee for each transaction.
The procedure for buying BTC/ETH on this site is same as that for buying on Coinbase. You need to first register on the broker’s site and create an account. The next step is buying ETH for the required amount. The following screenshot will give you a fair idea in this regard.
Coinmama allows payments in USD or EUR. You have to decide as to how much Ethereum you want to buy and how you will make the payment. You can go for one of the options you see on their site or type in the desired as to how much of ETH you want to buy or for how much fiat currency you want to buy ETH.
Binance
Register on Binance platform. Use this link https://www.binance.com/register.html for the purpose
You have to verify your account by clicking on the link provided in the email that will be sent to you open an account.
Transfer some BTC/ETH you have in your wallet to Binance. To transfer, click on FUNDS and select the DEPOSITS option. On the DEPOSIT page, select Ethereum and click on the deposit button to get your Binance wallet address for ETH.
Copy the address on to the wallet where you have stored ETH and send the desired amount to Binance ETH wallet.
Buy XLM Cryptocurrency on Binance
On Binance website, click on EXCHANGE and choose the ADVANCE option. Search for XLM/ETH pair and click on it to open the Stellar Lumens price chart. Choose the MARKET option to buy XLM at the desired price.
In the AMOUNT box, under Buy XLM section, enter the number of Stellar Lumens coins that you want to buy. The number of ETH coins you have to exchange will show up in the box underneath it. Click on the buy XLM button. After buying XLM, move the coins to your wallet.