What is Stellar ?
Stellar is a blockchain network that utilises the cryptocurrency Lumens (XLM). The open-source payment technology is designed to offer a decentralised ledger that connects various financial institutes. In this Article, we will learn Step by Step how to buy Stellar Lumens
By being decentralised, the network allows for faster, cheaper, and more efficient cross-border transactions to be made. As a result, everyone is free to use the platform to make transactions anywhere in the world, whether an individual or financial institute.
Where to buy Stellar
For anyone seeking how to buy Stellar, the process is simple enough to learn. You start by selecting an exchange platform that sells the cryptocurrency Lumens (XLM). Most top exchange platforms sell the currency, so consider any of the following for a quick and easy transaction.
How to Buy Stellar with Bitcoin
While a very promising cryptocurrency that is generating a lot of interest, there is still no way to buy Stellar using just cash. Instead, you must purchase another form of cryptocurrency and use this to exchange for Lumens.
Bitcoin and Ethereum are two of the most widely used cryptos and are very simple to buy. These currencies can be purchased using dollars, making them a great option for buying various other currencies on an exchange platform, including Lumens.
Step One – Register with Binance
Before buying any bitcoin, you want to register an account with Binance. This is one of the most popular exchange platforms and will allow you to use bitcoin to pay for Stellar.
You’re going to be sending the bitcoins here, so it makes sense to open an account before you do anything.
Just register your personal information on the website. Once you have an account setup, go to the deposit/withdrawal tab.
From there, select the BTC, after which you should be given a wallet address to send your bitcoin to Binanace.
Copy the address and leave the Binance tab open.
Step Two – Buy Bitcoin at Coinbase
The easiest way to buy bitcoin is to visit Coinbase. It’s a popular website and one of the easiest for purchasing a variety of the most common cryptocurrencies, including bitcoin and Ethereum.
Register an account at Coinbase – be sure to bring some form of ID to verify all your personal information you register.
Coinbase accepts credit cards and bank transfers as payment methods, so it’s the easiest to use for beginners.
Also, the fact it follows strict rules regarding ID verification makes generally the most reliable and secure exchange site for this step.
After registering with Coinbase, take the following steps:
- Select the buy sell tab at the top menu
- Choose bitcoin (or Ethereum if you prefer) and choose an amount to spend in dollars
- Select the buy button and then confirm your purchase
- When you are at the payment option, you will be asked to provide a wallet address to store the bitcoin – copy the bitcoin address from your Binance account
Step Three : How to Buy Lumens with Bitcoin Using Binance
After completing your transaction, your bitcoins should transfer to your Binance wallet. This should take around 30 minutes at the most.
Once they have been sent to your Binance wallet, you can now use them to purchase Lumens. To do this, take the following steps:
- Select trading exchange tab on the left side of the screen, click on basic
- Search for BTC/XLM on the search bar on the right side of the screen and hit select
- Look in the BUY XLM box found centre-left
- Enter how much bitcoin to use to pay for Stellar
- Select the BUY XLM button
Your order should now be complete, after which your XLM balance will appear on your Binance account.
It’s a good idea to store your Lumens in a more secure wallet. Stellar’s website has a list of compatible wallets where you can store your coins, so be sure to check this out if you don’t already use a wallet.
We recommend Ledger Nano S, as this is a cold storage wallet, making it one of the most secure on the market.