stellar - Guide: How to Buy Stellar Lumens (XLM) from Binance

Guide: How to Buy Stellar Lumens (XLM) from Binance

Stellar is yet another open source decentralized global financial system. Stellar was initially based on the Ripple network. After a vulnerability was found, Stellar Development Foundation developed a new consensus algorithm which was released in April 2015 and finally going live in November that same year.

The cryptocurrency used on the Stellar Network is called the Stellar Lumens identified by XLM symbol. The Stellar Lumens is one of those cryptocurrencies that are not mineable, the supply of the coin grows at about 1% annually. Transaction fee on the network is about a penny and the Stellar Network boast of transactions being resolved within 2 – 5 seconds any transaction is initiated.

Wallet To Store The Stellar Lumens

Like every other cryptocurrency, the Stellar also needs a wallet to enable holders to send and receive the Lumens globally. Wallets available for Stellar Lumens include:

How To Buy Some Stellar Lumens

Now is possibly the best time to buy some of the cryptocurrency and hold for later, either as an investment or you are just trading for some profits. Having a wide variety of Stellar Lumens Wallet options, what’s next now is to buy and keep some.

Before you can buy from Binance, you need to have some of the base cryptocurrencies, like the Bitcoin or Ether to exchange for the Stellar Lumens.

How To Exchange Some Ether For Stellar Lumens Using Binance

You can buy some Ethers from Coinbase or Changelly and then send to your Binance account to be traded for the Stellar Lumens. If you’ve gotten your Ethers ready, follow the next steps.

Step 1: The first step would be to register an account if you are not already part of the Binance platform. To do this, click here.

Step 2: You will be required to verify your account. Mail will be sent to you immediately you submit your registration form on Binance. You are required to click on the link in the mail sent to verify you opened the account.

Step 3: Send some Ethers into Binance. Whether you have your Ethers on another exchange platform, or an offline wallet, or even a hardware wallet, you should send some tokens to your Binance account. To do this, click on the FUNDS link at the top of the page, then click the DEPOSITS WITHDRAWALS options that appear right under it.

Step 4: On the Deposit page, search for the Ethereum and click the deposit button right in front.

Step 5: Clicking on the DEPOSIT button generates you a wallet address for Binance. Copy this address and go to the wallet where your Ether is present to send some into Binance depending on the value of Lumens you want to buy. After a successful transaction, wait a while and the coins sent should appear on Binance.

Step 6: Click on the Exchange link on the top of the page next to the Binance logo then click on the Basic option.

Step 7: On the basic page, search for the XLM/ETH pair and click on it. This loads up the Stellar Lumens price chart.

Step 8: Beneath the chart, locate the Amount field under the Buy XLM section. Enter the number of Stellar Lumens coins you want to buy. The cost in Ether shows up in the Total field right under it.

Step 9: Click on the Buy XLM button.

Now the XLM funds should appear on your Binance account. If you want to hold them for a long term, we recommend you to use a ledger to keep them safe from hackers.